CCUA Communications recently secured an article on the website Medium "Women Leading The Finance Industry: Shelley Besse of First West Credit Union On The 5 Things You Should Do To Increase Your Financial Literacy", featuring Shelley Besse, Chief Credit Officer for First West Credit Union. The full article can be viewed here and has also been reposted below from Medium:
Posted: March 31, 2023
My first piece of advice will probably come as no surprise given my career: work with a money coach or advisor who can help you set financial goals and create the path you need to achieve them. I’ve seen countless examples of the positive impact that our financial advisors have had on First West’s members, enabling them to achieve the things that matter most to them in life, often in less time than they might have anticipated.
Asa part of our series about “Women Leading The Finance Industry”, I had the pleasure of interviewing Shelley Besse.
Shelley is the Chief Credit Officer for First West Credit Union, one of Canada’s largest cooperative financial institutions, where she provides senior leadership oversight to retail and commercial lending, loan syndication and securitization, joint ventures, junior debt as well as mezzanine and equity investments. A people-focused leader with experience across multiple disciplines including sales, marketing, operations and risk, Shelley passionately believes in cooperative banking as a tool to help people achieve the things they care about in life. When she’s not at work, Shelley is an outdoor enthusiast with an affinity for riding her motorcycle and hiking the mountains of the Fraser Valley, as well as a talented artist who specializes in pottery, silversmithing and woodworking.
Thank you so much for joining us in this interview series! Can you tell us the “backstory” about what brought you to the finance field?
When I was young, I wanted to become a fashion designer. Unfortunately, by the time I was ready to apply to post-secondary education, the fashion program I’d set my sights on was already full. Since I didn’t want to wait, I opted to study business instead, thinking I’d learn something useful that I could apply in the fashion design industry. I’d always enjoyed working with people, but I soon discovered how much I also loved working with numbers, and that’s what led me to contemplate banking as an interesting career option. I decided to approach my local credit union branch to see if there were any part-time job opportunities. There weren’t any, but I kept bugging them, and eventually I managed to wrangle a special arrangement through a partnership with Employment Insurance Canada. The credit union created a role for me as a part-time teller, and the rest is history. That first role led to another, which led to another and another. Thirty-eight years later, I’m living a purpose-filled career in the credit union industry that still excites me every day.
Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?
An interesting fact I like to share in hopes that my story will inspire others is that I’ve battled Crohn’s disease for more than 35 years. I’ve had to take extended medical absences on more than one occasion, and I’ve even had some lengthy hospital stays. I was in my early twenties when I first got sick, and I remember making a conscious decision to never let my condition define me or hold me back from reaching my potential. Holding on to that promise I made to myself has enabled me to persevere through difficult times, with the support of my colleagues, friends and family. It has made me stronger and more resilient. It has taught me to look for optimism in every situation. Most importantly, it has given me strength and confidence to believe in myself, which is a message I try to share often with the people in my life: you can achieve what you didn’t believe was possible.
Are you working on any exciting new projects now? How do you think that will help people?
My organization, First West, is a credit union — or a cooperative bank — meaning we’re owned by the very people who use our banking services every day. It’s very different from a traditional bank that’s ultimately accountable to distant shareholders seeking to maximize profit. Credit unions offer an alternative, democratic approach to banking that puts people at the centre and acts as a force for social good in the community. Every decision I make as a leader needs to be in the best interests of the credit union’s members, which is an incredible responsibility and also a tremendous opportunity to impact people’s lives in a positive way. Currently at First West we’re entering the final stages of a multi-year project in which we’re striving to become a federally-regulated credit union. I know this may not sound particularly riveting, but it’s very exciting for us and for our members who gave us this mandate by way of a vote in 2021. Federal credit unions receive some of the highest levels of prudential oversight afforded to financial institutions in Canada. And so, as one of Canada’s largest and strongest cooperative financial institutions, First West will be even better positioned as a federal credit union for long-term growth and continuing success.
What do you think makes your company stand out? Can you share a story?
The fact that I’ve been with the same organization since 1984 speaks volumes about the kind of organization First West Credit Union is. I also believe it says something powerful about the credit union industry — it’s a place where I have the ability to make a real impact in people’s lives. Cooperative financial institutions like First West exist to help our members with what matters most to them — that might include things like buying a home, saving for their children’s education, growing their business or planning their retirement. It’s important to me to be part of a purpose-driven organization like First West that has clear focus on something meaningful — we’re relentlessly focused on helping our members and communities thrive. I could probably share thousands of stories where I’ve witnessed first-hand the impact our teams have made in the lives of the people who bank with us. A recent example is the way we’ve helped some of our variable mortgage rate holders navigate Canada’s central bank’s recent interest rate hikes. Our advisors are genuinely helping people come away with more financial confidence and optimism for their futures. It’s a fulfilling place to have a career.
Ok. Thank you for all that. Let’s now jump to the main core of our interview. Wall Street and Finance used to be an “all-white boys club”. This has changed a lot recently. In your opinion, what caused this change?
I have a unique point of reference because the credit union industry, where I’ve spent my entire career, is fundamentally different from Wall Street. From the very beginning, notions of equity, inclusion and diversity have been part of the cooperative movement’s DNA. For example, my current organization First West Credit Union was founded by local farmers, fishers and foresters in British Columbia — many of them immigrants — who were turned away by the big banks. They pooled their resources to create a more inclusive approach to banking, and that ethos remains at our core to this day. Of course, we’ve learned so much more about the meaning of authentic equity, inclusion and diversity since that time, and it’s still a learning process. At First West, we’ve made significant, tangible investments in this area not only because it’s the right thing to do, but also because it benefits our members and ultimately increases our strength as an organization. In fact, when we introduced company-wide training on this topic several years ago, we really emphasized how authentically embracing and championing equity, inclusion and diversity creates better employee experiences, better outcomes for members, and better results for our organization collectively. So, in my view, it’s reasonable to assume that positive change is occurring across many industries because more and more corporate leaders are recognizing that improving equity, inclusion and diversity makes sense not only from a moral perspective but also from a business perspective.
Of course, despite the progress, we still have a lot more work to do to achieve parity. According to this report in CNBC, less than 17 percent of senior positions in investment banks are held by women. In your opinion or experience, what 3 things can be done by a)individuals b)companies and/or c) society to support this movement going forward?
I’m very fortunate and proud to be part of an inclusive organization at First West Credit Union, so my perspective on this question may be limited — we have a female CEO, a gender-balanced senior leadership team and a thriving employee network group called the First West Women’s Network that focuses on enabling and elevating women. I’m also proud to be part of the Canadian credit union industry as a whole. Our progress towards gender parity was highlighted earlier this month in a report by global credit rating agency DBRS Morningstar — Canadian credit unions were found to have 44 per cent female representation in the executive suite compared with 33 per cent at the banks, and a larger proportion of women across the remainder of their executive ranks. That said, our work to empower women is ongoing. One of my personal convictions is that it’s my responsibility as a senior leader — and really, the responsibility of all senior leaders regardless of gender — to empower the women and girls in our circles of influence. With that in mind, I’ve come to believe that one of the most impactful things I can do is to make time to build real relationships with aspiring female leaders around me, exposing them to new opportunities and encouraging them to pursue the next step in their career. When people ask me what has had the single greatest impact in my own life in terms of personal growth and career success, my answer is the same: mentoring relationships with people who cared enough to invest their time in me. So mentoring the next generation of aspiring female leaders is something I’m very passionate about, both at the individual level and the organizational level. Mentoring is part of First West’s cultural fabric, and it’s something that many organizations can embrace whether formally or informally.
You are a “finance insider”. If you had to advise your adult child about 5 non-intuitive things one should do to become more financially literate, what would you say? Can you please give a story or example for each?
My first piece of advice will probably come as no surprise given my career: work with a money coach or advisor who can help you set financial goals and create the path you need to achieve them. I’ve seen countless examples of the positive impact that our financial advisors have had on First West’s members, enabling them to achieve the things that matter most to them in life, often in less time than they might have anticipated.
Second, develop smart savings habits and stick to them. Put away a portion of your salary every month, even if the amount seems small — it adds up over time. When you receive a salary increase, try to also increase what you save. Set up savings accounts for different purposes: for example, create one for your property taxes, one for the vacations you’d like to take, one for your vehicle expenses, and so forth.
Third, spend 15–30 minutes every morning catching up on business news or reading an article from a reputable source that helps increase your financial knowledge. Adopting this habit has benefitted me tremendously not only in my career, but in my personal financial life.
Fourth, establish a budget. Obviously, a budget will help you manage your money more effectively. But you’ll also reap the psychological benefit of knowing you’re in better control of your financial life. Having a budget and staying on top of it creates peace of mind. And if you don’t know how to create a budget, this is where my first piece of advice comes back into the equation: work with a financial advisor who can help you design a budget.
Fifth and finally, start contributing to an RSP as soon as you’re eligible. You’ll set yourself up for success as you age, and the power of compound interest can’t be overstated. Over the years I’ve witnessed people scramble as they approach retirement age because they didn’t start planning soon enough, and on the flip side, I’ve seen how valuable it can be for our members who’ve worked with an advisor to plan for retirement well in advance.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
I’m very grateful to be able to say that I’ve had a few key mentors over the course of my career who have been instrumental in my success. But no one has had a bigger impact on my growth as a leader than Launi Skinner, First West’s current CEO. When she joined First West in 2010, she saw something in me, took an interest and helped me develop my potential, giving me so many learning opportunities over the course of the last 13 years. One example is the opportunity I was given a few years ago when I was First West’s Chief Operating Officer to take on a new challenge and move into my current role as Chief Credit Officer. Launi believed in me and provided the necessary internal and external support for me to achieve success. I’ll always be grateful to her for the impact she’s had on me and so many of my peers. Launi lifts people up, encourages them and provides the space and support to succeed.
Can you please give us your favourite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
I don’t know the source of this quote, but it’s something I’ve found personally inspiring:
“Can’t” is a word of failure; “try” is a word of defeat; “will” is a word of power.
I appreciate the way it encapsulates the power of perseverance. Maintaining a positive, focused mentality is something I’ve worked hard at personalizing over the years, especially when dealing with my health issues. My illness taught me to strive towards what’s important and never give up — and that commitment to myself has often forced me to get creative and come up with unconventional solutions. For example, at one point in my career when things were particularly challenging, my husband helped me rig up a portable IV pole I could use on the road — it enabled me to keep traveling for work. Now, when I’m in a conversation and someone says something is impossible, I focus on reframing the challenge in a more positive way, which often leads to conversations about different, more creative approaches.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. 🙂
I’ll answer this question with something very practical and achievable, in hopes that it’s useful to someone reading this and inspires a response: earlier I mentioned the power of mentorship. There’s something uniquely special that happens in the context of authentic, one-to-one relationships, when someone who has greater career experience — or life experience — takes the time to get involved with someone else’s career journey at the individual level and helps them realize their full potential. Those of us who’ve spent time in senior leadership positions have a tremendous opportunity to influence the next generation of leaders in ways that can have a profound positive impact on someone’s life. And for anyone reading this who doesn’t have a mentor, I encourage you to think about people in your life that you’d like to learn more from and consider approaching them to begin a mentoring relationship. We all need people in our lives who we can look up to, who will inspire us to believe in our abilities and challenge us to be better versions of ourselves — that’s the power of mentoring.
Thank you for the time you spent on this interview. We wish you only continued success.