Andrew Feindel of Richie Group is part of the Wealth Professional Canada Young Guns 2017.
Financial planner
RICHIE GROUP (INVESTORS GROUP)
Age: 35
Years in the industry: 13
Soon after finishing his graduate studies, Andrew Feindel had a tough decision on his hands. He knew he wanted to enter the financial world, but he was torn between investment banking and wealth management. His appearance on this list gives away his final pick, of course, and he has no regrets.
“I was always good with numbers and had an interest in finance and economics,” Feindel says. “The difference for me was the flexibility and the ‘being your own boss’ element of being a financial planner. There is literally no ceiling in this industry.”
Being a financial advisor in 2017 means wearing many hats and providing clients with a one-stop shop for their wealth management needs. A successful advisor must be able to multi-task at a high level, which is an aspect of the job Feindel definitely enjoys.
“It really is the ideal entrepreneurial dream: knowledge (markets and taxes), communication (being able to simplify it to clients), management (of an administrative team), marketing (how to connect with the right clientele), service (basic but also going above and beyond), and being trustworthy and likeable,” he says.
The advisors who are adaptable and open to change are those who will succeed in the years ahead, Feindel believes. In his opinion, clients expect a lot from their advisor today, so demonstrating value has never been more important.
“The real question every advisor should be asking is: ‘What are we doing for clients other than managing their money?’” he says. “Are we involved in their tax planning, restructuring corporations, dividend/salary mix, insurance planning, estate planning and trust structuring? The advisors doing this – and giving all clients written financial plans, beating benchmarks and having an absolute focus on reducing family taxes – will be picking up a ton of business in the years to come. The salespeople selling mutual funds, stocks or bonds, with not a whole lot of advice, will lose out big time.”
RICHIE GROUP (INVESTORS GROUP)
Age: 35
Years in the industry: 13
Soon after finishing his graduate studies, Andrew Feindel had a tough decision on his hands. He knew he wanted to enter the financial world, but he was torn between investment banking and wealth management. His appearance on this list gives away his final pick, of course, and he has no regrets.
“I was always good with numbers and had an interest in finance and economics,” Feindel says. “The difference for me was the flexibility and the ‘being your own boss’ element of being a financial planner. There is literally no ceiling in this industry.”
Being a financial advisor in 2017 means wearing many hats and providing clients with a one-stop shop for their wealth management needs. A successful advisor must be able to multi-task at a high level, which is an aspect of the job Feindel definitely enjoys.
“It really is the ideal entrepreneurial dream: knowledge (markets and taxes), communication (being able to simplify it to clients), management (of an administrative team), marketing (how to connect with the right clientele), service (basic but also going above and beyond), and being trustworthy and likeable,” he says.
The advisors who are adaptable and open to change are those who will succeed in the years ahead, Feindel believes. In his opinion, clients expect a lot from their advisor today, so demonstrating value has never been more important.
“The real question every advisor should be asking is: ‘What are we doing for clients other than managing their money?’” he says. “Are we involved in their tax planning, restructuring corporations, dividend/salary mix, insurance planning, estate planning and trust structuring? The advisors doing this – and giving all clients written financial plans, beating benchmarks and having an absolute focus on reducing family taxes – will be picking up a ton of business in the years to come. The salespeople selling mutual funds, stocks or bonds, with not a whole lot of advice, will lose out big time.”
