Mary Chan, an advisor with Edward Jones in Mississauga, Ont., worked as a pharmacist for six years before becoming an advisor. There is a lot of common ground between helping people with their medical conditions and helping them get their financial affairs in order, she finds.

“As a pharmacist, you get to know your patients well, and often discuss confidential and sensitive matters,” says Chan, 41, who owned her own pharmacy in Toronto’s west end until 1996. “Financial matters are also personal and private. Pharmacists often need to spend time explaining to clients matters that are not fully discussed in the doctor’s office, and make sure they understand how their medicines may react with other prescriptions and foods. The same attention to detail — and making sure the various components fit together — applies to financial planning.”

As a pharmacist, Chan took a keen interest in investing her own assets. She completed the Canadian securities course to enhance her understanding of financial markets. Her advisor at the time suggested that she and the financial services industry would be a good fit, specifically suggesting Edward Jones, which places a heavy emphasis on the continuing education of its advisors and which takes a conservative approach to investing.

Chan, a certified financial planner and licensed insurance agent, joined Edward Jones when her first child was five months old; she had a second child less than two years later. She chose to build her business in Mississauga, where she lives, so she could be close to home and be accessible to her family. Starting from scratch, she built her client base by finding ways of meeting people face to face, including knocking on doors of homes and businesses in her area.

“At first, it felt awkward to knock on doors and introduce myself,” Chan says. But Edward Jones offers a lot of training, including hands-on practice and role-playing.

“I knew it had to be done, and it soon became enjoyable meeting people every day,” Chan says. “I continue to knock on doors because it’s a very inexpensive way to prospect and build business. The investment business is built on trust, and people sense you are for real when they meet you in person — something that’s hard to achieve with a telemarketer.”

Because Chan seeks out clients in her neighbourhood, she offers them the convenience of having a financial planner close by. Some clients, however, have moved farther away but still come to see her. She frequently drops off paperwork or relevant information at her clients’ homes or businesses on her way to and from work. Taking the trouble to add that personal touch goes a long way toward building loyalty, she says.

Chan has also joined a number of local organizations, including the Mississauga Board of Trade and the Mississauga chapter of Business Network International. Her approach to networking is simply to let people know what she does. Ultimately, many come to her when the time is right for them. She also hosts seminars and investment workshops, advertising these events in local newspapers.

Chan serves about 400 families and doesn’t restrict the size of her practice. “I help people who are motivated to help themselves,” she says. “I wasn’t a large account when I first started out. But a motivated investor will usually become a successful investor.”

About one-third of her clients are retired, and she has a lot of business owners who simply don’t have the time or the inclination to look after their own finances. In addition to investment products, she sells insurance products.

When Chan’s clients express satisfaction with her services, she invites them to mention her name to anyone they know who is looking for a financial advisor or who is dissatisfied with the one they have. She lets people know she is simply willing to offer a second opinion about another advisor’s investment or estate-planning recommendations. Chan has several multi-generational families in her client base, a result of referrals made to an older or younger generation, as well as to siblings.

“In the medical field, you don’t just look at the sore elbow; you need to assess the overall health of the patient,” she says. “With financial planning, you don’t just look at the RRSP; you need to know the rest of the client’s financial life. It’s also important to do annual checkups and reviews. Clients’ lives change as they go through various stages, including marriage or divorce, having children or seeing them leave home, buying a house or paying off a mortgage.”

@page_break@At the outset of each relationship, Chan establishes how frequently clients want to meet and enters an action plan into her computer with dates for contact. She likes to meet clients once a year, but more “hands-on” clients may want to meet quarterly or semi-annually. As time goes by, Chan checks with clients about whether the frequency of meetings is working for them, and will alter schedules if necessary.

About every two years, Chan holds a client appreciation event, such as a backyard barbecue or an evening with dinner and a show. She also sends cards and notes to recognize birthdays, anniversaries, surgeries or the passing of a close relative, as long as the gesture is in keeping with the type of relationship she has with the client.

Meaningful dialogue is important to Chan, and she makes an extra effort really to hear what clients have to say and to understand what their fears are.

“It’s important for a financial advisor to read between the lines, just as it is for a pharmacist,” Chan says. “A pharmacist needs to quantify pain to know what type of analgesic is appropriate; an advisor needs to understand risk tolerance and life goals. The human aspect of the job is important.” IE