Angela Bhutani, CFA, is an investment counsellor with extensive experience in financial services. In this interview, she shares her experience working with private clients and institutions, her outlook on philanthropy, and her overall advice for people coming into the industry.

Career highlights

• Vice President, Investment Counsellor at Burgundy Asset Management
• 25 years of experience in the financial services industry
• Vice Chair and Treasurer at Burgundy Legacy Foundation
• Founding Director at Burgundy Legacy Foundation
• Industry designations include CFA, CFP, and MFA-P^TM

How did you begin your career in finance?

I started my career in 1997 working as an advisor to individuals and families at Altamira Investment Services Inc. After some time, I moved into a client service role working with institutional investors, so I have been a relationship manager for both private clients and institutions. 

Having worked with both groups of investors, what would you say are the most significant differences between the two? 

I’ve observed a few differences. First, institutional clients oversee a pool of assets that generally have a singular purpose and investment objective. By contrast, private clients may have many different goals, like paying for their kids’ education, leaving money to their children, or retiring at a certain age. Secondly, with institutions, you usually work with a committee that, for the most part, does not have personal ties to the pool of assets they oversee. They are often very experienced investors and tend to make more rational decisions. This compares with private clients who tend to be wealth creators with very close personal ties to the assets, who have worked hard to build their pool of capital and may be concerned with preserving it and seeking an absolute return. As such, they are more likely to allow emotions to influence their investment decisions and are prone to mistakes. Overall, with private clients, I often find myself acting as more of a coach, helping them along their financial journey and guiding them to stay on track.  

How do you set yourself apart from others in the private wealth space? 

In working with prospective and current clients, I approach the role with the primary objective of seeking what is in the client’s best interest. If I don’t see a fit with respect to investment style or if a client may be better served by following a different path, I recommend that. Within our industry, my goal is to be collaborative and to build a network that may benefit my clients and myself. For example, I seek out people with similar roles at other firms I admire and try to build a referral network of managers with different expertise, styles, or products. I also connect with professionals in sectors outside of investment management, such as accounting or legal services, that may be of benefit to my clients.  

In 2020, Burgundy launched a foundation. Can you tell us about your involvement with that? 

Yes, we launched the foundation in 2020, and I was invited to join as one of its directors. The initial setup involved forming our mission statement, obtaining registered status as a charity, and putting a governance structure in place. This process allowed me to better understand the experience of some of our philanthropic clients, especially those who have established foundations. It also led me to share my learnings with my colleagues and further encourage them to discuss philanthropic goals with our client base. It is a meaningful discussion with high-net-worth clients, particularly those who view charitable giving as extremely important. A growing number of high-net-worth families are opting to carve out a portion of their estate for charitable giving rather than directing it entirely to immediate beneficiaries. Initiating conversations about what causes clients care about can lead to more rewarding relationships. Overall, these discussions have been a very fulfilling part of my work.

How do you think philanthropy will play a role in the future? 

Over the coming decades, private and corporate philanthropy will play a much more significant role in society. The need for funding from the charitable sector is unlikely to subside as government support remains the same or potentially declines due to increased debt levels. Private individuals and companies may step up charitable giving to help offset the funding gap facing social service organizations and the arts. 

Can you tell me about the group the Women of Burgundy?

The Women of Burgundy program was created by my colleague Anne Maggisano in 2014. The program serves as a forum for our female private clients. They can come together to better understand financial concepts and terminologies, become better investors, and be inspired by the learnings of other successful businesswomen.

Any advice for people coming into the industry?

I encourage professionals to seek volunteer roles in addition to their paid ones. I am a big believer in getting involved with a cause or a non-profit community, whether in social services, the arts, or something industry-focused. A committee or board role can help improve your skillset in investment management, communications, and governance, as well as help you develop a network. 

What are some lessons that you have learned throughout your career?

The importance of critical thinking and not taking information at face value. Nowadays, financial data and advice can come from various sources, including the news, podcasts, and social media, to name a few. I’ve come to realize that these sources often have their own agendas and objectives. For example, media outlets are generally seeking larger audiences and trying to drive engagement, so they tend to dramatize headlines or provide biased information. As investors, we may not always consider this before acting on the information. Also, I have learned to appreciate the value of simplicity. Our industry, over time, has done a tremendous job of creating new investment solutions and products, but some of them are quite opaque to investors. I think that investors run the risk of becoming overdiversified or not fully appreciating the risk (and fees) that some of these products and strategies add to their portfolios. Oftentimes, keeping it simple is best. 

What are you proud of or what is your great accomplishment? 

I enjoy matching people with opportunities in the industry. There is no better feeling than connecting people in my network with one another, especially new graduates, and seeing them succeed. I am proud of it and genuinely enjoy helping professionals advance in their careers. 

What is your greatest mistake?

This is partially related to the phenomenon of information overload that we discussed. Early on in my career, I let my clients’ emotional reactions to short-term news influence my judgment. I yielded to investment decisions that did not necessarily benefit them over the longer term. Through experience, I learned to stand firm and convince my clients of the pitfalls of information overload, and together we can better focus on their long-term objectives. 

Fast Facts

Personal motto: It’s going to be a great day.

Something on your bucket list: A National Geographic Expedition to Antarctica

Book you’re reading right now: Freezing Order by Bill Browder

Binge-worthy show you’re watching right now: Madoff: The Monster of Wall Street on Netflix