20 INVESTMENT ADVISOR APRIL 2020 | ThinkAdvisor.com
how that creates special and meaningful
experiences. Because when we serve
independent business owners, it makes
them feel important [which they are],”
the KMS leader shared.
What have been your biggest
When I went to Cetera, the challenge
was really how to find and have confidence in my voice in a much bigger organization. You learn to adapt and really
lead more by influence vs. directly by
being able to walk down the hall and talk
to your colleagues or your employees.
Valerie Brown, the CEO at the time,
made a very positive impact on me
because she gave me [a charge to lead]
not just within Cetera. But even more
broadly, she asked me to lead a few
And [that] was really [when] I gained
my confidence, and learned in this new
environment of opportunities that [I
should] always draw from core values
and beliefs and always stay true to that.
It goes back to when you think about
our entire profession, the point of value
creation is when an advisor sits across
from a client. I have always been a
leader who made sure that we honor
what happens at that moment and that
informs our strategy.
[Another challenge] was listening to
and honoring intuition. … I would say
the challenge in building that confidence has been ultimately something
that we all continue to learn. …But it
was having that confidence to be more
EQ (emotional intelligence) driven that
has really influenced the way I connect
to and relate to people.
What’s the best advice you
In 2014 when I had been promoted to
president, I became involved in these
strategic coaching programs. … And I
would say the best advice of my career
really came out of a process in that program, which is really to reflect on what
your strengths are and continue to build
So much of my career I tried to focus
on my weaknesses and shore them up.
And this program has a discipline pro-
cess where you actually go through a
number of assessments. … And then
you synthesize this information. … That
advice allowed me to see that I want
to really focus in on where I’m strong,
but then bring a team around me in the
areas that I’m not as strong.
It was really that advice, to [use] a disciplined process, to really be self-aware
and understand where I am, and then
allow others to come in and around me
and build a team that had complementary strengths. A lot of times you look
for people who [follow your thinking]
instead of what would make a more
diverse team? I’m such a fan of diversity.
Who are your favorite authors or
social media leaders?
My favorite authors are definitely Brené
Brown and Simon Sinek. Even if you
aren’t tied to this industry, I like the way
they think and talk about leadership,
especially including the EQ, more of the
From an industry standpoint, and
someone who’s always had an impact on
me, and I enjoy how he thinks and how
he writes, is Mark Tibergien.
[I also highly recommend] following
the Strategic Coach on social media. I try
to read at least one book a quarter specifically from that coaching program.
Ginger Szala is executive managing editor of
Investment Advisor. She can be reached at
WOMEN IN WEALTH
Fund-Manager Gender Gap Persists
Despite the growing number of mutual funds and ETFs, the
percentage of female portfolio managers hasn’t changed in
twenty years. At the end of 2019, 14% of fund managers were
women, the same percentage as in 2000, according to a new
report from Morningstar, based on a global database of more
than 25,000 fund managers.
“The gender gap is a chasm in the fund industry,” writes
Laura Lallos, senior mutual fund analyst at Morningstar and
author of the report, “Women in Investing: Morningstar’s
View.” “The cause is likely a complicated combination of
structural barriers and implicit biases. But it has nothing to do
A 2018 Morningstar study of fund manager performance
found that women were “just as good as men at manag-
ing funds.” But their presence on corporate boards and in
corporate management is more distinguished, generating
stronger share price performance, according to reports
from Credit Suisse.
Morningstar’s latest study on gender diversity in the fund
industry found that the U.S. lagged other countries in female
representation among fund managers. Just 11% of U.S. fund
managers were women at the end of 2019 compared with
more than 20% of fund managers based in Hong Kong,
Singapore and Spain.
The percentage of U.S. female portfolio managers was
higher for equity funds than bond funds but declined for both
between 2000 and 2019: from 19.4% to 13.4% for active
equity funds and from 13.2% to 10.7% for passive stock
funds. Among U.S. bond funds overall, the percentage fell
from 16% in 2000 to 11% in 2019. —Bernice Napach