Keith Shea on giving back, moving on, and the client question that hit him 'like a shotgun right between the eyes'
Keith Shea has witnessed his fair share of industry evolution over the course of his 45-year career, but as much as things change one fundamental ethos remains the same: if you don’t look after the client nothing else will work, but if you put the client first everything else will take care of itself quite well.
Shea built his practice — and his legacy — around the concept of the personal touch, caring for the financial affairs of generations of families as the years flew by (much too fast if you ask him). And now, as he heads into retirement, he knows those clients are in good hands with the rest of the team at Lifeease Financial Solutions.
“I had a client ask me once, who do I call if you’re not here? It was like a shotgun right between the eyes,” Shea says. “I said to him, that’s a question nobody has asked me yet and it’s a great one.”
Shea got thinking about the limitations of operating as an individual and the importance of the team approach to provide continuity of care to his clients for many years to come. Committed to helping not just this client but all the clients down the road, Shea started to put a succession plan together and that was when he joined forced with Lifeease. Alongside longtime friend and business partner Gus Pappas, the team expanded to include Natalie Russel, Ahmad Debbagh, and Doug Johnston, the next generation of advisors in whom Shea has the utmost faith. Staying onboard for a few years to help mentor and ensure a smooth transition, Shea says “now all the pieces of the puzzle are together.”
“I’ve had a great career for many years and it’s time to pass the torch. I can go into retirement knowing my clients will be well looked after — I’m proud to say we’ve built that here.”
Distilling his wisdom to a few points isn’t easy, but one thing Shea often relies on what he learned at 22 years old while shadowing a more senior insurance salesman at the beginning of his career: if you don’t know something, tell the client you’re not sure but you’ll find out, and then come back with the answer as soon as you can. Being straight up is one of the hallmarks of a great advisor, as is a genuine interest in the client. What are their main concerns? Their goals and priorities? What might the future bring them? One of Lifeease’s main tenants is to provide advice, solutions, and peace of mind at every stage of a client's life.
Having amassed a large clientele over the years, Shea embraced the team of like-minded individuals to support them. Continually adding new advisors has allowed Lifeease to deepen its strengths; adapting to technology, and their ablity to continue to service clients across generations. Shea has recognized the importance of evolving with the times; mastering Zoom and laughs about now paying bills online. Again, he underscores that the one constant is putting the client first, and adding value.
“Clients can get a lot of information off of the internet these days, but it doesn’t replace tailored advice from a trusted advisor,” Shea says. “The market has gone up and down for the last 50 years and will continue to do so for the next 50 years, so the main thing dealing with clients is to make sure when they need the money, they’ll have it. Some people look at investments that might give you 9-10% but that means they can also drop 9-10%. If the client needs that money in six months or a year, there may be a safer option.”
Another differentiator is that Shea has never shied away from working with “the little guy,” something that’s rare today — many won’t talk to anyone with less than $300-$500,000 worth of assets — and he attributes that egalitarian approach to his upbringing. One of nine siblings growing up in Quebec, Shea’s mother was a teacher and his father worked many different jobs to provide, including with the road department and in the mines. Coming from a hardworking family, he’s always known his roots and carried with him a desire to help people and it was paramount for him to be a part of a team that adhered to those values as well. Through Lifeease, Shea built on a team that cares just as deeply as he does: they give back to the community by raising money for local charities and are committed to providing the highest level of service and advice that larger accounts receive, to anybody looking for it, no matter their assets.
“If I ever think I’m too big to look after a person, it’s time for me to leave the business — and I never changed my thoughts on that,” Shea says, adding it’s also good business sense: if you’re helpful, that person will continue doing business with you for many years to come and introduce you to friends and family.
As Shea looks ahead to his next chapter, he finds comfort knowing he leaves clients with a team sharing he same values and client-centred approach (though he does plan on calling or dropping by the office occasionally, just to check-in on things).
“If you set goals, write them down, and look at them every day it’s amazing what can happen: we have 110 years combined service under Lifeease, though that average will drop a bit without me,” Shea laughs. “But the important thing is, the team will keep growing and continue to bring clients the confidence of knowing their financial futures are protected.
"I would encourage everyone to come and meet the team at Lifeease Financial Solutions, where the clients always comes first."
