Why this advisor says his mom is the best financial planner he knows

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.

Paul Philip, president of Toronto-based Financial Wealth Builders Inc., talks about being raised by a single mom after his dad passed away and how he turned a job in car sales into a career as a financial advisor.

Describe your experience with money growing up.

I was born in Niagara Falls, Ont., the youngest of four children. My father passed away unexpectedly when I was 12. My mother was a homemaker and was suddenly forced to work minimum-wage jobs while raising four kids on her own. We didn’t have family money, but somehow there was always something to eat in the fridge, and I got to play every sport I wanted. My mother just figured out how to make it work. Watching my mother juggle the family purse strings was amazing. It taught me a real-life lesson to live within your means and save for a rainy day.

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Everything I am today comes from my mom. She often says she never used to deal with money, but I laugh and tell her, ‘You’re one of the best financial planners I know.’ It’s not hard to be a financial planner with a wealthy client – just don’t lose what they have. It’s a lot harder when you have to figure out how to stretch that dollar and make good decisions. My mom is now 94 and still one of the smartest people I know.

How did you earn money growing up?

Money was tight from the beginning, and my mom told me from the start that if I wanted the extras in life, I would have to work for them. My first job was at age 4, selling ice cream on a golf course (in exchange for eating it). I was a hustler. I was the kid who would knock on your door to mow your lawn or shovel your snow. I am grateful to have learned a great work ethic at a very young age.

When I was 16, I got a summer job working on the assembly line at General Motors. I earned great money for the summer, triple what my friends were making. That job taught me to stay in school because it was hard, manual work. Even if the pay was good, I wanted a career doing something different and more challenging.

How did you get into finance?

After high school, I took a summer job at a car dealership in downtown Toronto and ended up doing really well. I got promoted to sales manager at a young age. The money was good, and I enjoyed the business at that time. I didn’t go to university (despite my mom urging me to). I had a ‘show me the money now’ attitude.

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One day, a fellow who was in the insurance business walked into the car dealership. I started to ask him questions about the industry, how he got into it, etc. Not long after, I got an interview at the Paul Revere Life Insurance Co., and got a job specializing in disability insurance for self-employed professionals. I quickly realized that to add value to clients’ lives, they needed more than just insurance; they needed a holistic plan.

I obtained my certified life underwriter and certified financial planner designations, started my own business and began to build a team. Then, after the 2008 global financial crisis, I started to look seriously at the investment side of financial services and, to make a long story short, started to offer those services as well. My goal was to advise clients in a fiduciary manner, free of conflicts and proprietary products. I wanted to treat clients the way I want to be treated.

What mistakes have you made with money over the years?

In 2004, before I became a licenced investment advisor, I took some advice and bought an alternative investment. It turned out to be a fraud, and the investment went to zero. Thankfully, I didn’t put too much money into it, but I learned to do a lot more due diligence when I invest in anything – for myself and my clients.

What advice do you have for people looking to get into your industry?

This will sound corny, but it’s an industry where you can do well if you have a genuine concern for others. It’s a career where you can make an impact on people’s lives, it’s generational, and it’s also a lot of fun.

This interview has been edited and condensed.