MICHAEL MAURO, Investment Advisor, Mauro Private Wealth Management Group, Wellington-Altus Private-Wealth in West Vancouver, BC
MICHAEL MAURO
“Understanding finance creates a robust foundation
for future financial freedom”
Michael Mauro, Investment Advisor for Wellington-Altus Private Wealth, Mauro Private Wealth Management Group embodies a career deeply rooted in financial expertise and attention to detail.
Leveraging lessons from his career and sports background, he emphasizes the values of teamwork, strategic intelligence and trust in ensuring long-term success, reflected in his client-centric approach and collaboration within the Mauro team.
Strategic Financial Planning for Future Security
“At the Mauro Group, our mission revolves around providing tailored solutions that foster clients’ peace of mind both now and in the future.”
Central to their approach is holistic wealth management, underpinned by personalized 100-year financial plans tailored to each client's unique circumstances. This plan serves as a definitive financial roadmap, complemented by bespoke portfolios meticulously curated by the team as value managers.
Michael emphasizes the importance of attention to detail, a value ingrained in him from childhood teachings as 'a dollar saved is a dollar earned’. This meticulousness is reflected in his focus on asset allocations and tax minimization when discussing matters with clients. “While seemingly small initially, these actions, compounded year after year, can significantly impact clients' financial goals – whether aiming for early retirement, saving for a down payment, or enjoying extra time with family on vacations.”
“We also offer tax and estate planning services and collaborate closely with National Bank's mortgage team, a program I oversee," Michael adds. "Collectively, these services empower us to proactively assist clients in every facet of their financial well-being, ensuring they can make well-informed decisions.”
“Talent wins games while teamwork and intelligence win championships.”
As a lifelong athlete, Michael recognizes the importance of achieving a cohesive and integrated team – both in a personal and professional sense. “I've been a part of teams with exceptional individual talent, achieving short-term triumph. Yet, I've also experienced team environments where individual strengths, trust, and accountability all complement each other, resulting in long-lasting collective success.”
He references a popular Michael Jordan quote to illustrate this distinction, stating “While talent may secure short-term victories, long-term success is driven by teamwork and intelligence, much like a strategic financial approach.”
“Our team is quite exceptional,” Michael says. “Each of us brings unique strengths to the table. We are effectively able to exchange ideas in a formal and informal setting –- growing up Italian definitely aided in this ability. This dynamic environment aligns with our shared ideology and collective goal of delivering top-notch service to our clients. It’s this unity that brings everything together, enabling us to assist clients in achieving peace of mind and reaching their financial goals.”
Customized Education and Financial Solutions for Diverse Generational Needs
“While creating wealth is important, equally significant is its successful transfer across generations. This aspect holds immense value.” The Mauro Group has a substantial client base, comprising well over 450 households. “Many of our clients appreciate the estate and tax planning services we offer, particularly attracting families,” he says.
“Quite frequently, I encounter a common issue, especially when working with mortgages and catering to Gen Z or Millennial clients,” he says. “The financial education imparted in schools offers a mere glimpse rather than an extensive understanding of managing finances effectively. Clients, both new and existing, find comfort and relief when presented with a thorough analysis of all available opportunities.”
He offers the example of purchasing a property, acknowledging the societal shift – strategies from previous generations may not align with today’s environment. “Addressing this challenge involves conducting thorough analyses, guiding clients’ ideas and visions to reality. Clients tend to appreciate and understand when the cost-benefit and opportunity costs of all options are showcased, which alleviates financial anxiety and helps them in making more informed decisions.”
Michael adopts a personalized approach to educating clients, recognizing that each client's financial needs differ. “I customize our strategies, ensuring each client feels comfortable and understands the tailored financial approach. Whether they're a CEO, corporate client, self-made business owner, or a newcomer venturing into their financial journey as a child/grandchild of an existing client, we aim to educate at every level.”
In his experience, especially when onboarding new clients, Michael recognizes a trend in which individuals often follow their advisor’s recommendations without understanding the reasoning behind them. “To bridge this gap, I aim not just to suggest actions but to educate clients on the ideology and rationale behind our recommendations. This empowers clients, whether they're retirees or young professionals, to build a robust financial foundation and think strategically about making their money work for them.”
Education is complemented by technology. Michael has actively contributed to bolstering his team's technological presence. Initially, the team had a limited digital footprint, prompting Michael to spearhead the Mauro Group’s full digital platform. “I developed our team's website, regularly publishing articles on economic insights, market trends, and client resources.” He also acknowledges the exceptional strides in technology integration at Wellington-Altus Private Wealth through added layers of connectivity and transparency between clients and the team.
Client Impact: Reflections on Achieving Milestones in Financial Advisory
When COVID-19 first emerged, it sparked a significant milestone in his career. “It was an unprecedented black swan event, causing panic and global chaos, leading to a financial crisis. Not only was it about navigating through the pandemic, but about preparing clients for the future.”
“This period allowed me to engage with clients on a more personal level, dissimilar to the more finance-driven interactions in previous years. Building enhanced connections with clients, going through the foundational pillars of their financial plans, and offering tailored recommendations were of monumental value. Keeping the focus on what needed to be done in the present as opposed to dwelling on the past was pivotal to the success of client portfolios.”
Michael attributes much of his success to the valuable mentorship he has received throughout the years. “Starting my journey with Wellington-Altus Private Wealth at our firm’s inception, April 14, 2017, I’ve witnessed our substantial growth and standards set by my remarkable partners. I can reach out to any of them for insight and advice, nurturing my growth in the business.”
Looking back at his early days as a young financial advisor, Michael is proud of the progress he has made throughout the years. He highlighted a noteworthy achievement by acquiring his first $5 million client. “From the onboarding process to the continual conversations with the client, it was an enlightening experience,” he says. “Witnessing the positive impact of the work done for the client, who has been with us for some time now was truly rewarding. Not only did it benefit the client, but the standard that was set has resulted in additional referrals, contributing to the organic growth within the client base.”
Legacy and Mentorship within the Mauro Family
Michael Mauro's professional journey traces back to the roots of his upbringing, crediting its origins to the influential presence of his father, Frank Mauro. Serving as the esteemed head advisor on the team, Frank's illustrious 39-year tenure in the industry cast a significant shadow over Michael's formative years.
“Discussions about wealth management, whether during meals, casually in passing, or discussing my own finances, were paramount and a constant presence,” Michael says. “Understanding the time value of money and mastering concepts like opportunity costs became significant. These discussions profoundly influenced and shaped my education and eventual career choice.”
Looking back, Michael reflects on his career trajectory, highlighting that his current path was not always a predetermined choice.
“I was always excited that my future lay in the financial sector. Fortunately, being part of the family business didn’t come with any pressure to join, allowing me the freedom to explore various aspects of the financial world during my school years such as marketing, data analytics, and business-law. This exploration provided me with a broad perspective.”
“While at the Sauder School of Business at UBC, I worked part-time with the team, gaining invaluable insights into all facets of the business. Observing how we assisted clients in achieving their financial goals and aspirations laid a solid foundation. It was a moment of realization and understanding that this was more than just a job, but a career I could genuinely support, enjoy, and help people.”
Staying Active, Nurturing Bonds, and Forging Legacies
Outside of the hustle and bustle of his career, Michael places a strong emphasis on staying active in his personal life. “I believe that an active body keeps the mind alert,” he says. “I spend my weekends playing soccer with former University and high school peers. These types of activities not only keep me physically active but also serve as a fundamental avenue for fostering lifelong friendships.”
Looking forward, Michael’s focus lies in fostering the growth of the business and continuing to nurture client relationships. “Personally, my ultimate aspiration is not only to maintain our group’s success for the next 39 years, just as it has in the past, but also to build on top of this remarkable foundation and exceed expectations for many years to come.”
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Michael Mauro, Investment Advisor
Mauro Private Wealth Management Group
Wellington-Altus Private Wealth
545 Clyde Ave – Suite #202
West Vancouver, BC V7T 1C5
604.925.5633