Alex Besharat, the new managing director and head of Toronto-based ScotiaMcLeod Inc., did not expect his first job out of university would one day lead to him becoming the head of one of Canada’s largest brokerage houses, leading more than 750 investment advisors.
“I remember being a young kid and having to go buy a suit at Moores just for my interview,” Besharat says. “As soon as I walked in [at ScotiaMcLeod], I knew they thought I was too young. But I was determined and I told them that if they gave me an opportunity, they would never regret it.”
Now, 28 years later, Besharat attributes his success to hard work and to the many mentors who helped him along the way, including Hamish Angus, Besharat’s predecessor, who retired at the end of 2013.
Stepping into Angus’s shoes should be a seamless transition for Besharat, who spoke with Angus daily over the past 24 years. Besharat and Angus are longtime colleagues and friends who joined McLeod Young and Weir Ltd. (the predecessor firm to ScotiaMcLeod) in 1986 as advisors. Since then, both men followed identical career paths – becoming branch manager in British Columbia, then holding the position of regional manager of Western Canada at the firm before becoming the top boss.
“As a leader, Hamish was an extraordinary people person,” Besharat says. “Whenever he spoke to someone, he gave the person his undivided attention. He never looked past you to the next person.”
Besharat plans to follow in his predecessor’s footsteps by staying connected with ScotiaMcLeod’s advisors on a personal level. Since Besharat stepped into his role on Jan. 1, he has been visiting branches across Canada weekly.
“This is a communications business,” he says, “so you have to be able to communicate with advisors in person.”
Besharat, who has been actively involved in the firm’s leadership group since 2004, is quick to say he’s letting advisors know that he isn’t going to be shaking things up.
“I’m not new at this firm. I’ve been a part of the leadership group that helped set up the strategy and direction of the firm for a long time,” Besharat says. “This is not a situation in which advisors have to be worried about the firm going in a completely different direction. I’ve already had an awful lot of input into the exact direction we’re going in now.”
One of those leadership decisions was the firm’s new technology platform. With many ScotiaMcLeod advisors unhappy with their firm’s technology tools, the firm started planning a major software upgrade two years ago that is being rolled out this year.
“A lot of people have worked incredibility long hours to get us to this point,” Besharat says. “Before, I was just involved on the planning side. Now, I’m the one at the front implementing the new program, which is exciting to see but also nerve-wracking because you want to make sure everything runs smoothly.”
Prior to Besharat’s current role, he was responsible for managing one-third of the firm – more than 230 advisors and another 250 support staff – as the firm’s regional manager and director for Western Canada. Now, as Besharat commutes to his new job in Toronto from his home in Vancouver, he’s more than dedicated to overseeing the entire firm from coast to coast.
“I’m a bit of a rarity in the industry because every minute of my working career has been dedicated to this firm,” says Besharat. “I grew up in this firm and have had so many great people mentor me along the way. It’s a proud moment for me, and those mentors, to start this next chapter.”
Besharat’s journey began during his school years, when he discovered he wanted to be a part of the world of finance. Born in Iran, Besharat moved to London during his high-school years, then obtained an economics degree from the University of London.
In 1986, he came to Canada with the intention of completing his master’s degree at the University of British Columbia in Vancouver. But, after a 30-minute interview with a regional manager at McLeod Young and Weir, Besharat knew he wanted to become an advisor. He was hired the next day. A year later, Bank of Nova Scotia bought the firm.
Besharat was eager to stay true to his promise to the man who hired him and, over the years, built a book of business of $100 million in assets under administration. Finding clients the “old-fashioned” way by cold-calling, Besharat was able to build a small niche of business-owner and high net-worth clients. When the parent bank decided to open a new branch in West Vancouver in 1987, Besharat wanted to try his hand at management.
“What I discovered,” says Besharat, “was that as much as I enjoyed working with my clients, I fell in love with helping others obtain their goals. As an advisor, you’re excited when you land your first account or get a big client; but, as a manager, when you hire people and they’re successful, it became a much bigger personal reward.”
As busy as Besharat is in the office, he believes it also is important to keep strong community ties outside the office. He just completed a two-year tenure as chairman of the Vancouver Opera, for which he also sat on the executive board for six years: “I really enjoy music, and I wanted to get involved with an organization in my community.”
Besharat plans to continue to get involved once he relocates to Toronto this summer. For now, he is spending time between Toronto and Vancouver, as he flies back to the West Coast on weekends to be with his wife and two daughters.
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