WEALTH FOR WOMEN
10 The
ADDRESSING THE WOMEN’S WEALTH MANAGEMENT NEEDS
SHATTERING THE GLASS
Most Empowering
BRINGING A COMPASSIONATE APPROACH TO THE TABLE
Women Leaders in
Wealth Management,
2021 managing director
Lisa Ladds Doche Committed to Providing a High level of Professionalism and Personal Service to Investors
VOL 09 I ISSUE 01 I 2021
Editor’s Desk
Bringing the Next Wave of Growth
W
ealth management is a field where creative and strategic business leaders are involved in finding the right financial solutions for clients. And the value women leaders bring in the industry is praiseworthy. Their leadership quality of learning and adapting to the situations and providing the best solutions for the team as well as clients develop an environment of growth. What differentiates them as a leader is that they bring a compassionate approach to the industry. They do not want to put anyone at financial risks and thus, think of all the possibilities in solving complex issues related to finance in wealth management. They embrace the power of technology and its impact on the wealth management industry. They also face setbacks but always decide to give it a try, which is why they are an important part of the industry today. Today, we are witnessing more and more businesswomen, not just in wealth management but in different industries as well. They exemplify what wonders effective communication can do. Their work reflects their passion, perseverance, and purpose. They enjoy their entrepreneurial journey and care deeply about giving back. While setting an example for the upcoming generation, they encourage other women to join this industry. Overall, it is their commitment to building relationships that bring the best for the company as well as clients. Today, they are making themselves a creative and strategic force of the industry by staying ahead of the curve. They are
bringing new perspectives to wealth management that carry the potential to change the status quo of the industry. With an intent to acknowledge and admire the significant contributions of such women leaders in the wealth management industry, Insights Success has compiled a list of The 10 Most Empowering Women Leaders in Wealth Management, 2021. Featuring on the cover is Lisa Ladds Doche. Lisa has significantly contributed to the wealth management industry by helping individuals, families, and businesses make personalized financial decisions about their future. Currently, she serves as a Managing Director at the Doche Financial Consulting Group with Baird Private Wealth Management. As a comprehensive wealth advisor, she provides an experienced approach to investments and the planning process and brings 39 years of extensive experience in financial services to the table. You will also get to see more of such women entrepreneurs with their business journeys inside this edition. Lastly, do not forget to read the creative articles written by the in-house editorial team. Let's Cash in!
Sourabh More
sourabh@insightssuccess.com
COVER STORY
08
Lisa Ladds Doche
Committed to Providing a High Level of Professionalism and Personal Service to Investors
ARTICLES
16
Wealth For Women
28
Shattering the Glass
Addressing the Women’s Wealth Management Needs
Bringing a Compassionate Approach to the Table
20
Jenifer Sapel
24
Jo Eccles
30
Liz Miller
34
Margaux Fiori
Helping People Make Healthier Decisions Around Money
Creating a Wave of Growth in the Property Management Industry
Simplifying the Financial Lives of People
An Empowering Leader and an Astute Financial Advisor
C O N T E N T S
Editor-in-Chief Hitesh Dhamani Managing Editor Anish Miller
Executive Editor Sourabh More
Assistant Editors Jenny Fernandes
Visualizer
Art & Design Director
Associate Designer
Co-designer
David King
Priyanka Rajage
Kartik Balapurkar
Shubham Dali
Senior Sales Manager
Business Development Manager
Kshitij S
Anthony Gomes
Marketing Manager
Sales Executives
John Matthew
David, Martin, Irfan
Technical Head
Business Development Executives
Jacob Smile
Steve, Joe, Saurabh
Technical Specialist Aditya
Digital Marketing Manager Marry D'Souza
SME-SMO Executive Amol Wadekar
Research Analyst Frank Adams
Database Management Stella Andrew
Circulation Manager Robert Brown
Technology Consultant David Stokes
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Featured Person
Company Name
Brief
Carol Johnston Vice PresidentWealth Management Senior Portfolio Manager
UBS WEALTH MANAGEMENT ubs.com
UBS Global Wealth Management provides comprehensive advice, solutions and services to wealthy families and individuals around the world.
Christina Yuni Wealth Management Advisors
Merrill Lynch Wealth Management ml.com
Merrill Lynch Wealth Management is one of the largest wealth management businesses in the world.
Jenifer Sapel CEO/President
Utor Wealth utorwealth.com
Utor is a comprehensive Financial Planning firm that helps its clients with how to use money as a tool to build a life that is both meaningful and enjoyable.
Jo Eccles Founder and Managing Director
Eccord eccord.com
Eccord understands what drives value, an in-depth knowledge of the nuanced differences of each area, and proven expertise in acquiring and managing properties.
Lisa Ladds Doche Managing Director
Baird Financial Advisors rwbaird.com
Baird serves as a trusted financial partner to individuals, corporations and institutions around the world.
Liz Miller President
Summit Financial Advisors summitplace financial.com
Summit Financial Advisors helps you achieve financial wellbeing at the most personal level and it does this only for a select group of clients who have outgrown mass-market financial institutions.
Margaux Fiori CEO
Fiori Financial Group fiorifg.com
Fiori Financial Group strucks the perfect balance as partners when it comes to creating an effective and professional financial management business.
Nancy Weinga Founder and Managing Director
Weingard Wealth Management Raymond James raymondjames.com
Raymond James Financial, Inc provides financial services to individuals, corporations and municipalities through its subsidiary companies engaged primarily in investment and financial planning.
Sharon Klein Managing Director
WILMINGTON TRUST wilmingtontrust.com
Wilmington Trust has built deep and lasting relationships, put the clients first, and provided innovative advice for complex situations.
Vanessa Martinez Managing Director and Partner
THE LERNER GROUP lerner.hightower advisors.com
The Lerner Group represents over 150 years of combined wealth management experience and has a profound understanding of the financial and economic landscape.
Lisa Ladds Doche Managing Director
The Doche Financial Consul ng Group Robert W. Baird & Co. Incorporated
Cover Story
Lisa Ladds Doche Committed to Providing a High Level of Professionalism and Personal Service to Investors
People are all different, and you must be capable and confident moving through all the circumstances that day brings.
I
t doesn’t come as any surprise that the financial markets have undergone rapid evolution given the advancements and innovations in various sectors, wealth management being a significant one. Fuelled by an explosive growth in mutual funds, investment management, insurance planning, financial planning, and more, wealth management has seen drastic transformation and is paving the way for all. Many new players have entered the market with state-of-the-art financial solutions. Behind these, there are ingenious minds who are driving the change in the industry. Additionally, the wealth management industry has been a historically male-dominated industry, which isn’t the case anymore. It is evident that women can offer a unique approach to working with clients and managing their wealth. Women have always worked to empower others to take control of their finances, and this aptitude is helping shape a new way to think of wealth management. Amongst those women, one such trailblazer is Lisa Ladds Doche, who has significantly contributed to the wealth management industry by helping individuals, families and businesses make personalized financial decisions about their future. Lisa serves as a Managing Director at the Doche Financial Consulting Group with Baird Private Wealth Management. As a comprehensive wealth advisor, she provides an experienced approach to investments and the planning process. She brings 39 years of experience in financial services to the table. We, at Insights Success, caught up with Lisa to unveil her entrepreneurial journey, her viewpoint towards the wealth management industry, and her role as founding partner of the Doche Financial Consulting Group A Road to Becoming Finance Advisor Lisa needed a job to get herself through college, and there was a six month wait to be a bank teller in Lubbock, TX! As a result, she ended up with a job at a regional brokerage firm called Schneider, Burnett & Hickman as the assistant to the branch manager. Because it was a smaller firm, she was able to get great exposure to the operations and services of the financial industry. Meanwhile, she studied and passed the FINRA series 7, her senior year at Texas Tech University, and headed to Anchorage, AK to work in the Sears store with Dean Witter Reynolds training program in 1984. She was a young, professional woman on the Alaska Frontier. She has also attended the Renaissance Charitable Giving Institute in Indiana to deepen her client guidance in estate planning and charitable giving.
Providing an Active Approach to Investments and Planning Process Lisa formed the Doche Financial Consulting Group with Ron Demers and Maggie Loe. She believes that the key to a long-term successful relationship is keeping the client involved in this cycle of planning, implementation, and monitoring. Recently, the Doche Financial Consulting Group joined Baird, a privately held, international financial services firm with offices in the United States, Europe, and Asia and more than $300 billion in client assets. For more than 100 years, Baird has helped families, individuals, publicly funded entities, corporations, and institutional clients achieve their financial goals across generations and changing market environments. As comprehensive advisors, the Doche Financial Consulting Group provides an active approach to investments and the planning process. Its practice focuses on both the client’s financial position today, as well as on their future financial expectations and obligations. The team develops solutions and explains them with understanding and transparency utilizing all the resources of Baird. The group helps build, manage, preserve, and
Unlike some advisors, our planning cycle is active, not passive.
transition wealth using the Four Cornerstones of Wealth Management: Investments, Liability Management, Risk Management, and Estate Planning Strategies. Founding Principles Lisa’s idea of impactful leadership lies in King Solomon’s Philosophy in Wisdom and Wealth: “You are only as smart as the people you surround yourself.” Supported by an employee-owned firm, she has created a unique culture at Doche Financial Consulting Group built on its founding principles of integrity, transparency, teamwork and always keeping clients first. A Learning Approach If you are a part of the wealth management industry, gaining experience and constant learning are paramount. Lisa asserts, “Working with families and business through life stages provides invaluable experience to carry into other similar experiences. At the same time, history does not repeat itself. You must stay on top of trends and products that are constantly evolving globally. The markets are more than just the United States. You must develop solutions with this in mind and explain them with understanding and transparency.” Talking about Robert Kiyosake’s “Powerful Presentations” seminar, she says that it taught her communication skills that have paved the way for her success. “This is a people business, and you must be able to communicate and listen effectively,” she adds.
Leveraging the Support and Culture of Baird A company’s culture defines all the aspects of its business. Stating the importance of positive work culture, Lisa says “We cannot go it alone, even independents need firm affiliations to execute their trade. With better execution comes better outcomes. So, to thrive, and have your clients thrive, choose your firm platform carefully.” At Baird , she finds a culture that helps her and her team thrive. Moreover, Baird’s commitment to being a great place to work helps Lisa and her team attract and retain exceptional people from across their industry, ensuring the quality and continuity of their advice and service for their clients. Constantly Being Responsive to the Clients’ Needs Sharing her views on the pandemic situation, Lisa opines that the pandemic forced families to reassess what was important to them both personally and financially. According to her, these shifts in priorities will drive the new developments within the wealth management industry. She is not convinced that virtual meetings will ever replace direct dealings with clients, as work involved is personal.
But there is a technology and AI revolution that was thrown to the forefront with the pandemic. She believes that the firms that are the most responsive to their client’s needs will thrive, and those out-of-touch will struggle to deliver meaningfully. Giving Back to the Family, to the Profession, and to the Community In Line with Baird’s own philosophy, Lisa believes that people need to give back to their family, to their profession, and to their community. For decades, Lisa served on Boards such as Rotary, Big Brother, Big Sisters, United Way, Cave Creek Unified #93 School Board, and so forth. It was invaluable, because it takes this kind of service to understand what goes into “making a community”. She took some time away to focus on getting her kids transitioned to college and on their own, which she also thinks was important as a working Mom. “There is service to family and there are times this needs to be a priority,” she feels.
Professionally, Lisa believes if you find yourself at the top, you have a moral obligation to work with those following to be successful. Now she tends to focus more on “project” service as opposed to board service because she has more control on work-life balance.
success of that plan with purpose. Having more access to professional advice could make a difference in their outcomes.
A Take on the Change Affecting Younger Investors
In her advice to the upcoming women entrepreneurs aspiring to enter the financial services industry, she says, “Women make the best financial advisors because we are natural caregivers. But you must do it within business protocols to be successful. You need to be able to look people in the face, as opposed to deflecting your eyes downward which is more natural for women. Pick your head up, chest out, march in, and do business… and business will come to you.”
Lisa is of the opinion that in the coming years many of our younger investors will be left behind! She mentions that with the recent Client Relationship and Regulation Best Interest legislation, most wire-houses are taking the position that they cannot afford to work with smaller (up and coming) households in a full advisory capacity. This generation will likely experience flatter markets due to globalization of the industry, along with lower interest rates for longer. Paired with stymied wage growth in the U.S., these younger investors need advice more than ever to effectively navigate their financial paths. In Lisa’s opinion, they are being forced into robo-advice, as an unintended consequence of the legislation. Their investment success is hanging on 6-7 questions per account with no coordination to their overarching goals as a family or business, and their lives will be dictated by the performance of those random accounts. As opposed to having a plan, and then investing to drive the
A Strong Voice for Women in Finance
Shaping the Direction of the Industry The Doche Financial Consulting Group, has close to 69 years of collective experience. This does not include the extensive support and resources it has through the internal experts and wealth management specialists within Baird. Because Baird is employee owned, everyone shares a personal stake in the successes Lisa and her team help create for their clients. Being privately held, Baird lets them plan and act in their clients’ long-term interests without the distractions that can come with outside shareholders. Lisa strongly believes that she and her team are growing to meet the demands for the kind of comprehensive services and wealth management advice they provide for the individuals, multigenerational families and businesses they serve. They will continue to add expertise to the team, and Baird’s counter-cyclical mix of core businesses broadens their capabilities for clients and diversifies their sources of revenue, providing financial strength and stability across market environments. “Together, we will have a hand in shaping the direction of our industry,” Lisa concludes.
Robert W. Baird & Co. Incorporated
& & 20 The
Most
SUCCESSFUL
BUSINESSWOMEN to Watch, 2020
kimberly Khoury
Paving her Way in Sustainability Development
Wealth For Women
Addressing the WOMEN’S WEALTH MANAGEMENT Needs A
ccording to a report cited by the Oppenheimer funds, women have been establishing new businesses at twice the rate of men in the US alone. This yields more than USD1.4 trillion in revenue annually. The above statistical data is enough to imagine the kind of potential that is being created by women in the wealth industry. The face of the wealth management industry is changing in more than one way as women take the lead in different sectors of the economy. Following are some of the aspects in which the wealth management industry is changing gradually to accommodate and represent more women in wealth advisory manage the increasing number of women clients acquiring and inheriting wealth – Women and Financial Power It’s no surprise that as more women are getting educated and holding down jobs in possibly all sectors of the economy, they are also becoming major shareholders in the totality of the whole world’s wealth. Women are acquiring more and more financial power, both at work and home, as
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they lead in both territories. A report by the Boston Consulting Group suggests that by 2030, almost half of the USA’s wealth will be held by two-thirds of the country’s women, East/Southeast Asia and Europe, show similar trends. With women of all ages and social backgrounds taking up leadership roles at home and work, they are speedily acquiring financial wealth, which also needs to be managed well. Who else would have a better perspective on managing wealth than women themselves? Women are gradually entering the wealth management sector and bringing a much-needed transformation in the industry to better suit women’s concerns. A Compelling Segment A staggering one-third of the world’s wealth is controlled by women. This is a very large number, which means there is abundant scope in this compelling segment of the population that holds such a large chunk of the total world’s wealth. Women’s needs and requirements are unique to that of men, and it is important to recognize that to provide wealth management services to this section of the population. A report by the BCG suggests that women are adding $5 trillion to the wealth pool globally each passing year. These numbers highlight the growth of women acquiring wealth in almost all parts of the world, which drives a real change in the wealth management industry that caters to the needs of women.
Ensuring greater reliability while strategizing women’s wealth management will result in a satisfied client. Financial literacy As a result of the centuries-long deprivation of women from possessing wealth, the lack of financial literacy in women professionals and inheritors is one of the biggest challenges that wealth managers face while dealing with women clients. Even as women become more financially independent, they still have a lot to catch onto to be financially literate. The one thing that wealth managers need to work on very deliberately in the industry is, educating women professionals and inheritors about their financial options in a compassionate way. Sometimes financial concepts can get daunting to understand, and this is where compassion will play a part in bringing about a real fundamental change in the wealth management industry. Wealth with a purpose As it goes, women are more aware of the societal impact of their investment choices. Wealth managers need to understand this aspect while creating an investment plan for women as this shift has accelerated during the pandemic, and women, along with younger generations, are making responsible investment decisions to drive real change. A target on Environmental, Social, and Governance impact to assess the compatibility of a monetary product for a client will result in a successful wealth management journey for your company’s client.
Goal-based Investing The Future Ahead To bring a change in the wealth management industry, it is important to recognize that women focus on goal-based investing. These goals can be anything from setting funds aside for a new business venture or philanthropic causes or funds for their child’s education to planning their later years when they finally retire. For the most part, women look for strategies that will better assure them security given the uncertainty of the events in life for women. Wealth managers should keep this essential point in mind while managing women’s wealth and plan to invest considering the lower risk tolerance of women.
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With more women leaders venturing into the wealth management industry to better manage wealth for women, the day is not far when women will have better financial literacy along with financial wealth. This objective can be achieved with the help of wealth advisory firms guiding women in better understanding the financial concepts that seem intimidating to gauge initially. Looking at the shifting trends, it would be appropriate to make an epiphany that the future looks great for women venturing into the wealth management industry.
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The 10 Most Empowering Women Leaders in Wealth Management, 2021
Jenifer Sapel Helping People Make Healthier Decisions Around Money
O
ur financial system is complex, but our personal financial lives don’t have to be. By focusing on systems and strategies instead of products, anyone can have a financially secure future regardless of their level of income. Through financial planning advice and impact investing, Jenifer Sapel is helping individuals with how to use money as a tool to build a life that is both meaningful and enjoyable.
Jenifer is leading as the CEO and President of Utor Wealth. In our endeavor to find “The 10 Most Empowering Women Leaders in Wealth Management, 2021”, we caught up with Jenifer to unveil her entrepreneurial journey and how she is significantly contributing to the wealth management industry through Utor Wealth. Below are the highlights of the interview: Take our readers through your journey and the challenges you came across CEO at Utor Wealth. I started at and spent most of my career with a Fortune 50 company. Making the transition from employee to entrepreneur was challenging and worth it. Learning that being a founder and CEO means that for a while, you might wear every hat, all the strategic roles, and implementor roles – for example, the CFO and the bookkeeper. I’m a creative and strategic thinker, so my biggest challenge was learning to prioritize projects. I got amazing advice from Dana Malstaff of BossMom when she suggested giving a benchmark to each project. For example, I wanted to start a financial education business; it was a bit of a distraction. Now, I have a benchmark in my Financial Planning practice that triggers picking that project back up again. What opportunities do you and Utor Wealth offer for financial growth with investment solutions to Individuals and Corporates?
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We excel in the strategic overview of our client’s financial life and then offer tactical solutions that align with the larger objective. It’s all too common that people get excited about a specific product or opportunity without being grounded in a strategy first. That is like packing for a vacation when you don’t know what the destination is. Secondly, we love our Impact portfolios. These portfolios often own the same holdings as a traditional portfolio, but we use fund managers who use shareholder advocacy and other strategies to engage with the companies for a more sustainable future. What is your idea of impactful leadership? What style of leadership do you personally prefer at Utor Wealth? I’m a big fan of the Brene Brown style of leadership that she describes in both her Podcast, Dare to Lead, and book Daring Greatly. I’ve been an overachiever and avid reader most of my life and have to fight the “know-it-all” tendencies. As one of 4 members of the first Advisor Teaming consultants at MetLife, I learned that higher quality and better-adapted solutions come from asking the entire team to contribute. Now I spend the majority of my Leadership Development in learning how to foster a safe and inclusive environment and asking great questions. What makes Utor Wealth a preferred choice for your clients over the competition? We believe that there’s a lot of great competition out there and that many of them are better suited for some people than we are. Our clients love us because we generally maximize the utility of money (Utor is Latin for: to use, to employ, to enjoy). We keep our solution simple and show ways for how they can contribute to a sustainable world in all five ways they use their money: earn, save, invest, give and spend.
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Jenifer Sapel
CEO and President Utor Wealth
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September 2021 | 21
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“Our portfolios are impact focused meaning, along with your nancial objectives, we invest to also make positive changes for the environment and humanity as well.” Taking into consideration the current pandemic and its impact on global economies, how are you driving the company to sustain operations and ensuring the safety of your associates and employees at the same time? Prior to the pandemic, we were meeting with 70% of our clients virtually and only 30% in our office. The pandemic forced a 100% virtual model, which is safer for our team and our clients. Currently, all members of our team are mothers who like and need the flexibility to manage the other demands of life and have vulnerable people at home. We see no reason to put anyone at risk if it isn’t necessary. Our productivity has maintained and even increased in several months, and we look forward to navigating our options as the pandemic continues to unfold and evolve. What people, what books, what life factors have influenced and impacted you? As mentioned before, I’m a huge Brene Brown fan. I also love Tara Mohr and her book Playing Big. Both these women have a way of presenting well-researched ideas, challenging the status quo, and offering not only a different perspective but also a forward-looking path for navigating challenges. Like every human, all of my life’s experiences have impacted who I am and how I show up on this planet. Most notably, my financially insecure upbringing, I entered this career as a way to live differently than how I grew up. I’ve seen a lot of loss in the last 5 years with multiple miscarriages and the deaths of 2 of my closest family members. These losses have given me tremendous clarity in my priorities and broken my heart open to love the humanity and frailty in all of us.
wonder what technology holds for them in the future and how our lives will be different. In business, we love and embrace technology that automates repetitive processes, facilitates easier collaboration on workflows, and offers convenience for our clients. We focus our human capital development on things that machines are not capable of – empathizing with fear or offering a few different ways to look at a recommendation. In what ways have you or the company contributed to the community? If given a chance, what change would you bring in Investment plans for solving the most complex financial problems? While our entire team donates both time and money to causes, our specialty in impact portfolios makes a larger dent in solving complex global issues like climate change and equity. What would be your advice to the up-and-coming women entrepreneurs aspiring to venture into the finance industry? Find an environment where you are confident you can thrive. I spent too long in offices that were toxic and limited my potential. Investment advice offered through WCG Wealth Advisors LLC, a Registered Investment Advisor. Utor Wealth is a separate entity from WCG Wealth Advisors and The Wealth Consulting Group.
What is your thought on the necessity for businesses to align their offerings with newer technological developments, especially when it comes to innovative thinking to solve complex problems? As a mother of two under 3 years old, it’s a lot of fun to
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Jo Eccles Founder and Managing Director
Eccord
Jo Eccles Creating a Wave of Growth in the Property Management Industry
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The 10 Most Empowering Women Leaders in Wealth Management, 2021
Eccord was established in 2006 to bring professional representation to buyers of prime residential property. Jo has been leading Eccord for over 15 years and the company is now consistently ranked as one of London’s elite buying agents and manages over £1.5bn of prime and super-prime properties in the capital. We, at Insights Success, crossed paths with Jo Eccles in search of 'The 10 Most Empowering Women Leaders in Wealth Management, 2021,' In the following interview, we get a detailed insight into her journey thus far. Below are the highlights of the interview. Take our readers through your journey and the challenges you came across till your current leadership position at Eccord. I founded what is now Eccord back in 2006, so 15 years ago. Initially, we were a pure buying agency specializing in sourcing homes and rental investments in central London, with most of our clients working in finance, as that was my background. Over time, however, our client base has expanded considerably – while our finance client following remains strong and we work with lots of bankers, private equity, and hedge fund leaders, we also now act for sports and media personalities, Rich List families, and many private offices. Client demands have changed and so have market conditions, so we have expanded our expertise to diversify the business and meet changing needs.
‘‘ Do what you love and learn at every opportunity.
‘‘
T
he rise of female entrepreneurs in the last decade has grown exponentially. It takes sheer will and an intricate understanding of the industry one works in to become a leader that inspires others. One such leader in the world of high-end real estate is Jo Eccles, the Founder and Managing Director of Eccord.
Over the years, we also responded to demand for high-end property management services for rental investments and, more recently, private homes. Demand for our property management services has grown considerably and now represents 50% of Eccord revenue. What is your idea of impactful leadership? What style of leadership do you personally prefer at Eccord? Two and a half years ago, I spent three months doing what was almost a mini-MBA alongside running Eccord, and that was a catalyst to realizing how important leadership is, knowing what you stand for as an individual and a company. Since then, we have spent a great deal of time becoming really clear on who we hire, what our company ethos is, and the clients we represent. We understand our reputation is everything and our service levels are what makes us stand out, so attracting the right talent and leading the team to share the same values is imperative to keep our service levels consistent. It's something we're continuously focusing on and always trying to improve.
For example, in the wake of the financial crisis, there was very little buying demand, so our acquisition team started providing a rental and relocation service in response to many of our clients wanting to sit out the market and rent rather than buy.
In terms of my own leadership style, I am very straighttalking and transparent. Everyone knows what I'm passionate about, what's important for the business, and where they stand.
Then, when the market recovered, many of our rental clients turned into buying clients, plus we emerged from those couple of years with a highly regarded relocation service which we have since won numerous awards for and is relied upon by global companies when relocating their VIP employees and families to and from London.
What people, what books, what life factors have influenced and impacted you? My late father was a big influence on me; he was incredibly hard-working and built a very successful career from humble beginnings. He loved property, so my love for real estate was instilled in me at a young age, and he also
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September 2021 | 25
encouraged my siblings and me to follow our passions and 'do what you love.’ In terms of books, the best one I have read recently is 'Shoe Dog' by Phil Knight, the founder of Nike. I absolutely loved it, and for me it perfectly captured the highs and lows of running a company, alongside the sacrifice and sheer determination that goes into making a success. The apparent emptiness that came following his IPO was very powerful too. I think all life events shape you and I'm a firm believer that happens for a reason – every situation is an opportunity to learn and having a growth mindset is essential. You need to be open to feedback to improve as an individual, a team and a company. What makes your organization's strategy and financial advice a preferred choice of your clients over the competition? London residential property as an asset class is quite complex in that it has so many layers to the decision to invest in it. Some clients are entirely investment and numbers driven, but many of our clients will live in the properties we acquire for them, or they may designate them for potential future use by themselves or their children. So, the enjoyment factor needs to be weighed up and combined with expected returns.
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In terms of Eccord being appointed over our competitors, our track record is absolutely critical and sets us apart. Over the last 15 years, we have represented private clients on more than 350 acquisitions, and we manage the largest portfolio of rental investments and private homes compared to our peers. Our experience and the fact that we can source, acquire, rent out, run and manage all of our client's London residential assets completely in-house with an established but boutique setup is extremely important for our clients and the families we represent. What would be your advice to the up-and-coming women entrepreneurs aspiring to enter the investment advisory world? My advice is to genuinely live and breathe the asset class you're working with every day. You need this passion to be the best informed, have the best track record, and develop real expertise and value add. Also, client relationships should always come first, in my opinion – revenue will naturally follow if you're doing a good job. People do business with people they like, and as long as you maintain integrity and put your clients first, demand will come and clients will remain loyal.
To know more, you can visit www.eccord.com and @joeccles on twitter
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Shattering the Glass
Bringing a Compassionate Approach to the Table
T
here’s something to be said about the people, both men and women, who feel that a woman can’t do certain things. On second thought, there’s nothing to be said about this mentality. It’s all been said before. These are relics of the past, and we should just leave them in the past. At present, many women occupy the most dignified roles as some of the top thinkers, creators, entrepreneurs, educators, politicians, and world leaders. And they are just getting started. Significantly more women are earning growing prominence and power in the financial sector, particularly in the realm of asset management. According to the Boston Consulting Group’s ‘global wealth report’, women owned nearly onethird of the global wealth in 2016, and that factor is growing fast.
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Wealth management has always been a male-dominated field. Not only are men the great majority of financial counsellors (female participation is barely 15% across channels), but men are also significantly more likely than women to make financial decisions. Men are the primary financial decision-makers in two-thirds of affluent homes in the United States. This, however, is about to change. Female clientele is becoming increasingly important to private banks. But one might ask, what are the main characteristics and distinct approach patterns that have made women the new face of the wealth management arena? How exactly are women contributing to the evolving dynamics of the finance world? Let us look at some of the characteristics from the arsenal of the ladies in the wealth management game and bringing a compassionate approach to the table.
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Multitasking Aficionados People who are adept at multitasking must maintain attention and discipline in order to avoid succumbing to temptation and engaging in distractions such as conversing with co-workers or checking social media while doing job duties. But, perhaps most significantly, and maybe counterintuitively, multitasking necessitates a great deal of patience. According to research, the female brain is better in patience and attention, just as the male brain is better at learning capacity. This indicates that with practice, both males and girls may become good multi-taskers, albeit females have a tiny advantage.
Humanising the Mortgage Industry The mortgage industry is tough. Even with record low interest rates, purchasing a home or refinancing a mortgage is becoming more difficult, and some consumer advocates are concerned that the pandemic’s aftermath will disproportionately affect those who have the most to lose. The prospect of a mortgage causes the feeling of helplessness in many. But with the graceful and empathizing touch of female advisors, the process can become a whole lot easy. The inherent talents of the ladies, such as abundant patience, high emotional intelligence, exceptional communication skills, and the habits of listening to everyone and giving them an equal say in crucial matters, just mean women can naturally humanize the mortgage industry.
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The Win-Win situation The notion that someone must lose in order for someone else to succeed has been debunked time and time again. The word compassion, which used to hold a negative connotation in a business sense, has been turned over its head. The feminine perspective acknowledges that compromising is about listening to the other person, understanding other’s needs, and then finding a suitable solution accordingly. The People-whisperers The psychological community agrees that females are generally more interested in people, whereas males are generally more interested in things or devices. More studies show that the female perspective is more inquisitive towards other people; more open to pursuing knowledge about other people’s feelings, desires, goals, and needs. All of these qualities make for the best people-whisperers. Women are just better at dealing with people than men are, as a general rule. Conclusion It would be cliché to state that women are “making new paths for themselves” or “breaking the ceiling”, or some bromide of that sort. The reality is that women are already the top players of the wealth management game. Women make it to the top on the basis of their skills, their competencies, their exuberance, their vitality, their nevergive-up attitude, their adaptability, and devotion to their goals, as well as the work that they love. Their femininity only works as an advantage; Just remember how they sport a happy-go-lucky smile while they take the top job.
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Liz Miller CFP®, CFA, President
Summit Place Financial Advisors, LLC 30 | September 2021
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The 10 Most Empowering Women Leaders in Wealth Management, 2021
Liz Miller H
aving an enriching experience of 30+ years in the finance industry, Liz Miller, CFP®, CFA, is the epitome of visionary leadership. Liz serves as the President at Summit Place Financial Advisors, LLC. Before launching Summit Place, Liz held increasingly senior roles at different financial service organizations. Her team at Summit Place offers a personalized goaloriented approach to help people achieve their financial objectives. Combining her experience and expertise, Liz has significantly contributed to simplifying the financial lives of people. In an interview with Insights Success, Liz sheds light on her professional journey and how Summit Place is helping people enjoy coordinated financial well-being at the most personal level. Below are the highlights of the interview: Take our readers through your journey as a business leader until your current position at Summit Place Financial Advisors, LLC. After years of managing institutional and individual client investment portfolios, I resigned my partnership at an investment management firm the morning Lehman Brothers declared bankruptcy in 2008. I launched Summit Place in the middle of the financial crisis, unsure if I would have a business to run by the end of the year. But after hearing more and more non- investment questions from my clients over the years, I had a vision to uniquely advise multigenerational families on their investments and legacy goals while coordinating the best advice among their other professionals.
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One source of our successful growth has been my vision that the niche market of clients with $5-$25M in assets had out-grown the financial industry’s cookie-cutter approach to clients and was looking for coordinated, holistic wealth expertise. Leading a start-up financial services firm, it is tempting to take on every client that is looking for an advisor, but I kept to my vision and held the team focused on our target clients where we knew we could offer enormous value. Internally, we regularly discuss what that client looks like and what they seek in financial services. Also, from the firm’s beginning, I had a vision to include every generation of a family, as I recognize that strong relationships with younger generations help assure family continuity, stewardship, and general accord. Long before the industry mentioned “millennials,” we were offering them dedicated service and advice as passionately as we do for their parents. This has been a second source of growth, as we consistently see maturing parents looking for a firm that will include, respect, and “educate” their adult children. What makes your organization a preferred choice for your clients over the competition? We know that genuine relationships grow over time, and when carefully built, they can last generations. This is the core of our approach to clients. Unlike many firms that assign hundreds of clients to advisors and put growth as their first annual business goal, Summit Place puts exceptional client experience as our top goal. We are committed to maintaining a team that has the time each day to think about our clients, what is happening in their lives and their potential needs. We want to anticipate how we can help before our clients reach out to us.
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Summit Place also stands out in the crowded financial services industry by targeting a growing and ignored market niche: those with $5-$25 million in wealth whose financial complexity demands more than mass-market solutions. There are now so many more rules and laws around taxes and estate planning that many families with wealth have become overwhelmed trying to understand and coordinate all the facets of their financial lives. Summit Place offers coordinated financial services based on a full view of our client’s circumstances. We help clients consider how all parts of their financial life work together and we communicate with all appropriate professionals, sharing expertise and building vetted solutions to present to our clients. What is your idea of impactful leadership? What style of leadership do you personally prefer at Summit Place Financial Advisors, LLC? I believe impactful leadership is a style that leads each member of my team to a greater level of success and satisfaction. It focuses on the end goals of the firm while executing with an eye toward the development of employees. I lead with individual goals for employees that encompass both task-oriented goals at the firm as well as professional development toward the employee’s stated desires.
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We recognize that the best way to build your unique wealth strategy is to fully appreciate your circumstances, concerns, and aspirations. That is why we begin with you and your goals, never with products.
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I lead with a blend of an authoritative strategic vision married to participatory engagement and support. I value collaboration and positive thinking and believe each of my employees is capable of more than they yet realize. I am committed to helping them get there for their personal good that ultimately supports and serves the firm. What is your thought on the necessity for businesses to align their offerings with newer technological developments, especially when it comes to innovative thinking to solve complex problems? In the past few years, we launched “MySummitPlace.com” linking to a third-party provider for a more interactive experience that appeals to all generations of our clients. Our site provides secure document organization and storage of financial statements, meeting presentations, and important documents. These can be shared with us or kept private; they can also be shared with other allied professionals on a document-by-document basis. The site also aggregates all our clients’ financial assets and liabilities for a full view in a single sign on. Clients can also generate reports for their
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own financial management needs at their site. Our younger clients embrace the aggregation of credit card accounts and budgeting within their site. They also enjoy having mobile access on their tablets and phones. This implementation has enhanced client management from our end as well. It used to be a complex and manual process to gain a full view of our clients’ financial assets. Today, we can view our client’s full financial picture and integrate the information into other tools to deliver truly personalized solutions. This is critical for our complex clientele that rely on us for our unique perspective and expertise to their full wealth situation. Now, we are able to manage investments to their investment policy with real-time reviews of their other assets.
most important, in my opinion, is the understanding that lasting relationships grow over time. I’ve always felt committed to building authentic connections with clients and prospects who provide growth to the firm and my employees who contribute to it. Secondly, these days it is important to embrace media outlets to build credibility and a strong public image. I bring attention to my expertise and Summit Place through radio and television spots and articles. Finally, I believe you must be strategic to be a successful financial leader. Not only do you need a strategy in place for your firm today, but where it will be in 5 years and what business moves you will need to make to support your clients to stay ahead of an evolving industry.
In what ways have you or the company contributed to the community? If given a chance, what change would you bring in Investment plans for solving the most complex financial problems? I care deeply about giving back. Based on our work, we have been honored for more than five years as the top financial services firm in Summit, NJ based on our outstanding service to clients and the community. Additionally, I serve on the board of directors of the Certified Financial Planner Board of Standards, Inc, helping to bring qualified and ethical financial planning to the broader public. A few years ago, I established a mentoring program for young women entering the financial services industry. BE ME- Believe Envision Mentor Empower - invites women from local universities in their Junior year through professionals up to 5 years out. We meet virtually monthly to discuss career topics and share support for each other. I believe that developing and supporting a more diverse community of financial professionals is the single biggest change our industry can make to solve our future challenges. I am also an alumni interviewer for my alma mater sharing my experiences with students interested in Penn and Wharton, and I am a member of the Women’s President’s Organization supporting other female professionals. What would be your advice to the up-and-coming women entrepreneurs aspiring to enter the finance industry? I believe that it takes many different characteristics to be successful in the financial industry. The thing that may be
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Margaux Fiori CEO
Fiori Financial Group Financial Advisor, RJFS
Margaux Fiori An Empowering Leader and an Astute Financial Advisor rom taking care of families to taking care of organizations, women have taken huge strides in breaking through the glass ceiling in many industries. Many sectors have witnessed the marks of women. When it comes to the finance sector, there are a number of successful women professionals who are playing key roles in shaping the landscape of the industry. With their exemplary leadership skills and extensive knowledge, they have not only made noteworthy contributions in the finance sector but have also inspired other women to step up. Among those women, who have left an indelible impact on the finance industry, one such woman is Margaux Fiori. Margaux has worked in the investment and financial services industry since 1997. She is the Founder and CEO of Fiori Financial Group and is a registered representative with Raymond James Financial Services, Inc., Member FINRA/SIPC.
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insurance, and corporate planning. In addition, she is also a Certified Divorce Financial Analyst (CDFA®).
Margaux has a tactical investment style that includes wealth management, financial planning, estate planning, supplemental retirement income, asset preservation with
An Inception Tale Fiori Financial Group is a multi-family office, housed under one roof, which provides comprehensive solutions and
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A Tumultuous Start Margaux started her career in 1997 at Morgan Stanley during a raging bull market. She found herself in a maledominated industry with little support or comradery. She was expected to produce like one of the males in the industry but was never fully part of the team. After a high octane start, she had to pick up the pieces after the severe market crash. Just as she was beginning to stabilize, she was hit with another major setback due to 9/11. She was severely doubting whether being a financial advisor should be her career, however, she decided to give it one more try as she is not the one who gives up easily. She is now thankful for her tumultuous start because it gave her the moxie which led her to where she is today.
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The 10 Most Influen al Leaders in Wealth Management, 2021
services that high net worth families require. It is a progressive, leading-edge provider of full-service, personalized financial strategies. It is its goal to have an open house, where all clients are welcome. Its story began 16 years ago. Both New Jersey natives with Italian roots, Margaux Fiori and Scott Verlangieri built the company's foundation on the values of family and loyalty. They had a vision for their investors and their advisors to have relationships rooted in trust. While their temperaments and energy levels are quite contrasting, the two of them have struck the perfect balance as partners when it comes to creating an effective and professional financial management business. Margaux's larger-than-life personality and limitless ideas matched with Scott's dedicated work ethic and unyielding integrity has nurtured an unparalleled work environment. Together, they have 43 years of the collective experience and have spent the past 16 years crafting an exemplary team of individuals who value the growth of their business just as much as the growth of their relationships with their clients. When you choose Fiori Financial Group, you become part of their family. With the strong partnership of Margaux and Scott, the Fiori Financial Group team is equipped with the drive, talent, and ambition necessary for success.
Winning the Game Together Margaux believes in empowering leadership. Being a team leader, she focuses on identifying the strengths of her team members and leveraging their collective abilities to accomplish their goals. She is lucky to have a very diverse group of team members who all feel like they are winning the game together. Margaux mentions that the team at Fiori are tactical managers that are intimately involved in implementing their strategies on a daily basis. The group offers customized strategies for its clients depending on their risk tolerance and financial needs. Enlightening Emerging Leaders In her advice to the up-and-coming women entrepreneurs aspiring to enter the finance industry, Margaux says "Be yourself! Women are natural nurturers, which is a huge advantage when dealing with sensitive topics such as money and investments. Having the ability to build caring and deep relationships is a requirement to be successful in this industry."
Securi es offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through
Having Nimble and Flexible Operating Philosophy When the pandemic hit, Fiori Financial Group had just completed constructing its new building. It enabled the organization to control its work environment much more easily and focus on protecting its clients. Due to Fiori Financial Group's nimble and flexible operating philosophy, it was able to quickly transition to and accommodate all types of working environments.
Raymond James Financial Services Advisors, Inc. Fiori Financial Group is not a registered broker/dealer and is independent of Raymond James Financial Services. Opinions expressed are not necessarily those of Raymond James. The informa on has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Some investments men oned may not be suitable for all
Being Positively Influenced by Competitive Environment Margaux was an avid reader of Warren Buffett, Ray Dalio, George Soros, and Jim Rogers. The books of these authors have greatly influenced her. Moreover, Margaux grew up as an ice skater and was influenced by the highly competitive environment she faced every day to be the best. Her motto was to always work harder and never let them see her sweat. She carried that principle with her throughout her investment career.
investors. Past performance is not a guarantee of future results. Inves ng involves risk and investors may incur a profit or a loss.
Phone: 954-763-2600 Address: 205 SE 20th St, Fort Lauderdale, FL 33316
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When it comes to investing, we live it, we breathe it, we have an absolute passion for our client's success, and it's that passion that keeps us plugged into the market. We are gatekeepers to our client's financial goals.
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