In a world where financial literacy is often overlooked, Linda Shick's journey as a senior portfolio manager and wealth advisor offers a unique perspective on the power of early financial education. Her story, shared in the Behind the Advice series, highlights how childhood experiences shape not only our relationship with money but also our professional paths.
The Power of Early Financial Lessons
Shick's parents instilled in her and her siblings a strong work ethic and an understanding of the value of money. Weekly chores and the responsibility of running a household at a young age taught her independence and accountability. These early lessons, she believes, have been the foundation of her successful career.
"Although it was a significant responsibility at a young age, it taught me independence, accountability, and a strong work ethic – qualities that have stayed with me throughout my life and career."
Saving for the Future
The concept of 'paying yourself first' was introduced to Shick at an early age through a silver piggy bank. This simple practice of saving a portion of any earnings has stayed with her and is a principle she now imparts to her clients. Shick believes that delaying gratification and consistently saving and investing is the key to building long-term wealth, a philosophy that forms the basis of her work with clients.
"Setting aside money consistently to save and invest remains one of the most effective ways to build long-term wealth. It's the foundation of my work with clients."
From Teaching to Financial Services
Shick's original passion for teaching is a thread that runs through her career. As a child, she would 'teach' a classroom of stuffed animals, a fun way to explore her interest in education. This passion eventually led her to pursue a business degree and, later, a career in commercial banking. However, it was the human side of finance that truly captivated her, drawing her into wealth management.
"Although I didn't become a teacher in the traditional sense, a large part of my role today involves educating clients, helping them understand their finances, and build long-term wealth."
The Value of Partnership
Shick's decision to build her business through partnership has been a pivotal move. Her first business partner was her own father, who, at 60, was ready to reinvent himself and start a new career. This partnership taught her the importance of shared capacity, perspective, and resources in enhancing the client experience. It also showcased the incredible potential for personal reinvention, a lesson she carried forward in choosing her next partner, David Angas, who has been with her for over 30 years.
"That experience taught me the real value of partnership. It's also a pretty incredible lesson about the ability to reinvent yourself and start a new career in your 60s."
The Future of Financial Services
Shick believes that longevity will be a significant force shaping the financial services industry. As AI automates more technical tasks, advisors will need to integrate financial planning with healthcare considerations, emotional well-being, and multi-generational caregiving. This shift will require advisors to navigate complex issues like mental capacity, legacy planning, and inheritance readiness.
"Longevity will be one of the most significant forces reshaping financial services. Advisors will need to adapt and integrate financial planning with a range of personal and emotional considerations."
Advice for Aspiring Advisors
For those looking to enter the financial services industry, Shick emphasizes the importance of hard work and client-centricity. Building trust with clients takes years, and advisors must be prepared to serve their clients' needs first and foremost.
"Be prepared to work hard to serve your clients. This is a relationship-driven business, and trust is earned over years, not through shortcuts."
A Fictional Financial Advisor
When asked to imagine a fictional character as a financial advisor, Shick chooses Violet Crawley, the Dowager Countess of Grantham from Downton Abbey. Crawley's empathy, commitment to protecting the family estate for future generations, and ability to adapt to change make her an ideal strategist and steward of financial legacy.
"It's this combination of wisdom and discipline, coupled with the ability to keep pace with the times, that would make her a great financial advisor."
Conclusion
Shick's journey showcases the impact of early financial education and the power of passion and partnership in building a successful career in financial services. Her story reminds us of the human side of finance and the importance of advisors who can navigate the complex emotional and personal aspects of financial planning.
