WPC has named our very own Skyelar Siwak as one of the top young professionals in Canada’s Wealth Management Industry for the 2021 year. As one of their featured winners, Skyelar was able to share with WPC what has contributed to her growing success in the industry since joining the Hemisphere Capital Management team over six years ago.
What can you tell me about your time at Hemisphere Capital Management Inc.? What has been a through-line throughout your career?
My time at Hemisphere Capital Management Inc. has been incredibly rewarding. I’ve been with the firm for just over six years now, and I learn something new everyday, continue to develop people and portfolio management skills and have every opportunity and resource available to expand my investment knowledge. One of the common themes throughout my time so far with the firm has been that continual learning piece. Whether it is through mentorship, research, debate or client conversations, I am always learning about the markets, political and socio-economic issues, human behaviour and business. All in turn making me a better, more educated investor for my clients and a more thoughtful leader for my team.
What has been crucial to your success?
It’s simple – I show up. Like any industry, the day-to-day can be a grind and there are a lot of ups and downs in this business. There are days that you dread, tasks that you don’t want to do and well, it’s incredibly stressful when there’s a market downturn or volatility. But I always show up with a willingness to put in the work, make tough decisions and have difficult conversations with clients and employees in the name of transparency. My resilience and determination to overcome adversity have been crucial to my success.
How would you describe your general approach/philosophy to your work/clients?
When it comes to client relationships, it’s all about trust for me. I’m not selling products or an investment strategy, I am trying to foster a relationship built on trust. I want my clients to trust that I care about them, not just about their money. That we are working together to reach their goals because I truly care about their well-being as a person. I am also a big believer in educating my clients and helping them improve their financial literacy and investment knowledge. I want my clients to feel comfortable enough to ask questions and be confident that I am looking out for their best interests.
If you could speak directly to clients, what would you tell them about working with you? What makes your and Hemisphere Capital Management’s approach unique?
As a boutique investment management firm, there are no distractions from the political and organizational pressures often encountered in larger organizations. We are able to make timely, effective investment decisions when required. We are not affiliated with any bank, investment dealer or insurance firm. This ensures objectivity, true independent thinking and ultimately the ability to invest in any securities we deem suitable for our clients. Something that really sets us apart from the pack is that Hemisphere has been around for 30 years and we have been successful in planning for a long future ahead by bringing in a younger generation. This allows for uninterrupted service to continue for decades to come. It also allows for different perspectives to be present at the investment decision-making table.
What challenges is the industry facing and how are you adapting? What is the future of wealth management?
One of the biggest challenges in our industry is the rise in DIY investors, robo-advisors and those that believe in passive investing. To address this, we like to emphasis the value active management and having a portfolio manager adds to client’s portfolios. I think the future of wealth management is still very much centered around active management and the role of the Portfolio Manager. I believe there is huge value in active management for many reasons including flexibility, risk management and tax management. We are able to add even more value to our client relationships through professional networks of accountants, lawyers, financial planners, etc. that will continue to be important parts of the management of wealth.
What advice would you give to someone entering the industry now?
Work hard and be patient. Things don’t happen overnight but they will come if you keep working hard and showing up. I believe that hard work pays off. Not always as quickly as you may hope, but it always does, so put in the work and keep grinding.
View Skyelar’s full profile here.