It was 40 years ago today...

I started working as an order entry clerk on the floor of the Toronto Stock Exchange in June 1986 at the age of 22. 
 

I had applied to law school at this point (following in the footsteps of my dad who was the city solicitor in Belleville for most of his career). The hustle and bustle, shouting, and laughing, competition and camaraderie of the TSX was a temporary position in my mind. One afternoon in August 1986 I realized that I hadn’t heard back from any of the law schools that I had applied to, so on my lunch break I rushed to a payphone First Canadian Place and learned that the head professor of Political Science at Queens University neglected to send in his reference letter - so my applications were all dead. 
 

I didn’t just cry, I blubbered at the pay phone. I returned to Post 6 on the floor of the TSX rethinking my future ( a good cry will do that for you sometimes), feeling a bit embarrassed I shook off the blow like a prize fighter, and literally within minutes I looked around and said to myself,  “I like this industry and I think I can be successful.” I also had to jump right back into the two-finger typing of orders for the insistent traders on the floor.

Having grown up in Belleville (or The County as it is now affectionately called) I didn’t have any connections in Toronto’s investment industry.  However, my cousin Vicki introduced me to a friend on the bond desk at Scotia McLeod who introduced me to his friend Dave “Gus” Martin who had left Scotia to run the new Lévesque Beaubien branch office at 150 York St. 

I met Dave Martin with his shoes off and his feet up on his desk, and what can I say? We got along. Dave hired this 23 year old on Christmas Eve Day 1986. Training program was set for February 1987. 

The future seemed bright.

Until Black Monday hit in 87! The market crashed as a result of overvalued stock and high interest rates. I was off to a challenging start. I remember being interviewed in Sammy’s Exchange bar by a reporter at the time and I didn’t have a lot to say- I think I was just relieved that I only had a few clients then. Out of this chaos came long term friendships, lessons and experiences that only the biz in the late 80s and early 90s could teach me. Who remembers 10 year provincial zero-coupon bonds yielding over 10% ?

Within 5 years I made my first President’s Club and by 1993 I was ready to move to a National firm; Wally Gabler recruited me to Nesbitt Thompson in March 1993. This firm eventually became BMO Nesbitt Burns. This is where I earned the nickname The Terminator. How did I build my client base? Circa 1998 I was running one seminar a month, and I had a full crew of telemarketers calling on my behalf, so I had a captive audience of at least 5 in the beginning which grew to 50-70ppl at the peak. My goal was to get 1 client out of each seminar, and as I got better at it, that goal became 3 clients. I made my first chairman’s club in 1998 and with the huge success of the telemarketers and the seminars in 2001 I rose to the #2 producer at BMO Nesbitt Burns. 

During this time, I worked in the Standard Life Building , Sun Life building, and First Canadian Place. 

In May 2007 I was recruited by RBCDS. Shortly after I “walked across the street”, a temporary injunction was attempted to be enforced, to stop me from contacting my clients to move firms with me.  It would be an understatement to say that was a stressful time especially since I had 3 young kids at home.  I was told, by then Regional Manager at RBCDS Gary MacDonald, “Just keep your head down and we will take care of the rest.” In June 2007 the case was heard by a judge and a victory was won: case law was made and to this date still reflects the rights of clients to move firms, and the rights of investment advisors to continue to earn a living during the move.  Though a legal victory was won, some friendships were lost that I valued, and some not so valuable “friendships” were revealed.

40 years later I still love what I do -  I have great client relationships; many that have grown into wonderful friendships, a great team who I learn from every day (and I hope I impart some wisdom on them), and great processes in place that help us sail through the ebbs and tides together. 

Grateful is the word I would use to describe the experience this biz has given me.

Here’s to the next 10 years !