Tag Archive for: Abbot Downing

Nhaman Pelphrey: Director, Abbot Downing

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Nhaman Pelphrey“If you’re asked to the table, or opportunities present themselves to you, don’t second guess it,” says Nhaman Pelphrey, a director in the Los Angeles (LA) office. “There’s a reason people are asking for your participation—you have inherent value to add.”

Pelphrey speaks about moving from private law practice to wealth management at Abbot Downing, and the valuable insights in personal development she’s gathered.

Be Open to Unexpected Opportunity

“Although it may appear from my bio that my career path was by design,” says Pelphrey, “looking back, each opportunity that was presented at the time felt like a departure from what I was thinking I would do.”

After graduating from The Pennsylvania State University, Dickinson School of Law in 2004, Pelphrey had her eyes set on becoming a real estate lawyer in the booming southern California commercial market. “I wanted to represent developers and be at the forefront of the action.” Minutes into an interview, she realized she had neither the experience nor the know-how.

Though she was quickly told that they needed someone with requisite training to hit the ground running, she remained curious about the firm and built a strong rapport with the managing partners. Although the firm did not have capacity to train a junior attorney in real estate, they took a chance on her and offered her a position in their trusts and estates practice. It was not what she had set out to do, but she gave it a try.

Eleven years later, she had already disrupted her career, two years into it, for the unexpected step of a master of laws degree in taxation from Northwestern University School of Law, and was now sitting in a premier boutique planning firm in Century City, with a client profile of ultra-high-net-worth individuals.

Feeling successful, having served on the executive committees of the Beverly Hills Bar Association and the LA County Bar Association, having cultivated many strong network relationships with the ability to elevate one another, she felt at the peak of her law career—so she ignored the recruiter calls.

Until a colleague and friend, who had herself left private practice for Wells Fargo, urged her to consider going for an informational meeting—emphasizing opportunities at Abbot Downing do not often come around.

“I was accomplishing all the things that defined success to me,” recalls Pelphrey, “so leaving private practice was not a decision I took lightly.”

Six years later, Pelphrey calls the move to Abbot Downing the best career decision she’s made so far, rising from a senior wealth strategist to a director and multi-generational relationship manager for ultra-high-net-worth families.

“When opportunities present themselves, even if unforeseen or not necessarily what you were looking for,” says Pelphrey, “be open to them for they can lead you down paths that you didn’t even know were right for you.”

Rewarding Client and Team Relationships

Pelphrey enjoys the depth of value that she can add through nurturing long-term relationships with her family clients, and feels she works with “the brightest and most personable team.”

Back in the billable hours of her private practice legal days, her journey with clients would often end after counsel and creation of the plan. Now she partners with clients from the inception of formulating the plan to the most important and crucial aspect—implementation.

“We really get to know these individuals and their families very well,” says Pelphrey. “We become a trusted advisor and that’s a very gratifying position to be in.”

One thing she appreciates at Abbot Downing is the collaborative nature of her dynamic team. “We raise each other up and put our client’s best interest at the core of what we do.”

Mentors Who Raise You Up, Higher

One of Pelphrey’s first mentors, a big-time tax attorney, taught her a valuable lesson through a bit of playful testing.

As a young associate, she was asked to research and draft a memo on how to structure a corporate reorganization. In the tax partner’s explanation of the assignment he referenced multiple Internal Revenue Code sections that she had never heard of before. When she got back to her desk, she immediately googled the sections. After combing through multiple legal research databases to educate herself on the code sections, it was clear that the code sections were not applicable or even worse, she might have jotted them down incorrectly. She mustered up the nerve to knock on his door and let him know that the sections he quoted cannot be used as part of a structural reorganization.

He congratulated her with a big smile for saving herself several agonizing hours of spinning her wheels, only to fit a square peg in a round whole.

“From that moment on, I realized its okay to ask clarifying questions,” says Pelphrey. “He taught me that asking questions is the best way to ensure that you understand what you’re being asked and what the other person really needs.”

Later in her career, she had another mentor who was highly skilled and well-respective modeled the ability to express complex, technical strategies in a simple and easy to understand manner with clients, treating them like partners.

But what most impressed upon Pelphrey as a lesson was his approach to mentorship in supporting her to learn, hands-on.

“He said to me, ‘I know that you’re capable and my goal is to help you become a highly technical attorney and to be better than I am,’” she remembers. “I heard the selflessness. He wanted to help me be even better than him, not just good as a reflection of him—and his actions were aligned with that.”

At Abbot Downing, Pelphrey eventually assumed the position of her retiring mentor, who groomed her to take over much of his client book. The mentorship first arose because they appreciated each other’s wit and banter, and could together devise creative client solutions.

Not only did he encourage her to expand roles using more of her talents, but he also taught her that being a generous, genuine resource for others will come back to you ten-fold in opportunities.

Embody Your Place at the Table

Throughout her career, Pelphrey has often been the most junior person at the table.

“One of the lessons I’ve learned is if people are asking you to participate, they see that you have an inherent value,” says Pelphrey. “More so as women, we’re invited to be part of something and it’s often easy to second guess ourselves – ‘Am I too young? What is my role?’”

Cultivating personal confidence has become key to her success.

“If I’m at the table with successful and savvy clients, it’s because they know I have value to add,” she says. “We come in as a team and we’re confident as to what and how we can provide for our clients.”

Supporting Each Other and Being a Mom

Pelphrey enjoys gatherings that merge the wisdom and experience of her colleagues and her clients.

She participates in annual events designed to connect with, inform and inspire the younger generations among her client families—as well as women focused activities – where colleagues and clients support each other.

Having a competitive personality, Pelphrey calls herself the tennis and basketball “Kris Jenner equivalent” of a sports mom to her two sons, six and eight years old.

She enjoys supporting their participation and the valuable life lessons that is organically gained through sports.

Pelphrey feels the same when her sons get the opportunity to witness their normally organized parents navigate unknown territory and unexpected turns during international travels.

“I love the kids to see that we don’t always have it all together,” she laughs. “But we end up on a great adventure even if it wasn’t the plan.”

By Aimee Hansen

Abbot Downing, a Wells Fargo business, provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

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Happy Martin Luther King Jr Day 2021: Celebrating Black Women at Work!

Women at WorkMartin Luther King Jr. has been recognized as an “icon for democracy,” and today is a time for people from every race, ethnicity, and culture to celebrate. As we look back on the past year, we hope that you find inspiration from the incredible black and African American women we have profiled and want to share with you again today. Together, we can create a stronger foundation for a better workplace in the future.

If you or someone you know should be nominated to tell their career story on TheGlassHammer around our digital campfire in 2021 to inspire others, we would love to hear from you.

Please enjoy these articles in which each amazing professional gets to tell their story and how each individual has had to navigate the journey as women of color. There are themes like the  importance of self-advocacy, sponsorship and organizational commitment to reducing barriers and systemic issues. In particular, Black women already face more barriers to advancement than most other employees, and now, they are shouldering much heavier burdens. Black women are more than twice as likely to say that the death of a loved one and incidents of racial violence across the U.S. have been overwhelming challenges during the pandemic. According to the Women in the Workplace study, now Black women say they cannot bring their whole selves to work and are more than 1.5 times as likely to say they do not feel like they have strong allies at work.

LeanIn and other sources suggest that to better support Black women, companies need to take action by addressing these distinct challenges head-on and fostering a culture that values Black professionals in the workplace. Companies need to emphasize that discriminatory behaviors and microaggressions against Black women will not be tolerated. Also, giving Black women a voice in shaping new company norms, can provide unique perspectives and experiences when creating a more inclusive workplace culture.

      1. Veronica Willis, Investment Strategy Analyst at Wells Fargo Investment Institute

Willis discusses a career shift into investment strategy, finding her own stride as a leader, and what the remote working environment has taught her so far.

“I’ve learned a lot of strategies about productivity during this working-from-home time due to COVID-19. I’ve also learned a lot about what really is high and low priority, so now I know what to focus on and I will take this back to the office with me.”

      2. Melanie Priddy, the Chief Talent Officer at Katten

Priddy speaks about the value of connections, the need to merge professional development with diversity, and the importance of self-advocacy.

“At the end of day, relationships are the key to everything, regardless of what industry you’re in, or what your profession is.”

      3. Beverly Robinson, Client Service Consultant at Abbot Downing

Robinson discusses how she is a woman both of influence and advocacy.

“As an African American woman in Corporate America, I’ve learned that I cannot afford to be thin-skinned when my ideas are usurped, re-mixed or claimed by others. There’s an art to being a woman of diversity, inclusion and advocacy.”

      4. Afua Richardson-Parry, Senior Medical Manager at Pfizer Ltd.

Richardson-Parry had always strived to be a hands-on person, prone to learning new things in keeping with the pace of a dynamic and changing healthcare ecosystem.

“Knowing what you’re best at and what others can and should do instead of doing it all yourself allows you to be your best.”

      5. Shani Hatcher, Financial Advisor at Wells Fargo Advisors

Hatcher shares how taking a compassionate approach to wellbeing and family time, especially during the current pandemic, has become extremely useful.

“The best thing about my job is helping people. It is humbling that I can be there for my clients during difficult times, I don’t want them to feel alone. I, too, am an individual and a mother dealing with the pandemic, so I tell them we can get through this together.”

      6. Devlyn Lorenzen, Business Support Associate at Wells Fargo Advisors

Lorenzen talks about how a turning point in her career helped her develop a renewed confidence and determination.

“Take charge of your own narrative and find people who will speak up for you.”

      7. Kacy J. Gambles, SVP Regional Manager of Investment and Fiduciary Services for the East Bay and San Jose California Regions at Wells Fargo Private Bank

Being an African American executive, Gambles discusses her journey in the financial services industry and how proud she is to be navigating the journey as a woman of color every day.

“Be bold, be brave and just be you. Don’t shrink to please the people around you.”

      8. Melandee Jones Canady, Delivery Executive at AARP

Over the years, Canady has learned that if you’re not upfront about letting people know your accomplishments, it opens the door for others to create your narrative on your behalf.

“I wish I had been more vocal early on; I was a doer quietly performing my work, until someone pulled me aside and said I needed to start broadcasting more of my achievements.”

      9. Claudine A. Chen-Young, Partner at Katten

Chen-Young shares her attention has shifted focus toward mentoring and sponsoring women associates in meaningful ways on a broader scale, an emphasis she continues today.

“What drives me is the impact I can have on other people.”

 

We look forward to hearing from you and hope that the spirit of Martin Luther King Jr. will inspire us and the words of Maya Angelou will be something we live by today and always because there is so much truth to her proclamation of “When you know better, you do better.”

Walk the talk! Everyday.

 

Contact Allie@theglasshammer.com if you want to be considered for a profile or editorial submission

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Intrepid Women: Beverly Robinson, Client Service Consultant Abbot Downing

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Beverly RobinsonBeverly Robinson, Client Service Consultant Abbot Downing is a woman both of influence and advocacy.

“I’ve learned to “code-switch” conversationally, in order to convey diverse philosophies and concepts. This tactic allows me to circumvent being profiled and misinterpreted as “angry or aggressive”, and in that way, my voice for diversity and inclusion, and ideas for advocacy are heard more clearly. As an African American woman in Corporate America, I’ve learned that I cannot afford to be thin-skinned when my ideas are usurped, re-mixed or claimed by others. There’s an art to being a woman of diversity, inclusion and advocacy.

My banking career is a means to my economic well-being. However, support of the disenfranchised and marginalized is where I have the greatest impact, and receive heartfelt, profound fulfillment.

As a survivor of childhood molestation, it’s imperative that I fight for those whose voices are often stifled by domestic violence, fear, stigma and even death. I spend priceless time at our local Family Services and Rape Crisis Centers, talking with mothers, hearing their stories of survival, and offering my time and resources. Organizing programs for the national “Domestic Abuse Awareness Month”, to assist the families in moving to the next level, empowers these families and creates hope for a brighter future. In addition, I spend time on college campuses, speaking for the National “Take Back the Night” campaign, and have met and formed friendships with students who have opened up and come forward with their own stories of abuse. Many of these students have graduated to become powerful advocates. Pushing my corporation to provide professional opportunities for students of color who attend Historically Black Colleges and Universities (HBCU’s) is an ongoing passion, resulting in graduates achieving internships and careers and even becoming entrepreneurs. Several of my colleagues have volunteered to become guest lecturers at those HBCU’s, forming an alliance with the faculty and students, helping to power an enduring and ever growing partnership, focused on providing opportunities for a rising generation of talent and leaders.

Because of the confluence of all the above, I became an author, sharing my story and life experiences, presenting workshops and seminars, and traveling nationally doing book tours. My audience is diverse, broad and varied.

Growing up, my upbringing was a bit eclectic. My childhood was not unusual, but not necessarily normal. I began school in Ft. Riley, Kansas where my step-dad was stationed in the Army, in an integrated environment including students who were children of soldiers. Our neighborhood was fully integrated, and by all accounts, civility and unity ruled the day. Being a leader in class both scholastically and athletically, I made friends easily. I clearly remember my first bold act of advocacy on behalf of my classmate, my little blonde, blue-eyed friend named Donna, who, when called on by our teacher to give answers to pop quizzes, was paralyzed with fear, unable to raise her hand to answer the questions asked in rapid fire succession.

As all of our hands were upstretched in excitement, wanting to be picked to answer the questions, our teacher continued to purposely call on her, making my classmate cry uncontrollably, in embarrassment.

The discomfort I felt for her compelled me to yell out the answer each time our teacher berated her, which angered and frustrated the teacher. I spoke up and answered the questions out of turn, knowing I would get in trouble. Donna’s feelings mattered to me. I didn’t appreciate the mistreatment and bullying of my friend. Conversely, my teacher didn’t appreciate my interjections, with my yelling out the answers, so she hastily took me out of the classroom, and in the presence of another teacher as the “witness”, I received corporal punishment. The other teacher seemed irritated that the punishment did not fit the crime, but did not interfere, nor raise opposition. I remained defiant. After this episode,  the teacher tapered her verbal assaults directed at my classmate, all but ignoring her. I remained prepared to yell out answers on her behalf. I learned about getting into “good trouble” early on.

My step-dad’s military career was cut short due to his poor physical health. The normality of my childhood was disrupted because he was also unhealthy mentally. He was an incestuous pedophile. We left Ft. Riley, and moved back to my hometown, where I began a new school. A segregated school. The anomaly of transferring from an integrated school to a segregated school and neighborhood wasn’t earth shattering in my young eyes, as I felt comfortable in both settings. My new school was all-Black. All of the teachers, faculty and staff were Black, and the students were treated like family. The women wore dresses, pearls and heals, and all the men wore suits and ties every single day. The pride they carried washed over us as students. They believed strongly in instilling in us a solid education. They believed in excellence and wouldn’t allow any of us to settle for less. Integration and busing came to our school four years later. Our fifth grade teacher, Mrs. Tanner, who was beautiful and brilliant, prepared us for the integration process that was to happen the following year. She gave us “the talk”, and drilled in us that although the books, equipment and educational materials that we used for study were old and dated, compared to the ones of our white peers whose schools were on the more prominent side of town, we were just as smart and capable. I believed Mrs. Tanner, and her words regarding capability settled in my consciousness to this day. I graduated from college and obtained my MBA.

From corporate boardrooms to college campuses, and from church pulpits to women’s empowerment conferences, my sphere of influence has allowed me the esteemed opportunity to listen with compassion, create viable diversity programming, to serve as mentor and trusted advisor to executive management, share life experiences, and to empower and affirm those seeking answers to life’s challenges. I learn and grow with each interaction. Advocacy isn’t the path of least resistance, and often, fighting for others while girding oneself mentally and emotionally is typically the road less
traveled. At times, my resolve and tenacity has been shaken when I’ve seen clear paths and pipelines to inclusion, but met with non-cooperation, deflection, indifference and lack of enthusiasm. It’s always a challenge understanding those who are not willing to work hard on behalf of others, unless they receive accolades – self-aggrandizement. But I’ve learned that to push forward to accomplish goals, ideologies and dreams, sometimes obstacles have to be sidestepped, and rerouting and recalibrating is necessary in order to accomplish the objectives of unity and inclusion.

I’m enjoying my journey, paying keen and sincere attention to the needs of those requiring a voice. I relish being able to push, pull and convince others to work on behalf of those in need. All of our lives improve markedly when we serve l.o[0others. I shall continue to advocate for those within our company structure, and for those outside of our corporation. And, as I say often, “courage takes courage”.

Abbot Downing, a Wells Fargo business, and Wells Fargo Private Bank offer products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company

By Aimee Hansen

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OP-ED: The Empowerment of Women Starts With All of Us

Lisa Featherngillby Lisa Featherngill, Head of Legacy and Wealth Planning, Abbot Downing

Empowerment can come in many forms.

According to Webster’s, the definition of empowerment is “granting of power, right or authority to perform various acts and duties or the state of having the power, right or authority to do something.”

So, empowerment can come from inside or it can be given to someone. In my experience, being empowered as a young girl helped me become stronger and more confident as a woman. I want to share my story with you to hopefully inspire you to empower others.

I was fortunate that my hard working, successful single mother never discouraged me from ‘traditional’ male subjects. She never graduated from high school and yet she was working at the White House and traveling with the Press Corps and Presidents Johnson and Nixon. She was a role model for being strong and confident and always told me that I could do whatever I want in life.

Growing up I was surrounded by women like Helen Thomas, the iconic correspondent from Associated Press, Gloria Steinem who had just started Ms. Magazine and was a leader in the women’s liberation movement. These women were powerful, visible and impactful. They were trail blazers who did not hesitate to follow their passion for change despite considerable obstacles. I practiced what I observed. As a teenager and young adult, I was told I was “rebel without a pause.” I was always eager to channel my energy into exploring new opportunities.

In college, I thought that I wanted to be a photo-journalist. Then my camera was stolen on a trip to Key West before the fall semester started, so I decided to try accounting. To my surprise, I loved it. I took the CPA exam as soon as I finished finals and a week later went to work at Arthur Andersen. Although 50% of the new hires were women, there weren’t many women in the senior ranks. It was a tough environment and even tougher as a woman. It was at Arthur Andersen that I found my first supporter in my professional career, a man named David, who was a partner. He told me that he expected brilliance from me. Through hard work, constructive feedback and opportunities I was promoted and quickly learned that with more visibility, there were new and higher barriers to overcome. David took a chance sponsoring me, a term that was not used that time. He provided me space to grow, to build my confidence and recognize my contributions to the firm. Although he was incredibly tough, I knew he had my back.

Through my experience with David and Arthur Andersen, I knew I had added responsibility to pay it forward to create opportunities and a more inclusive environment for women in the workplace. One small example occurred during a cold winter one year, back when women didn’t wear pants to work. I challenged the office Managing Partner and said “I’m going to wear pants to work tomorrow” and he replied, “fine, I’m going to wear a skirt.” That day my simple act of defiance helped drive change that was another stepping stone to improving the environment for women in our office.

I love to find great talent and the planning field has an unusually high percentage of women. I have been fortunate to help other women find opportunities that enable them to grow professionally and personally. Support can be as simple as encouragement, inviting someone to a conversation, or creating room from them to innovate. One of the members of my team was dedicated to client service, but I saw so much potential in her to lead others and share her voice more prominently. I coached her for a few years and provided her more exposure when I expanded her role from a regional to national level. She has also coached me to understand different perspectives. I have seen her flourish through the relationships she has built with others and helped her grow in confidence so she can someday step into my shoes.

Being available to talk to women in the finance field has been very rewarding. Listening to their experiences and needs has allowed me to adapt my management style. I have made sure that my teams have flexible work schedules and resources available to them so they can do their best work while still managing their personal lives. Ironically, working from home during the COVID-19 virus has shown other leaders that we can be effective with flexible work schedules and working from home.

We have a unique opportunity and responsibility to empower other women. According to a recent presentation at the Abbot Downing Women’s Summit, women have not been able to break a glass ceiling to get past 20% of women in leadership positions. Currently, 60% of undergraduate and graduate degrees are awarded to women. So, there are women entering the workforce. However, the conundrum to me, is that they still aren’t getting into the leadership positions at the same rate as men. It is amazing to me that 48 years after the first edition of Ms. Magazine and seven years after the book “Lean In” was published, women aren’t in more leadership roles. To quote Ruth Bader Ginsburg, “Women belong in all places where decisions are being made. It shouldn’t be that women are the exception.”

If this is going to change, both the women in the 20% and men in leadership roles need to empower the 80% of women beneath the glass ceiling. Women and men need to recognize and support the women who show the desire and talent for leadership. I am fortunate to currently report to a man who provides this support for me and other women in the company.

Empowerment can happen at work or it can happen at home. As Gloria Steinem said, “The best way for us to cultivate fearlessness in our daughters and other young women is by example. If they see their mothers and other women in their lives going forward, despite fear, they’ll know it’s possible.”

I encourage us all to invest time into the change needed. We are all in a position of influence.

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From Atoms to Assets: My Career in Financial Services

By Janet Walker, Director, Asset Management, Abbot Downing

Atoms are the smallest units of matter; they gave rise to cells.

Embryonic stem cells come from an embryo, and are undifferentiated and undefined, but multiply, grow and develop into a variety of cells – and ultimately a living, breathing human. The development and coordination of cells into a functioning organism is not fully understood, but scientists are working to decipher this every day. Understanding what keeps everything in our bodies in top working order and determining the causes of problems, from the physical to the emotional and mental, is a curiosity that has fueled me for as long as I can remember. The study of asset management, from understanding the complexities of capital markets to deciphering investor behavior, is surprisingly similar.

My path to asset management was atypical. As a young girl, I was driven by the desire to solve medical problems, to help people, in spite of my own obstacles. I lived in and out of shelters and in a constant state of fear while I was at home, struggling to cope with a physically abusive, unstable and alcoholic father. After becoming an emancipated minor, I finished high school and ultimately college, singularly focused on the desire to go to medical school. My path was not linear and was certainly full of obstacles, but I thrived and succeeded.

My college experience and path to graduation was not straightforward, nor what you might expect for a typical college student. I attended what was affectionately called a “commuter” school, where many of the students balanced school with full time jobs. I began as an Engineering Major and discovered that not only was the subject matter not what I expected, but that I was completely unprepared to thrive in an environment that was so unwelcoming to women at the time. I considered switching to Business Administration, but ultimately found my way to the School of Life Sciences, with a reputation of producing highly skilled scientists. I majored in Cell and Molecular Biology, minored in Chemistry, and loved every minute of it. From studying in the classroom to enduring the rigors of lab research, I found that my intellectual curiosity and desire to go to medical school were in sync. The challenges from my home life however, continued to follow me into college.

In spite of a laundry list of accomplishments and qualifications, I wondered whether I would be prepared for medical school, and looked to professors and others for guidance. Rather than listening to my own voice and following my passion, I took a detour and entered a PhD program in molecular biology at a renowned medical school, on the advice of my mentor. I found myself studying in a field that required a high degree of technical focus and less interaction with people – and while I enjoyed the technical and intellectual aspects of this path, the mismatch became clear.

Returning to the West Coast, I found myself in need of a job. Throughout college, I worked in a number of fields, including a short stint as an administrative assistant in Wells Fargo Private Bank. At the time, I was told that there would be an opportunity for me if I ever wanted to return, so I took full advantage of it. The position wasn’t ideal, but I worked hard to find a way to make it my own. The world of finance was completely new to me, despite a few business electives I took in college. I was curious, highly ambitious and thought creatively about how to make it my own. Initially, I obtained a number of securities licenses, and ultimately the Chartered Financial Analyst designation, to accustom myself to the industry. At the same time, the healthcare and biotechnology industries were coming into focus within the finance industry, driven by technological advancements and major discoveries. I used my technical knowledge, research skills and curiosity to bridge a divide, learning how discoveries in science were transforming the financial services industry.

During my 20-year career at Wells Fargo I have combined the fields of science and finance, working to understand global stocks, how they fit into an investment portfolio, and how the construction of a portfolio is impacted by exogenous factors such as geopolitics, economic forces and investor attitudes. The desire to understand complex situations, determine the root cause of a problem and educate and guide clients is surprisingly similar to my childhood aspirations. I successfully manage a complex book of assets with the added benefit of being able to work with a complex and dynamic group of incredibly talented people.

The journey has not always been easy or straightforward, but I’ve persevered by being flexible and embracing change. Much to my surprise, the tools that I have picked up along the way have helped me tackle success and challenges in my personal life. Marriage, the birth of two children, the sudden loss of my husband, are events that you can never really prepare for. Much like career uncertainty, I think it’s what you learn from these events that’s key.

Everyone defines success in a different way. From working with atoms to now working with assets, I’ve learned that my pathway to success involves listening to my inner voice, following my passion and moving through the obstacles that try to derail me, with grace and a positive, forward looking attitude. Success and challenges are inevitable, how we navigate through them is the key. I never thought that I would be a widow, raising two beautiful girls on my own. Success or challenges, either personal or professional, don’t define who I am, but instead shape who I’ve become.

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Voice of Experience: Carol Schleif, Deputy Chief Investment Officer, Abbot Downing

by Cathie Ericson

Carol Schleif Building the right team entails all types of diversity, including cognitive diversity, says Carol Schleif.

“I want people who come from different experiences,” she says, noting that even if the team looks diverse on paper, they are looking at problems the same way if they all come from the same school, for example. She realized this when she recently enrolled in an MBA program and came to appreciate how everyone approaches business problems differently depending on their age and experience, which she has found to be a proof point for the importance of diversity of thought.

Recently, for example, she was working with a church budget committee when she realized that the majority were CFOs, yet she was the only one in finance, while the remainder were from social service. “I saw you needed these different skill sets to come to the best decisions,” she says.

Building A Career in Finance

In college, Schleif earned a dual degree in equestrian science and business as she had expected to be a horse trainer, but she found she enjoyed her business classes so much that she ended up pursuing that as her field. The economy was not on her side when she graduated in 1983, as it was “the pit of the 1983 recession,” as she describes it. However, she had the good fortune of starting as an administrative assistant in a small brokerage firm where she frequently interacted with the research department. When she relocated to Minnesota, she parlayed her fascination with the markets into a position as a junior analyst.

She subsequently earned her CFA Charter, then spent the next several years working for investment firms in research and analyst positions, ultimately running a research department and then becoming partner and investment principal at the predecessor firm to Abbot Downing.

Currently she focuses much of her attention on the firm’s forays into sustainable investing issues as well as immersing herself in both women and wealth and women in wealth.

Women And Wealth And Women In Wealth

Regarding women and wealth, she finds that in traditional relationships, often one partner is the breadwinner, while the other accomplishes the tasks that facilitate their lives. By default, though, that person—almost always the woman—doesn’t spend as much time thinking about the structure of their finances. Therefore when an emergency happens, such as a death, divorce or retirement, they are dealing not only with the accompanying emotional issues, but also financial issues. “At that point it can be too traumatic to handle so our goal is to get women involved earlier,” Schleif says.

To help with education, Abbot Downing has developed women’s forums for clients, featuring both internal and external speakers who highlight planning, family dynamics and culture and values. “It creates a great environment for women to learn from each other,” Schleif says.

The other side of the coin, women in wealth, relates to helping with career development.

Schleif has found that very few women come to the industry directly through business school so she is always wondering how best to get women interested in finance. Part of it, she says, could be a function of pop culture. “The fields of law and medicine have cool TV shows, but the entertainment industry typically serves up negative examples of finance, which I believe does a disservice to many women who would thrive in a career like this.”

In fact, she has found it to be positive for balancing work and life, noting that she had three kids in three years and was able to work throughout. “It’s an industry that’s conducive to leading a balanced life and also doing something impactful and important to society,” she says.

That’s a key reason that her professional accomplishment that stands out most is the mentoring and coaching she does while helping contribute to the culture of learning and development at the firm. For example, her boss encouraged her to start an asset management mentoring program, which they are in the third year of hosting, and she also sits on the board of CFA Minnesota, one of the largest local branches of the CFA Institute, where she leads the career development committee. The group is also focused on diversity and inclusion, with a “Changing Perceptions” program, and she has been attending regional meetings on panels and partnering with different entities on a Women in Wealth initiative.

She also works at the college level to get more women interested and champions internships for women through regional business clubs. “As a lifelong learner and advocate, it’s satisfying to help people find the skill sets they might not even know they have and connect them to a career that works for them,” Schleif says, adding that someday she may even end up working for some of them. “It awes me that people will come and ask my opinion,” she says. “I find the ability to turn around and ask good questions, as my best coaches have done, is preferable to just giving advice.”

Internally Schleif helps lead a monthly call on career perspectives. “I find it’s very impactful for those early in their careers to find mid-career professionals who will share tactical and practical advice to see their next step,” she says.

Her experiences have also showed her that there’s a place for everyone in an organization when you play to their strengths. For example, the tendency is to turn your top-producing sales person into a manager, but the skill sets are entirely different.

“Some people are idea generators; others want to take them and mold them so you have to coach them intentionally. That’s how you will assemble a top-performing team.”

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