In the Behind the Advice series, Globe Advisor explores the personal experiences and insights of financial advisors, delving into their relationship with money from an early age, the lessons they've learned, and how these formative experiences shape the guidance they provide to their clients.

Empowering Clients Through Shared Experiences

Navigating the Contrast Between Scarcity and Abundance

Tiffany Harding, a wealth strategist at Richardson Wealth in Toronto, has a unique perspective on money that stems from her own life experiences. Growing up, Harding witnessed a stark contrast between her parents' financial situations. While her father lived a carefree lifestyle, indulging in luxuries like limousine rides and fine dining, her mother struggled as a single parent, instilling in Harding the importance of financial independence. "I saw money as freedom, providing you with opportunities and the ability to make choices," Harding reflects.Determined to create a different life for herself, Harding took matters into her own hands at a young age. She pursued various entrepreneurial ventures, from a paper route to selling flowers on the street corner, all while working part-time jobs to support her decision to move out of her mother's house at just 13 years old. "I was motivated not only to make money but also to create a different life for myself," she explains.

Leveraging Personal Experiences to Connect with Clients

Harding's personal history has become an invaluable asset in her role as a wealth strategist. She can empathize with the challenges her clients face, having experienced financial hardship, divorce, and job changes herself. "I've experienced life events many of my clients can relate to, such as being raised by a single mom, suffering financial hardship, getting divorced and job changes," she says. "I can leverage those experiences and have the empathy and understanding to support clients who have gone through similar circumstances."Harding's approach to financial planning is deeply rooted in understanding her clients' values, cultural experiences, and emotional connections to money. "I ask a lot of questions about how they grew up with money. What were their cultural experiences with money? What's their identity around money? And their emotions around money," she explains. "Then, we discuss a plan to help them execute their goals and dreams."

The Universal Pursuit of Financial Peace of Mind

Through her years of experience, Harding has come to realize that the common thread among her clients is the desire for financial peace of mind, regardless of their wealth level. "Early in my career, I thought wealthy people wouldn't worry as much about money. I've since realized that everybody worries about money. Everyone's looking for peace of mind with their finances," she says. "It doesn't matter if you earn or inherit the money; people want to know if they'll have enough to support them for their lifetime or to leave a legacy for their children or charities. The common thread is, 'Do I have enough?'"Harding's advice to those aspiring to follow in her footsteps is to embrace the people-centric nature of the financial planning profession. "It's a people business, so you have to understand behavioural finance. You have to understand why people make the decisions they do. You also need to ask the right questions if you're going to give the right guidance to help people flourish," she emphasizes.As Harding continues to guide her clients towards their financial goals, her own personal journey serves as a testament to the transformative power of financial literacy and the importance of empathy in the wealth management industry.