Dean of financial advisers focuses on the long term
Angus Watt says job has evolved beyond old stockbroker image
Though the stress of four economic recessions and a plethora of investment firm mergers over the last four decades caused people to leave the wealth management industry, Angus Watt survived and has become a dean of financial advisers in Edmonton.
“He’s probably one of the hardest-working people I’ve ever met,” says Jane Alm, a senior investment adviser who has worked with Watt for 36 years. “Through all the tough times and all the times the market crashes, he’s very calm. He tries to sit back and say ‘what do I think is going to happen, what has to happen to resolve this, how does that affect our clients, what do we have to do?’”
It’s a sentiment echoed by Heather, his wife of 36 years. “One thing I think I’ve learned from Angus over the years is the sense of commitment and seeing things over the long term, never getting caught up in the heat of the moment, always letting things evolve and play out, and always kind of knowing where you want to end up, before you start something. I think that makes things calmer going forward.”
From humble beginnings training with securities firm McLeod, Young, Weir in Toronto in 1975, Watt has risen to become managing director in charge of individual investor services with National Bank Financial in Edmonton, and also heads up the Angus Watt Advisory Group, with $750 million in assets under management.
He says the business has evolved. No longer are they perceived as stock brokers, but rather advisers on investing, insurance, employee benefits, retirement and estate planning. He just took his 10-member advisory group to Palm Springs for bonding and relaxation.
“We started ‘teaming’ long before it became popular. We’ve been very focused to be students of our industry,” says Watt, 61. “When you do a financial plan, for most of our clients we do it in segments; review the will, review the insurance, take a look at the RRSP, take a look at income splitting, and then it gets more complicated with corporations and family trusts and property in the (United) States.”
Watt grew up in Elmira, Ont. He moved with his family to Toronto at age five, he began working in a marina at age 10, continued as a school caretaker, lifeguard, warehouse worker and in furniture delivery, while also playing a variety of high school and church sports.
After earning a political science degree from York University in 1975, he turned to the investment business, transferred to Edmonton in 1976 and soon worked for Levesque Beaubien, which eventually became part of National Bank Financial.
He starts his day before 5 a.m., does his first daily radio report at 6:06 — one of 57 reports he does each week for CHED radio and Global TV— he’s in his downtown office at 6:50, and often is still there at 6:30 p.m. “The first week I was married to Angus, and he’s awake at 5 o’clock every day, singing, I realized I’d just married a morning man,” said Heather.
Their son Jim, who was a goalie in the Western Hockey League, just finished his honours business degree and works for Angus as an investment adviser. Daughter Kate recently gave birth to the Watts’ first grandchild, Thomas.
Watt is heavily involved in community work and says his two years as chair of The United Way were most satisfying. Because his father Owen was a Spitfire pilot in the air force, Angus helps veterans by serving as Honorary Lieutenant Colonel of the South Alberta Light Horse regiment, and is past chair of the Edmonton Police Commission. Having lost a brother to suicide, Watt founded The Support Network crisis centre. He is chair of the Alberta Order of Excellence Council, was chair of the Minerva Foundation and is on the senate of the University of Alberta. He also serves as Honorary Consul of the Kingdom of the Netherlands.
“The Netherlands and province of Alberta have been working so we don’t get labelled as having ‘dirty oil’ in Brussels. The same as EU trade, we know dairy is an issue for different subsidies, but we could sell Alberta beef into Europe more aggressively without quotas and have that free trade.
“There’s lots of competition. With our oil, we need new markets. We need to look at research other countries are doing and we’re doing, have exchange of students back and forth. Whether it’s in medicine or the environment, if we think we’re going to come up with the best ideas ourselves, that’s silly.”
He has no designs on politics. “I love my wife. My wife said if I ever ran for politics she’d be gone, and when we had (equestrian) horses, she said if we ever had a farm, she’d be gone. I need a pat on the back when I do something well. I think we abuse our politicians.”