Father & Son Financial

Some sons grow up hoping to one day walk in their father's footsteps. Nobody knows that better than Spencer Steinman who, after starting his career with Sun Life Financial in 2015, joined a partnership with his father, Steve, in 2018. That is when they formed Father and Son Financial which recently moved from Wyoming to Petrolia. "The thing about this business is, it's a tough one to get started in," Spencer says. "Sun Life was where I was able to get good training and figure out the products and how to treat people. At a certain point, it just made sense to start working with my dad. We always had that on the back burner, but I needed to be ready first to do that."

Steve said it made perfect sense for Spencer to join him. "It is a big problem in our business when people don't have anybody in line to succeed them," Steve says. "That's why it is so important to have someone identified to take over from me and Spencer is very bright. One of the questions you get asked all the time by clients is, 'What if something happens to you, who is going to take over your business?' " Not that Steve is going anywhere soon. The 60-year-old, who has 37 years of experience in the business, has no plans to retire. "This is the kind of job you can do into your 70s and even 80s," Steve says.For Spencer, who is 28, working with dad is something of a dream come true. "The good thing about working together is that we are able to help each other out in a lot of ways," Spencer says. "My dad is the guy who has a lot of experience and he has seen the highs and the lows over the years. I can always fall back on that if I run into a tough situation or need a hand with something." Spencer brings his own contributions to the partnership as well. "I brought our business into the 21st century by adding new marketing ideas and creating videos and new ways to reach clients and connect with the community."

Father and Son Financial specializes in working with farmers and farm families. Spencer, who recently passed a course and is now a qualified Associate Financial Planner, says farms are often times generational businesses. "You have grandpa and dad working together and then sons and daughters who are interested in the business," Spencer says. "Father and Son Financial is a generational business so we can relate to them." It's beneficial to clients that both Spencer and his dad are brokers for insurance and investments. "What sets us apart is we are independent and not tied to one place," Spencer says. "There are 15-20 companies that we work with. We find the best choice for our clients."Spencer is looking to build relationships with clients that will last for the next 30 years. Father and Son Financial works with a wide range of people including young families and successful business owners and specializes in life and disability insurance, investment planning, pension transfers, and estate and family wealth transfers.