Tag Archive for: women in finance

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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