Investment advisor says family dynamic has been central to his own professional growth and that of his practice
The old maxim “never work with animals and children” could, in some people’s eyes, be extended to include family (Google it). Maybe that’s the result of too much Succession because in the wealth industry there are many family members working together in harmony, and with great skill.
The Bradford Financial Team, IPC Securities Corporation, in Kamloops, British Columbia, is one such example, with Casey Cullen, an investment advisor, holding a 50% stake in the business and his mother, Vanessa, holding the remaining half.
When Cullen was looking for work after university, Vanessa’s then business partner convinced him to join Bradford rather than opt for a bank brokerage. He said it was the best decision he’s made in his career to date. While the original plan was for him to buy his mom out when she retired, he ended up taking over from the other partner four years ago. They are now working on transitioning Vanessa’s 50% to a colleague they brought in three years ago.
Cullen said: “It’s been a real benefit being able to work with her for the past 10 years and actually be able to buy the other 50%, rather than her 50%. It worked out very well and then we've been fortunate enough to acquire some books along the way.
“The first five years, it was a grind of taking my licks and learning a little bit of everything. And then I got the opportunity in 2014/15 to acquire a book of business in a different city, so I was able to transition that over and work on that before I had any ownership stake. Things have grown from there.”
Cullen admits there was some apprehension initially from a family dynamic perspective but that they’ve been able to maintain a good working partnership and mother-son relationship. He added: “Everything's been smooth. We listen to each other, we disagree with each other, and we agree with each other. We work as a team and we always get to where we need to be in an efficient way.”
The journey from university to business owner has seen Cullen put in some hard yards – and he’s picked up valuable lessons along the way. He told WP that “do what you say you’re going to do” is a mantra that has stuck with him, while he preaches simplicity. He has also come to learn the importance of having confidence in himself and in what he's trying to do.
He also believes it’s vital to listen to colleagues and people around you. He said: “It doesn't mean they're always right; it doesn't mean they're always wrong, either. But take in as much information as you possibly can, and borrow or steal from that to build your process through other people's experiences.”
With associate advisor Hee Young Chung, Cullen has “found his groove” with professionals, whether they be engineers or doctors, and small business owners. Without trying to be everything to everyone, they set out to be a well-oiled machine that takes complex issues for clients and breaks them down.
He explained: “We put focus on transition planning, estate planning, and tax planning, while we outsource 99% of money management. We'd much rather be in funds where people in Toronto, Boston and New York have their finger on the pulse and take care of the investment decisions. We find a mandate that fits a client and outsource all the decision-making from there. It’s just about keeping it simple and asking: how can we continue to help people in our niche market of the small business owner?”
