CALVIN RANDELL, PFP, CIM ®, Senior Wealth Advisor, Portfolio Manager, ScotiaMcLeod, Scotia Wealth Management, St Johns, Newfoundland
CALVIN RANDELL and MICHELLE RANDELL
Calvin Randell (PFP, CIM® ) joined Scotiabank in 1983 as a management trainee, eventually spending nearly 18 years in retail banking. His role allowed him to gain extensive experience across the province, but in 2001, when faced with potential career restructuring, he saw an opportunity to pivot.
“The opportunity to join ScotiaMcLeod as a Wealth Advisor came along—something I had been considering for quite a few years,” he says. “It was the gentle push I needed, and the rest is history.”
Calvin found a new passion in running a business with a focus on helping clients and valuing their complete financial picture. He mentions, “I appreciate the independence of working for a full-service investment firm versus being a regular employee, as I was before. Helping clients has been the sole purpose of my practice”
His background in banking has proven valuable in allowing him to understand both sides of the financial spectrum—debt and assets—enabling him to offer a comprehensive view of his client’s financial situations. “When you join a firm like ScotiaMcLeod, you’re independent and need to figure things out yourself. Having that discipline helps keep you on track.”
“Being in banking also means you get used to talking to people,” he says. “I truly enjoy helping others.” Alongside his client-centric approach to financial advising, Calvin emphasizes the importance of continuous learning. “I consider myself a student of the industry and do a tremendous amount of reading outside of work to stay current. This plays a considerable role in helping us understand the client’s complete picture to know where exactly we can add value.”
Despite his deep passion for his work and commitment to lifelong learning in the industry, he recognizes the importance of looking ahead and planning for the future. He adds, “It’s about being prepared for my eventual retirement and having a succession plan in place—but there’s no hurry. It’s simply about ensuring everything is ready when the time comes.”
Fortunately, his daughter, Michelle Randell (B.Comm), is already involved in the business, which will make the transition much smoother. “Michelle joined our team in 2019, and having her involved has been a huge asset. She knows the business inside and out, and when the time eventually comes, I’m confident the transition will be seamless for our clients.”
He says, “Before joining my team, Michelle spent three years as a Financial Advisor at Scotiabank. This experience has given her a unique advantage in understanding the intricacies of investment management, financial planning and client relationships, ensuring a smooth transition and continued excellence in our service.”
A Glimpse into Michelle’s Journey of Building Expertise and Client Relationships
Michelle’s introduction into the financial industry started during her degree, where she completed work terms with Scotiabank to explore her interest in banking. She says, “I had always been intrigued by my father’s work in finance but wasn’t certain if it was the right path for me. Those experiences at Scotiabank reinforced my interest, particularly in helping people achieve their financial goals.”
After completing her Bachelor’s degree in Commerce, Michelle spent three years at Scotiabank before joining ScotiaMcLeod in 2019 to work with Randell Financial Group as an Investment Associate. “I started by learning the basics of administration and working my way up while also pursuing my certifications.” Michelle also completed all her work terms with Scotiabank, in Retail and Commercial Banking
Calvin adds, “Michelle brings a fresh perspective to our firm, representing a different generation. She skillfully balances her role as a mother of two young children with her responsibilities in the business, enriching our team with her unique insights and approach.”
Over the past three years, Michelle has focused on building client relationships and earning trust along the way. Michelle’s enthusiasm for helping clients achieve their financial and personal goals is a key strength. She adds, “This passion drives me, and I am committed to continually expanding my knowledge, especially working alongside my father, who has extensive experience in the industry.”
“When I return from maternity leave, I plan to formally transition into an advisory role, managing my own clients within our book of business.” She is also eager to focus on obtaining her Chartered Investment Manager (CIM® ) designation in an effort to pursue her Portfolio Manager license. “I believe in the impact of licensing in this profession, as it can help enhance my expertise in managing diverse investment portfolios while also allowing me to provide more comprehensive financial guidance to clients.”
Transforming Complex Financial Goals into Reality
Calvin's ideal clients are primarily business owners who require comprehensive guidance as they approach retirement. “They often seek advice on selling or winding down their business during this phase,” he says. “Additionally, they may have more complex estate planning needs, especially if they have children, grandchildren, or other family members, along with considerable assets. We address the implications of various scenarios by bringing in our specialists.”
“We have a Total Wealth Planner who handles comprehensive planning,” he mentions. “From there, we might involve our Estate and Trust consultant to assist with estate planning, including advice about drafting wills, setting up powers of attorney for each spouse, creating advance health care directives, and designating executors.”
“Our satisfaction comes from successfully helping clients with these complex matters.”
While business owners are a key focus, Calvin’s team also serves clients with substantial assets but simpler needs, providing essential advice on estate distribution and planning for sudden events.
He says, “Regardless of who walks through my door, I’m confident in my ability to connect with people. I always try to find a way to connect by asking questions about either their business or their personal interests. If I’m meeting with someone from an industry I’m not familiar with, I'll do a bit of research beforehand so I can ask more informed questions about them.”
His interactions, particularly with business owners, allow him to continually learn and stay up to date about various industries, enhancing his ability to provide relevant and effective advice. “I also encourage them to ask me questions. Maintaining a good, open dialogue is always the best approach.”
Calvin’s deep sense of fulfillment with success draws from his ability to help clients achieve their financial goals. “Whether it’s guiding them through estate planning, connecting them with specialists, or helping them reach specific financial targets, reaching these key milestones makes me feel like I’ve truly made a difference in their lives.”
“At the end of the day, when clients are happy, I’m happy.”
Adapting Financial Advice to Client Needs
Another important aspect of this business is educating clients on whether their financial goals are realistic.
Calvin explains, “For instance, if a client expects a 10% annual return over the next five to ten years but their financial situation indicates that this is unrealistic and involves excessive risk, it’s my job to educate them about why this expectation might not be feasible and suggest more attainable goals. While I tend to be conservative in my investment strategies, I also recognize that some clients prefer a more aggressive approach. Balancing these preferences is key to achieving the best outcomes for each individual.”
“My mantra is to always tell clients the truth—what they need to hear, not just what they want to hear. I recognize these conversations may be difficult, but I am committed to always being honest.”
Calvin's focus is on ensuring that the advice provided is in the best interest of the client rather than the firm or bank. He says, “If a client’s circumstances change and they are no longer a fit for my business, I will collaborate with my colleagues at Scotiabank to transition them to someone who can assist them.”
“Our focus is to be very client-centric and do what’s right for the client first,” he says. “Even if that means they don’t fit our business model, it’s not because we don’t want them, but because there might be a better solution for them.
Passionate Beyond Finance
When Calvin steps away from his role as Senior Wealth Advisor, he embraces his passion for European football. “Manchester United is my favourite team, and it’s been a long-time dream of mine to visit Old Trafford and experience a live match.”
He has spent the last 20 years volunteering with his local soccer club and finds fulfillment in giving back to the community, especially during events like Tim Hortons Fun Day. Calvin says, “Seeing all the kids, and this year my granddaughter as well, having fun reminds me why I do it. It’s all about the joy the kids experience.”
“I also love biking, running, and riding my motorcycle. Two years ago, I bought a convertible, so I probably indulge in that more than I should,” he laughs.
Calvin and his family are passionate animal lovers, actively supporting local shelters and rescuing pets. “Both my daughters and my stepson, who lives in Alberta, have dogs and cats as well. We’re committed to rescuing and caring for animals.”
Future Vision and Succession Planning
As Calvin reflects on the future of his business, he shares, “I am looking forward to seeing the business continue to grow. We’ve decided to follow the direction our firm calls ‘total wealth,’ which involves looking at the complete financial picture. As we grow, we might need to be more selective about the new clients we take on, as realistically, we can only handle so many clients.”
As he mentioned earlier, if a client's needs no longer align with their business model, Calvin is committed to finding suitable alternatives rather than turning them away. “We want to ensure we provide the advice our clients deserve.”
“When Michelle returns from maternity leave in 2025, I look forward to working on our succession plan. This will help us prepare for the future and continue providing exceptional service to our clients.”
Taylor Stranaghan is a skilled business content writer and editor who brings forth a wealth of knowledge and expertise. With years of experience crafting compelling narratives, she excels at producing high-quality, engaging content that informs, educates, and inspires readers.
Calvin Randell, PFP, CIM®
Senior Wealth Advisor
Portfolio Manager
ScotiaMcLeod
Scotia Wealth Management
Randell Financial Group
902-235 Water St
St. John's, NL A1C 1B6
709.576.7823
Comments