Natalie Jamison, senior wealth advisor at ScotiaMcLeod, uses her podcast to teach financial literacy to young people and combat the influence of unlicensed ‘finfluencers.’Supplied
In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, lessons learned over the years and how their experiences influence the advice they give to clients. We’ve also launched a Behind the Advice podcast – find all the episodes here.
Natalie Jamison, senior wealth advisor at ScotiaMcLeod, a division of Scotia Capital Inc., in Oakville, Ont., talks about growing up with a stockbroker dad, getting an inheritance at age 10, and why she went from being a hotelier to an advisor:
Describe your upbringing.
I was born in Toronto and raised in Montreal. My mom, originally from France, wanted my sister and me to have a more immersive French experience. She worked in administration at Air France and Swissair, which meant we could travel for free a lot. It sparked my lifelong love of travel.
My dad, a stockbroker-turned-wealth manager, had the greatest influence on my career path. He was adamant that my sister and I learn to manage money. I remember him teaching me how to read stock market quotes in the newspaper when I was a kid.
What was your experience with money growing up?
My father’s income was steady, but it fluctuated month to month. We could always sense when it had been a strong commission period or when things were a little tighter.
I have a very precise memory of Black Monday in 1987, when my dad came home and talked about whether he’d earn any money for the next month. As a kid, that really sticks with you. But he always budgeted and set aside cash for a rainy day, so we didn’t panic because we knew we had a fallback.
My dad taught me that true financial stability doesn’t come from how much you earn, but from how well you manage it. Budgeting wisely and setting aside cash for a rainy day are core values I still live by.
Describe your first money lesson.
When I was 10, my great-grandmother left me $5,000 in her will, which was a lot of money back then, and especially for someone my age. I remember my dad asking me if I trusted him to safeguard it until I was older. I said yes, mostly because I was young and didn’t know any better, but I’ll never forget how that question made me feel. He was saying, ‘This money belongs to you, and you’ll decide what to do with it when the time comes.’ That was very empowering.
I earmarked the money for my education. However, I did use a little bit of it to make my first investment when I was 13. I bought shares of Canadian Pacific Railway. At the time, the company owned many of Canada’s iconic hotels, including the Banff Springs Hotel, the Château Frontenac in Quebec and the Royal York Hotel in Toronto.
I remember my dad making a lesson out of it. He took me to the Royal York, and as we walked through the lobby, he said: ‘You own a piece of this.’ After that first purchase, I was hooked, especially when the dividend cheques started arriving every three months.
What did you want to be when you grew up, and how did you get into financial services?
I wanted to be a hotelier and attended a Swiss hospitality business school. I was fortunate to work at renowned properties such as the Beau-Rivage Palace, Montreux Palace, Swissôtel, Sheraton Centre and Park Plaza Hotel. During that time, I met my husband, who was also in hospitality management.
After we got married, we realized quickly that our careers posed challenges for raising a young family, as hotels never close and we were always on call. I asked my dad if I could transfer my skills to the financial services sector. He agreed but made it clear that I needed to get hired on my own merit.
So, I interviewed with Richardson Greenshields in 1996 and landed my first job cold-calling prospective investors. After gaining the right credentials, I worked alongside my father for 21 years before starting my own wealth advisory business.
What’s the biggest money mistake you’ve made, and what did you learn from it?
Not signing up for the company stock purchase plan once I became eligible to participate. I missed out on so many free bank shares and dividend reinvestments. Now, when a new team member is onboarded, I make sure they sign up as soon as they can.
What are you best at when it comes to your own finances?
Ignoring the noise and buying when others are fearful. I’ve lived through several major stock market corrections, including the 1998 Asian financial crisis, the dot-com collapse in 2000, the 2008 global financial crisis and the global pandemic in 2020. I’ve learned to use those moments as opportunities.
What do you worry about when it comes to money, both personally and in the industry?
I’m most worried about the next generation receiving their wealth advice from unlicensed ‘finfluencers.’ I think it’s why I spend so much time teaching financial literacy to young people, including through my #FinancialFriday podcast.
It came about after my daughter told me she found it boring to learn about finances at the dinner table. She suggested I create short podcasts she can listen to instead. So, being a good mom and a wealth advisor, that’s what I did.
What advice do you have for someone who wants to enter your business?
This is a relationship business. It’s about creating client experiences, building trust and delivering exceptional service. You don’t just need a finance degree to be a successful advisor; you also need a certain degree of soft skills and emotional quotient. It’s a vocation.
This interview has been edited and condensed.