“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 quant 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 at 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 indicate she’s comfortable in her own skin, sales is not where she hangs her hat. Lucy’s credentials, experience, and financial expertise put her in a rather elite category of individuals 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 50% female staff, more broadly, the story hasn’t changed. Despite the exceptions, overall the industry is still male-dominated, and institutional sales probably have a lower representation of women than 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, recalling “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. 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 was a priority 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 degree while she raised three children. “It was really inspiring for me,” Lucy emphasizes, “I remember my mom would 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 a part of a small national portfolio group building model portfolios to help advisors improve asset allocation and efficiencies, 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 was eventually head-hunted by Connor Clarke and Lunn who hired Lucy to run national accounts, 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 recalls 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. Her life has not been without its share of pain and heartbreak, including the recent loss of her older brother. Life’s injustices and misfortunes have weighed heavily on her and perhaps as a result, she continues to give back, by supporting those in need. Most recently, she championed Movember through Nicola Wealth, raising more than anyone across the country and helping to make Nicola Wealth the largest contributor to Movember in 2023.
At this point in her career journey, ensconced in a leadership role at Canada’s fastest-growing wealth management 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 that you treat the CEO.” This innate appreciation of all people has served Lucy well. “I can’t tell you the number of times I have built a relationship with someone junior at an organization that would have no immediate impact, but they went on to become a senior person somewhere else, and that led to an opportunity.”
With an ethos of appreciating others, lifting and celebrating successes, and clearly taking on challenges and defining her own path, Lucy’s forging the way, not only for herself but for those around her to flourish as well.