Voice of Experience: Jennifer Lee, Regional Managing Director, Wells Fargo Private Bank

By Melissa J. Anderson (New York City)

For nearly 20 years, Jennifer Lee, Regional Managing Director at Wells Fargo Private Bank, has shaped her career around building businesses and leading people. One of the key pieces of advice she has to offer based on her experience is to give skeptics the opportunity to share their views.

“Listen to dissenting opinions on your team,” she advised. “I fundamentally believe that human creativity and innovation stems from discomfort. If you have a team of people solving problems and you all always agree, at worst, you are probably leaving some of that innovation and creativity on the table.”

“At best, you can address the objection before it comes up again. If you think about all of the greatest corporate blow-ups in history, there was probably a dissenting opinion. If someone had paid a little more attention to them, it may have been different. It’s an important checking method for everybody,” she added.

Career Path

“This is my 20th year in the private client business and I have had a new job or new assignment every two or three years. As a result, my career path has been a series of opportunities to learn,” Lee began. “All of my assignments have either been about running a client business, digging deep and becoming a product expert, or starting a business.”

After graduating from college, Lee began her career in a rotational training program at JP Morgan. “I loved private banking, which combined the excitement of the capital markets with having a real impact on people and families,” she recalled. She began attending business school at night, and soon moved to Goldman Sachs where she spent four years before taking a role at Lehman. “I realized I had a real passion for building businesses and managing people.”

She joined Wells Fargo almost four years ago to grow the company’s private banking business in New York. “At Wells, We’re building and growing a private client business in New York City that didn’t exist six or seven years ago. The private client business at Wells Fargo has been around for a very long time, about 150 years, but it’s still relatively new for the firm in New York City,” she said. “I have the opportunity to grow our private client business in the heart of the city I love. Lee continued, “We’ve assembled a great group of people and our clients can feel that. I hear all the time, ‘You all seem to really enjoy working together.’”

“As a firm, we are focused on scenario based asset allocation – understanding what’s in a portfolio and why. Most investment advisors in the industry focus on the return of a particular asset. But we focus on what our clients are trying to achieve in their lives and build a portfolio around that. It helps our clients sleep better at night to be able to show them the plan and stick with it.”

She added, “It’s what makes this job a lot of fun.”

Leading People

Reflecting on her early career, Lee said, “I wish I’d known how quickly your career becomes about other people.”

She explained, “When you are first out of school, you’re focused on your own advancement and skills. Then it really shifts. For me, I realized it at the point in my career when I had just gotten a promotion and there was this big announcement. Someone came by my desk to congratulate me and made a little joke that I still had to take out my trash at the end of the day. And it’s true; I still had to take the garbage out.”

“At the end of the day, your career is more about the responsibility you have to others.”

Lee believes that leadership is all about motivation. “I’ve learned that, as a manager, you have to focus on giving people what they need to be effective – how to motivate them, how to give them the tools to be successful, how to coach them. I think you get the most out of people when you meet them where they are.”

She added, “You have to understand that everyone is motivated uniquely. You get more impact as a leader by holding that at the center of everything you do.”

Advice for Women Professionals

“I think the private client and asset management industry provides really good choices for women,” Lee said. “In this business, you are judged on what you return for the client, and they let you know you’re doing a good job by referring friends and family members to you.”

She encouraged young women beginning their careers to focus on doing their best. “I would advise all young women to do their job really well. Earn the right to ask for the next opportunity.”

She also encouraged young people to polish their writing and presentation abilities. “This may not be the most popular advice, but make sure you have outstanding written communication skills. Know how to express your thoughts and present a compelling argument. It’s becoming a lost art, but it’s very powerful.”

She continued, “Know your audience and where they are in the hierarchy. Be formal when you need to be and informal when you can afford to be. Be able to communicate your ideas succinctly so people focus on the content rather than the delivery.”

Lee is also excited about Wells Fargo’s new initiative to reach out to their women clients with greater levels of investment information and ideas. “In today’s world, women are more actively contributing to the financial affairs of the family than ever before. Across the country, we are holding events for our clients and in New York we’re focusing on women executives, to help women gain even greater levels of confidence on a variety of informed decisions about their lives. It reinforces for women clients that they are important to us, no different than any other clients.”

She continued, “And it’s fun! To have all of these accomplished women in the same room letting them learn from each other is very powerful.”

In Her Personal Time

“Part of being a woman is reveling in all of the multiple roles we have,” Lee said. “I’m a wife, a mother, a friend to outstanding colleagues and girlfriends, a runner, I’m on the board of the Girl Scouts of Greater New York, I’m a sister, an aunt, and a loyal Bruce Springsteen fan. And I don’t think any of these roles are ever in balance!”

“I keep my family and friends close – they’ve seen me at my best and worst and love me and support me anyway. Keeping all that in perspective is the best any of us can do.”

Lee added that she is a strong supporter of the Girl Scouts. “It’s a constant reminder that all girls and young women have the right to envision themselves as leaders.”