Kevin Hegedus, portfolio manager and managing partner at Q Wealth Partnersin Saskatoon, says he's lucky to own a business where he creates value forothers. ‘I like to think I put financial peace of mind in my clients’ lives.’Supplied
In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, lessons learned over the years and how their experiences influence the advice they give to clients. We’ve also launched a Behind the Advice podcast –find all the episodes here.
Kevin Hegedus, portfolio manager and managing partner at Q Wealth Partners in Saskatoon, talks about growing up on a farm in Saskatchewan, how his parents managed money during the lean years, and why advisors need to put themselves in their clients’ shoes:
Describe your upbringing.
I grew up on a grain farm in Saskatchewan with two brothers, one older and one younger. My mother was a registered nurse who worked at the local hospital. My dad worked on the farm and occasionally did carpentry work on the side. Farming is a great lifestyle, but it’s not easy, especially when success often depends on the weather, which can’t be controlled.
My dad pushed us to get educated. He said we could always return to the farm if we wanted to. My brothers and I all went to school and established careers off the farm.
What was your first money lesson?
You can be the best farmer in the world but if you don’t get the right weather, you can end up with a poor crop. So, there were many lean years growing up. My parents were good at saving, putting away money for a rainy day and living within their means. Those lessons shaped me and remain with me to this day.
What were your saving and spending habits growing up?
My brothers and I always had other jobs off the farm. For example, I had a paper route, cut grass for other people in the community and worked at the local lumber yard. My older brother and I also had a minnow business as teenagers.
We also got paid for the work we did on the farm and were rewarded. For example, we had motorcycles and snowmobiles growing up, but we worked for them. It taught us the value of a dollar.
Which money decision has had the greatest impact on your life?
Getting into the financial services industry – doing work you love and that keeps you engaged. The money follows. I’m lucky to own a business in which I’ve been rewarded for the value it creates for others. Farmers put food on the table. I like to think I put financial peace of mind in my clients’ lives.
What did you want to be before deciding to be an advisor?
I considered farming for a time growing up, and even agriculture-adjacent businesses such as sales in the farm equipment world. My brothers and I still own land and the family home quarter. But my love of math and numbers led me to finance. I also like being in a business in which I interact with people daily.
What is your biggest money mistake and what did you learn from it?
Hanging on to investments for too long. There’s a saying: ‘Don’t pick your roses and water your weeds.’ Sometimes you’re better off taking a loss and redeploying that capital. It can be hard to admit you made a mistake and need to cut and run. But a lot of times that’s what makes the most sense.
What’s the hardest piece of money advice for you to follow?
When my dad retired at 65, my parents went on their first trip outside of Canada, to Mexico. They loved it and vowed to travel every year after that. Unfortunately, my dad passed away less than a year later.
I learned that wealth is great to create, but it’s also meant to be enjoyed. It can be hard to get out of a saving mindset. My wife and I are trying to prioritize spending on experiences and time with our kids.
What advice do you have for someone who wants to enter your business?
It’s going to be hard work but everything worthwhile in life is. Think like a business owner, but also put yourself in the client’s shoes. If you were a client, who would you want to deal with? Think about how people would love to be treated and then try and build that practice as if you were the client.
This interview was done by The Globe and Mail. Read the full article here.
