TIM HANSEN, B.Comm, CFP®, CEA, Wealth Advisor, Sutton Wealth, Saskatoon, SK.
Tim Hansen, B. Comm, CFP®, CEA, Wealth Advisor,
Sutton Wealth Planning of Assante Capital Management Ltd.
“Success takes work,” said Tim Hansen, Wealth Advisor with Sutton Wealth. “You need to make an investment in yourself. It takes time and energy: there’s no quick solution. Success is a lot of small, good decisions, built up over time.”
Tim is passionate about what he does because he knows that clear and consistent communication about finance is important. He doesn’t believe that the education system in Canada does enough to prepare the average person to maneuver the financial realities of the world we live in today. The vacuum of information leads people to fill it for themselves – and this doesn’t always work out as they hope.
It’s why he was eager to contribute to Build Wealth Like a Shark, a book that contains wealth-building advice by 31 financial influencers from the US and Canada, including former Shark Tank investor Kevin Harrington.
“I needed to talk to people about what I was seeing too commonly. Most people are looking for a get rich quick scheme, or some secret stock tip. Building wealth isn’t about stock tips. It’s about understanding yourself; your own strengths and weaknesses; who you are as a person. Once you understand that, and what drives you, you’re better able to learn from others. I mean, that’s the real secret: for most people, true wealth doesn’t come independently. People build wealth by working with others, leveraging that experience, and then making the right decisions for their own situation.”
Build Wealth Like a Shark has been incredibly successful, climbing best-seller lists in multiple countries.
The book hit #1 in Canada, the United States, and Australia, and the top 5 in the United Kingdom. It’s hit 47 best-seller lists so far in Finance, Investing, Economics, Personal Finance, and even ‘Non-Fiction.
It’s clear that that there’s a demand for the expert advice that Tim, and Advisors like him, are sharing in books like Build Wealth Like a Shark, but his most heartfelt advice is this: “there are no shortcuts.”
Experience is the best Teacher
Tim grew up in rural Saskatchewan and his upbringing was typical. He learned the value of a hard day’s work and gained a strong appreciation for money. His father had a good work ethic, and while they weren’t wealthy, they never suffered. They always had food on the table and were very methodical when it came to money; they used coupons and saved wherever they could. In fact, despite the astronomical interest rates, his father made financial gains in the 1980s through good decisions.
Like many of his high-school classmates after graduation he went to University to earn a degree, but Tim struggled. It was more difficult than he anticipated and at this time in his life, he wasn’t ready to finish what he started. Eventually, he dropped out of school to pursue other opportunities. In hindsight Tim realized “[that] I probably needed more maturity. I needed more experience before I could fully invest in myself with a degree.”
Tim went to work, and over time found himself working for a construction company. The company provided a particular and exclusive service, building cell phone towers. Each tower was roughly 250 feet high and were constructed in locations where mobile reception required strengthening.
He worked for the company for a few years, becoming more and more successful – until a single screw changed his c areer trajectory forever.
Little things; big impacts
“I had worked in the company for a while and become accustomed to working at height. We were equipped with much of the same gear you’d see on any construction site, helmet, tool belt, safety harness, and so on. I climbed to the top of the tower in about 30 minutes. It wasn’t that tall, but you needed to make sure you were clipped in safely and as you moved upward you needed to adjust your harness. Once there, I got to work making my repairs. I spent about 20 minutes working on my task and I was almost finished; I was on the last screw. I dropped it. I had no spares. I had to climb 30 minutes down to get a replacement, and 30 minutes back up to finish the job…I installed that last screw and said to myself ‘I need a better plan.’”
Tim gradually came to realize that he was ready to return to school; that he was ready to put in the work. Tim was inspired to pursue finance in part due to his own family history. His grandmother had experienced financial devastation after her husband died quite young – Tim, having seen the ripple effects of these hardships, wanted to help people avoid similar fates.
He buckled down and worked hard. Tim was finally ready to make the investment in himself that he wasn’t in his early 20s.
“I want to share my experience with people. My job is to help my clients make good decisions that impact their world in a meaningful way. To help avoid the mistakes I’ve seen people make in the past.”
It goes without saying that a client needs to trust their Advisor, as relying on someone else to manage money is one of the most stressful decisions a person can make. But it isn’t just trust that an Advisor will manage a client’s money honestly, but trust that an Advisor can help during challenging times.
For Tim, remaining in a client’s inner circle is pivotal to making sure that the client gets the best outcome from their plan. When trouble hits, Tim wants to get that call.
“We aren’t always a client’s first call when they’re going through a hardship; they assume I won’t be able to help. But I can. That’s precisely when I need to hear from them. It’s my job to help them get their feet back on the ground. A lot of people who are going through struggles don’t think to call us; maybe because they’re afraid, but when they’re afraid is when we need to talk.”
COVID has been a challenge for everyone. Markets have been rocked by upheaval, clients have lost their jobs, and many are struggling with stress in one form or another. “I’ve noticed that those who’ve faced these types of challenges before are more likely to call, than those who haven’t. I want my clients to know that I’m a part of their team, I’ve got their back, and will do whatever I can to help.”
To Tim, taking the time to plan is fundamental. In some ways, it’s a difficult process because clients need to be vulnerable and let their advisor in. It’s another place where trust is crucial because they need to have difficult conversations about subjects most people don’t enjoy talking about: what are your financial goals now, and in retirement? Do you want or need to share your wealth with your family? Do you have dependents or older relatives that may need your support now, or in the future? Is giving to charity or supporting causes important to you? What does wealth mean to you? Where do you see yourself in 20 years?
“A good Advisor will take the answers to these questions and connect your personal values to the financial goals you’re hoping to achieve and build a plan that gets you to where you want to be.”
Some of the best advice Tim received was from a mentor who said that “‘do what you do best and leave the rest to other people.’”
It allows Tim to focus on what he’s good at: deal with what his clients find important. “People think I spend a lot of time looking at the stock market. I don’t. In a lot of ways, I’m more of a coach than a broker. We’re assessed as investment brokers, and we provide financial advice, but we do so much more than that.”
Tim believes that empowering his clients with information is only a part of his job. He also believes that motivating them with positive reinforcement and getting them prepared is part of his job too. There are no shortcuts to success and introducing to them the idea of investing in themselves is a key part of what he’s trying to communicate.
It’s what he was saying in Build Wealth Like a Shark.
His advice isn’t just words, he really believes it. Tim starts his day at 5 am with exercise and a review of his calendar; he’ll take the time to read or listen to an audiobook, feeling it allows him to refocus and make better decisions. He takes the time to reflect on the positive things in his life: his wife, their two kids, the great outdoors, and a planned trip to Italy.
That morning routine centres him and gets him ready for the day.
It’s an investment in himself that he’s committed to making daily…because there are no shortcuts to success.
This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see a professional advisor for individual financial advice based on your personal circumstances.
Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.
Gary Milakovic is a veteran writer with more than a decade in the public sector and corporate communications. He has covered a wide spectrum of topics and his work has been featured by large and small organizations across Canada.
Gary is passionate about communication, his writing often focuses on uncovering the “story behind the story.”
Tim Hansen, CFP®, CEA
1633A Quebec Avenue
Saskatoon, SK S7K 1V6
306 - 934 - 5540