After being financially independent from a young age, Justin Claros reflects on what drives his burgeoning career
Justin Claros believes an early sense of financial independence and family commitments have given him the experience and drive to help others.
Claros joined Panorama Wealth Management in 2014 and provides investment planning, tax preparation, and life insurance services. Based in Ottawa, he’s licensed in both Ontario and Quebec, and has enjoyed impress growth during his seven years in the business.
Unusually, he was previously a client of the firm, with his family, before realising it was the career he wanted to pursue. His entry into advisory life, however, was a number of years in the making. While completing a bachelor’s degree, he made his money work for him. With three siblings, family resources were split, so in addition to a small amount of savings, he worked part time in the summer to pay for his September tuition and used his RESP for his January fees.
He said: “It was enough for me. I bought a house in my last year of university and I've been financially independent from an early age; I didn't carry debt. I was like, ‘wow, this worked for me; I enjoy talking to people, I want to own my own business, so maybe I can make it work for others’. Whether it's a retirement plan or planning for any type of goal, I think I can help clients achieve it.”
Claros is at pains not to overcomplicate things and is clear about the role he can play. In the same way he takes his car to the mechanic because he’s not an auto expert, his clients come to him for financial planning. He focuses on multi-generational wealth and getting to the know the whole family, in the same way the firm did with his own parents.
He told WP that a large part of his job is almost as a financial psychologist – “not to downplay a psychologists” – and that side of the client relationship is paramount. He explained: “The best advice I got early on was to be your best client, to really do everything that I'm going to advise people on doing. I’ve been able to live through a lot of that. It’s kind of a cliché but I bought a house, got married, had two kids. Living that life experience has really helped me to become the advisor I am today.”
With his main focus increasingly on investments, he aims to grow his team not only to maintain the level of service but also provide longevity to clients. He added: “At the age I am now, I joke with clients that I’ll be here through their retirement because I have a long time to grow! But I want that continuity and, with a good team, we’re going to be here for a long time.”
He added: “The way I grow my business is really [based] on the experiences I had in the past. And with my family being clients [of the firm], I've seen money move from one generation to another. I've lived through that, so it’s helped me become the person and the advisor I am today. I feed off that.”
