Counselor
Brandon Silbermann Financial advisor at Manulife Securities Investment Services in Waterloo, Ontario. Advisor since 2013, registered with the MFDA and holding an insurance license.
Challenge
Expanding your team’s customer base.
How he started
Silbermann met his current business partner and mentor, advisor Don Stockman, while studying finance at the University of Ottawa. He worked at Don Stockman Financial Services for 16 months: “(Don) was looking for someone who could help him during his busy season,” he says, adding that at first he was mostly involved in filing. He then scheduled meetings with clients and attended meetings.
After graduating in 2012, Stockman hired Silbermann full-time. Over the next two years, Silbermann purchased a mutual fund book of business as well as a separate fund book. He cooperated with internal specialists who helped him obtain a loan and conduct the underwriting process. They also gave him tips on how to develop a cash flow plan when starting his business.
Meanwhile, Stockman introduced Silbermann to experts such as accountants and portfolio managers, who encouraged him to find a niche.
Meeting his challenge
Silbermann and Stockman typically advise clients in agriculture, trade and construction, but Silbermann has recently begun focusing on technology clients. He identifies with these clients because of his expertise in the technology industry – he is a member of the Kitchener-Waterloo Chamber of Commerce along with many young entrepreneurs. Many potential clients contacted him via LinkedIn.
“These customers are not connected to our existing base, so I now have access to new people and markets,” he explains. Over the last year, he acquired seven technology clients, two of whom were recommended.
He was the first to suggest to his team how to improve back-office systems and led the design of the company’s website. “I wrote all the content and came up with the overall concept. I also make sure that everything we do online is compatible with mobile devices,” he says.
To attract tech clients, he suggests developing high-quality online content and email campaigns. His company’s website is updated monthly with articles on topics such as RRSP strategies and also includes links to economic reports and tools. His team offers clients a quarterly market newsletter.
Silbermann regularly reads sites like TechCrunch for news about venture capital and small businesses. “The technology industry is changing very quickly. New companies are often established and people leave their current employers, he says. In fact, several new clients have sought his advice after leaving larger companies like BlackBerry and joining start-ups.
He assisted these potential clients with group RRSPs and stock options, as well as offering tax and insurance advice. Through Chamber of Commerce events, KW learned that many smaller technology companies offer deferred compensation and variable compensation and bonus structures.
“They don’t have the money to pay talent high amounts upfront. Therefore, the income (and investment needs) for clients in this industry are not so predictable,” he says, which is why he does not use prepared materials during initial meetings. Instead, he allows clients to tell him about their backgrounds and needs. Then it offers tailor-made materials regarding, among others: insurance, estate planning and investments.
As a young advisor, when deciding where to work, think about your ideal career path. Brandon Silbermann came from a family of business owners and entrepreneurs and knew he preferred working in a small company rather than a large bank.
What he learned
Online accessibility is important to attract potential customers in the technology industry. In addition to adding his contact information to his LinkedIn profile, updated with customer recommendations, he joined technology groups on the social networking site as well as industry groups to track trends for customers. Silbermann plans to attend more local Chamber events. “I haven’t met any technology-specific clients this way yet, but I have met a lot of people in the industry by attending monthly networking evenings.”
