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By Brenda Bouw
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.
Dami Gittens, wealth advisor and client relationship manager at Nicola Wealth Management Ltd. in Vancouver, talks about growing up with entrepreneur parents in Nigeria, her move to Canada to study economics and how she got into the financial services industry:
Describe your upbringing.
I was born and raised in Lagos, Nigeria, and am the youngest of three children. My parents were self-employed: my dad had his own consulting business as a quantity surveyor; my mom, a former nurse, started a home retail business selling wheat flour and other wheat products. I watched them both run and grow their businesses.
We didn’t discuss money at home, but I remember watching their financial habits. For example, if my dad got a new project, they could spend more; if he was waiting for another project, they would spend less. (My father is now retired, and my mom still runs her business, although she’s starting to wind down a bit).
What was your first money lesson?
When I was eight, my parents started to give me an allowance. I would spend it on snacks at school. That’s when I started to appreciate the value of money, how to manage it, and what it could and couldn’t buy me. It taught me to understand money better – and to not be afraid of it. I kept getting an allowance into my teens and started to save it for something bigger that I wanted, like going out with friends and sometimes treating them.
When did you move to Canada, and why?
I moved to Canada 21 years ago, when I was 17, to study. My parents wanted me to get an education outside of Nigeria, so I went first to Grande Prairie, Alta., and then to Vancouver, where my sister had moved the year before. I studied economics at Simon Fraser University.
My parents gave me a lump sum of money to pay for my tuition and cover costs such as food and housing. Their trust in me to manage that money gave me a sense of financial independence and empowerment. I could have easily blown that money, but I had a healthy fear of what my parents would do if I did. Instead, I managed it carefully and put anything left over into a savings account. That’s when I learned about products such as guaranteed investment certificates – and that I could make money from my savings.
What did you want to be growing up, and why did you choose a career in finance, specifically as an advisor?
Growing up, I wanted to be a diplomat. I didn’t get to travel that much as a child and thought that if I became a diplomat, I would be able to see more of the world. Plus, my family used to make fun of me, saying that I was always trying to be the diplomat among us, breaking up the fights with my siblings – so that probably stuck. I didn’t pursue it as a career, though. I chose finance while doing a co-op program at Simon Fraser University. I gained experience working at a bank and saw first-hand how important money is to people and how impactful the right planning can be in their lives. I also like problem-solving.
I got my Canadian Securities Course and other credentials over the years. I started as an investment advisor assistant at CIBC Wood Gundy before working as a client service associate at MD Financial Management for a couple of years, and then as a financial advisor at Edward Jones for five years before joining Nicola Wealth Management Ltd. in 2022.
What’s the biggest money mistake you’ve made?
Lending money to a friend. It was about 10 years ago. It was tough because my friend was in a difficult position with a young family and just trying to make ends meet. It’s hard to see someone going through tough times. Unfortunately, I never got that money back. It taught me never to lend money you’re unwilling to walk away from because you might not get it back.
What decision around money and investing has had the biggest impact on your life?
Real estate prices have always been a hot topic here in Vancouver. In 2013, my husband and I were newly engaged and decided to buy a condo. It was expensive – even though we chose to buy in the more affordable suburb of New Westminster. We decided to get over the sticker shock and just do it. If we hadn’t done it back then, getting into the market later would have been even more difficult. Today, we live in a duplex with our one child. That decision helped us move up the real estate ladder.
What’s the hardest money advice for you to follow?
I often advise clients to stick to their current lifestyle, even if their income increases, and try to save more for the future. It’s good advice, but I sometimes find it hard to follow myself. I know it’s better to squirrel away that extra money, but it’s not easy. I try to balance saving and spending some of the extra income.
What advice do you have for someone wanting to be in your business?
It’s important to enter the business for the right reasons. The financial services sector is notorious for having people who get into it only to make lots of money. Ultimately, I believe my work is more about helping people manage their money in a way that’s impactful for generations. So, doing it with a good heart and for the right reasons is important.
