Markus Boudreau’s non-traditional background has given him a unique perspective on wealth management, to the benefit of his clients
Markus Boudreau’s non-traditional background has given him a unique perspective on wealth management, to the benefit of his clients doesn’t have atypical advisor’s background. Born in Budapest, Hungary, to a German mother and Quebecois father who were missionaries, Boudreau saw how money can be a taboo subject, but also how not talking about it can cause hardships. Growing up, Boudreau was home schooled, but he still developed a fascination with finance.
“From a very young age, I understood that whether we talk about it or not, a large amount of our lives revolves around money,” he says. “I always had an interest in finance ,and so I sought out all the info I could consume. I read tons of books and anything I could find on the internet.”
Boudreau’s family moved to Canada when he was 14. Four short years later, he decided to move out on his own and needed to find full-time employment.
I really stumbled into wealth management,” he says. “I started looking for a job and came across an ad for an administrative assistant with an advisor at Manulife Securities. I met with him and got the job. Working with an experienced advisor was great – I learned a lot about the investment management side from him.”
Boudreau quickly realized it was an area wanted to be in and emerged himself in Canadian Securities Institute courses. He also spent time in Manulife’s mentorship program. In addition to the investment management basics he gleaned from his first boss, Boudreau learned about the interpersonal side of the business from another mentor, who still works in the same building with him.
When Boudreau struck out on his own with his practice, he faced tough challenges in his first year. “Not having a base salary, starting as a new independent advisor, I would often make 2,500 to 3,000 calls per week in order to grow my business,” he says. “I made nearly no money in my first full year.”
Yet Boudreau left himself no choice but to succeed, making sacrifices in his personal life in the name of sticking with his goal.
“It is one of the biggest challenges young advisors face, because to be truly independent, you need to work only based on your own production – that means no pay unless you produce,” he says. “This is extremely challenging for young people who have lifestyles that require a constant influx of income and who refuse to lower their lifestyle, albeit temporarily, in order to start this business.”
After meeting this challenge head-on, Boudreau has found success. His first year on his own, he brought in $14 million in assets. Now, after four years on his own and six total in the industry, he has seen that number grow to close to $100 million (including jointly managed accounts) and a client base of more than 200 households.
Thanks to the time he spent working with both of his mentors, Boudreau has found that the formula for success is to find a model that works, copy it and then optimize it to your own style.
“My approach to wealth management, at the beginning of a new relationship, is to truly understand a client’s needs and goals in order to be able to present them with a comprehensive proposal and guide them to make sure everything is clear and transparent in order to optimize their situation, ”he says. “After a plan is put in place, I continue to be a central point of contact for all wealth management needs and any other experts they may need to access.”
In addition to his growing AUM and client base, Boudreau has also earned recognition In addition to his growing AUM and client base, Boudreau has also earned recognition from Manulife, which named him Top Rookie in 2017. Yet he says the most rewarding aspect of his career so far is the growth he’s witnessed within himself.
“My number-one highlight is how I have grown as a person,” Boudreau says. “My mindset has expanded, and with the knowledge have acquired, it has allowed me to help others.”
