In May of 1961, five-year-old Simon Canasi moved to Tampa, Florida, when his parents fled Cuba shortly after the Bay of Pigs invasion. Simon always wanted to re-pay the community that welcomed him and his family. After turning down an offer to join the FBI, Simon chose a career in Financial Services which then led to his career as a Financial Advisor. Added to his success, he’s been able to re-pay his community, with plenty of interest.
We sat down with Simon to learn more about how the child of Cuban refugees built up his business and became a civic leader.
How did you begin your career?
Well, it was via whim. I had graduated college in June of 1978 and I was actually recruited by the FBI. When I was offered the job two months later, I went to their office. On my way out of the building, I saw a Merrill Lynch office there. So I walked in and I decided to just apply.
I went in and applied for a job in operations. The manager came right out and interviewed me and made me an offer right there on the spot to work in operations.
So you had to make a choice between the FBI and Financial Services? What was the deciding factor?
I said “let me think about it” and I put the FBI off for one more day. I went home and talked to my family about it. They all wanted me to work for Merrill Lynch because I wouldn’t have to leave Tampa. The FBI wanted me to work in Puerto Rico. It was half the pay of the FBI, but I took it.
So you started in the operations department? How long did you stay there?
I started immediately at Merrill Lynch and about two months later, I figured out that the financial advisors upstairs were earning more than I was. I went in and said I want to be a financial advisor. It took me about six months to convince them and in May of ’79, I was hired as a financial advisor. And the rest is history. I was still 22 years old.
You have a partner, Jim Fernandez. How long have you been building this business together?
Almost 20 years. We’re childhood friends and we grew up together in the same neighborhood. He was a CPA. He had a CPA firm for about 13 years and it took me about 10 years to convince him to come into this business. He’s very smart and he’s still involved.
When someone is trying to build up a business, do you recommend partnerships or can going solo be just as effective.
I think you have to seek partnerships. I think you are really wise to find someone who’s been in the business for a while and become part of a team. If, at some point, you decide you can do it on your own, then do it on your own. But I do think you need to partner with someone who knows the business well and has a lot of integrity.
If a young college student or recent grad asked you about careers in financial services or becoming a financial advisor, what would be your advice?
I’d tell them that with hard work, this is probably the most rewarding job they could possibly have for the amount of time you put into it. You create your own destiny here. You’re your own boss. You’re your own marketing rep. You are given a desk, a phone and some support to go out there and create your own business without having to put up your own money. That’s what it comes down to. You don’t have to buy inventory. You don’t have to build a building. You don’t have to pay any bills. You just have to go out there and bring in revenue. And the harder you work, the more money you can potentially make. You will not find a business that will reward you more than this business does for hard work.
Any regrets about what you chose to do?
Not one. Unquestionably, I could have had a nice storied career in the FBI. I could be retired by now, earning a pension, but I wouldn’t have the net worth I have right now.
How hard did you have to work to get where you are today?
Very hard. Until I was 30 years old, I worked a lot of hours, but then things started falling into place. On average, I would say I put in between 30 and 50 hours a week, but my schedule is not as hectic as it used to be.
Has the move to Morgan Stanley Smith Barney helped your business and what kind of firm is it to work for?
It definitely helped my business. It’s a great firm. I feel like I work for a brokerage firm again. I think I came over to a firm that is mindful of its brokers. The hierarchy understands what it’s like to sit in this chair I sit in. You can’t make decisions upstairs that affects the frontline negatively and I feel like they remember who’s bringing the money into this firm.
What tools do you get at MSSB that are particularly helpful?
Definitely our tax-exempt bond inventory is terrific. And I think our research is excellent.
You work hard, but you are very much involved in community affairs in and around Tampa. What do you do and how do you balance your work life with other interests?
I’m a firm believer in empowering kids with education. That’s been my contribution to the community. I sponsor several scholarships at local universities and a high school in Tampa where my children went. And I’m just a firm believer in taking economically disadvantaged children and empowering them through education to cut the vicious circle of poverty, so it’s really paid off.
And have there been positive results?
I have several kids who have already graduated from college and have really done well. I also have a foundation set up at a local high school in Tampa for kids who would not otherwise be able to afford a private high school education in a Catholic institution.
Why did you get so heavily involved in the community?
I always tell the story of when my mother, father, brother and I left Cuba and came here, it was only us. We left all our family behind. And Tampa opened its arms to us and embraced us. We became a part of this community and we made life-long friends who are like family. And it’s always been my thing that I want to pay back the community for all that it did for us. This career has enabled me to do that.
© 2012 Morgan Stanley Smith Barney LLC. Member SIPC