I have always loved non-fiction and self-help books. In fact, I have two bookcases full of these titles, which were all purchased in the pre-internet era. These physical books have become fantastic “decorations” as most of this content can now be found on Google, or in e-book and audio book format. As of late, I too have transitioned to the digital age, consuming informational content. Recently I came across an audio book, “The 7 Habits of Highly Effective People”, by Stephen R. Covey. I purchased the physical book almost 20 years ago, however, it was nice to revisit this publication in a digital format. As I reflect on the 7 habits taught in this book, I realize I apply those 7 habits in many everyday situations, including in my career and profession! Here’s how I think this applies to my work:

Habit #1: Be Proactive – I work in the Wealth Management department and my job is to take care of many aspects of a client’s wealth. This means I don’t only help clients grow their assets, but I also help with financial planning, estate planning, banking needs, etc. How can that be done effectively? I have to be proactive, and bring to my clients’ attention that we offer many services, which they may not realize that we offer because they are so focused on investing. I make it a habit to tell my clients about our other services and the in-house specialists that can help them.  

Habit #2: Begin with the End in Mind – This means we begin each day, each portfolio, and each client relationship with a clear vision of what we want to achieve. This could be on a personal and professional level: what do you want to achieve in life? What do you want to achieve with your assets? Completing a financial plan to serve as a blueprint towards obtaining one’s goals is an invaluable exercise that encourages my clients to always keep the finish line in mind.

Habit #3: Put First Things First – I find this habit the most important and I try to apply this every day. If we complete the most essential tasks first thing in the morning, then we will be able to achieve a lot more for that day. Prioritize and put first things first. We will be better able to control our own time and our lives, potentially reducing the amount of unproductive time we spend on social media and replying to text messages.

Habit #4: Think Win-Win – We can apply this to many different relationships. Our relationships with coworkers, clients, friends, and families. Think about how we can benefit all parties in our relationships, and what we can do to achieve a win-win situation. I often tell clients that we focus on managing fee-based portfolios. We are compensated by fees, not transactional commissions. Our compensation grows with the value of the portfolio, and gets reduced if the portfolio declines in value. Hence, when we adjust a client’s portfolio, we are trying to do two things – mitigate the risks and/or grow the assets. Fee-based platforms ensure the clients that we are working for them.

Habit #5: Seek First to Understand, then to be Understood – This is very important in any relationship. Humans in general like to be understood. In order to understand one better, we should always try to listen first. Once we understand other people, we will be able to see things from a different angle, and we will be better able to help other people understand us too.

Habit #6: Synergize - We work as a team of 12 people. We have very seasoned advisors who have managed wealth for over 30 years and younger advisors who have already amassed over a decade of experience. We pride ourselves as a long tenured team within RBC Wealth Management. We are very open with one another and we have both regular formal meetings and informal WhatsApp chats amongst ourselves. Everyone is free to discuss and share their opinions, and some of our best investment ideas and strategies have arisen from these connections. We also have a lot of in-house specialists whose expertise we can  leverage to help our clients with different aspects of wealth management.

Habit #7: Sharpen the Saw – Never stop learning. This has been especially true during Covid. Crises always bring new technologies and innovations. With technology, some companies and people can not only survive but can thrive during the pandemic. We are transitioning to a new digital world. I am very intrigued by the fact that this new digital world is really run by a lot of people that were once programmers: Jeff Bezos (Amazon), Mark Zuckerberg (Facebook), Elon Musk (Tesla), Bill Gates (Microsoft). This has led me to want to find out how programmers think. About a year and a half ago, I started to teach myself how to code. I do that every day, first thing in the morning. I must say, this is an eye-opener for me and has helped me tremendously when it comes to understanding more about our investment in high-tech companies.

After I finished listening to “The 7 Habits of Highly Effective People”, I went to my bookcases and tried to locate this book. To my relief, it was still sitting there. I now appreciate this book from a different perspective. I love it so much that I have put the 7 habits on my laptop as my screen saver. Sometimes to stay relevant, we need the ‘old to meet new’, however, these seven habits have stood the test of time.