Tag Archive for: women in finance

Anna Thomas: Vice President, Private Banking Technology at Brown Brothers Harriman

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Anna Thomas“It’s all about people. Projects, systems, everything else goes away. You might even forget what you were executing back then,” says Anna Thomas, “but people connections can remain even after 25 years, and that is very fulfilling.”

Thomas speaks to managing work and family, the value of executional and relational strengths and how bias often feels like what goes unsaid.

Managing Career And Family

As a lover of mathematics entering into computer science, Thomas worked with a Professor to research computer simulations of ancient mathematical algorithms based on Indian Vedic scriptures when she worked in MIT India.

After coming to the states to attain her Masters in computer science and a few years of work in tech in the telecommunications industry, she moved to apply her skills within the financial services world. But a week into her job at J.P. Morgan, initially as a consultant, she discovered she was pregnant with her second son. The manager at that time was very supportive and continued to give her larger opportunities.

After a C-section, she planned to take a three-month maternity leave, but the firm was going through an intense merger, and they asked if she could return after six weeks. So even in 2003, Thomas found herself remote working on a desktop computer that had been sent to her home, with the close support of her mother with her new baby.

After moving up to VP in Barclays and changes of firm, Thomas took on a Global VP role at Experian in which she managed 200 technical professionals across 13 worldwide locations. She traveled for work, spending only one week each month at the home office in New York. Her husband agreed to take a job close to home to make it all work.

“I had a very supportive husband and very independent kids too,” she says. “When I think about it, I’m don’t even remember how we did it all. My sons were able to do everything other kids did (ice hockey, karate, baseball, soccer) and mom still had a demanding job.”

Preserving Weekends For the Family

Thomas said her secret was not only designating the weekends solely for family time and home, but also making sure she was “home every day” in another way.

“I still wanted them to have home cooked Indian meals and the heritage,” she recalls. “So I would block off Sunday and bulk cook different dinner dishes for the whole week to eat while I was away.”

“Also, I made personal days off and when I was here, I was committed, not on my Blackberry,” she recalls—whether volunteering to read at her son’s childcare or going on a field trip as a volunteer and getting to know her son’s friends and having them over on the weekend.

Skills of Success

Much like her Sunday approach or how she plans out family vacations, Thomas puts a lot of her business success and leadership capacity down to her strategic and executional strength.

“My passion is to plan, lead and execute,” she says. “You stay disciplined and that’s how you can actually get through whatever you need to do.

Simplification has been another asset to her leadership style.

“Being a woman, you come with a different perspective and empathy, a diverse way of looking at decisions,” says Thomas. “You sit around the table and sometimes there are very complex ways of thinking. It’s often easy for me to make it practical and lay out simple, practical solutions.

“Everything starts with the end in mind—everything has to be for the business. I am very client-centric. If I do something, is this going to be valuable for the client? And that’s how I start thinking about anything, any solution,” she says. “How do I get there? What are the issues in between? Everything else becomes the means to get there. How do I go in steps?”

When it comes to failing, Thomas recommends to be agile with failure too.

“I want to see what happens, and if I am going to fail, I want to fail fast, learn from my mistakes and get up and run again,” she says. “Everyone is going to fail at some point. Everyone is going to have their bad projects. Try to just do it in small cycles, learn fast, and then apply your learning and keep moving.”

No Matter the Work, Leadership is About People

Thomas emphasizes that even in a technical or product development role, what you are really working with is people. She feels parenting transfers to help, too.

At the end of the day, any technology, finance, or other field that you’re talking about, is ultimately about the people who do the work,” she says. “To understand people—have empathy with different perspectives, different personalities, and awareness of context—is critical to your success.”

Due to her background, Thomas offers a keen sensitivity to, and ability to navigate, cultural differences.

“I have the benefit of growing up in a different country and being exposed to different cultures, so that helps me to understand and work with cross-cultural teams,” says Thomas. “For example, in Asian culture, unless you actually reach out and ask, someone will often think it’s disrespectful to provide their view of things. I grew up in that culture, so I know and I can actually coax and ask someone to speak up. I can come from that angle.”

For her, the most nourishing part of work is the “people agenda” and mentoring.

“Something I’ve learned is that a mentor-mentee relationship is always a give-and-take. You are teaching and learning from everyone at the same time,” she says. “There’s no age or experiences that are little. There is a perspective of a person. I have the breadth because I managed a number of things, but down the road, you may have the depth of something I can rely on.”

Bias Can Be The Untold Factor

Thomas has often been the only woman in her technology-based team. One of the things she has experienced as an Indian woman in technology is that ethnic and gender bias is not always easy to point at, but often feels like the elusive thing going unstated.

“When you’re put up against a promotion, you’re in the top two, you have nine out of ten credentials and someone else only has seven out of ten and they get it, you wonder. I rarely have that explained, and I’ve had that experience more than once,” she says. “It’s an untold thing. If my performance exceeds all expectations every time, why not? It’s often unclear what the breaking criteria is.“

She has at times received vague feedback as to skills she would need for a role, as other women have spoke to. In a past firm, when a boss she’d worked with across two firms appointed her to a CTO role because of her change-agent capacity, she experienced a senior male peer visiting her office to attempt to intimidate her away from the role.

“I reported him and I kicked ass taking on that role,” she says. Not surprisingly, she has found that attempts at suppression only comes with visibility and achievements.

In any organization, Thomas looks for opportunities to constantly stay current and update her self and her technology proficiency. Growth is a critical objective for her and she has learned to move on from situations where that is thwarted.

Enjoying Home

Thomas is currently enjoying home life with her husband and her 15 year old son. She likes doing the small mundane things she didn’t always have time for all those traveling years, whether errands to the store or Netflix binges. She still keeps her Sunday meal preparation routine, and her 19 year old son requests his favorite Indian dishes from childhood when he visits from college.

By Aimee Hansen

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Nneka Orji: Chief Operating Officer, Morrinson Wealth Management, UK

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“So many outcomes are often the result of sometimes small decisions that aren’t constructively challenged with another perspective,” says Nneka Orji, who is willing to be that voice in the room.

Nneka speaks to speaking up when it’s uncomfortable, why mentoring is a key part of people management, and the value of knowing who you are.

From Consulting to COO

After acquiring a Masters of Engineering degree from Oxford, Nneka went into consulting in 2010, first with Accenture and then with Deloitte UK.

Born in India and having grown up across Nigeria, France, Trinidad and the UK, Nneka loved the variety of working with different people and cultures to address diverse problems at a challenging pace.

She earned frequent promotions across her ten year stint in management consulting. As she kept learning, the lifestyle of business travel suited her.

During her time at Deloitte UK, she did a secondment as Chief of Staff for the Chairman’s office. Considering him her first sponsor—a leader who cared, pushed and supported— Nneka gained insight into the mechanics of being in an influential position, running a large organization and interacting with leaders.

She joined Morrinson Wealth Management as Chief Operating Officer in 2019. Nneka highlights that it’s a misconception that she works only with people with great wealth. Often she’s working with clients who are trying to make the earnings they have work best for them.

“They’re trying to plan ahead and look at: How can I make the most of what I’m earning? How do I build a life that’s in line with what I want to deliver for my family, for my loved ones?” she says. “Giving them the financial education, awareness and savviness to manage their own finances and to live the lives they want is really fulfilling.”

Daring the Discomfort of Using Her Voice

While accustomed from school and engineering to being in male-dominated environments and often the only black person in the room, let alone black female, Nneka says that the playing field of financial services has still compelled her to thicken her skin, become more assertive and use her voice.

Several times, she has braved speaking up in a tough moment—both in support of fairness for others and for herself.

Nneka recalls one compelling example from her consulting days when she was in a meeting focused on the consideration of candidates for promotion. When she heard more senior colleagues vaguely describe why a certain female manager was not ready for promotion—such as from a “gut feel” or because of “cultural fit”—she challenged her seniors to be specific, direct and transparent.

“I said, ‘Why is it gut feel? Why do you think she’s not ready? Have you actually given her feedback?’” says Nneka, recalling they hadn’t. “I said, ‘It’s not fair on that individual to give these vague responses. We need to be really clear. She wants to progress. If there’s concern, it’s only right that we tell her, rather than effectively leading her on.”

“I was definitely challenging beyond the point they were comfortable, and I walked out of the room knowing I had pushed,” she recalls. “It’s not that I had anything to gain personally, but I felt that it’s only fair to everyone to have someone to speak for them, on their behalf. If I was in her situation, who would stand up for me?”

While she could have deferred to her senior colleagues, Nneka chose a clear conscience. Nneka reflects the discomfort was likely because she was touching on affinity bias or another elephant in the room that may have been unconscious, but so often proliferates the status quo.

“These kind of decisions affect people’s careers, successes and progressions, how much they’ll get paid and how much they can save and invest and so on,” states Nneka.

Speaking up for herself, Nneka has stood her ground amidst men twenty years her senior, only to earn their respect from her work. She also once directly expressed disappointment in a senior partner’s response and leadership when after three years of working for him, she approached him to talk an issue with one very difficult female client and his immediate suggestion was she must have done something wrong to invite the conflict.

“I feel it’s important to make sure it’s clear what you will stand or what you are willing to accept, in terms of basic respect,” says Nneka.

Supporting Others To See Their Potential

“I haven’t had formal mentors to be very honest,” says Nneka, though she has leaders to bounce perspectives off of. “But you can put together the strong points that you see in different leaders and create almost your own fictional mentor in that way.”

She’s inspired to emulate the leaders whom she looked forward to working with—who pushed her in the best way and with whom she came to learn more about herself and her abilities.

“I do see mentoring as a core part of managing, because you can manage as a task manager and the tasks will get done,” Nneka notes. “But what I’m trying to do is to be an inspiring leader. I try to instil a sense of raising aspirations; maybe a team member started their career thinking this was your limit, but actually they have so much more potential, if they want to do more.”

Nneka values communication and saying or hearing it like it is, so nobody suffers in silence while their needs go unknown.

When Nneka took on managing others, she didn’t realize how rewarding it would be. “When a team member comes and says I’ve developed so much over the past year because of your influence, it gives me a strong sense of fulfillment.

Nneka has been a formal mentor for over a decade, with the Social Mobility Foundation, working with graduate mentees with a socially or economically challenged background, and also with the Cherie Blair Foundation For Women, working with entrepreneurial women in countries like India or Kenya or Israel.

These experiences have enriched her so much, she also considers them “reverse mentoring”.

“I like to see how different people think and how different people’s life experiences have shaped who they are, and how that informs their thinking,” says Nneka. “There’s something about learning about someone else’s perspective on life, and being open to finding out something that you might not have known. That’s the thing I love the most.”

Knowing Who You Are

Nneka feels her support system, both her family and working with people who have her best interests at heart and gave her a platform, has supported her fast growth.

She recommends being “intentional about choosing who you work with”—seeking out people who accept you for yourself and push you in a good way while having your back.

She feels that early on, her parents helped her to know who she was, down to pointing out the reality that she would often be unique in the room—as a black female in the schools she was in, and in her working life, especially as she moves up in leadership.

“Some people would say you shouldn’t necessarily point out or emphasize the difference,” reflects Nneka, “but I think it was so helpful in terms of me knowing who I was and who I am, and being true to myself. Of course I wasn’t always as confident in this respect and I’ve grown a lot since, but being comfortable in your own skin, in terms of your own history and culture, is critical. As long as you know who you are, you know your motivations, your boundaries and you make decisions in line with these.”

Nneka has worked some long hours, and suspects that subconsciously she has been motivated to overwork as a proactive measure against casual suggestions of gender or ethnic minority initiatives playing into her promotions, a frustrating undermining of accomplishment that black women are more likely to be subjected to.

“Sometimes you don’t have to work as hard as you do to get the outcome that you want,” she has come to realize. “I think that’s probably a lesson I am still learning.”

Nneka loves to travel, workout, dance and listen to both crime podcasts and inspiring podcasts during long walks in the sunshine—such as Oprah Super Soul Sunday, HBR Women At Work, The Wallet, The Tim Ferriss Show.

She’s inspired by “people who find their purpose and commit to positively influencing communities – small or large”.

By Aimee Hansen

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Courtney Lee: Associate Investment Strategist, Dimensional Fund Advisors

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Courtney Lee“You can learn anything. You just have to be confident in your ability to learn,” says Courtney Lee, who has recently moved to Dimensional Fund Advisors (DFA).

Lee shares on the value of the learning curve, bridging the gap in socializing at work and taking a scaffolding approach to overcoming networking aversion.

Chasing A Steep Learning Curve

Coming out of Brown University with a business economics degree but no desire to go down the Ph.D. route, Lee found herself moving towards finance and then investment management.

She was not drawn to the idea of sales—or the outgoing, used car salesman kind of personality she associated with it—but she tried it with a friend’s referral.

“I ended up enjoying sales once I discovered how to implement my own approach” reflects Lee. “Essentially you just provide people with information and let them decide how they want to use that.”

When the steep learning curve flattened out, however, Lee grew restless and sought out an MBA from Washington University in St. Louis, so she could develop analytical skills to dive deeper into the data.

“There are a lot of factors at play that affect your investment portfolio—part of my job is to understand and communicate those factors,” says Lee. “My job is to explain complicated things in an uncomplicated manner so that people can understand it.”

Building Up Your Learning Capacity

“I look for steep learning curves,” says Lee. “I do that over and over and over again”—such as enrolling in a rotational program at State Street Global Advisors (SSGA) after business school.

“I begin new opportunities with confidence that although I don’t know much yet, I will. I have to be curious and unashamed about asking questions,” says Lee. “If something is unclear, I do not assume that my questions are dumb or that everyone knows except me. I just ask. By asking those questions early and often, I climb the learning curve.”

If she could, Lee would assure her undergrad self that it’s okay to not know what she doesn’t yet know and that she will learn most things on the job.

“What you’re learning in university is a good foundation,” she notes, “but you’re always going to have a learning curve—the gradient depends on your background and what fundamental knowledge you have.”

As a Division 1 basketball player back at Brown, she used to return pre-Covid to share her experience and perspective with student-athletes.

“I tell them that employers know that you don’t know everything,” she says. “They’re hiring you because they’re confident that you can learn and that they can teach you what you need to know to do the job.”

She recommends building up your learning capacity to lessen the curve each time—“continue building a strong foundation of relevant knowledge and skills that make climbing the learning curve easier and faster.”

Lee values mentorship for gleaning insight and knowledge from those ahead of her on the curve.

“I often use mentorship for perspective,” she says, calling on others to help her think about a situation, to check her thought processes, to ask how they would handle a decision.

“I don’t know what I don’t know,” Lee says, “but there are a lot of people who can guide me.”

Bridging the Gap

Building up camaraderie with mostly male colleagues in the office wasn’t easy in the early days when she began.

Lee noticed she wasn’t getting invited to lunches or to happy hour. Playing basketball during Friday lunch was the bridge she took to finding other common ground.

Once she connected on the basketball court, Lee began to be invited out with colleagues. Other times she simply asked to join them. While socializing has become less of an issue, Lee still feels women at her level are hampered by stuck perceptions and taboos.

“Male colleagues can go out for a drink with a male boss or a male boss’s boss without scrutiny. The same is not always true for young female professionals,” she observes.

Building Up To Enjoying Networking

Lee admits being initially resistant to networking, but the lasting relationships that she’s built at each firm are now what she finds most fulfilling.

“As an undergrad, I thought of networking as superficial and intimidating” says Lee, but her business school experience slowly broke her from this aversion.

“At Washington University in St. Louis, networking was a requirement during orientation. They made it easy and low stakes,” she recalls. “First, you were networking with your classmates. And by networking with your classmates, you’re making friends.”

Lee explains how the school took a scaffolding approach. After classmates, students were then asked to connect with alumni, who could offer valuable insight and advice. Lastly, they applied their networking skills with prospective employers.

“By the time the employers come in, you’re like I’m just connecting with people and having a one-on-one conversations,” Lee reflects. “I’m an introvert, and I felt comfortable with that.”

Even when it comes to event networking, Lee recalls valuable advice such as considering approaching a group of two or three people, rather than a group of four with no obvious space to step into.

“Others are often there for the same reason and it can be awkward, so they’re looking for you to initiate too,” she notes.

Developing Expertise and Contributing

While she loves traversing learning curves, Lee is excited to transition from a generalist to building expertise in her new position.

“I’m really excited to climb this learning curve,” she says. “It’s a new firm. It’s a new role. There’s a new investment philosophy, so all of it is very stimulating. My goals are to learn and contribute.”

During one of her rotations back at SSGA, she specialized briefly in Environmental, Social, and (Corporate) Governance (ESG) investments. She’s excited that much of this approach—such as exclusionary and inclusionary screening—is being increasingly integrated into the broader investment process throughout the industry.

Her personal donor-advised fund, a fund used solely for contributing to non-for-profits, is also invested in sustainable and impact strategies.

Growing In New Surroundings

Lee is settling in after a move from Boston to Austin, Texas for her DFA role, intent on the conscious effort to build community in a pandemic world.

Yet another learning curve Lee has launched herself into is DIY woodworking. With her move, she brought a coffee table, blanket ladder and sit-stand desk she crafted with her own hands.

“With guidance, I think I can learn how to do this,” she says, no matter what it is—and all the evidence shows she can.

By Aimee Hansen

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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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Voice of Experience: Lisa Hutter, Senior Director of Planning for the Southwest Region, Wells Fargo Private Bank

Lisa Hutter has been well served by the advice to take time to listen, but then also reflect, in order to figure out how you want to respond.

“If you are listening solely to respond, you won’t hear everything you should,” she cautions. “Focusing, being present and then taking time to be thoughtful will always lead you to a better answer,” she says.

These skills have been especially pertinent in her career, particularly in her current role where she has a hand in helping both her clients and her internal team.

Helping Clients Achieve the Best

Hutter went right from college to law school but always knew she wanted to focus on estate planning. She joined a major accounting firm for four years, then moved into the banking arena and even had her own law firm for a short time before finding her home in the trust industry. Her first role was as a trust officer focusing on estate planning, and then she joined Wells Fargo as a team leader, where she manages a team of planners who include attorneys, CFPs and accountants who offer a collaborative approach to advising private clients.

Three years ago she was offered her current position as senior director of planning for the southwest region and moved to Austin, Texas, where she has added strategy to her responsibilities. In addition she is closely involved with the firm’s diversity and inclusion efforts, helping to continue education and awareness and has been gratified at the strides they have made in moving the needle.

As she thinks back over her career, one of the accomplishments she’s been proud of is her focus on building teams—focusing not only on supporting one another and promoting trust, but also offering her employees a clear path forward in their career. She has been pleased with the way she has been able to manage a cultural shift in her region, leading to stronger teams who can better serve clients.

And that’s the cornerstone of everything she does, noting how rewarding it is to work with clients and see the positive difference she can nurture in the family unit. In fact, Hutter is excited about advances Wells Fargo is making with a more recent offering in the Private Bank called Family Dynamics.

Statistics show that when families of wealth fail, 70 percent of the time it’s because of a breakdown in communication. In that way, this offering is ideal to help bolster communication for any family contemplating their future.

Another growing trend that is inspiring her work is the “graying” of the business owner; Hutter finds there are many in her region who are nearing retirement age and exploring their options. “The best way to create a smooth transition is to start three to five years out, which also pulls in the family dynamics element,” she notes.

Confidence Will Take You Far

Hutter has always admired Sheryl Sandberg’s advice, particularly the reality that a lot of times we second guess ourselves and think we have to be perfect for a certain role or project before we throw our hat in the ring. “It’s important to realize that job descriptions shouldn’t be read as prescriptive around every single element where if you don’t have a few items on the list you shouldn’t bother applying; instead rely on the right skills you already have to succeed and be confident in yourself, apply for the role and through the course of interviews you and the folks making the hiring decision will determine if you are the right fit for the role. In the end, you might surprise yourself.”

Confidence is vitally important in her industry, when it’s not uncommon to walk into a senior leadership meeting and be outnumbered, sometimes even as the only woman. “You have to get comfortable with leaning forward and making your voice heard,” she says, adding that she has helped her teammates understand this perspective by encouraging them to put themselves in those shoes.

At the same time that you should always strive for new paths, Hutter believes that young women who are entering this industry would be well-served by being patient and taking the time to really master their job. “You can get involved in so many projects and therefore find opportunities to be challenged, even while you sit in your current job and make a name for yourself there,” she points out.

In fact, she finds that a lot of success has to do with getting to know people all over the organization and at all levels and learning more about their day-to-day jobs. “That can help you identify another area where your skills might be transferable but is more interesting to you, and you don’t want to miss out on that by not seeking new opportunities.”

It’s one of the reasons she served in the role of regional leader for the firm’s Women’s Team Network while she has continued to serve in similar roles. She urges all her colleagues to take advantage of the development programs available in person as well as on the internal site—both to boost specific skills as well as to expand networking by meeting others with whom they don’t interact on a day-to-day basis.

“Be Kind To Yourself”

Hutter’s advice for women at her level will resonate with anyone in a fast-paced field. “Be kind to yourself,” she says. “We are not perfect and so we need to believe that what we are doing is enough. Take the time to be present and focus on what matters, like your family, and shut down if you need to because that’s okay.”

She herself takes that advice to heart with her own family. In addition, she has an excellent outlet through regular workouts at her husband’s CrossFit box, appropriately named “Third Element.”

“It’s my community and home away from home, and it helps us model a healthy lifestyle for our kids,” Hutter says. In addition to mitigating stress, achieving a new goal in her workout has another important byproduct—transferring those feelings of success to the workplace.

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Voice of Experience: Tracie McMillion, Head of Global Asset Allocation; Wells Fargo Investment Institute

Tracie McMillionEarn opportunities by, working hard, taking a deep interest in your work and realizing results, which will give you the confidence to ask for even more, says Tracie McMillion.

“I often find that women underestimate how much they already know,” she says. “We want to feel like we know everything; but it’s ok to learn as we go.”

Advice and Strategy Create the Ideal Career

McMillion began her finance career with a smaller bank in Richmond, Va., as a research assistant to four portfolio managers. At the time, the chief investment officer suggested she pursue her MBA and CFA; she decided to pursue the CFA first and soon found it was a hard-earned designation as she spent the next several years pursuing “head down studying” during the majority of her non-work hours.

During that time McMillion was promoted to portfolio manager, taking on clients and gradually tackling more complex situations with individual families to create customized investment portfolios. After earning her CFA, she decided to pursue her MBA, during which she got “reacquainted” with her economics major and decided a move into investment strategy was a great next step.

McMillion was able to move over to that discipline at the same bank—a Wells Fargo predecessor. After nearly a decade of developing investment strategy, she was hired as the Head of Global Asset Allocation Strategy for the newly-formed Wells Fargo Investment Institute, a role which she continues today.

To McMillion it represents coming full circle, as she now leads a team that develops investment advice for clients of the Wealth and Investment Management division of the firm. “I understand what it’s like to sit across the table and work with clients, so it’s easier to put myself in our advisors’ shoes,” she says. “The focus of our team is sharing our best thinking with those who are working directly with the clients to help them achieve their goals.”

That group effort is the professional achievement of which she is most proud—in her current role she leads a virtual team in several locations around the country, who each have individual strengths and goals and yet work cohesively together. “I have a passion for helping people achieve their goals—whether it’s my team, peers or clients,” she says.

Women as Savvy Investors and Advisors

Another passion of McMillion’s is to inspire women to take charge of their financial lives. Over the years McMillion has found that women investors sometimes lack confidence in their abilty to invest—and yet shouldn’t. Her team has conducted research and reviewed extensive surveys revealing that the best-performing accounts are repeatedly those headed by females—the top spot goes to those with single females and the second best were those with married females. The most interesting part, she says, is that they outperformed, while also assuming less risk.

“Women tend to show a number of positive traits including sticking to their plans more often, trading judiciously and making very planful decisions.” In addition, women are twice as likely to say that they need education from their advisor, which allows the Wells Fargo team to do what they do best. “We encourage women to get involved with their family’s investments; they play an integral role in the conversation, as they typically add bigger picture elements about what they want to achieve as a family.”

And just as some women might be more hesitant about their skills as investors, she finds they also have been reluctant to join the wealth management field.

“I often wonder why other fields that also require education and time commitment, such as law and medicine, have so many more women,” McMillion says. “Wealth management makes the most of skills that women typically naturally have, such as listening astutely and putting together pieces of information to make decisions. While there is competition, there are so many rewarding aspects,” she says.

She urges her peers to support one another. “We get challenged a lot about the decisions we make, which makes it particularly important to connect on a regular basis and to understand how we can help strengthen each other,” she says.

To that end, she appreciates the mentorship program within the Wells Fargo Investment Institute that helps women connect with one another. McMillion herself has served regularly as a mentor and has found it incredibly rewarding to see how her mentees have progressed.

She also notes her involvement in the Early Talent Development program—geared to attracting,recruiting, and retaining exceptional recent college graduates—which introduces them to the field and provides training and education to help them succeed. Her broader strategy team has been fortunate to have two young women join them from the group of summer interns.

Enjoying Family Life

McMillion is quick to praise her husband, who is a stay-at-home dad. “Having him there gives me confidence that our family is well cared for when I put in long hours and travel,” she says. In her spare time, she is typically with the family and enjoying the activities of her kids. Her 13-year-old daughter loves performing arts, and her 11-year-old son plays sports of all types.

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Voice of Experience: Karen Shane, Wells Fargo Advisors

By Cathie Ericson

Karen Shane, a Charlotte, NC-based financial advisor with Wells Fargo Advisors, believes that if you are driven and passionate about your career, the sky’s the limit—no matter the industry.

She concedes that having support is an important component to one’s success. “I always tell my daughter to find what she is passionate about and then work like crazy to rise to the top. You’ll find that you won’t mind working hard if you feel you are doing what you are meant to do,” she adds.

Rising Through the Ranks

Shane started her career in 2004 as a trading assistant on an institutional fixed income desk servicing bonds for large banks. The job entailed sitting at a huge desk with 10 other people, each of them assigned a computer and a phone getting bids on bonds. She earned both experience and her Series 7 license, but after a few years decided to pivot to a client-facing role. She joined AG Edwards as a client associate and through subsequent mergers is now with Wells Fargo Advisors. In 2010 she moved to Charlotte, N.C., with her family where she became the registered associate of her current partner, Susan Brown.

The two women went through a coaching program offered through their firm called DELTA, part of which was envisioning a 10-year goal which led them to the decision to partner –their client ethos and focus on holistic advice complementing each other.

In 2014, the pilot program of Wells Fargo Advisor’s Associate Financial Advisor (AFA) program launched, so Brown encouraged Shane to enroll in the program to transition to a financial advisor role and ultimately create a partnership.

Shane is also proud of the commitment she gave to pursuing her Certified Financial Planner™ designation – having studied at 4 a.m. before her family got up and spending hours at the library on the weekend –encouraged throughout by Brown on their Sunday morning runs.

Finding Opportunities in Wells Fargo Advisors’ Next Generation Talent Program

Right now, Shane is enjoying the challenge of developing more meaningful relationships with clients and finding new ways to build their practice, with a specialization that focuses on female executives. This pivot has helped build her confidence as she has enjoyed making recommendations and seeing her ideas come to fruition.

Shane credits both the AFA program and the support she receives from Brown as helping her develop that confidence. “Most client associates are women, and without the proper support they can feel stuck in that role. The Next Generation Talent Program is very empowering, not just for me, but the many others like me who were looking for a path to transition and enhance their careers.”

She sees the value that comes from women supporting each other, and the game-changing benefits that can arise from mentoring relationships with more seasoned female leaders. Shane looks forward to paying it forward, and is currently helping encourage one of her peers from the AFA class who’s taking the CFP exam.

Outside of work, Shane stays busy with her family – a 13-year-old daughter who’s immersed in the world of theater, both performing and volunteering at the local theater, and a nine-year-old son who plays soccer and golf.

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Voice of Experience: Diane Gabriel, Wells Fargo Advisors

Diane Gabriel“Say yes,” recommends Wells Fargo Advisors’ Diane Gabriel.

“There will be lots of risks and challenges, but embracing them brings opportunities and rewards.”

She finds that women tend to be more risk adverse and turn down opportunities because they don’t think they’re ready for them, but that can be counterproductive. “If you turn something down, you might not get the chance again.”

In fact, one of her favorite sayings is “Leap, and the net will appear.”

Words she lives by herself, based on her career trajectory.

Succeeding as a Woman in a Man’s World

Gabriel launched her career in 1982 – a time when only 10 percent of advisors were female – as a 21-year-old only female advisor at a branch full of men. Having grown up with older brothers and a supportive family, she was undaunted by the male-dominated, competitive environment, and in fact, thrived.

She became the company’s youngest officer at age 25 and then was asked to open a branch at 26. They sold the branch to a predecessor firm to her current organization, and she continued as a producing branch manager. Based on her success, she was tapped to help launch the firm’s independent broker-dealer. From there, she managed the online brokerage channel, and their phone-based advisor teams.

Seeing the Opportunities in the Next Generation

In 2017 Gabriel was asked to lead Wells Fargo Advisors’ Next Generation Talent Program, overseeing four financial advisor programs and one branch manager leadership program.

Being part of this groundbreaking effort is the professional achievement she is most proud of so far, parlaying her passion into having a hand in attracting almost 1,000 talented financial advisors to the brokerage industry.

“Leading our efforts across the Next Gen advisor and manager programs means ensuring that we are truly changing the face of the financial advisor workforce and ensuring its diversity,” she says. She is proud that today the program is about 40 percent “diverse,” not only in ethnicity and gender, but encompassing different ages, abilities and experiences.

The reason the program has been able to attract such a diverse group is because it takes an industry standard – a variable based compensation model — and modifies it to allow for a longer runway with salary and bonus-based compensation, while advisors learn about the industry. That, combined with the program philosophy of teaming and mentoring, has resulted in an overwhelming 82 percent retention rate.

“Because we eliminated the sink-or-swim mentality the industry embraced for so many years, our program is encouraging a wider swath of those who can bring a myriad of advice and viewpoints to clients,” Gabriel says. “It also allows us to address client needs too; for example, it will allow our team to nurture the next generation of clients, as surveys have found that an overwhelming number of children of existing clients prefer a financial advisor closer to their age.”

It also allows the transfer of clients from seasoned advisors whose book of business has grown too large to adequately service them to a newer advisor with more capacity for developing the relationships needed for ongoing success.

In addition, the firm continues to expand its use of technology. “It enhances how we interact with clients and specifically attracts that younger generation who wants to work with us in a different way.” And by bringing in younger advisors, the firm have the chance to reverse-mentor the more mature advisors and help them embrace this technology too, she notes.

Attracting younger advisors is a key goal of the program, and Gabriel says outreach to the next generation must start early. She has recently started the Community Champion program as a new means to create and maintain a pipeline of talented and diverse prospects for the Next Generation Talent roles. This program encourages financial advisors and leaders to engage with diverse organizations in their communities in an effort to educate diverse job seekers about Next Gen talent opportunities.

Although the industry has changed, it is still largely male-dominated, and women who are going to succeed have to be ready to stand shoulder to shoulder in an environment of men. However, Gabriel adds, “Studies show that the majority of women have said they would prefer to work with a female advisor so gender could be advantageous in this instance.”

Gabriel recommends finding mentors of both genders, identifying professionals you admire, creating your own “board of advisors” and then spending time with them to help build the qualities and standards you want to emulate.

Additional Programs Focused on Women’s Needs

In adding to the Next Generation Talent efforts, Gabriel has been active with Wells Fargo Advisor’s multiple programs designed to reach women. Eleven years ago, she started and has since served as co-chair of the National Women’s Summit, where between 300 and 500 top female financial advisors and managers from around the country are invited for personal and professional development. It’s a breath of fresh air for many of the women who are the only females in their office, yet male “allies” are also invited to the event.

She also helps to spearhead the firm’s Best Practice Forum where its leaders visit 10 -12 markets annually for all-day events for local advisors and managers, along with clients and prospects, that feature meaningful presentations and provides other networking opportunities.

Another program is the Women’s Business Exchange, which consists of monthly phone calls in which female team members share about a variety of topics and best practices.

And finally, Gabriel is also involved in the Women’s Team Member Network, which features speakers from across Wells Fargo’s enterprise and also includes mentoring and community service activities.

Outside of work, Gabriel continues to share her passion for the industry by acting as an executive sponsor of a program at Harris-Stowe State University, a historically black college in St. Louis with mostly first-generation students who may not have had exposure to job searching and interview skills. “I help students with everything from formatting a resume to cultivating a firm handshake,” she says. “If we want a more diverse and younger generation to join the industry, we have to help them be prepared.”

A passionate animal lover, she also spends time at shelters helping get pets ready for adoption.

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