Knowing ‘True’ Wealth

(hint: finance expertise, community roots, being mom)

by Rebecca Ephraim

From her spacious corner office at the top of Vancity’s high-rise headquarters, CEO Tamara Vrooman presides over Canada’s largest credit union, with nearly 400,000 members. But this 40-something high-powered banker, who earned her stripes as deputy minister in the provincial departments of health and finance, is also a devoted wife and mother. And it is this, as much as her formidable finance experience, that colours her views on the meaning of true wealth.

How do you view the current financial turmoil? The situation in the United States is definitely a difficult one. It really points to the fact that what happened on Wall Street is a fundamental problem of being disconnected from the community and the people you serve. If you take more than you give back, then ultimately, at some point, you are not going to be sustainable.

So what would be a positive scenario? I think the more positive scenario is one where—you know, in our case [Vancity]—we’re deeply connected to our communities. We’re owned by our members, we’re independent, and we’re local, so we pay attention to what they care about and what their needs are. We know if we are too quick to move or if we go beyond what our community can sustain, then our very business won’t be sustainable. So I think it really points to thinking that wealth is not just profit alone, and going beyond profit to issues like sustainability, social justice, community well-being…those are the things that ultimately sustain growth, and that’s what we’re seeing.

With this storm of economic instability going on around me, how can I think in terms of being a do-gooder? Doing good is not a luxury. It’s not something we do just because we have extra cash around. It’s something we do because it’s a fundamental way that we think we can contribute, not only to the health and well-being of ourselves and our families, but to the broader community upon which we rely for our very sustenance and survival. Maybe your strategies change a little bit in terms of how you participate—more with your time than your wallet. Sometimes our time is valued less than our wallets… but it can be just as meaningful, if not more so, in what we give and also what we learn as a result of that involvement.

How do you personally contribute? I’ve always been active in the community and I participate in a variety of not-for-profits. But I think it’s not all official and titled, the way we give back to our community. I also pay close attention to the needs of my family and my friends. I think it can be listening hard to some of my single-parent friends, both men and women, and their challenges. Sometimes it’s as simple as their mom is in the hospital and they have a two- and a four-year-old, so you invite them over for dinner so they don’t have to cook a meal. It’s the little things that prove you care about the people you share your community with.

Do you find that women and men approach the idea of wealth differently? I do. We find that our women members often do a lot more research than men do. But often they don’t have the same kind of network in terms of getting financial help and advice. Women—sometimes, but not always—were not raised with the same confidence in financial matters. We [Vancity] try to create informal ways to connect women with one another so that we break down that kind of intimidation around, “oh, that seems so complicated.” Because finance isn’t complicated. It’s very basic at its core, but sometimes the language that we use and the way we approach it can be very intimidating for women, particularly for those who have not had to participate in it on their own or are just starting out.

What insights do you have around striking a healthy work-life balance? I’ll be honest with you: it’s something I struggle with every day. Basic strategies I use? I try to limit my outside activities in terms of evenings to once a week; I’m not always successful. I try to get home between six and eight o’clock so I can have dinner with my family and put my little guy to bed and read him a story. And then I often go to work again until eight or midnight. That works for me, just that window to change gears and to ask questions about my son’s day that involved mud puddles and skinned knees as opposed to capital markets and treasury bills.

—interview conducted, condensed, and edited by SharedVISION publisher, Rebecca Ephraim

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