Newport wealth management group expands with new hire
The Newport wealth management group expanded again today with the addition of Yasmeen Seddiq, a Chartered Investment Manager who brings more than a decade of international and domestic investment and financial planning experience with major financial institutions.
Yasmeen joins Newport as a Director of Wealth Management and will work closely with Vince Didkovsky, who joined in early January as a Director of Wealth Management. Led by Chief Wealth Management Officer, David Lloyd, Newport’s wealth management group is responsible for developing and advancing our holistic wealth planning capabilities to keep up with our growing client base.
We sat down with Yasmeen to chat about her career path and experience providing wealth planning for high-net-worth individuals all over the world.
What inspired you to enter the financial industry?
YS: Since I was a teenager, I was attracted to the dynamic nature of the financial world. I learned that financial markets have a huge impact on the global and local economies, which in turn have a direct effect on individuals and their financial decisions. In addition, observing some family members succeed in the investment world while others made poor financial choices propelled me to learn about investments and financial planning. At university, I decided to study business finance and was fortunate to work for some the top international firms.
You grew up in the Middle East and you were educated in the United States. How did you end up coming to Canada?
YS: I was fortunate in the opportunities I had to work in finance in the Middle East, but I wanted more opportunities to progress and I was passionate about wealth management. I knew that Canada was respected for having a solid and complex financial system. It also had a great reputation for cultural diversity and offered ample career opportunities in wealth management. So, in 2011, my husband and I decided to get out of our comfort zone and move to Toronto to learn and experience new things.
You have worked with high-net-worth individuals and ultra-high-net-worth individuals from all over the world. Are there any commonalities in their approach to the management of wealth?
YS: Wealth is defined differently in different parts of the world. But what I have seen is that all clients want to grow and preserve their wealth. Most clients want to see plans being achieved according to their own goals and objectives. They want advisors who will bring them new ideas… who can add value to their own thinking…and are available and able to communicate in bad times as much as in the good times. Those principles are universal.
Based on your experience working with Canadian high-net-worth individuals, what are some of the most commonly missed opportunities to organize or optimize wealth that you have seen?
YS: I have found many high-net-worth Canadians are not fully aware of the importance of having a comprehensive financial plan to uncover the strengths, weaknesses and opportunities of their situation. Most clients look for stable returns on their investment portfolios based on their objectives, but that’s only one piece of the puzzle. Without a solid financial plan, a lot of opportunities are missed. Common issues I see are inefficient use of savings accounts, insurance needs that are not explored and opportunities for tax reduction that are not considered.
You can also read more about Yasmeen’s professional background here.
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