The Advisor Delta™

Narrator: Welcome to The Advisor Delta™, the practice management podcast dedicated to helping investment advisors grow their business and reach their goals. Whether you’re looking to scale your practice, streamline operations, adapt to emerging technology, or deliver value to clients - this is the place for actionable insights, thoughtful leadership and innovative strategies. Brought to you by Worldsource Wealth Management. Let’s dive in!

Kristen: Hello, everyone. I'm Kristen McElhone, National Vice President, Partnerships and Advisor Experience at Worldsource Wealth Management. Welcome back to The Advisor Delta. Sometimes the most meaningful influences on an advisor's career will come from experiences beyond the office and day-to-day client meetings.
For Karen Roy, Certified Financial Planner at Spectrum Financial Strategies, that inspiration started at home. As the parent of son with special needs, she experienced firsthand the overwhelming realities that many families face as they navigate government benefits, tax considerations, estate planning, and long-term care with little guidance and even less time.

Kristen: Recognizing a gap in support, Karen has built a practice dedicated to helping families with special needs children navigate life's financial complexities. Today, much of her business comes through referrals from the relationships she's built with families and caregivers. I'm so excited to welcome Karen to the podcast for a conversation about the power of building a niche that's rooted in lived experience, earning trust within a community, and exploring why purpose-driven work can become one of an advisor's strongest differentiators.
Welcome, Karen.

Karen: Thanks, Kristen. It's great to be here.

Kristen: Karen, you've spent years in the industry before focusing your work on families with special needs children. Can you take us back to the moment you realized, "This is what I need to be doing"? What happened, and what were you feeling?

Karen: Kristen, it was certainly never a planned business decision.

Karen: It was a personal journey for me.

Kristen: Okay.

Karen: As you mentioned, my eldest son, Andrew, had special needs. Mm-hmm. Tourette syndrome, autism, and like every parent, my goal was simply to make sure he would be financially secure if something- Mm-hmm ... happened to me. What I quickly discovered, however, was that planning process was incredibly fragmented.

Karen: I would spend months and months researching one piece of the puzzle, only discover there were several others that nobody had mentioned. I, as an example, went to a lawyer to get my will, and he said, "Oh, you have a disabled child. You need a Henson Trust." Okay. Mm-hmm. So they put in the articles and the paragraphs, and I have left there thinking, "I'm set."

Karen: Yeah. "Everything is good." And then every time I came across another article or did some other research- Mm-hmm ... I'm like, "Oh, wait a minute. He didn't tell me that I needed to change my beneficiaries," or, "This is only gonna give $10,000 of money each year if it's not for a disability-related item." Yeah. So there's professionals in their individual sort of silos, but nobody's sort of coordinating it all together, and it's just overwhelming to go through this. I'm in this industry, and I figured, "How is other people trying to figure this out when they don't have, you know, sort of my background?" And I was balancing a full-time career, raising two boys- Yeah

Karen: as a single parent and navigating Andrew's daily challenges, so it took a lot of years. But during that time, I was serving on the board of our local Tourette Syndrome chapter, and I was asked to give a presentation on the Registered Disability Savings Program- Okay ... the RDSP. And I thought I would simply share what I'd learned, show a few graphs and whatnot, but instead, that evening was definitely the turning point for me.

Kristen: Mm-hmm.

Karen: Parents packed that little library room- ... and there was just countless questions, and most stayed afterwards to, to chat. Many told me it was the first time that someone had actually explained the program in a way that they could understand. And it went far beyond the RDSP. The conversations touched on so many of those- Mm-hmm

Karen: other planning areas that nobody was talking about. And there was tears, uh, but more than anything- I bet ... you could just feel that there was relief. Mm-hmm. Somebody was giving them some of these answers. So that evening changed everything for me. I realized that this was where I was meant to be. Families were looking for someone who truly understood their world and could put these pieces together, and more importantly, could guide them with the compassion and without judgment.

Kristen: I'm sure it was just such a sense of safety and comfort for them to hear from someone who could provide them with first-hand experience, but also expertise.

Karen: Yeah, and I kept thinking that I wish somebody had done this for me.

Kristen: Yeah.

Karen: But I had to do it the hard way.

Kristen: For sure. And how did that transition from having those conversations in a library room to starting to provide actual direct planning advice one-on-one to different people?

Karen: It started very slowly, but just the parents in the room would say- Mm

Karen: "Hey, can we talk?" Yeah. So then you set up a meeting and meet with them one-on-one, or, "Can we just ask you some more questions? Next meeting- Mm-hmm ... can you stick around a little bit longer?" When you're in this sort of community, everybody talks. Yeah. There, there's support groups- Mm-hmm ... right? And they say, "Well, you should have heard so-and-so talk about this.

Karen: You should reach out. Here's her card."

Kristen: Yeah.

Karen: So naturally, people trust, and they pass along your information when you're filling a need that nobody else really is giving them.

Kristen: Yeah. That's fantastic. And how did you balance sort of maintaining both sides of that practice?

Karen: Not very well. I was probably working 60, 70-plus hours a week.

Karen: Okay. I didn't maybe structure that well because I think I never realized the impact that it would have. Okay. And although the growth has been very gradual, it's definitely been there. Mm-hmm. And I have a large practice, and so there wasn't really a lot of wiggle room to be adding- Mm-hmm ... all of this extra.

Kristen: Yeah.

Karen: And then to be able to stay educated on all the government changes, the regulations, the program changes- For sure ... it's a, you know, a full-time job- Mm-hmm ... basically, trying to stay on top of that.

Kristen: I bet. For sure. Many advisors may recognize a need in their marketplace, but few completely reoriented their business around it. What gave you the confidence to lean in and dedicate your work to serving this community?

Karen: The confidence certainly didn't come overnight, that's for sure. Like anything, the more you do, the more it becomes natural.

Karen: And after that first RDSP seminar, I began receiving invitations to speak at a few other support groups, and with every presentation, I met more families, answered more questions, and saw firsthand how much they really truly valued having someone who could simplify such a complex pr- planning process and truly understand what life looked like for their family.

Karen: It wasn't overnight. It was gradual evolution over many years, and I already had an established financial planning practice, so I continued to help those clients with all of their planning. But alongside of that practice grew this personal passion for helping families that nobody else seemed to be focused on.

Karen: So if I look back, my confidence came just from seeing the relief that families- Mm-hmm ... felt when they realized they didn't have to face this journey alone. And every time someone would call and say, "I was told you're the person I should talk to," that was incredibly humbling- I bet ... and reassured me that, yeah, okay, this is where I'm meant to be.

Kristen: For sure. That must have been very rewarding.

Karen: Yeah. You don't really realize it, but just bit by bit and you're like, "Wow, yeah, okay." Yeah. "I am making a difference."

Kristen: Oh, that's wonderful. So you haven't established your reputation through traditional marketing alone. You've really become a part of the special needs community.

Kristen: How do you approach earning trust, and what lessons do you think other advisors can learn about building authentic relationships?

Karen: I'll share a story that had a profound impact on me long before I ever thought about specializing in any particular field. It was 20-plus years ago, and there was a paramedical nurse who attended almost every Advocis meeting.

Karen: She wasn't there because she wanted to learn about insurance or investments. She was there because she understood that the professionals in that room were the relationships she wanted to build. She would sponsor events, join us for lunch, she chatted during the breaks, and she just became part of our culture.

Kristen: Mm-hmm.

Karen: And she wasn't selling anything. Yeah. She was just building trust, and that lesson stayed with me. And in my situation, it was personal, of course, because of Andrew. I joined organizations and support groups because that's where my family belonged, and over time I volunteered and served on boards and spoke at meetings and sponsored events and sometimes wrote articles to help them better understand the financial planning side of things, but I wasn't trying to build a business.

Karen: I was just trying to simply give back to a community that has supported my family through the more difficult times. So I feel when you're generally invested in a community, that trust just develops naturally and people see your commitment long before they become clients. They know that you're there because you care, not because you're looking for the next appointment.

Karen: I think it's a lesson that applies to any specialty. Don't start by asking, "Who can I market to?" Mm-hmm. But start by asking, "What community do I generally care about, and what problem am I uniquely equipped to solve?" And then show up consistently and volunteer, speak, write, educate. Build those relationships without expecting anything in return.

Karen: I've found that people rarely choose us because we have the best brochure or the- Mm-hmm ... slickest website. They choose us because we've earned their trust long before they ever walk through that door.

Kristen: Sure. It has to be genuine.

Karen: Yeah.

Kristen: Yeah.

Karen: Absolutely, and they can see that. They can sense that.

Kristen: Definitely. Especially in your case, I think more than most, it's such... This is your child, so they really wanna trust and know that you care and understand, so-

Karen: Yeah ... that's- And you build on that trust, then everything else just comes naturally after that. Nat-

Kristen: Yeah ... for sure. Without sharing any names, can you tell us about a family or a moment that perfectly captures this work that's so meaningful to you?

Karen: There's so many families I could talk about, absolutely, but if I had to choose one moment that captures why this work means so much to me, it would actually be not one that happened with a client, but one that happened with Andrew. My son was involved in a program that helped young adults with autism become more independent.

Kristen: Okay.

Karen: Taking them from high school into adulthood.

Kristen: Mm-hmm.

Karen: That's good. And they asked me to speak at their final graduation night, and before I got up to present, Andrew got up to introduce me, and he said, "This is my mom. She's super smart and she's the only person who cares enough to help people like us."

Kristen: Oh.

Karen: Yeah. That stopped me in my track. Yeah, it would. It was a moment. And then try and get up and speak to these- Yeah ... wide-eyed young adults in the audience. But until that moment, I had always thought my role was simply to help the parents, help them plan for their children's future. But Andrew helped me realize that I was helping the sons and daughters themselves.

Karen: They wanted someone who understood them, somebody that respected them and cared about their future, not just someone who managed Mom and Dad's money. Mm-hmm. So that moment stuck with me.

Kristen: For sure.

Karen: And since then, every presentation, I would begin with a picture of Andrew and I would simply say, "This is why I'm here."

Karen: And you can instantly feel the room change. The parents and even the young adults in the room, they just relax 'cause they immediately realize that I'm not just a financial advisor. Mm-hmm. I'm somebody that's lived it, so suddenly there's no silly questions 'cause they figured, well, she's probably had to ask them all herself.

Karen: Yeah. So that's just very meaningful.

Kristen: For sure. That's

Karen: incredible. That must have been such a proud moment. Yeah.

Kristen: That's amazing. So looking back, what have you learned about growing a successful business by serving a specific group of people deeply, rather than trying to be everything to everyone?

Karen: For years, I struggled with, writing a mission statement.

Karen: I kept asking myself, how am I really different from any of the- Mm-hmm ... other financial advisors out there? I could talk about great service, putting clients first, integrity- Yeah ... holistic planning, all of the great stuff, but so could every other good advisor. Mm-hmm. So it wasn't until I actually really leaned into my specialty that I found both my purpose and my differentiator.

Karen: It gave me something meaningful to actually talk about, something that naturally sparked conversations at networking events. And it was meaningful and so important because it gave also families a reason to remember us and to refer us. Anyone can learn a little bit about a lot of different topics, but that's rarely what makes you stand out.

Karen: When you're helping families navigate some of the most complex financial decisions they'll ever face, having a surface level understanding isn't enough. You have to continually learn and stay current and build relationships with other professionals and just become truly knowledgeable in that area. You need to become the expert.

Karen: That's when you become invaluable. And so the challenge that is when your practice grows, maintaining that depth becomes harder, and there's only so many hours in a day, and I found myself trying to balance a growing special needs practice while refusing to compromise the level of care I provide to my long-term clients.

Karen: And so if I could do one thing differently, I would have brought in another advisor into the practice sooner, and that would've allowed me to continue to specialize and enjoy a more balanced lifestyle with perhaps fewer gray hairs.

Kristen: For sure. Can I ask you a little bit about bringing someone into your practice? You're looking for future succession, but you're also bringing into someone into a very special practice. How did that work and how did you make your decisions?

Karen: Yeah. It was funny, it was actually at a Worldsource conference, and I was up on the stage doing a succession planning panel.

Karen: Mm-hmm. And I jokingly said, "Hey, I'm looking for a succession person- Mm-hmm ... and if anyone's interested, let me know." And one gentleman approached me and it turned out that he had quite a few clients with RDSP accounts. Oh, okay. And I don't think I could've said that about anybody else in the room.

Kristen: Yeah.

Karen: And he had a bit of a history, you know, working at a special needs camp.

Karen: Yeah. And so there was that background. Mm-hmm. That, that wasn't the one and only. For sure. He impressed me on so many other levels- Mm-hmm ... and had a few other expertise that he brought into the business. But it was just that special needs that warrants a longer conversation- Definitely ... um, because that's something that is integral to the practice.

Kristen: That's fantastic. So if you had to summarize the key things that an advisor should focus on if they're looking to build a specialty, what would you suggest?

Karen: I would suggest first find your community, something that you generally care about or have a meaningful connection with, whether it's doctors, athletes, teachers, farmers, business owners, any group that really resonates with you, and your passion will just come through.

Karen: After that, I would say become a student of that community. Learn everything you can. Attend conferences, read, listen. Build those relationships with the professionals that already serve that community. Take them out for lunch, pick their brain, and then show up consistently. Mm-hmm. Give before you ask of anything.

Karen: So volunteer and speak and write, sponsor events, donate. Create that value and that will earn you the trust, and the business will follow after that. Sometimes it takes a while- Yeah ... but it will follow. And then I think finally, as I just mentioned, I would say build your team before you think you need one.

Karen: Because as your reputation grows, your biggest challenge won't be finding clients, it's maintaining that depth of expertise and the level of service that earned- Mm-hmm ... you the trust in the first place.

Kristen: For sure. That's all fantastic advice. I think for me, the real takeaway here is anybody can pick any specialty, but it's not really going to be the success and providing the help you have provided your clients if it's not something you truly either are passionate in, believe in, or immerse yourself in.

Kristen: So I think the key is finding what makes sense for you, and that's gonna be different for every advisor out there.

Karen: Yeah, absolutely. Whatever it is, yeah, just make sure that there's that passion beneath and- Yeah ... it'll shine through, and it doesn't feel like you're doing the same level of work because you're just- Exactly

Karen: so enjoying it and you're making such a meaningful difference.

Kristen: For sure. It's obvious that you have made a difference. Thank you. You do. Listening to your story, I'm reminded that behind every financial plan is a person, and often a network of loved ones with hopes, with worries, and responsibilities that don't always show up on paper.

Kristen: What comes through so clearly is that the work you're doing isn't just about helping others navigate financial decisions, it's about helping them feel less alone, supporting a community. And perhaps the real takeaway from our conversations, sometimes the most meaningful impact advisors can have comes from not having all the answers, but from truly understanding the people they're serving.

Kristen: Thank you so much for joining us on The Advisor Delta.

Karen: Oh, it's been such a pleasure. Thanks, Kristen.

Kristen: Until next time.

Narrator: Thanks for tuning into The Advisor Delta™! We hope you found today’s episode valuable to supporting your practice. For more episodes and insights, don’t forget to subscribe and visit us at www.worldsourcewealth.com. And remember, together, we can take your practice to the NextLevel™.
The views and opinions expressed in this podcast are those of the participants only. This podcast is for informational purposes only and does not constitute financial, legal, or professional advice. Listeners are encouraged to seek professional guidance for their specific needs. Worldsource Wealth Management does not endorse any products, services, or companies mentioned in this episode.
Worldsource Financial Management Inc. is a mutual fund dealer. Worldsource Wealth Management Inc. is a dual-registered firm, both as a mutual fund dealer and an investment dealer. Both Worldsource Financial Management Inc. and Worldsource Wealth Management Inc. are members of the Canadian Investor Protection Fund (CIPF) and the Canadian Investment Regulatory Organization (CIRO) and subsidiaries of Worldsource Group of Companies Inc., a wholly owned indirect subsidiary of the Fédération des caisses Desjardins du Québec (FCDQ), which is part of the Desjardins Group.