Top financial advisor from Calgary, who is a Chinese immigrant, sees it much more broadly than most
If you ask Mei Qin, a top financial advisor from Calgary who is a Chinese immigrant, what building a diverse practice means to her, you get a rather surprising answer.
“I don’t intentionally go to the diverse community or attract women. My intention is to get to know people. So, even if the community is all white, that doesn’t mean it’s not diverse, right? They’re all from different backgrounds,” she told Wealth Professional. She’ll also speak at the online Women in Wealth Conference on Dec. 7, sponsored by Edward Jones. You can register for it here.
“My previous community was all-white, but diverse. Some moved from other parts of Canada, so it’s very interesting to hear about some of the approaches from other parts of Canada because some, you know, are from different European backgrounds or they have an American background. Diversity is not just color,” she said. “If you look at my clients, they’re mostly white, but they’re from different families, and they include men and women. Men are more interested in investment and women want to know the whole picture. I’m more interested to get to know the whole picture. So, that’s why I always encourage them to bring both spouses into my conversation. So, I think that’s also a kind of inclusion.”
Qin was a single mom from southern China who wanted to experience the world’s beauty when she first immigrated to Toronto in 2003. She has a computer background, but worked at IBM as a client executive. She stayed two years before IBM asked her to lead a key banking and financial industry project for its Asia-Pacific software department, so she took her young son to Beijing, where she worked for another year and a half. But, she missed life in Canada and her son, who had finished Grade 2, had some Chinese and a good foundation to explore the world with her, so they agreed, in 2005, that they’d return to Canada.
“I always wanted to bring the positive impact to people around me and the community because being positive makes me happy,” said Qin. “I couldn’t imagine staying in China for my whole life and not knowing other people’s lives. I’m a person who reflects on my purpose. We have very limited time in our life. That’s the only limit. Other things we can control, but we have no control over time.”
Qin resigned from IBM and moved to Calgary when a classmate said it was the sunniest city in North America. She found a good fit with Edward Jones in 2006 since it allowed her to explore her potential, but also set a son-friendly schedule. She started door-knocking to build her business.
“I didn’t know if I could build a business in that way, but I was curious to get to know the community and Canadians. So, door-to-door allowed me to get to know what’s on people’s minds and what they’re concerned about,” she said.
While she initially gained more Indo-Chinese than Asian clients, she moved after a decade and now has a primarily white clientele, with Asians comprising less than 10% – which she notes is different than many Chinese advisors whose clients are primarily Asian. But, she also enjoys working with clients, such as businesses, with more complicated needs.
Working at Edward Jones has also allowed Qin to follow her passion for coaching senior advisors, where she prides herself on leading by example. “The coaching is to help them unlock their growth, to look at their own potential and business potential and client potential. To unlock their potential to be their best selves because people’s mindsets are restricted by their cultures,” she said. “I never restricted myself that I can only service any group. You attract clients with similar mindsets, and I want to help people bring a positive impact. It’s not what you say, it’s what you do.”
She also likes the fact she can impact more people through coaching than she can as an advisor. She figures if she uses five of her eight hours a day working with 200 or 300 clients, and the other three hours to coach more advanced advisors who can also serve 200 to 300 clients, “that extends my positive impact. That makes my purpose to be connected realized in a more efficient way.”
What she teaches also reflects her own philosophy. “Open your mind to not apply too much of your own bias,” she said. “Be present when talking to someone. Drop off previous experience in case it creates pre-judgment, so you’re really curious and get to know this person and his/her background, culture, thoughts about their life, and their understanding about finances and life. That will really make your business serve your client, not just your business. You can’t just focus on money, but the purpose of the money. Do these things and you’ll get a higher salary. Money is for serving people.”
Qin takes that to heart as she’s also established a charitable foundation. While it provides a tax advantage, it also extends her impact. She donates to organizations in African and long-term care, and the Terry Fox Foundation.
“I use the same philosophy that I share with clients,” she said. “I invest in high-quality companies that are doing great things. They’re providing good products and services to meet people’s needs to make their lives better. That’s why you should invest in stocks: to grow money in a good way, so it can have more impact in the community and beyond your life.”
That harkens back to a Chinese phrase she quotes, which notes that if you lower your head, you’ll just stare at the ground. But, if you raise your head and look at the direction and purpose where you want to go, you’ll have more impact. “You’ll also be more inspired if you reflect every day: where am I? where do I want to go? And how do I want to do things?” she noted. “If you focus on your goal and the direction of the road ahead, you can achieve more.”
It hasn’t always been an easy journey, but it’s been a good one.
“I just love life,” said Qin. “I’m so happy I made the right decision and 15 years ago moved to Canada. Right now, I’m so happy that I even could do more and become more. I love my home.”
