The Journey of Advice
MIKE MAYRAND - FINANCIALLY SOUND·WEDNESDAY, FEBRUARY 14, 2018
It's been quite a journey so far. I founded Financially Sound in 2017, which is an advisory service focused on the heart and mind. We offer a life-first approach to financial planning, mortgage/finance broking, and business advice. My wife and I also saw the arrival of our second child Margaux Isabelle Mayrand in early December, who has fit in quite nicely with our first child, Louis-Pierre. Needless to say there is no shortage of excitement in our lives and we are very grateful. I was having a moment today where I was thinking about my journey over the last 10 or so years. I realised that i’ve pushed the “reset” button a few times both personally and professionally over this time period. I came to Australia in 2010, six months after meeting my wife at my sisters wedding. I basically quit my job, sold everything I had, and left everything I knew back in Canada. Literally everyone (bar two people in my life) were telling me that I was crazy. Turns out I wasn't so crazy after all (not that I listened to any of them!). I remember wanting to continue to follow my passion for music, and found work in the “business of music” as a sales representative in the musical instrument industry. I muscled my way into the role, as I was having trouble getting hired on a 417 working holiday visa. Luckily enough they believed my “I’m here forever” story, because “I’ve met the girl of my dreams”. They eventually sponsored me on the 457 program (I proved my worth!). Two years later the company went into liquidation, and I remember having a random conversation a few months earlier with a competitor who was looking for someone to take over the sales manager role for NSW. I remember thinking to myself “better get on the front foot here” and called them the same day. Turns out it was a great match, and I spent four years with them as a contractor. I felt that being in a contractual role gave me more personal and professional flexibility, and decision making ability (even though it was a very collaborative approach, with specific guidelines). This put me in a interesting position, where I felt I had to act in the clients best interest while at the same time performing up to my contractual expectation. No matter how good a deal, if I didn't fit the clients business objectives, then I never forced the sale. I think clients appreciated this, and I believe I was successful because they trusted that I was looking out for them, and not just “selling” them product. What really caught my attention was that I was having high level macro conversations with my clients in regards to their life and their business, rather than conversations around the products we sold in our portfolio. I felt as though I had nothing left to achieve in the business of music, and it really got me thinking about how I could be more impactful with people on a personal/business level. This started my transition to the advice space four years ago. To give more context to the transition, my wife and I met with an adviser sometime in 2010 as we were both commencing new career opportunities, and I took a hands on approach to the financial planning process. I’ve always had a thirst for knowledge, and was fascinated with financial structure and strategy. I was keen to learn more and so I regularly engaged in conversation with our business accountants and advisers. I knew having a solid understanding would benefit me in the future, however at the time I never thought that I would eventually transition to the business of advice. Because I personally lived and implemented financial strategies, and understood more complex advice, I felt as though I could have a greater impact helping others with my experience. I also believed I could add real value by having deep engaging relationships with clients. The only way I really felt I could make a difference, and differentiate myself from others, was was to offer a holistic advice model where I could consult, advise, facilitate, and enable clients on all levels - both personally and financially. And so the journey begins, where I will be impactful on a daily basis - whether that be advising on a complex client strategy, or a 2 minute phone conversation helping someone with a personal challenge.
