Women advisors should 'believe they belong and recognize that’

The InvestmentNews Women Advisor Summit in Chicago on Thursday began not only with an uplifting message but ended with the female movers and shakers in the industry feeling more empowered and inspired to do more.

Former Canadian Women’s hockey player and motivational speaker, Cheryl Pounder, opened the day with several remarks and anecdotes, encouraging women to be trailblazers and take their place in the industry.

“Don't wait for failure to react, stay ahead of the curve. Challenge yourself. Get to know yourself,” she said. “Every year we have more to give, and we continually learn to grow. That’s why it’s harder. Because we always have room for improvement.”

Pounder reflected on several instances in her hockey career, noting that all the ups and downs paid off when she became a 2x Olympic gold winner. She recalled one instance of a woman hockey veteran who told Pounder to take her time playing the game, comparing this to advisors’ mentors and relationships with clients.

“I didn't know she was going to give me that kind of confidence and the ripple effect of it, but I started to play at an alarmingly good rate. I felt like I could now because someone else helped me,” she reflected.

Thinking back to that woman, Pounder said she thinks back to character.

“Character is linked to our disposition, not our position. Our disposition, and what we want to be in terms of that character, builds relationships,” she added. "We have to be present. Engage and share. Know your impact, have an impact. Believe you belong and recognize that. Understand the relationships and know the tools in your toolbox. Continue to stay at the top.”

GROWING YOUR BUSINESS

Pounder’s keynote was followed by a panel on client acquisition and growth, which was led by Christa Madison, vice president and senior wealth advisor at Curi RMB Capital.

The panel included Diane Compardo, partner at Moneta Group, Sheila Foley, director of business management consultant at Charles Schwab, a sponsor of the event, and Jodi Manthei, founder and CEO at Riverstone Wealth Partners.

During the discussion, Compardo remarked that having a niche in tax planning helped her grow her book of business. When she transitioned into her partner role at Moneta, she kept 70 percent of her client base.

When asked what her best idea for growing organically in 2024 was, Compardo said women advisors shouldn’t be afraid to hire their replacement.

The other panelists agreed.

“If you're either in a position where you have the ability to hire that person who can take the things off you that you don't love, or if you can take it to your manager and say, ‘Look, if I have somebody who can help me do this, I'm free to do what I'm great at,’ that will just exponentially move you higher," Manthei said.

"Anytime that you're not spending in front of clients or prospecting for clients, you hire. Because that’s going to be the best use of your time," Madison added.

Madison recalled navigating a meeting with an $80 million manufacturing business and a client. The business was run by the client’s wife's father, who the wife inherited from. Despite inheriting the business, the wife decided to sell. She noted the client gave the wife the option to choose which advisor to do business with as he was there for support. She chose a male advisor.

“Not once did the male advisor in that meeting ask her one question or look at her one time,” she said. When we walked out, I said ‘How do you think that went?’ That's when he goes, ‘I thought it was great!’”

Regardless of gender, the essence is in building trust with clients, commented Foley.

“Regardless of what role you're playing in the household, we want to emphasize that it's cultivating a relationship,” she said. “It's about building rapport and building trust and that people know that not only do you have their best interest, I would say, objectively or rationally in mind, but also at heart.”