Women In Wealth: An Interview With Lisa Ransom and Laura Snape

Introduction

As the summer comes to an end, so does my internship at RBC Dominion Securities (RBC DS) in Red Deer. Throughout my work term, I’ve had the privilege to not only work with, but get to know the two female advisors in our office, Lisa Ransom, PFP, and Laura Snape, FMA, CIM. These women continually empower women in our office and beyond through their commitment to community, mentorship, and support. They even hosted a celebration event to recognize the new female employees in the office (including myself!), which included paint your own pottery, dinner and drinks, and live music to top it off. 

While I can now claim my status as a woman in finance after my four-month term at RBC DS, Lisa and Laura are both industry veterans. Therefore, I wanted to extend WIB’s platform to give space for them to share their insights and experiences, and give advice to women, like myself, who may be inspired by their careers.

What is RBC Dominion Securities?

This is a question I had while prepping for my interview–I thought RBC was just a bank, and had no idea it was the highest-ranked bank-owned investment dealer in Canada. RBC DS is a full-service investment and wealth management firm where advisors help individuals, families, businesses and other organizations build and preserve their wealth.

RBC’s Commitment to Women In Wealth

It’s no secret the wealth management industry is a male-dominated one. Only 15% of Canadian financial advisors are women, even though most female investors would prefer advice from female advisors. Many strides have been made to make the field more inclusive, but RBC acknowledges there is much to be done. That’s why they provide resources addressing the needs of women in the industry, like RBC’s Women’s Advisory Board (WAB). RBC DS is committed to empowering the success of female advisors and prioritizes the “recruitment and advancement of women into senior roles.” 

Meet the Advisors: Lisa Ransom, PFP, and Laura Snape, FMA, CIM

Lisa Ransom, Investment Advisor

My career path is a little unconventional–I wasn’t sure what I wanted to do when I graduated high school, so I went to college studying fashion merchandising. While I was going to school, I was working part time at the credit union as a bank teller, starting my career at the very young age of 18. I liked working, I enjoyed making money, and I especially liked working with different types of people! After moving to Calgary and working at a small branch at Central Guarantee Trust, I got my first experience in investments. When TD bought out Central Guarantee Trust, I returned to Red Deer, starting from scratch but gradually working my way up, studying and taking the necessary accredited courses along the way. I became a licensed investor and loved it!

I worked as a Mortgage Officer for a bit but didn’t have as much fun. I couldn’t build relationships with clients–it was just getting a deal done, and then the connection was finished.

I then transitioned to a Financial Planner role, where I spent 17 years helping clients achieve their financial goals. After 30 incredible years with TD, I took a leap of faith at 52 and joined RBC DS, where I've been for the past two and a half years. The move was the hardest thing I’ve done in my life, but it allowed me to better serve my clients, and ended up being very rewarding.

Laura Snape, Senior Investment & Wealth Advisor

I’ve worked at RBC Dominion Securities for 22 years, the last 13 of those as an Investment Advisor. I’ve been married for 30 years and have 3 amazing, adult children. I love to travel, garden, hike, laugh and learn. My career began at Prudential Bache in Vancouver, where I moved up the ranks to become a licensed Associate at Burns Fry. After a family tragedy, I left my job and went backpacking to Australia, thinking I would be gone for 3 months. I met my future husband the second day I arrived, wrote my letter of resignation, mailed it off to my firm and stayed for 8 months. Later, we moved to Smithers, BC, then to Red Deer, AB. I took a contract with RBC Dominion Securities, which eventually turned into a full-time Associate position. 

After working for other Advisors, I had an epiphany and knew this was a career where I needed to build my own business. I took a leap, jumped through many hoops to get accepted into the new Advisor Training Program, spent some hard years of business building, and many more learning to grow and adjust my business into the thriving practice it is today. My road to being an Investment Advisor was not typical–my accreditation I currently have was done along the way. Studying and exams in between building a business and raising a family was a great balancing act!

What inspired you to pursue a career in finance?

Lisa: One of the scariest things I ever did was create a financial plan for myself. I did that at a very young age, at the time in life where you think you know everything, and you know what your future will look like. The financial plan was very eye-opening. That memory has helped me become a better advisor, because if you don’t have a plan, then what are you investing for?

 I started to consider a career in finance after watching money work for people and support their future through different investment opportunities. When you see people achieve their financial goals, it is very rewarding and inspiring. 

Laura says: I did not set out as a little girl to have a career in finance–it wasn’t really a consideration back in the day. My parents met while working for RBC, so I was aware of banking as a child, but the Wealth Management side of the business was not something we, as young people, were ever exposed to. In the beginning, it was an opportunity that brought me to RBC, and now, I stay with this firm as they are the leaders in Wealth Management in Canada and they are committed to encouraging Women in Wealth.

What has contributed to your success? Personal qualities, mentorship, connections? 

Lisa says: Support, from my friends, family, and all the people who have believed in me. I’ve had so much support, I don’t know what I could do without it. Unfortunately, I’ve also learned not everyone wants to see you succeed. As women, we often dwell on the negative energy people put towards you, but once you believe in yourself and you understand how many people believe in you, I think you can do anything. 

It’s rewarding to reflect on where I was, and where I am now. Setting goals has made me better. Failure has taught me. Mistakes turn into learning opportunities. My picture of success is very different from the next person’s–that’s why I never compare, and I try not to be my own worst enemy. We are often very hard on ourselves when we should be our biggest cheerleaders. 

Plus, I never take no for an answer–even if it kills your confidence, rise up. No just means not today. 

Laura says: There are several qualities you need to succeed in business: vision, grit, self-confidence, dedication, work ethic, etc. I knew when I started the Advisor path there would be a huge challenge with finding the work/home balance. And there are hard days. That is why you need your cheerleaders–your support team–who may be family, friends, mentors, running buddies, or even the colleague down the hall. The most successful people I know are teachable, humble, passionate, curious and surround themselves with the like. 

What are some of the biggest challenges you’ve faced in the investment industry? 

Lisa says: Being a young woman in finance when I started out, you had a lot to prove and to show your worth. I grew up in a time when many people thought being in the home was the best career for a woman, so I had that obstacle to overcome and show others my success in choosing a different path. I think that’s why I’ve always been a bit of an overachiever and put myself in uncomfortable situations, because it helped me be successful despite these expectations.

The best piece of advice I can give is this too shall pass. Never forget that, when you encounter a roadblock or things are not going your way, just remember it won’t always be like this–success is on the other side. 

Laura says: I was the first woman to make the jump from Associate to Investment Advisor in our office.  There was definitely some pressure to keep me where I was, so I had to fight for my choice to build the business for myself. I had an awesome female Advisor mentor when I made the jump, and several male Advisors who wanted me to succeed and would impart their wisdom freely. This was an incredible support for me. 

This is a great business, and it is male dominated, which can seem threatening from the outside, and maybe a bit from the inside when you are part of a handful of women at an Investment Advisor conference. But, you eventually understand you have every right to success and to “lean in” to the work just like anyone else.

How have you navigated working in a male-dominated environment? Does it make a difference, or do you not notice it? 

Lisa says: I worked in a more female dominated practice at TD, and when I came for a tour of the RBC branch, there were 16 male advisors, and only one female advisor. And that scared me. 

But it’s being scared that also made me want to challenge myself and put myself in an uncomfortable position–to get over my insecurities of working in an office with such a male dominated presence and remember what my goal was, which was doing what’s right for my clients, so it was something I needed to do. 

Laura says: Oh, I noticed! When you are the only woman in the room of men, it can be quite intimidating. Trying to be heard can be a challenge. There are a lot of egos at work, and you are required to prove yourself, so you do. And then you no longer notice.

Work-life balance: how do you manage your time in this demanding field? 

Lisa says: At my previous employment, I struggled with balance. At RBC, I have a great team that helps me maintain a much healthier work-life balance by allowing me to delegate tasks and leave the office on time. Plus, I prioritize quality over quantity in my business.

It’s not about how much money you make, but how much you enjoy making it. I realized later in life how vital work-life balance is, especially for women who tend to take on too much. Health is your wealth!

Laura says: This can be tough, and many women face this challenge. Often, a man building his business will have a partner at home that does a lot of the heavy lifting, especially in the child rearing years. Women must prioritize, sacrifice, and be flexible. Understand what’s important, and give yourself a break, and celebrate! Whether this is signing new clients or a child’s big game, taking time to celebrate the little as well as the big things is huge in the early years of business building. Exercise, see your friends, talk to the trees, and wake up grateful for the opportunity to create your own destiny.

What advice would you give young women considering a career as an Advisor?  

Lisa says: Make sure you become an Advisor because you want to help people. Don’t be intimidated–there is a huge opportunity for women who are interested in the industry!

There’s no timeline for your career or your story–age can be such a stigma. If you want to change your career, do it! Age is limitless–never let that stop you. 

Laura says: At the start of each month, I remind myself: I have the best job in the world, earn well, and enjoy freedom. 

This career allows you to truly create the life you want. The connections you make with your clients can be lifelong. Wealth management is about addressing clients' fears and desires, and helping them achieve the lifestyle they dream of–what could be more rewarding?

What are some motives in place to increase gender diversity in finance?  

Lisa says: Seeing more women advance in the industry sets a powerful example for young women aspiring to advisory roles. When I started my career at the bank, there was a group called Women in the Know: Torontonian businesswomen in suits who put on seminars for female staff and clients to help them understand their financial picture. I remember being in awe of their confidence, knowledge, and style, and it was so impactful to me to see that at that stage in my career. 

Laura says: Financial Institutions have become very aware women are VERY good at this business. I think it’s about communication and attention to detail and having a different approach. Women are more financially savvy today than ever before, and firms understand that often, women want to deal with other women. Trust is a huge factor, and as a woman, I recognize feeling safe in all aspects of my life, including who I trust my wealth management to, is a top priority.

What is your financial advice towards young women when it comes to investing? Budgeting? Financing?  

Lisa says: Create a financial plan and seek out a financial expert. Understand your plan and know what you will need and how much it is going to cost.

Start early, utilize dollar cost averaging by automating your contributions, and avoid monitoring your investments day-to-day (it’s just going to stress you out!). If you think you don’t have enough money to invest, change your mindset! You can start now with only $50 a month, and that makes all the difference. 

Finally, never charge a credit card for what you can’t pay off immediately, and always educate yourself on what you pay out in taxes.

Laura says: Just start! Use available resources and talk to a financial expert to get an account opened. It doesn’t have to be complicated if you contribute regularly and track your spending. Understand credit costs and fees. Pay yourself first. Don’t wait, even if you don’t know where to start! Money is a tool. Use it, and make it work for you. 

Conclusion

As I take leave from the finance industry, the lessons I’ve learned from Lisa and Laura will stay with me throughout any career path. It’s been an honour to be mentored by such incredible women, and I hope our readers can learn as much from them as I did. A special thank you to Lisa and Laura for their time and support, and to RBC DS for allowing us to help other women navigate the complicated world of women in wealth. 

Beyond the Blog

A place to find hyper-specific media recommendations focused on highlighting our favourite female-centric books and music. 

Find out which books and songs Lisa and Laura turn to for inspiration and empowerment!

Books:

Lisa recommends…

• The Most Powerful Woman in the Room Is You by Lydia Fenet: I try not to be fearful, but I am! Hearing another successful woman overcome her fear and taking on the challenge to work in a male-dominated environment really resonated with me. 

• Fear is a Four Letter Word by Tracy Tutor: The title simply says it all. It is a book that inspired me working in this industry and helped build the confidence I continue to strive for every day.

Laura recommends…

• Lean In:  Fostering Women’s Leadership & Workplace Inclusion by Sheryl Sandberg and Nell Scovell: In response to Sheryl’s 2010 TEDTalk on the ways women are held back—and the way we hold ourselves back—viewers around the world shared their own stories of struggle and success. This overwhelming response inspired Sheryl to write Lean In, where she shares her personal stories, uses research to shine a light on gender differences, and offers practical advice to help women achieve their goals. 

• Braiding Sweetgrass by Robin Wall Kimmerer: A beautifully written collection of meditations on plants, wildlife, indigenous teachings, and our relationship to the earth.  The language in this book is like a song and it is a book I will read over and over.

Music:

Lisa recommends…

• Unstoppable by Sia: I played this while walking from TD to RBC while I was so nervous, but listening to Unstoppable made me walk into the office confidently and keep my head high. 

• Titanium by Sia: A great reminder you will get shot down, but you can always get back up. 

Laura recommends…

• I Am (Krishan Liquid Mix) by Nirinjan: This is a track I listen to when I am just zenning out!

• Solar Power by Lorde: I’m a big fan of cranking this in the car!

Check out these inspirational tracks and more on our Women in Wealth playlist, available now on our Spotify account!