Whether you have chosen a new marketing team to work with, or are still interviewing to find the right one, you may be wondering what items you need to have in place to help it start off right. By getting these details together, you can launch this relationship with clarity and prepare to scale. 

To have a successful working relationship, you need a roadmap in place. Here is a checklist to get you started.

Marketing Strategy 

Make sure your team is aligned internally. You need to understand your long-term goals in order for marketing to plug into them. Without this, you’ll just be checking off tasks without a real understanding of where you’re going. Make sure you address the following critical questions: 

Take A Look Around (More insights on developing a marketing strategy here.)

• What have you done in the past for marketing? What has worked and what has not? 
• Who are your primary competitors?
• What is your primary competitive advantage?

Use Long-term Planning to Drive Day-to-Day Decision-Making

This is about the bigger picture. Having goals written down helps give everyone a starting place. These are goals for your company, not just marketing goals. Don’t get lost in the details. Provide enough to help the team understand major priorities and focus. 

• What are your company’s vision, mission, and values?
• What are your one-, three- and five-year goals?
• What are your long-term goals (10+ years)? 

Know Your Audience

• What are your current and ideal target markets?
• What core problem do you solve for ideal clients?

At Out & About, we have a marketing discovery process that helps us understand where you are now and where you want to go. We’ll ask the questions above and more.

Communication Decisions

Make sure you have the time to ensure your marketing strategy doesn’t just get off to a running start, but is set up to run a marathon. Make sure you answer:

• Who is the day-to-day contact? Who will the marketing team interact with?
• Who is your administrative coordinator? This person will help with printing, event prep, and other administrative items.
• Who manages operations and has access to email list management?

What Should You Expect When You Onboard With A Marketing Company?

In addition to having clarity on the above items, you can also expect some introductory steps from your marketing company. Here are the first things you’ll need to do to move forward with the Out & About team: 

• You will receive a checklist of files, logins, and more.
• You will get onboarded with our project management tool.
• You should prepare for meetings and communications.

We’ll share more details at kickoff. 

This early preparation can set you up for a great working relationship with your new marketing team. The best digital marketing firms come alongside you and support your goals, values, and mission. While it takes some time and energy on the front end to get that set up, the payoff is worth it. 

If you’d like to learn more about the process of working with us, we’d love to share. Just click here. 

If you’re still struggling to figure out why your current content marketing strategy isn’t working, here are some tips. 

Part II

This is the second in a series of blog posts to help mid-sized businesses with marketing strategy. Read Part I here.

Ring Two: Marketing Strategy

Our clients usually do not have a marketing strategy, or an “interior” to their painted house. This is a typical blind spot for mid-sized businesses because it’s invisible to the layperson, so without marketing experience, it isn’t obvious that there should be a strategy supporting the work. 

Marketing strategic objectives should be designed based on market research and analysis; we’ll get to that later. They should be measurable and supported by multiple tactics each. Because this tends to be new information for mid-sized business staff without marketing backgrounds, here are some sample basic marketing objectives our clients can relate to, plus sample tactics and methods of measuring:

Objective

Tactics

Measurement

To increase awareness of our services to our target market of XXX in the Dallas area (zip codes #####, ######, and ######). 

Downloadable tool for target market

## form fills to access downloadable

Ad campaign

#% click-through rate 

Blog posts tailored to our target market and calls to action on every blog

Time on site number of form fills, 

To build a brand known for high customer service

Dedication to customer experience at every touchpoint

XX% customer retention rates

XX%+ Net promoter score of 

30 new marketing-qualified prospect inquiries at the close of the fiscal year

Ad campaign

XX form fills

Grow referral network

XX referrals

Webinars

XX of slots filled

Note that the strategic objectives are supported by multiple tactics; this is what makes the tactics more effective. Studies have shown that customers engage with brands multiple times before making a buying decision, and brands with multiple digital capabilities sell at more than twice the rate of those that don’t. 

Finally, we’d like all mid-sized business clients to beware the traps of branding and rebranding. Here’s how to determine whether a branding or rebranding exercise is a good investment:

It has value when...

It doesn’t have value when...

Tactics depend on it

It serves no other objectives 

It’s grounded in research/learnings

It’s based on aesthetic refinements or a need to be “done”

There is a separate budget allocated to it

It’s competing for time/budget with lead-generation objectives

Research and Analysis: A Note

It may make sense to build or add to a marketing strategy over time as we get to know a client, rather than dictate all of it upfront. That’s in part because strategy should be based on market research and data analysis. Once in business, few mid-sized companies invest time to separately analyze different markets that evolve after they are in the black, and instead go by gut feel. We perform research and analysis upfront for our clients to inform a marketing strategy, but build it more slowly with clients that just want to crack open the front door, adding pieces along the way.

Ring Three: Foundational Marketing

“Foundational marketing” is a term we have coined to describe the basic, highly visible marketing collateral mid-sized businesses typically develop on their own, before contracting an agency. Foundational marketing is the paint on the house. Mid-sized businesses know they need a website, flyers, and perhaps social media properties. Some companies even have a YouTube channel, sponsor events, or host webinars. Developing this collateral is a lot of work.

Where businesses struggle is that foundational marketing is typically a box-check for them, an exercise to do. But it can only get a business so far. In fact, you may be surprised to learn that large corporations (and marketing idealists) don’t design websites, branding, product names, and so on without setting up their marketing strategy first. That’s why so many agencies will tell you to tear the house down and start over with a fresh strategy. 

The prevalence of this tendency, however, motivated us to design a new framework for marketing, with a specific place to show where all of your hard work belongs, and to work with it instead of throwing it away. The great thing about hiring an agency with this mindset is that we can start wherever you are in your marketing journey. You may be able to keep some of your existing marketing collateral while we put structure in place, and prioritize lead-generation activities while taking measured steps toward developing a stronger marketing strategy. It all depends on where you are.

Next week, come back for Part III, in which we cover ring four: Campaigns.

COVID-19 is forcing everything and everyone to go digital. We've had a lot of long-time prospects resurface during the pandemic. COVID has been a rude awakening for them (and, I think, many others) to really “think digitally.” It’s challenged businesses on all fronts—in industries as wide-ranging as healthcare, financial services, restaurants, and event planning—and organizations from mom and pop stores to Fortune 500 companies. 

If your business didn’t already have a digital mindset, COVID has certainly stress-tested if it can go virtual. 

Perhaps more importantly, COVID has also stress-tested your company culture. If you did not already have clear values and a company culture built in pre-COVID, the now majority-digital business world will only challenge your company’s communications and trust more. 

We’ve had some clients say, “I'm so thankful we have digital marketing in place to help support our sales team. The way we did things before wouldn't have worked with COVID..” We've also had prospects come to us and say, “We've got to go digital. How do we do it, and what do we need to focus on to ensure our marketing efforts work?”

There’s a three-point checklist for going digital.

To respond to the “how does it work” question—with what might sound like an unexpected response—digital or not, you must have three things really locked in:

1. Know your target market. 
2. Get clear on your company and marketing goals—which usually involves figuring out your unique selling point. 
3. Have a defined company culture, because for better or worse, it will be put in the limelight once you start to get into marketing.

If you have these basics figured out, you can go down one of two paths:

Path 1: Get regular, ongoing marketing in place. Think social media, e-newsletters, blog posts, podcasts, video, SEO, and/or PR—what’s called content marketing—to stay top of mind with your network. All these add up to lead generation activities, but they take a while to work. Once they do work, you’re coasting.

Path 2: Choose the campaign route. Campaigns are typically lead generation activities. Think paid ads, email workflows, account-based marketing, and more. The campaign route is typically very targeted. It can be short- or long-lived. You typically deploy a campaign to go after a set group of people. You learn from the data, tighten the campaign, and redeploy. 

You can go down paths 1 and 2 at the same time. It, however, will be a waste of your resources if you don’t know your target, have a USP, and clear company culture (items 1–3 listed above) and you don’t have the resources. 

We live in a digital world.

As you’ve probably seen in the post-COVID world, people don't just interface with you at a networking event. Even before COVID-19, it was clear people do more than just interface with you at networking events. Now, interacting digitally is even more critical—folks go to your website, read your blogs, see your emails in their inbox. They interact digitally. 

The digital world lets prospects research your company in new ways, and this increases the number of needed touchpoints to help warm them up to engage with you. So, make sure you are giving them those resources and staying top-of-mind—with a consistent brand message on a consistent basis. 

Bottom line: Get your basics in order and determine what are realistic goals based on your budget and desired outcome. If you don’t put in the strategic energy upfront, the output will be scattered, and you won’t hit your targets. 

Has your company gone digital during the coronavirus pandemic? What tactics have you found to be effective? Let us know in the comments!

Part I

This is the first in a series of blog posts to help mid-sized businesses with marketing strategy. 

As a digital marketing agency serving the financial industry, we work mostly with mid-sized businesses at Out & About. Most of our clients come to us having already done some marketing initiatives, but they don’t have the time and specialized skills to do the behind-the-scenes marketing work necessary to get their efforts to pay off. What typically has happened is that they’ve worked on the most visible marketing initiatives without putting structure in place. It’s a little like painting the exterior of a house, but not putting walls on the inside. An agency is needed to put up the walls. 

What typically happens when an agency is brought in, though, is that the small business really likes the paint on the outside of the house and has spent a lot of money on it. While other agencies may tell them to start by tearing down the house and rebuilding, in most cases, we don’t think that’s realistic or prudent. There are other ways to build a marketing strategy that respects the work already done. Here’s how we do that. 

Understanding the Structure

First and foremost, we want our clients to understand what a marketing strategy is and how it fits within their business strategy. 

Second, we want them to see where the work they’ve done to date sits within a strategic framework. 

Third, we want to work with them to make a plan for filling in the blanks and executing on that plan. 

Enter the four rings of marketing.

Ring One: Business Strategy

Our clients usually have a business strategy in place. Business strategic objectives may be “Increase to $1B in total AUM in the next 3 to 5 years” or “Add tax-planning capabilities this year.” Ideally, within the business strategy, there are many other strategic plans, such as marketing, operations, and sales, but we will keep a focus on marketing. 

Next week, come back for Part II, in which we cover rings two and three.

The Out & About Blog Spotlight Series elevates insight from the financial service industry’s best and brightest. We cover challenging topics around diversity, inclusion, purpose, and inspiring the next generation. 

Through sharing insights and best practices, together we can shape the future of the financial services industry and support improved access to qualified, ethical financial advice and resources for all.

This week we interviewed Armond Croom, founder and CEO of The Financial Effect, a financial coaching business based in San Diego, CA. He has been a trusted financial advisor for more than 15 years, and believes that by using money as a tool, families can change their financial future.

What made you decide to pursue a career in finance?

After being in the Navy, I decided I didn't like working for anyone. My Navy experience was crucial to my career, so I would still do it again 10 times over. Since I had a degree in finance, I wanted to start a business using my degree, but I wasn't sure what exactly I wanted to do. My best friend at the time, convinced me to attend a dinner where financial planners were pitching their services to new clients. I started asking about becoming an advisor, and they were eager to set up an appointment with me. I had no clue what I was doing, and honestly, I just got lucky enough to choose the right company at the right time to mentor me in my career.

What part of your work gives you the most satisfaction?

Of course, helping people, but I also love the flexibility that my career gives me to spend time with my family. I have always loved talking about money and the economy, and now I get to talk about it every day. I love creating new relationships and finding out more about people, but I really get excited when I see progress. When clients see the difference that one year or two years make after working with me — that brings me joy.

It's incredible to see my clients who never thought it would be possible to send their kids to college or pay for their kid's wedding. I work with this idea in mind: my clients should live in the moment...they don't need to stress about the money, they can just celebrate with their family and leave the money to me. Helping them create a future for their family is exciting.

What needs to be done to diversify the financial services industry?

A lot of things! To be honest with you, I had never heard of a financial planner until that same friend introduced me. I remember sitting in that financial advisor's office, thinking that he was trying to rob me.

Many African Americans are not comfortable spending money on a financial planner, and they haven't been exposed to the work that we do. I think as planners, we need to work on making the African American community more comfortable with using a financial planner. We need to build relationships inside communities that need wealth-building strategies. Once financial planning is normalized among African American parents, their children will understand, and we can start building generationally.

What advice would you give financial professionals just beginning their career?

The financial planning business is difficult. You can make or break your career depending on your ability to add new clients. I owe my career to having great mentors and having the ability to gain trust. 

A word of general advice: find a few financial advisors in your area and interview them to see how they can help you become a financial advisor. Let them tell you how they run their businesses. Look at each financial planner and see what their work habits and family life is like and then adopt some of their practices. You can adapt these practices to fit your style as you progress. I would also work under a financial advisor allowing him or her to profit off of my production. I would pay my mentor for his/her time. Yes, pay your mentor! Make them vested in your success! Your mentor isn't always going to be right, but if you choose the right mentor, he or she will be right at least 95% of the time. You can take what they taught you and build your own business.

Is there anything else you would like to add?

I'm a big kid who likes to joke and have fun, but when it comes to business, I'm serious because I've been providing financial advice for over 15 years. I also want to add, that clients are better off having a financial advisor than not having one. Having an advisor is like the difference between having a personal trainer vs. working out by yourself. Financial planning clients are going to do more and make essential decisions sooner. I have seen people do well without a financial advisor, but hiring one is life changing. We keep people from procrastinating.

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If you enjoyed this spotlight, please share this post and follow the links below.

• Website: thefinancialeffect.com
• Linkedin: linkedin.com/in/armondcroom/ and linkedin.com/company/the-financial-effect/
• Twitter: twitter.com/financialripple 
• Facebook page: facebook.com/thefinancialeffect/
• Instagram: instagram.com/thefinancialeffect/

Out & About Communications, an integrative marketing and communications firm based in San Diego, CA, is seeking a go-getting digital marketing specialist to join our team. This is an independent 1099 contractor's position.

TO APPLY, SUBMIT YOUR COVER LETTER, RESUME AND CAMPAIGN EXAMPLES TO HELLO@OUTANDABOUTCOMM.COM.

THIS ROLE IS FOR YOU IF…

• Creating ad campaigns, turning over stones to understand data sets, testing and adjusting paid campaigns are your jam
• Creating keywords strategies, SEO game plans, SEM and setting up PPC campaigns are your thing
• You love to geek out over Google tools, are on top of paid ad trends and are always curious about the digital world
• You get excited about testing out strategies, but also appreciate tried and true methodologies to bring home the bacon
• You’re passionate about funnels and understanding the digital landscape 
• You can get in the zone working on a project on your own, but you also appreciate working with a team
• You’re excited about the prospect of learning from and working with others who share your expertise
• You enjoy the challenge of putting together reports, analyzing data and making strategic recommendations 
• You’re always learning, but you know you’ve found your home in the digital world

QUALIFICATIONS

• 3–5 years of hands-on experience with setting up and running campaigns
• Ability to implement and monitor Google Analytics, HubSpot and AdWords
• Experience setting up and running SEO, retargeting, PPC and email automation campaigns
• Experience working with WordPress, HubSpot, Constant Contact and MailChimp
• Fluency in Google Docs and Dropbox
• Ability to work quickly and efficiently under pressure with strong communication skills

We anticipate needing approximately 5 to 20 hours a week of support. If you possess the above experience and qualifications, and are a self-starter who has a genuine passion for marketing, excellent judgment and an efficient work ethic—we’d love to hear from you.

From fees and commissions to stocks, taxes, and retirement options, financial advising can seem complicated and confusing to even a seasoned investor. If you’re thinking about investing or saving, it’s wise to do your research so you can choose a trustworthy financial advisor to help you navigate the process. But where to start? As consumers, we have plenty of options. When your money is at stake, it’s crucial to become familiar with the industry, so you can protect and strategically grow your assets. 

At Out & About Communications, we specialize in the financial services industry. We have worked with numerous wealth management and financial advisory companies of varying employee and asset size. We’ve seen it all. We know what has helped clients and what hasn’t, so we have a close take on what investors need to keep in mind when selecting an advisor. 

We’re sharing what we’ve learned from working on the inside to provide some valuable insight into choosing a financial advisor and firm you can trust.

What’s in a name?

When scouting a new financial advisor, a single title can tell a story. 

Are they a Registered Investment Advisor (RIA), fiduciary or financial advisor? 

RIAs and fiduciaries are considered fee-only, meaning they don’t work off commissions. Financial advisors who don’t have this distinction, sometimes referred to as fee-based, are most likely compensated based on the products and services they refer to their clients. While this isn’t necessarily a red flag, with the potential to earn significantly lucrative commissions, this could mean you walk away with products or services you may or may not need. Held to a different ethical and legal standard, RIAs and fiduciaries dedicate their time to recommending options that are in their clients’ best interests, without being tempted by a big payday. 

Do they have any certifications or affiliations? 

Whether they’re a CFP® (CERTIFIED FINANCIAL PLANNER™), CPA (Certified Public Accountant), or other designation, these acronym endorsements are a good thing. It demonstrates advisors are investing in continuing education and staying well versed in their field. It’s a bonus if they’re a member of NAPFA, the National Association of Personal Financial Advisors, an association for fee-only advisors.

Have they built an online presence?

When you pop the advisor’s or firm’s name into a search engine, what do you find? Their online presence can tell you a lot about what to expect when working with them. If the website is outdated or they’re not connecting on social media, they may take a more traditional, “old school” approach to planning. While this may be your preference, these types of advisors or firms may not be positioning themselves for sustained growth, or be familiar with the needs of a younger client base. It’s beneficial to know systems and practices in place so you can depend on the advisor or firm as a long-term partner. 

On the other hand, if the firm or advisor has a more savvy online presence, you may expect some modern conveniences like electronic onboarding, web conferencing, and other services that may better suit your needs.

File this under, “The More You Know”: Due to regulations, financial advisors can’t promote client testimonials of any kind in their advertising. Be wary of positive or negative testimonials you find online.

What are their intentions?

Communicating clear objectives up front will help manage expectations on both sides of the table. Understand the advisor’s approach and philosophy: are they more focused on savings, stocks, or overall wealth management? The answers will determine if they will be able to help you save for a house or your child’s college fund, or if they can develop a holistic, graduated plan through your retirement years. Ask about the services provided, their thoughts on mixing up strategies and their goals for your relationship.

What do your instincts tell you?

Choosing to invest your hard-earned money in a committed plan with anyone is a decision that requires ample research, and a good old-fashioned gut check. You’ll potentially be working with this firm and advisor for decades, divulging personal information, and acting on recommendations that could affect significant areas of your life. Trust is paramount to ensure this person has your best interest in mind. Do your interactions foster peace of mind? Are they responsive to you and your needs? Can you see yourself partnering with this person through your wealth accumulation, as well as retirement years?

Financial advisors are not all created equally. Taking the time to research and interview candidates can be the difference between a prosperous financial partnership or just another disappointing transaction.

The Out & About Blog Spotlight Series elevates insight from the financial service industry’s best and brightest. We cover challenging topics around diversity, inclusion, purpose, and inspiring the next generation. 

Through sharing insights and best practices, together we can shape the future of the financial services industry and support improved access to qualified, ethical financial advice and resources for all.

In this week’s spotlight, we interviewed Ben Hockema, founder and advisor at Illuminate Wealth Management LLC based in Chicago. In this interview he discusses the positives of diversity in the workplace as well as key advice for financial services professionals who are just starting out. 

What made you decide to pursue a career in finance?

Growing up, I planned on pursuing something in the medical field, like my father who is a surgeon. But, while a freshman in college, my dad recommended that I meet with his financial advisor to find out about the industry. After spending just an hour with the advisor, I was hooked on the idea of working with clients to marry the "science" of financial planning with the "art" of communicating with clients. I spent three summers interning at that firm, along with the first 10 years of my career before starting Illuminate Wealth Management. I am blessed to partner with two people who I've known for a long time, a good friend I met when we were 6 months old at daycare and a mentor I worked with for five years before he retired and transitioned his clients to me.

What part of your work gives you the most satisfaction?

I like working with my clients over many years and seeing them go from stressed about money to having peace in their situation. I enjoy helping clients identify the things important to them and then have a small part in them pursuing those things. It’s excellent! It is the combination of being a coach, therapist and technical analyst for my clients that makes me feel lucky every day.

What needs to be done to diversify the financial services industry?

I believe it starts with early financial education, both of basic prudent financial principles and what the industry entails. Many people believe that "financial services" is either working on Wall Street, which requires an ivy league education and connections, or a sleazy salesperson tricking people out of their money. Of course, those exist, but I am constantly encouraged by some of the amazing people in this industry who care about clients deeply and want to help people succeed. Those stories need to be shared more to open the doors to new advisors and planners from all backgrounds.

We also need to be willing to look in the mirror and admit that the majority of firms are led by older, white males. In and of itself is not a bad thing, but if the majority of the leadership is of similar backgrounds and have had similar experiences, they build their firms with that in mind. It is not intentional, but it can lead to attracting and hiring more people that think the same way, which limits diverse thinking and backgrounds.

What advice would you give financial professionals just beginning their career?

Find a mentor that is willing to invest in you to let you make mistakes and learn from them. Do the right thing, always, even if it seems to be worse for you in the moment. Be patient. Since I started as an intern, I have always had an internal pull towards working with the next generation of advisors. Over the last five years, I have worked with six interns / new professionals. Most of the time, one of the biggest struggles I've seen is the understandable high urgency on their part. Each wanted to move quickly into client-facing roles, move up the ladder and become partners and "1st chair" advisors. All are great goals, but there is a lot to be said about gaining experience, rather than just book knowledge. It can take years of experience to get out of your head and be able to pick up on the non-technical side of this business. If you're in the right firm and have the right leaders in your corner, you will get there, it just might be slower than you'd like.

Find a group of like-minded peers that you can learn and grow with. Several years ago, I helped form a peer group of younger financial planners in the Midwest, which we meet semi-annually in person (pre-COVID) and talk regularly between meetings. It is amazing to see the growth in each individuals' careers and skills as we have been together sharing everything for almost a decade. We can have the tough conversations necessary as caring third parties, which has helped each of us hone in on the most important things for our careers and lives.

Is there anything else you would like to add?

As in many other places and industries, we are at a very interesting time in the financial services industry. There still are very few consumers that know about independent, fee-only advisors, while at the same time technology is changing the capabilities and expectations for successful financial services companies. Many financial advisors will be retiring in the next decade and new services we cannot imagine doing today will be expected in the future. Now, more than ever, successful advisors and firms will need to adapt and embrace the inevitable changes to come. I'm excited to see what is ahead!

Ben and his wife Kristin celebrating their10th anniversary recreating one of their wedding shots this year.

Ben with his puppy Luna who spends most afternoons sleeping under Ben's desk.

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If you enjoyed this spotlight, please share this post and follow the links below. Interested in more financial services spotlights? Click here to read more!

• Website: illuminatewm.com
• Linkedin: linkedin.com/in/benhockemailluminate
• Twitter: twitter.com/IlluminateWM
• Facebook Page: facebook.com/Illuminate-Wealth-Management
• Instagram: instagram.com/benhockema  

The Out & About Blog Spotlight Series elevates insight from the financial service industry’s best and brightest. We cover challenging topics around diversity, inclusion, purpose, and inspiring the next generation. 

Through sharing insights and best practices, together we can shape the future of the financial services industry and support improved access to qualified, ethical financial advice and resources for all.

For this week’s spotlight, we interviewed Marianela Collado, CEO and Senior Wealth Advisor at Tobias Financial Advisors in Plantation, Florida.

What made you decide to pursue a career in finance?

I was taught early on about the importance of saving and planning. It was drilled into me. My mom would always say, “I don’t care how much you make, you need to save.” I remember seeing my parents struggle at some point. They would always come to me with questions on what to do with this issue or that, and that shaped me. Don’t make fun of me but I started keeping my personal books when I was 15 and buying stocks on my own (without a broker). I realized I wanted to help people solve issues whether that is with tax or overall financial planning. The more complex, the more I enjoy it.

What part of your work gives you the most satisfaction?

I think there are several aspects of my work that provide satisfaction. Hiring and fostering a team of highly-qualified, diverse professionals in an industry that has typically not showcased diversity, is a major point of pride. Our team members collaborate daily with a vested interest in what will best serve our clients. I believe that their diverse perspectives, backgrounds, and credentials are a huge asset to the clients we serve.

As well, working with people to identify their financial goals, being alongside them on the journey, and celebrating the achievement when a goal is met, fuels my passion for financial planning. There is no better feeling than being a part of someone achieving their dream.

What needs to be done to diversify the financial services industry?

First and foremost, I think firms need to make it a priority. Our world and our local community is filled with diversity. Therefore, a firm’s team members should be a true reflection of the individuals it hopes to service. I think when interviewers conduct a job interview with this mindset, it helps to refocus and appreciate the need for diversity within an organization.

What advice would you give financial professionals just beginning their career?

The best advice is to persevere and remain committed to your goals. Follow your passion and surround yourself with people who make you better. Look to work with a team that you can learn from and grow with. There is no substitute for hard work and it does eventually pay off. Take risks as each failure or success will provide essential learning opportunities to further your path in your chosen career. Stay steadfast in your optimism as this positivity is much needed in the financial service industry.

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If you enjoyed this spotlight, please share this post and follow the links below.

• Website: tobiasfinancial.com 
• Linkedin: linkedin.com/company/tobias-financial-advisors-inc/
• Facebook page: facebook.com/tobiasfinancial

The Out & About Blog Spotlight Series elevates insight from the financial service industry’s best and brightest. We cover challenging topics around diversity, inclusion, purpose, and inspiring the next generation. 

Through sharing insights and best practices, together we can shape the future of the financial services industry and support improved access to qualified, ethical financial advice and resources for all.

We had the honor to interview Sheena Gray, Executive Director of U.S. Wealth Management Diversity and Inclusion Lead at JPMorgan Chase & Co. In this role, she has been able to have a huge impact on the leaders across the organization. She helps to train and equip them to create an inclusive environment and identify unconscious bias so that employees can come to work and be authentic every day. 

She says that fostering an inclusive environment is just how they do business. Period. It’s not just checking off a box. Diversity is broader than just race or gender; it includes diversity of thought, educational backgrounds, socio-economic backgrounds and more. This variety of talent brings a rich culture to her organization and allows employees to better relate to and serve their clientele. Because of this culture, she personally feels like she can show up and be her authentic self at work too. She shares that though big strides have been made, there is still a lot more work to do in the financial services industry. It starts with each individual being aware of the issues at hand and making a conscious choice to be a part of the solution. Once that happens, there are a multitude of tools, resources to help support that mission, and that is where her role comes in.

She shared a quote from Vernā Myers that says, “Diversity is when you’re invited to the party, but inclusion is when you’re asked to dance.” At her Chase, she wants to make sure that her employees are always asked to dance. 

Click here to watch the full interview with Sheena Gray.

If you enjoyed this spotlight, please share this post and check out the resources below. 

• JPMC Diversity and Inclusion: about.jpmorganchase.com/about/people-culture/diversity-and-inclusion
• Main website:  www.jpmorganchase.com

Other interesting links:

• Barry Simmons in Savoy: JPMorgan Chase Names Barry Simmons as Eastern Divisional Director for its US Wealth Management
• Business Barron’s: There Are Still Values in Tech and Health Care. How J.P. Morgan’s Tracey Gluck Finds Them

Press articles:

• Forbes Advisor
• Spotlight Barron’s 2020 America’s Top Women Advisors – Features our own Liz Weikes from JPMS

Webinar:

• USWM Webcast: Overcoming Adversity – webinar event

Social Media Links:

• Contact Us
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INTERVIEW TRANSCRIPTION

Lauren (00:12):
Hi and thanks to everyone for watching. So today we're very excited to have Sheena Gray join us. She is the Executive Director of U.S. Wealth Management, Diversity and Inclusion Need at J.P., J.P. Morgan and Chase and Company. So she has a very incredible background and we're excited to not only hear about her background, but how she got to her role that is focused on diversity inclusion. Then also, we will talk a  little bit more about what Chase is doing to support diversity inclusion efforts, as well as just inspiration for the next generation, who are looking to get into this financial services space. So, I've said enough, Sheena, now we will let you take it away. So can you just share a little bit about what brought you to Chase and really how you got into financial services in general?

Sheena (00:59):
Sure. So I actually started out my career as a bank teller at the age of 14, and it was a great program that was implemented by my high school. And I had the opportunity to work with a phenomenal financial advisor who worked in the branch, and did an awesome job at selling if you will, the opportunity to work for a bank. She actually served as my mentor throughout college and throughout my high school career. And she shared with me all of the strategies and the things that she learned in her own personal life to help her build her personal wealth. And then how she talked to her clients. 

Initially for me, I wanted to go to school and be an attorney, and that was my primary focus. But after continuing my relationship with her I have the opportunity to see her growth and see her succeed in her current workspace. And then that motivated me to kind of pivot and change my career path. And that's how I had the opportunity to go into the financial services industry. Initially, I started as a financial advisor outside of JP Morgan Chase, and then I entered the firm, with the sole focus of going into leadership. So I started out at the bank managing branches. And then after doing that as a people leader for the last 14 years, I landed in the role of diversity and inclusion for U.S. wealth management.

Lauren (02:24):
Oh, that's wonderful. Can you share a little bit more about what your role looks like and how Chase is leaning into the efforts around diversity and inclusion?

Sheena (02:36):
Sure. So in my current role, as it relates to diversity and inclusion, it's our job in the current space that I sit in to ensure that our U.S. wealth management employees are in an inclusive environment and that we are retaining and attracting diverse talent. So, many of the initiatives I help drive in this diversity and inclusion space for JP Morgan Chase are geared towards our diverse and primarily our black population of advisors.

Lauren (03:12):
Very good. Can you share a little bit more about the types of initiatives that Chase is taking to fulfill that mission? So either specifics around training for hire, you know, around training or hiring or initiatives that you're doing that work to continue the communication?

Sheena (03:33):
Sure. So like all DNI leaders, there's always training. We always have training for unconscious bias. We always want to make sure that our employees are fully aware of bias that can be present. And most importantly, that our employees and our leaders are treating our employees fair. But one of the things I really like about our firm is we don't stop there. We encourage our leaders to understand that having an inclusive environment is how we do business, right? It's not just a check of a box. We want to make sure that every conversation we have with our employees, we make sure that our leaders are equipped with all the resources and tools that they need to have those courageous conversations with their teams and that they explore and continually increase diverse representation at every level. 

And that's one of the things I like most about the career path that I've kind of landed in over these last few months is I get an opportunity to make such a huge impact. Not only in the U.S. wealth management space, but with other leaders across the organization. Because we all work together. We love to say we're all one Chase, we're all one big family. And when it comes to making sure that we make our employees feel like they belong, we all work together to make that mission happen.

Lauren (04:57):
Very good. And then for, you know individuals that are just getting their career going that may want to jump into this space, what advice would you give to them?

Sheena (05:10):
I would say be open to the fact that the financial industry is not just about being a banker anymore, right? There's so many different roles and career paths that are available. And I think that so many college students look at the bank and they think that there's just one track. We have so many fields and opportunities available as it relates to the tech space, digital space, operations... um there are so many moving parts that have to come together to ensure that the advisor is able to make a great recommendation for their client. 

I feel like when I look at some of the college students that I mentor, and some college students that are in some of the organizations that I support, I don't think that they look at the financial industry as the top field to go in. And when I think about what's going on in the world today, and I think of how we all had to pivot over the last few months, as we have turned to working remotely in this COVID season, and we all have to have a better work life balance. Working in a financial industry will give you the opportunity to have that balance. 

I can speak for myself as a mom of four and as a leader in diversity, right. I mean, who would have thought that I'd be working at a bank in diversity? When I think about the conversations that I've had with my daughter, when she asks, “Mom, what do you do for a living?” You know, she just assumed that I was a banker. I saw her, you know, do a presentation at school about her mom. And she says, my mom's a banker. I'm like, “ I'm not a banker, where'd you get that from?” Right, because I work at a bank, that's her association, right with banks. 

And so what I would tell a young person going into the field is first find a mentor within Chase, someone to sponsor you, someone to kind of show you the rules of the road, if you will, and help encourage you to find the best career path for you. And we have great people in our team that do just that. Ask questions, check LinkedIn, to see if there is someone who is currently at your university that has graduated from your university, works at Chase that could help kind of provide you a good path on what you need to do next. And then lastly, I would say just, just always remember that this industry is definitely where you want to be. We offer the same flexibility that so many other industries offer. Um but what makes this one most unique is that working in the financial industry allows and affords you the opportunity to learn how to increase wealth in your own household, because this is what you live and breathe and do on a daily basis. It makes it easier for you to catch on and then share with others in the community and in your homes.

Lauren (08:01):
Yeah, that's really good. That's really good insight. And that's so true when you're exposed to more information and knowledge, it makes you smarter. So then you can actually apply that and then you can support, like you said, your community as well. And you make a great point too about it not just being an industry to sort of overlook, but they're really looking a little bit deeper that there's a lot of opportunities there.

Sheena (08:25):
Definitely, you know, I think about my childhood growing up. I grew up in a household where we didn't talk about money. I grew up in a household where we didn't have a financial advisor. I didn't see my parents sit at the table, planning for their retirement or for our college, even. “ I was just told you better get a scholarship if you want to go to school.” And so look at the opportunities that have been afforded to me. And I'm so grateful that I'm able to share what I've learned with my daughter helping her open her first bank account at 13 years old, helping her buy stock, you know, at the age of 10. So the things that I've learned as a financial services professional, I'm able to not only show her, but then she'll share that and pass it to generations to come. And it just goes, you know, it's cyclical from there. So it's important, especially in the black community, to make sure that we represent the importance of financial services because increase in black wealth is so important. And having those conversations in the household, I mean they're necessary.

Lauren (09:34):
Absolutely. Yeah, so good. And in your role, you know, you've been in this space for some time. You've seen a number of different sides of the industry. And now you're, you know, really in a unique position where you can sort of see that, that umbrella view, I would assume. And talking about those strategic conversations and from your perspective, what do you feel like needs to be done in the financial services space to really, ensure that diversity and inclusion lives and breathes throughout not only everything that you're doing at Chase, but then outside of Chase at large?

Sheena (10:12):
I think as financial services leaders, we have to be culture keepers. We have to make sure that our culture is one that breeds inclusivity. We have to make sure that we have a culture that makes folks feel like they belong. And I think that's what sets JP Morgan Chase apart from the rest. I can come to work and show up and be who I am every single day. And I think over the years in coming from a regulatory environment, which I have been in the last seven years, which is very, very different from what I do now, I can honestly say that I appreciate working in this diversity space and just being able to not just follow the rules of the road, but make a huge impact in how we treat not only our employees, but also our clients, because we want to make sure that, you know, we like to say here at Chase, a happy employee is a happy client, right? So it starts at home. We have to make sure that our employees are well taken care of. We have to make sure that we not only attract talent, but we also retain the talent that we have. So as financial services professionals, we definitely have to do a better job,at making sure that our culture is inclusive. 

There is a Vernā Myers  quote that says, "Diversity is when you are invited to the party, but inclusion is when you're asked to dance." So I want to make sure that at our firm, that you're being asked to dance and that you understand that diversity is not just about race, it's not just about gender, right? It's also about a diversity of thought and where you went to school— all of that matters, right? So I think that as a firm, if we continue to lead with the “I” in inclusion, I think we'll be successful and I think across the board, in the financial industry, we all have to do the same. I mean the numbers don't lie, so we all know that we have work to do, right? So it just has to start with you. It has to start with what you believe, how you show up, and most importantly, how you foster an inclusive environment.

Lauren (12:26):
It's so, so good. It's inspirational hearing you share that. I love that quote too. So what upcoming initiatives do you have going on at Chase that would be good for those listening to know about?

Sheena (12:42):
So a few things. So, as I mentioned before, we want to make sure that our employees have mentors, right? Success has been proven when you have someone that is outside of your four walls. So we're now in zoom, right? So someone outside of your box, your Zoom box every day, that is truly leaning into you, supporting you, encouraging you and just being a listening ear. 

So we have provided for our diverse employees, mentoring circles. With the mentor and circles that we've started, they're led by our black leadership forum participants. And those particular leaders are sharing that when we have brand new employees start with our firm, that they have the support that they need to be successful and make sure that we continue to train those mentors and equip them with everything that they need so that they are quality mentors, if you will. 

We also have extended memberships for the association of African American Financial Advisors that's one of our partners that we have, and we make sure that our members who not just our members, but our financial advisors hold those memberships and that they partner with organizations that they can network with and help build their professional skills. 

The third thing that we've launched here at JP Morgan Chase is a partnership with the CFP Board's Annual Diversity Summit and the primary purpose of partnering with that summit is to increase diversity representation within the wealth management industry and ensuring that our advisors have the opportunity to obtain their CFP. And that's something that the firm actually sponsors for our advisors as well.

Lauren (14:26):
Wonderful. Well, thank you for sharing those and we'll include the links below and the additional resources for the various initiatives that you all have going on or are sponsoring. As we're wrapping up here, is there anything that you would like to close with or share in reflection from our conversation today?

Sheena (14:46):
I would say, you know, one of the things that we model here at Chase is that we want to make sure our employees feel like they belong here. And if I could give any advice to any young professional looking to start a new career, I would say JP Morgan Chase is definitely the place to go. And not just because I work here, but because I grew up here. When I think about the last 14 years of my life, I grew up at JP Morgan Chase. The relationships and networks I have built have made me who I am, and not only have they made me who I am, but I'm able to also pour out to others and share the things that I've learned. And it goes right back into that full circle. And I see so many of my colleagues doing the same. I would definitely say, this is the place you want to be.

Lauren (15:40):
Wonderful. Well, thank you so much for sharing a little bit about your background and insight. We really appreciate your time and we look forward to continuing the conversation.

Sheena (15:53):
Thank you so much, Lauren.

Lauren (15:55):
Alright, thanks.