Elaine:
It's just learning from them on a daily basis on what they're doing, the way they're thinking, how they plan on giving back. Just really getting to know these people. I really like our clients.
Sam:
Welcome to the Women on the Move podcast from JP Morgan Chase. I'm Sam Saperstein.
Sam:
Women on the Move is a global initiative at the bank. It's designed to help women grow their businesses, improve their financial health, and build their careers. Over the last few episodes we've highlighted examples of mobility, talent development and career progression at our firm. Everyone's story and experience has been unique, but there are definitely many common threads coming through. These include leadership, risk-taking, and mentorship.
Sam:
Today we'll stick with these broader themes and also discuss excellence in client delivery.
Sam:
Our guest is Elaine Myers. Elaine is one of the most influential and successful financial advisors in the country. She leads a team that specializes in wealth management for ultra high net worth individuals. As you'll see, Elaine's ability to adapt and innovate to meet the evolving needs of her clients has kept her at the top of her game. I'm so happy to introduce you to Elaine.
Sam:
So, Elaine, thank you very much for joining us and being on the podcast with us. It's really great to be able to speak to you.
Elaine:
Thank you.
Sam:
You have been on many lists of top financial advisors over many years. You've had great public recognition of your work. You have more than 20 years of experience in this field and you manage nearly 3 billion in assets, which is terrific. So, I just wanted to start out with having you tell us about your current role. What do you do on a daily basis?
Elaine:
I have a team and we each have very defined swim lanes, I call it. We each have our own passion. I absolutely love what I do. I love working with clients, I love helping them build out their longterm plans. And, each of our team members works in an area that they love and identify where they want to grow. So, and I think that matters. You can feel a difference in the team. So, people are passionate about what they're doing. So, my role is to really interact and help clients, by listening to them and understanding what they're trying to do, what their goals or concerns are, help them build out a longterm thoughtful plan. Then other people on the team are very specialized in their areas and it's segmented so that they're focused on their segment.
Sam:
When you're putting together your team, what are you looking for?
Elaine:
We've intentionally built out a diverse team. I think diversity matters. It offers different perspectives or points of view, what else are we missing? So, just like any company, we're trying to fill in the gaps with smart people that also fill these buckets of age, gender, orientation and nationality. I think it creates a client experience. We're very selective with how we built our team.
Sam:
And, when you approach your work, I mean obviously it's very important to know the market and know how to advise clients on what to pick and choose for their portfolios, but you're also building a business. How do you think about that? How do you think about going out and looking for new clients and just being a business woman driving a business?
Elaine:
Our clients are like artists, I call them artists and they're very focused on building their next masterpiece and there are masterpieces or things that disrupt industries. So, that's their mindset. So, we also have to think differently. So, early on we changed our approach. We offer something I think a little more deeper of a relationship. It's more of the totality of the situation. We start by educating them and then on the various pieces of the puzzle and just creating this partnership.
Sam:
And, do you think that has led to more longer term relationships with your clients?
Elaine:
Absolutely. That's what we want. We want relationships with our clients that identify with us. It's a true partnership.
Sam:
When you say you talked to folks in a consultative way, what does that mean? What would a conversation with a client look like over a period of time?
Elaine:
It starts with really ideally meeting them face to face and just listening to them and listening and looking at their body language so that you can read, are they uncomfortable or is there something that they're not asking that they should be?
Elaine:
I feel what differentiates me at least, is as a woman, is that we have the ability to really listen and empathize right with what's going on with their situation specifically, and then just try and educate them based on their personal situation. I don't want it to feel transactional at all. I want it to feel like it's a longterm relationship and so that's what we're looking for is this partnership with our clients.
Sam:
Do you notice anything different about men and women clients? Are women looking for different things? Do they respond differently to certain things? What have you noticed?
Elaine:
I feel it's more of a relationship for women and we're listening. They're listening to us. They want to work with people that they trust. It's educating them on whatever their personal situation is and creating what I would call a smart valued relationship and not a transaction.
Sam:
So, I've read that you've said, and this is a quote, "traditionally financial planning covers emergency funds, college planning and retirement, but it gives less guidance on balancing distant financial goals with special present experiences." Things like vacations, self care, and then you said "taking care of your family starts with taking time for you." How do you bring that to life with the clients?
Elaine:
It's important to be balanced or you'll burn out. So, if they're having a liquidity event, it's just really understanding what do they want? What are their goals? What are their concerns? What are their passions? Are they philanthropic? Are they concerned about their children for education or how much to leave for their children? If they were to retire, how much can they live on each year? My clients, if they're retiring now, is at a very young age. So, how much do they need to afford for annual living? I think it's just providing kind of that type of guidance.
Sam:
And, do you find when you have conversations like this with clients, do you often uncover things they just might not have even been aware of or thought about?
Elaine:
Absolutely. I mean, it's stressful when you have a liquidity event. It's a good stress, but it is stressful. And, so it's various conversations. It's just educating them, listening, digesting the conversation on their end and on our end, we don't want to make it too complicated. We, it's a bit overwhelming and may roll off of my tongue, but it may sound foreign to the person on the other side. So, we are very cognizant of that fact and really just try to baby-step the process because it's overwhelming.
Sam:
And, when you talk about liquidity events, so you're working with the clients, many of them in the technology industry who might have sold the company or something else to generate wealth.
Elaine:
Right. So, our core focus or founders or early employees. And, so they typically have similar questions, similar concerns. We're not reinventing the wheel. This is something that we become an expert in the various nuances for this type of client.
Sam:
And, do you find that there's a lot of education people need or do they start with a baseline of information? How have people in that situation thought about investments up until that point?
Elaine:
There's definitely a lot of education. I mean, they're very focused on what they're building. They understand that and so our goal is as they have a concentrated, usually it's tech position, we're going to build something out with the first traunch that's not correlated in any way to their company. And, then as they have more liquidity and we're talking to them about preaching diversification, then we're showing them a portfolio that will eventually, as they sell more of their tech will then include growth or tech. It'll be a fully diversified plan. It's just baby stepping it because otherwise it's overwhelming and people will do nothing.
Elaine:
Think about when you have a project at home or anywhere where it's an overwhelming project, you tend to put it off. We don't want them to put it off. We want them to be efficient. We want them to have something set up. So, we just kind of baby-step each part of the process. I think it's very important not to rush it. You have to be thoughtful. They've worked so hard on building their nest egg. You don't want to just come up with a solution. I think that's something maybe that women do differently is we're not, I don't walk in with the solution. I walk in ready to listen and understand what your concerns or goals are and then just kind of make suggestions that I've seen that other clients typically do. and then just kind of have a conversation and a dialogue so that if we're invested, they're not calling me to sell if the market's down, they understand the investment strategy once we to that point.
Elaine:
But, really it's the overall entire relationship.
Sam:
And, so when you're also helping clients think through bigger changes, market changes, or next stages of their life, how do you go about bringing that thinking that forward, thinking down the road to them? Is it your team only or are you tapping other folks around the firm? What does that process look like?
Elaine:
So, I'm a mother of four children and I've learned to outsource at home. You need help, it takes a village. And, the same applies on the work front. I have a fabulous team that are passionate about what role they have on the team and we outsource parts of it. We work with the research and CIO team to come up with the asset allocation. We work with the research team to help us figure out the managers that we want to use versus passive and active and what complements one another. And, then we have account reviews with our clients and we're talking to them, wait, we want to keep taxes in mind. We partner with their CPA so that they're part of the relationship and we want to just kind of work as a team, one giant team. So, that creates a multi-office kind of experience for the clients.
Sam:
So, let's go back to that. You mentioned you're a mom and a mom of four. A few things on that. What do you teach your own children about finances and planning for the future?
Elaine:
It's just kind of starting conversations and fun in not overwhelming ways so that they're actually listening. When you talk about what are we teaching our children as a working mom, I feel that we're teaching our daughters, they can do anything they want. They can stay at home with their children, they can work and have a family or they can work. There was no wrong answer. They can do it all. And, I think we're, and it's, don't be afraid to ask for help. And, for my sons, I hope I'm teaching them not to feel threatened by a successful woman. So, that it's a loving, nurturing relationship and that they shouldn't feel threatened.
Sam:
I love that. So, juggling that for children is a lot on top of big job. How did you do that? What were your support systems as you were and as you are continuing to raise them, what are the things that you do to just make your day to day function?
Elaine:
Well, I really love what I do and so I feel like it gives me a nice balance. On Friday, I'm running out the door to see the kids and driving them to all their sporting events and it's more, when they were younger it was more physical, taking to the park and playing and running around. And, now it's more emotional as they're entering the teen years and talking to them about what's going on at school and just being very involved.
Elaine:
But then, when I'm at work I'm forced to turn it off and I'm forced to do what I love, which is, it gives me a nice balance so that I'm genuinely excited every night listening to them and being part of their life. And, it's a good balance for me. I'm forced to turn off work, I'm forced to turn off home. They learn that other people love them and are part of their lives. Their dad and they have the support and the well-roundedness I feel.
Sam:
What should women be thinking about when it comes to getting a financial advisor? What are the sorts of things they should think about and also ask potential advisors?
Elaine:
I think that they would want to find someone that they feel that they click or resonate with. Someone that they, people work with people they like and that they trust. So, take your time, don't rush it, be thoughtful, meet with different teams and figure out which one feels right for you. Find an expert for your situation and just kind of start building that conversation and that dialogue and working with them in steps so that they feel comfortable.
Sam:
And, talk more about not focusing on a stock and individual product, but that overarching goal and you know the whole mindset you would bring to investing. How do you help people see that bigger picture?
Elaine:
When people typically come to us, they have this concentrated position and they're not sure what to do. So, if you have 80% of your net worth or even a 100% of your net worth in one stock, if that stock drops tomorrow, your net worth dropped. So, what would not be correlated to that individual position? And, then just kind of talking to them about how they react in up markets and down markets and environments where interest rates are now rising or geopolitical concerns. Really, it's just educating and talking to them and letting them process it and then going to the next step. And, in the background we're also trying to go through their tax and estate planning.
Sam:
What is the most favorite part of the job for you?
Elaine:
My favorite part is actually when I get to meet with clients face to face. We were very selective with who we're working with and I really like the people that I'm talking to and that are my client base. So, just seeing them face to face. I think there's sometimes it's lost in translation when you're emailing or talking over the phone, but just really just sitting down with them and going through it. Having even the small talk and understanding where are they going for vacation? Just spending time with the clients.
Sam:
And, what else would you like to impart to listeners when it comes to managing money or financial health in general? Is there anything, especially for women advice wise you'd like to leave them with.
Elaine:
If you don't understand what you're investing in, don't invest in it, take your time and make sure it makes sense for longterm and short term. Because, life changes, things change every day. And, so if you have that curve ball when it hits, you want to make sure that your plan is accounting for that.
Sam:
We speak to a lot of people across the bank about different fields and just love your take on this particular field for women. How do you think it is for women? Would you recommend women pursue something like this? You think this is conducive to having a life with family too?
Elaine:
Absolutely. I love, I think we're in the right area if you plan on having a family, it's your own company in your mind. So, you basically you can go to the school and volunteer and then come right back to work. And, you have the flexibility with this role to work when you want and to be active in your children's life whenever you want. So, it's really about balancing it what's right for you.
Sam:
And, do you feel from a client perspective, there's never been any gender related issues in terms of being able to attract and add new clients.
Elaine:
So, a lot of our clients have said that what differentiates us is that we don't come in with a solution. Sometimes, other firms, competitors at other firms will come in and, and with a solution on what these people should do without even knowing who they are, not understanding do they want to buy a house? Had they had a liquidity event in the past? Do they have issues with any family members? So, they don't listen, they just kind of come in with a solution. And, so I think as women we tend to listen more and so I think that's what differentiates us.
Sam:
What lessons have you learned from your clients? You spend a lot of time teaching and educating them, but what is it that you learn from them?
Elaine:
I'm always in awe of what my clients are building and what they're creating and the way they think. They're so interesting and I'm always learning from them how to be better. I've learned from other clients. Some people bury their head in the sand and don't want to deal with things and so you learn what not to do. There's so many lessons. I have one client, unfortunately this young woman who has breast cancer a second time around with three children. So, many lessons there. Just to spend time with your family and to make sure that your estate plan is up to date and make sure that we're addressing any concerns as she's going through this. So, I learn on a daily basis different lessons. It's different every day.
Sam:
And, when you're building relationships with clients or you're telling somebody how to go about doing that, what are the best practices you would tell someone who wants to be in a client service business?
Elaine:
I would say do your homework. Try and find someone who is an expert in whatever their situation is. Take your time interviewing people and make sure that you feel that you trust them.
Sam:
And, is that what you would say is sort of your secret sauce to having the team come together around clients? That transparency with them, the fact that you are all together with distinct roles. What is that thing that makes your team so successful?
Elaine:
I think it's just about feeding your passion and we all are doing the areas that we love. And, I think it shows, and I think you can feel, if you go to a restaurant and you see the owner of the restaurant and they're excited and passionate, the chef is passionate about what he's doing, you know it's a better experience. The food is better if the chef is more passionate.
Elaine:
We're passionate, all of us on our team love what we're doing and I think it shows, and I think the clients can feel it. We care about little things. We care about all the details and I think they appreciate it because they're so focused on what they're passionate about.
Sam:
And, as you are kind of going along in your career, were there early successes that you had that really propelled you to want to go further? Early wins with a client or really great market returns? What was it that just kept wanting you to do more?
Elaine:
Just, I'm fascinated with the way engineers think. I'm fascinated with the way the clients think, founders think about kind of disrupting and changing and they're so passionate about what they're doing and it's not a typical way that you and I would think. They're thinking outside of the box. And, so I'm really drawn to that and this is their expertise and if I can help them with the part that I'm passionate about, I think they see that. And, it's just learning from them on a daily basis on what they're doing, the way they're thinking, how they plan on disrupting, how they plan on giving back, and just really getting to know these people. I really like our clients.
Sam:
So, Elaine it's been great to speak with you and learn about your clients and your business and your passion for both. So, thank you so much for spending the time with us.
Elaine:
Thank you, it was a pleasure speaking with you.
Sam:
I hope you enjoyed listening to that conversation. Thank you again to Elaine Myers for giving us a peek into her world. And, thank you for joining us today.
Sam:
Women on the Move exists because all of us at JP Morgan Chase want to see women be more successful in their professional and personal lives. Our goal is to introduce you to people with great ideas, inspiring stories, and a passion to make a difference.
Sam:
We hope you enjoyed this episode and we'll explore the whole series on behalf of JP Morgan Chase's Women on the Move.
Sam:
I'm Sam Saperstein.