Tina Tehranchian, a certified financial planner and senior wealth advisor at Assante Capital Management Ltd. in Etobicoke, Ont., was appointed to the Order of Canada in December.David Chang Photography/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.
Tina Tehranchian, a certified financial planner and senior wealth advisor at Assante Capital Management Ltd. in Etobicoke, Ont., was recently appointed to the Order of Canada for her professional and philanthropic work, including helping to raise millions of dollars for various causes and inspiring philanthropists through her work as a planned giving consultant.
Here, we talk to Ms. Tehranchian about growing up in Iran, the impact of the Iranian Revolution on her family’s wealth, and why she chose a career in financial services:
What was your earliest money lesson?
I was born in Iran and had quite a comfortable childhood with caring parents who ensured money was never an issue for our family, at least not early on. My father was a hardworking and successful hematologist. I remember being able to stay up late so I could see him when he got home from work. One of the first things my parents would do was take my father’s hard-earned cash, put it into tiny rolls and store it in a metal box in their bedroom. I remember my parents’ delight when counting that money, which instilled in me the importance of hard work and saving.
What was your experience with money growing up?
My comfortable life turned upside down when the revolution happened in Iran in 1979. At that time, I was a sophomore at Washington University in St. Louis, Mo. My parents, who were paying for my education, lost about 90 per cent of their wealth due to the depreciation of the Iranian currency. Their only investments were land and investment properties they owned in Iran. I remember my husband – whom I met and married at university when I was 17 – and I had to be very careful about our finances.
The revolution was a turning point for me when it came to how I thought about money. It made me very conscious about saving and thinking about the future. Before that, I was happy-go-lucky because my parents provided whatever we needed. It was a painful lesson for all of us about how a lack of proper financial planning and diversification can lead to a sudden loss of wealth. It’s one of the reasons I am so passionate about helping my clients preserve their wealth and diversify their portfolios.
What did you want to be growing up before deciding on a career as an advisor?
I wanted to be a doctor because my dad was a doctor. I was pre-med at Washington University in Missouri because it had a great medical school. However, after the first semester, I decided it wasn’t a career for me because I couldn’t stand the sight of blood. Instead, I got an undergraduate degree in communications and political science and a master’s in communications, specializing in television production.
However, when I immigrated to Canada in 1990, during a recession, I couldn’t find a job in communications. I saw an ad in the newspaper for a job selling life insurance at Sun Life. It said there was potential to earn a good income, set your own schedule and help others. It all sounded appealing, so I applied and got the job. It wasn’t an easy job because I was new to driving in Toronto and kept getting lost (there was no GPS back then). I also had a young son and no family or network in Toronto. I persevered and, more than 30 years later, I still enjoy every day of my work. I’m celebrating my 25th year at Assante this year. The most gratifying part of my job is the long-term relationships I have built with my clients.
What was your biggest money mistake?
Not long after my husband and I came to Canada in 1990, he started working for an accountancy firm. The founding partner, an established and well-respected accountant, asked us to invest alongside him in a limited partnership behind a resort development in Ontario. Being new to Canada, my husband and I didn’t understand the real estate market or how limited partnerships work. Still, we decided to invest all our savings in this venture solely based on our trust and respect for this individual.
Unfortunately, the real estate market crashed and the project went bankrupt. We lost our entire savings. It was a painful lesson in the importance of doing your due diligence before investing and understanding all the risks. It’s the same advice I give my clients today.
What’s the best investment decision you’ve made?
Investing in my education. Even though I never ended up using my degree in communications to work in television or media, the knowledge I gained has helped me in every aspect of my current career. Every financial services designation I have earned has helped me become a better advisor and provide more value to my clients.
What advice do you have for people who want to do what you do?
It’s not an easy career, so you should be passionate and dedicated and have the support of your family. I wouldn’t be where I am today without the support of my husband, son and parents.
This interview has been edited and condensed.