By Tassan Sung, Chair, Women's LEAD
“As I look at my career, what I have tried to build is a healthy balance of the two extremes of being highly technical and skilled with analysis and also highly skilled with relationship development and working with people. I need the technical skills to understand the quantitative aspects of a portfolio, but I also need the client and people skills to deliver a message that resonates.”
Whip-smart, focused, and determined, Lucy So, Vice President of Institutional Sales | Client Relationship Manager at Nicola Wealth Management Ltd. (Nicola Wealth), is the type of woman who makes listeners straighten up in their chairs and pay attention. It’s clear she “knows her stuff” and probably knows more than 90% of the people in the room — and it shows.
Although her interpersonal skills and savvy suggest she’s comfortable in her own skin, sales are not where she hangs her hat. Lucy’s credentials, experience, and financial expertise put her in a rather elite category of people who can occupy the most coveted roles in the financial world — and she has chosen to leverage her strengths running Nicola Wealth’s institutional division where building relationships is the byproduct of the trust and confidence Lucy engenders through her technical expertise.
It’s an old story that the financial world is male-dominated and women are scarce, and while companies like Nicola Wealth may buck this trend with nearly 50% women staff, more broadly, the story hasn’t changed. Despite the exceptions, the industry is still male-dominated overall, and institutional sales probably have a lower representation of women than in most areas. It’s always fascinating to learn what led someone to pursue their career goals, especially women who enter male-dominated fields.
Growing up, Lucy didn’t foresee a career in finance until she entered university, and Economics 101 piqued her interest, and the lightbulb went on. Prior to university, high school courses had left her bored and disinterested, keen to socialize and spend time with friends — but economics inspired and challenged her in new ways, and she was hooked, recollecting “learning that I could own pieces of businesses in the stock market really interested me.” A new chapter began, and Lucy completed a finance-focused commerce degree at the University of Alberta, later finishing the financial industry’s most rigorous program, the CFA, a multi-year course of study, including grueling exams with a low pass rate. With her commerce degree and CFA designation in hand, Lucy was positioned for an auspicious start in the financial industry.
Credentials and people skills alone are not enough to succeed in a highly competitive industry, but Lucy also has grit and determination. Her work ethic has been a common thread throughout her life and career, ostensibly passed down from her hard-working immigrant parents, who arrived in Canada from Hong Kong. As the youngest of three siblings, Lucy watched her parents struggle financially but also saw their hard work pay off, enabling them to help support Lucy’s passions and pursuits growing up, including several years of competitive hockey. In her family, it was clear that making trade-offs, staying focused, and aligning with goals were priorities, and laziness was not an option. Her father was an entrepreneur, starting and growing several businesses in Edmonton, and her mom worked in finance for the federal government, finishing her accounting diploma while she raised three children. “It was really inspiring for me,” Lucy emphasizes, “I remember my mom would work a full day, make us dinner, and after dinner, she’d bring out her textbooks and study.”
The example of hard work and hitting the books paid off, and Lucy similarly acquired the education that would set her up for success. As a result, she had several job options coming out of university, eventually choosing to join an investment advisor’s team at RBC Dominion Securities. There, she learned the value of relationship-building with clients but missed employing her technical expertise, and when the opportunity arose to join Connor, Clark & Lunn Funds to run national accounts, she jumped at the chance. There, she was able to leverage her skill sets, technical expertise, and training. Flourishing in the role for several years, she eventually caught the attention of a senior partner at Connor, Clark & Lunn Investment Management, who hired Lucy as their Quantitative Equity Product Analyst, where she stayed for many years until moving to Nicola Wealth to run the institutional division.
Over her career, Lucy credits much of her success to the bosses and leaders who believed in her and built her confidence. Many times, she recollects being asked to take on more than she thought she was ready for, only to learn through the process that her capacity was much greater than she had appreciated. “Sponsors and mentors have been powerful in my career, and it’s important for me to give back in the same way,” Lucy reflects.
Clearly dynamic and assertive, Lucy admits that she still struggles with the same things other women in business find challenging. “I’m still dealing with the challenge of being assertive and tooting my own horn. I’ve always made the assumption that people will see and reward my contribution, but I’ve learned that’s not the case. Just focusing on doing good work and getting recognized doesn't always work.” Appreciating the challenges for women, she emphasizes the importance of lifting others (women and men) as well as bringing awareness to other people’s wins. “Hopefully, we create an environment where we can celebrate each other’s wins,”
Equally important to Lucy have been the philanthropic efforts she has championed. She has seen and experienced some of life’s injustices and misfortunes and continues to give back in areas where she can make a difference. Most recently, she championed an internal Movember fundraiser through Nicola Wealth, raising more than anyone across the company and helping to make Nicola Wealth the 6th largest Canadian contributor to the worldwide Movember campaign (to raise awareness around men’s health issues such as prostate cancer and men’s suicide) in 2023.
At this point in her career journey, positioned in a leadership role at Canada’s fastest-growing private investment counselling company, Lucy states that she embraces new challenges and that it is something that has defined her. Above all, one mantra she lives by is to treat everyone with respect. “Treat the janitor with the same respect as the CEO.” This innate appreciation of all people has allowed Lucy to build meaningful relationships beyond her immediate colleagues.
Within the institutional division of Nicola Wealth, Lucy is forging a leadership trajectory defined by excellence and collaboration. With an ethos of appreciating others, lifting and celebrating successes, giving back, and taking on challenges, Lucy has earned the respect of colleagues and is solidifying her position in the institutional space.
