How Diligence helps set this team apart

David Kitai  00:00:00 

The Wealth Professional recently released its 2024 list of 5-Star Advisory Teams selected from a pool of great advisory practices. This list represents some of the best and brightest in the Canadian industry. Hello and welcome to WPTV. My name is David Kitai and today I'm speaking with the advisor behind one of those teams Camille Estefan, Senior and Founding Partner of Diligence Wealth Management of Manulife Securities. Camille, welcome to WPTV. 

Camille Estefan  00:00:31 

Thank you for having me. 

David Kitai  00:00:33 

So Camille, just off the bat, this is the first question I've been asking all of our honorees. Why do you think you were selected by WP for this honor? 

Camille Estefan  00:00:42 

Honestly, it's a difficult question to answer to something I should ask those that chose but I believe we we strive to be of value. Before looking for success before looking for, you know, accolades we strive to be of value to our clients and every partner we ever work with. We put ourselves in other people's shoes first, and work towards contributing before collecting. 

David Kitai  00:01:12 

Yeah, yeah. So you've already touched on it, I guess a little bit in terms of of your your value add, but what do you think differentiates your practice? 

Camille Estefan  00:01:22 

Truthfully, it's, it's goes back to my humble beginnings. To me, it was always a matter of making sure that I am a value. We, the way I established my practice initially was not through the regular, you know, way that people start in this business through networks they know through, you know, I basically knocked on doors of people I did not know, wanted to make sure I truly earned a business. It wasn't based on the fact they know me or a bill referred or things of that nature, it was truly about showing five or so dollar, adding, analyzing the data, seeing what can be improved, leaving no stone unturned to earn the value. So we have truly earned every relationship based on value add. And that's really what I believe is the most the founding pillar of our success.  

David Kitai  00:02:21 

I think that leads very neatly into my next question, which is about the name because Diligence Wealth Management is an interesting choice and diligence is a virtue that at least me personally, I really appreciate. Look, I work in journalism where diligence is key. So what is sort of the story in the name? Why did you name your team Diligence Wealth Management? 

Camille Estefan  00:02:40 

It's really self, you know, self describing self explanatory, I think always it's a matter the details in a day, see the devil is in the details. And like I said, we leave no stone unturned, we want to make sure that we have the full confidence when we're talking to our clients talking to people look them in the eye and say that nobody's gonna ever work for you harder than we have, or when we can and that we will. So you know, it's our business is is a very particular business because it's a vocation, you know, when you tell people you're gonna take care of them to take care of their money, it's a lifetime of responsibility doesn't unbutton there is no off button. So when that's the case, diligence becomes the most crucial part of the equation. 

David Kitai  00:03:28 

You already touched a little bit on your history, but can you lay it out a bit more explicitly for me how how has your history in the industry, in your experience informs the approach you now take to wealth management? 

Camille Estefan  00:03:39 

It was truly about being will be value, adding value, it was always about doing more than anybody else. It's always about, you know, I really wanted to earn the trust, earn every account and I've been ferociously independent, ferociously objective. You know, I've always worked in the best interests of the client first. And you know, people you know, you can't you cannot cut corners when it comes to this kind of responsibility. And the proof is in the pudding. So it was always about showing that first adding that fifth quarter to dollar and from day one from the first client I ever got every single client you know which one client at a time one really ship at a time applying the formula of being of value contributing first. 

David Kitai  00:04:28 

You use the phrase fifth quarter of a dollar for the second time in this conversation is one I've never heard before, But what exactly do you mean by that? It's a little self explanatory, but just in your words, what what does that mean?  

Camille Estefan  00:04:29 

Well, listen, you know, when when you're looking at a financial projection, you're looking at it and it's the line is steep projection, me looking at things that are so valuable, and so important. responsibility comes with it, and it is, I believe in advisors is responsibility to find every little edge that can help the client, minimize the risk, maximize their, their journey towards their objectives towards their goals and accompany them, you know, it's to me, it's very important to feel like, if in the middle, I'm in the middle of a forest, I don't only have a compass and a map or have a guide, and in GPS would be nice these days. So that, you know, that's in the planning. And that's where the value add is, it's about making sure we, you know, we hold people's hands in this in this journey, and make sure they achieve their goals. While being diligent always. 

David Kitai  00:05:45 

Mhmm, yeah. And as you say, you know, the devils in the details and diligence will result in those those kind of just those marginal improvements and gains that a creep and turn into so much more over time. So, going from that value, add to some of the challenges now, you know, when you're talking with your clients, when you're when you're speaking, you know, with other folks in the industry, what are some of the challenges you now see modern clients facing? And how are you working to address those challenges? 

Camille Estefan  00:06:14 

The challenge is, is it's an industry wide challenge, I think the most important thing is an advisor is an independent adviser, and objective advisor. And nowadays, this is a very rarity, it's a rare commodity, it's a very big concern. So at the end of the day, this is really what makes a difference in being able to look somebody in the eye and say, nobody can do a better job for you than I can today. And if you cannot say to yourself, look at yourself in the eye and say, Well, I have tools, I have the means to be independent and objective. You're on the wrong track. 

David Kitai  00:06:52 

Now, what about looking at the industry internal? What changes do you see coming in the industry? And how are you sort of adapting your practice to get ahead of some of those changes? 

Camille Estefan  00:07:03 

I think the changes that are dangerous are those that will basically put clients in a mold and not look at making sure we individualize every single plan. We make sure it is tailor made for the client and know the client truly, rather than a generally. And that is the biggest danger and I think our industry has to adjust to towards that need itself.  

David Kitai  00:07:36 

No, that's a that's a great reminder in some ways. And as we think about scale, and you know, repeatability and the integration of automation, and all of these, these buzzwords that we're hearing in the industry, I think, a reminder that at the end, you are serving individuals, you are serving families or serving people, and each of them have unique needs, I think is a worthwhile point to always raise now been something of a closing question. You know, it seems like as much as diligence is your name diligence won you this recognition, that hard work that that finding that extra quarter dollar. What do you hope other advisory teams take from the work you've done, and, and the diligence that won you this recognition?  

Camille Estefan  00:08:21 

Zooms me back to my beginnings. I started in 97. And I do remember one individual, this man gave me his assets and said, Camille, I'm giving you all my money. Please make sure you take care of me. He was 64 years old. He had a few bucks in it more than enough than it was for what his needs were. But he worked 40 years of his life. And he's given me everything. And I remember it. I mean, I was driving back home that evening on our red lights. And it hit me it hit me like what a great, huge responsibility that I have. And I realized at that point, I realized that this is not a business like another this is not a career like another. This is truly a vocation. I have made a commitment to this man to take care of him and his family for the rest of his days. May he rest in peace he passed away now by date is exactly what was at stake. So we're 2024 today I wanted to say to my family, we're gonna go to Safari for 30 days, I might, but the responsibility does not end and that is what people have to realize in today's day and age where it's almost a copy based you know, industry that is super dangerous. We have to remember. So hopefully people take that to heart and and apply that and when you do success comes. 

David Kitai  00:09:53 

That is a beautiful message to end on. Again a reminder of hard work of caring for the individual of those virtues that won you this award and that I think so many advisors emulate but so many advisors need to be reminded of as well. So with that, all I can say is thank you so much, Camille for taking the time to talk to me today. 

Camille Estefan  00:10:12 

Thank you, David. Thank you very much. 

David Kitai  00:10:14 

And thank you to all of our viewers for WP TV. I have been David Kitai. Thanks for watching and have a great rest of your day.