These days, Nancy McKinstry can often be found in her single-scull rowing boat.
“It’s just a place where it’s you in the boat, it’s very rhythmic, it’s meditative, it’s skill-testing in terms of your concentration and balance,” said McKinstry.
It’s a fitting hobby for the 65-year-old, who during her career has deftly navigated through some formidable corporate waters, and who continues to be a strong advocate for diversity in the workplace and on boards.
After earning a marketing degree at British Columbia Institute of Technology, McKinstry started her career working in the fashion business at Eaton’s. She eventually became a merchandise manager and later did sales for a clothing manufacturer.
But those jobs involved a lot of travel, and in the early 1980s she was looking to make a career change. She had three criteria.
“I wanted to have my weekends off, not travel so much and I wanted to make more money,” she said. “I narrowed it down to either going into real estate or the investment business. I have a dear friend, much older, who evolved into being my mentor. He was with Odlum Brown.”
McKinstry recalls walking into the bullpen at the investment management firm for the first time: she was the only woman among 60 other brokers.
“It was pretty intimidating, I’ve got to tell you – and not terribly friendly,” she said. “Initially they were pretty patronizing.”
Like other junior brokers, McKinstry was handed a desk and a telephone and expected to build up her clientele from scratch through cold calling. From the beginning, she knew she wanted to do business differently.
“After about 30 phone calls I thought, “This is the most inefficient way possible to be using my time,’” she said. “I just thought: I’m going to find a better way.”
McKinstry used her contacts from her previous career to build new relationships, and also began a novel way of attracting clients: holding financial planning seminars for groups like the University of British Columbia Faculty Association.
In four years, McKinstry rose to become a director of the firm. Throughout her 22-year career at Odlum Brown, she tried to encourage more women, through mentoring and advocacy, to join the industry.
“I think my success encouraged the company to bring more women in,” McKinstry said. “About 20% of the brokers currently at Odlum Brown are women, but over 50% of them are in the top 10 producers.”
McKinstry believes women bring a particular skill set and point of view that gives them a real advantage on the job – and can benefit companies that make an effort to attract a diverse workforce.
“Their work ethic is amazing and their outreach into the community is generally more than the average guy – and I think they work smarter in many ways,” she said. “They’re more about relationships.”
Her interest in helping women succeed led McKinstry to co-found the Minerva Foundation, a non-profit organization that runs leadership and educational programs for women. Since the organization was founded in 2001, it has given out over $2 million in educational awards.
After surviving ovarian cancer, McKinstry became a spokeswoman for Ovarian Cancer Canada.
She has also sat on several boards, including those of the Insurance Corp. of British Columbia and Simon Fraser University. She is regularly sought out for consultation on how to improve diversity in companies.
McKinstry sits on the board of HSBC Canada. The bank’s board is made up of five men and five women. It’s a rare achievement – across Canada, women make up just 17.1% of boards, according to the Canadian Board Diversity Council.
“It’s a fabulous board to be on because it’s such a great blend of men and women and all from different experiences,” said McKinstry.
