“I always assumed success was innate and didn’t realize it can also come from hard work, and everyone can reap the benefits of putting in the work,” says PGIM Investments’ Wendy Strutt.
For example, she was always intimidated by negotiation, assuming it was something one just had a talent for, until she learned anyone could build the skill through obtaining sufficient information and then thinking through the next steps. “Anyone can do those things, especially early in your career where you have time to doggedly go about researching something. It was transformational when I realized there really isn’t a mystique about it.”
An Orientation Toward Success
Hard work never was an issue for Strutt, which has propelled her rapid rise in the world of sales, although she began her career in consulting. After earning her MBA, she worked in a chief of staff role, which she considers her “real MBA,” due to having a seat at the table where decisions were made, then helping them implement and measure their success.
While that was exciting, she soon learned that she wasn’t as enamored with the fact there were 10 decision makers in the room in addition to her when something great was achieved, “I couldn’t determine what part of the win was mine. That’s when my mentor sagely said, ‘Maybe you’re a sales person,’ even though I had always believed I was an analytics person.”
That sent Strutt’s path in a new direction that she embraced, and now she has combined those two disciplines with a role in analytical sales, where she leads a team that sells active management investment solutions to finance companies. She is proud of this opportunity and takes very seriously her fiduciary responsibility to act in the best interest of their clients and help them meet their goals.
Strutt’s successes have included overseeing a team whose sales efforts have led to 11 consecutive years of positive net flows at the No. 1 mutual fund firm (by net flows) year to date. Now the company is actively expanding its solution set to help deepen relationships with larger clients. “They tell us they want to do more business with fewer partners so we are exploring different ways to offer investments to our clients,” she says. In response they have broadened their product range and have launched active ETFs, the first of which was named “ETF of the Year” by Fund Intelligence in 2019, as well as PGIM’s first private real estate product through a large national wealth management firm.
“These different solutions allow us to pour all of our portfolio managers’ insights together, which can help us solve for retirement income in different ways,” she points out.
Building the Next Generation
Viewing her industry from a gender perspective, she finds that the biggest challenge is that there are just not enough women, especially in senior positions. While asset management is not alone in this regard, she believes it’s important for her firm to position themselves to be a leader. To this end, Strutt is part of PGIM’s very active Women’s Advisory Council which supports the success, development and engagement of women across PGIM.
“I notice how my colleagues light up at a women-oriented conference, and I want us to feel that way every day,” Strutt says. “We can feel that support and energy on a regular basis, and I want to leave my industry that way for the next generation.”
She sees that support is crucial to help those entering the industry, and urges her fellow senior colleagues to reach back to those beginning their careers. On that note, she finds that most women don’t realize that a sales career can be fantastic for women. While she admits she herself had to be pushed, she has since found that while there are some tradeoffs in terms of time commitment, it also can be very flexible when needed. It’s also a great role because you have a number attached to your name, which removes the burden of self-promotion. “The metrics speak for themselves, which can make it easier to rise through the ranks of a company by doing a great job.”
In addition to taking roles in women’s organizations across all sectors of capital markets, Strutt is active in her firm’s Women’s Advisory Council, which supports engagement and visibility across the organization. She’s especially proud of a cross-gendered mentorship program that pairs senior leadership to deepen the appreciation of gender-based issues and share solutions—what she describes as “one aha moment at a time.”
The firm also has a “back-to-business” returnship program that helps professionals who have been out of the workforce for any length of time for any reason, such as caring for children or a parent, or serving in the Armed Forces.
With a husband, two boys and a dog, her family keeps her busy and engaged when she’s not working.
“My view on balance is you can’t always stay right in the center of that teeter totter, and accepting that fact alone has helped me lower the stress we sometimes put on ourselves to be great at everything,” Strutt says. “I’ve learned to take care of myself and unplug when I need to. It gets me recharged, and the work is always there waiting for you.”
by Cathie Ericson