Overview of Professional Background
I entered the workforce in late 2007, just as the US subprime mortgage crisis was cresting and beginning to cause major waves in the global financial system. Due to the chaotic job market at the time, I was unable to secure employment in my preferred fields of real estate and finance. Instead, I took an operations role with InComm as a facilities and capital project manager.
Over the last 17 years, I’ve worked my way around the organization, learning as much as I could about fintech, payments, wealth management, financial education, and the like. My current role involves providing toolsets, frameworks, and support for the international business development pipeline. This includes oversight of project management, operational support, market delivery, and various other responsibilities, including technical product ownership and development.
Embracing Setbacks and Building Effective Teams for Success
It is critical to accept that setbacks and failures are unavoidable. However, this does not mean one cannot prepare for or mitigate them. The most important thing is always to pick oneself up after a fall and acquire new knowledge and skills. Setbacks are the perfect opportunity to gather helpful information for next time. In other words, every misstep has a silver lining — what can I do better and how can I avoid this in the future?
Early in my career, I thought I needed to have all the right answers to be of any value. As I matured, I realized how important organizing a diverse and dynamic team was to success. I focused on bringing the right people together because no single person has all the answers. As a leader, my job is to remove administrative roadblocks so my team can execute as efficiently, expeditiously, and accurately as possible. This means being a servant-leader. It also means hiring the right people and letting go of the wrong ones.
Assemble your team with individuals who already fit the vision, align with the goals, and continuously challenge themselves to improve. If I focus on the people, the environment, and the mission, the people will focus on the work. For me, such a pursuit makes leadership very easy. All I need to do to be successful is set the course, share the narrative, and, most importantly, get out of the way!
Empowering Financial Literacy and Access in a Changing Wealth Landscape
I believe the financial literacy and education segment is still largely untapped. As wealth continues to concentrate towards the top, it is more important than ever to educate the masses. A healthy financial future requires an environment where everyone feels welcome to participate and has a say. Everyone is better off when more participants are involved, competition is encouraged, and financial literacy is widespread.
“Setbacks are the perfect opportunity to gather helpful information for next time. In other words, every misstep has a silver lining — what can I do better and how can I avoid this in the future?”
Meanwhile, the advent of purpose-built, intuitive, and mobile-friendly platforms like M1, Betterment, Acorns, Coinbase, and the like is making access to wealth management services easier than ever. So, how do we balance literacy, access, and the concentration of wealth? We must find a way to work financial education into the existing frameworks so it becomes an integral part of the ecosystem. Open banking, the AI revolution, and technological advances across the board will go a long way in reshaping the face of wealth management.
Navigating Geopolitical Tensions with Financial Education
As mentioned, financial literacy is key to anticipating and adapting to economic shifts caused by geopolitical tensions. If you are uninformed and uneducated, your financial health will suffer greatly. It takes little effort to quickly review the latest events in banking and politics by spending just a few minutes a day examining the headlines. I would strongly caution against relying on social media, especially to avoid bias and hyperbole. Prioritize reputable, impartial sources so you can separate fact from fiction. Moreover, encourage your friends, family, and colleagues to consider alternate views and to equally educate themselves on how geopolitics can and will affect their nest eggs.
In addition, financial education and open dialogue play a role in preventing the demonization of the wealthy. We should all be looking for methods to build wealth rather than falling victim to the “us” versus “them” mentality. Participation in the system for all is crucial, and empowering yourself with knowledge is like having a cheat code. Stay ahead of ever-changing political tensions using dependable sources, your education and experience, and your network to make informed wealth management decisions.
Key Criteria for Adopting New Technology in Our IT Environment
Firstly, we like to confirm that the new technology will work well in our IT environment. For example, our team was an early adopter of Microsoft Power toolsets, thanks to their wide availability, seamless integration, and nearly zero additional costs. Being able to put useful tools into play without the need for additional budget or resources is highly advantageous.
Secondly, we must understand how such technology can improve our current position and whether it is worth the effort and cost. Thirdly, the team must have members willing to work with the new technology. Through experimentation, these more adventurous resources will become subject matter experts who can help with large-scale rollouts later. Lastly, we like to understand if the technology is built to last. The new technology must offer a low-touch, low-maintenance, low-upgrade model so upkeep and expansion are simple. The technology should be intuitive and built for the user rather than the administrator.
AI and Embedded Finance: The Future of Fintech
AI will have a huge impact on fintech. Integrated AI toolsets and embedded finance models make it easy for consumers to do more with their money. Moreover, with fraud on the rise, AI will be heavily leveraged to combat bad actors in real time. Thanks to COVID and the proliferation of open banking, more consumers than ever are using some banking apps to manage their money. This will lead to more market entrants and an increased need for maintaining regulatory compliance. Accordingly, the regtech segment will see significant expansion.
Consumer-focused features like early access to pay and credit score alternatives will drive financial service adoption by the underbanked. Soon, a robust ecosystem will exist where employees can pull down daily pay. Meanwhile, alternative credit score models will help many more gain access to entry-level financial instruments. And finally, many of these developments sit on the shoulders of initiatives like FedNow, which provides wider access to real-time money movement. In the end, money just needs to move more freely, and the next three to five years will be spent finding the most efficient ways to do so.
Advice for Aspiring Leaders in Wealth Management
There is no single, perfect way to achieve your goals. You should challenge convention and find what works best for you. Bring a continuous improvement mindset to your personal and professional life, where setbacks are framed as growth opportunities. Surround yourself with highly educated and highly skilled people, and be quick to give credit when and where it is due. Find a mentor willing to share their knowledge and experience with you, and follow industry trends on and off the clock.
Read articles and books, visit blogs and review industry publications, watch subject matter videos, follow industry leaders, and network with coworkers and other industry resources. Find ways to further your knowledge through continuing education, industry-recognized certifications, seminars, and similar opportunities. Focus on cultivating a long-lasting and fruitful network of similarly motivated peers.
Don’t be afraid to ask for help and be sure to give your help freely and frequently. Find problems to solve and make a habit of leaving your “comfort zone,” even if the only things gained are knowledge or a new relationship. Listen to others and take criticism seriously. Put purpose and intent behind everything you do and never be afraid to take advantage of opportunities when presented.
