Work­ing Mother and SHOOK Re­search Top Wealth Ad­vi­sor Moms 2018

Working Mother - - Contents - By Kate Rope

These world-class fi­nan­cial ad­vi­sors share their se­crets for suc­cess.

Our sec­ond-an­nual list fea­tures the top 300 moth­ers work­ing in wealth man­age­ment to­day. We asked some of the best how they got there and what they do to help work­ing moms plan for the fu­ture, teach their own kids about money, and blend work and home life. #1

CH­ERYL L. YOUNG, Man­ag­ing Di­rec­tor, Se­nior Port­fo­lio Man­age­ment Di­rec­tor, Mor­gan Stan­ley Wealth Man­age­ment, mom of Avery, 15, Alec, 13, and Ai­den, 8, Los Gatos, CA

What drew Ch­eryl to fi­nan­cial ad­vis­ing and medicine, her first love, is sim­i­lar: be­hav­ioral psy­chol­ogy. “There’s so much to do around the emo­tional side of

de­ci­sions,” Ch­eryl says. And that’s how she tack­les the big­gest is­sue her cus­tomers face—plan­ning for the fu­ture. “I al­ways tell the client: ‘Think about where you’d like to live when you’re 55, 65, 75 and 85.’” An­other prompt Ch­eryl likes to give: “‘Name all the things you love.’ Women never say ‘my­self,’” Ch­eryl says. So she en­cour­ages women to “not hold them­selves back and know they can do any­thing they want.”


ELAINE MEY­ERS, Fi­nan­cial Ad­vi­sor and Man­ag­ing Di­rec­tor, J.P. Mor­gan Se­cu­ri­ties, mom of Alex, 19, Paige and Ryan, 13, and Kate­lyn, 11, San Fran­cisco, CA As a child, Elaine saved her al­lowance to buy stock. And her fa­ther taught her how to read the market in the pa­per. Those early ex­pe­ri­ences taught Elaine a lot about “the emo­tional side of hu­man na­ture and how we re­act when the market goes down”— in­sights she uses ev­ery day, es­pe­cially with what she con­sid­ers moms’ big­gest money chal­lenge: “Tra­di­tion­ally, fi­nan­cial plan­ning cov­ers emer­gency funds, col­lege plan­ning and re­tire­ment, but it gives less guid­ance on bal­anc­ing dis­tant fi­nan­cial goals with spe­cial present ex­pe­ri­ences,” such as va­ca­tions and even self-care. “Tak­ing care of your fam­ily,” Elaine says, “starts with tak­ing time for you.”


MAU­REEN RAIHLE, Man­ag­ing Di­rec­tor, Mer­rill Lynch Pri­vate Bank­ing & In­vest­ment Group, mom of Ryan, 19, and Kee­ley, 16, Chicago, IL While wait­ing ta­bles at a restau­rant, a pa­tron of­fered to take Mau­reen to see a trad­ing floor. At age 14, “I was hooked,” she says. Af­ter busi­ness school, Mau­reen be­gan her ca­reer on the floor of the Chicago Board Op­tions Ex­change, and then joined Mer­rill Lynch, where she has been for more than three decades. “I’ve watched my clients’ chil­dren grow up, and now they’re my clients,” Mau­reen says. Her ap­proach to teach­ing kids about money is old-school. Even if chil­dren don’t nec­es­sar­ily have to work, she sees value in them hav­ing jobs, like she did. When her older daugh­ter got her first pay­check, she asked Mau­reen, “Who is this FICA per­son, and why did they take money out of my check?” “It’s im­por­tant to un­der­stand how the whole thing works” from the get-go, Mau­reen says.


DIANE PADALINO, Man­ag­ing Di­rec­tor, Mer­rill Lynch Pri­vate Bank­ing & In­vest­ment Group, mom of Ni­cholas, 14, and Alex, 12, Den­ver, CO

“I al­most feel like I am run­ning two busi­nesses: my house and my wealth­man­age­ment prac­tice,” Diane says. “And in both ar­eas of my life, I’ve cre­ated a great team of sup­port.” In fact, del­e­gat­ing, Diane says, is the se­cret to her suc­cess. “I’ve had to learn that even though peo­ple might not do things the way I would do them, things don’t have to be

per­fect— as long as it gets done and you’re not sac­ri­fic­ing your client’s bot­tom line.” The great­est fi­nan­cial is­sue moth­ers face, Diane says, is tak­ing on the role of moth­er­ing our own par­ents as we are still tak­ing care of our kids. “It’s such a weird tran­si­tion. You’re used to see­ing your par­ents as a source of strength,” Diane says. “What works is open­ing the lines of com­mu­ni­ca­tion early and of­ten. Start slowly: ‘Mom and Dad, let’s talk about where you might want to live in the next few years if the house be­comes too much for you to man­age,’” rec­om­mends Diane. “Learn about their fi­nan­cial sit­u­a­tion while your par­ents are still healthy and sound of mind, and you’ll end up with a much bet­ter re­sult.”


LAURA W. WELLON, Se­nior Vice Pres­i­dent, Wealth Man­age­ment, UBS Fi­nan­cial Ser­vices Inc., mom of Parks, 13, Tyler 10, Porter, 8, and Car­son, 3, At­lanta, GA

Laura “had no idea” how handy her psy­chol­ogy ma­jor would be when she be­came a wealth man­ager. But now she sees psy­chol­ogy as one of the best ma­jors, be­sides fi­nance, to pre­pare you for a ca­reer in fi­nan­cial ad­vis­ing. “Peo­ple tell you about their fam­ily his­tory, them­selves, hard things they’ve been through, mis­takes they’ve made—things they don’t even share with their fam­ily,” Laura says. She in­sists that women be in­volved in fam­ily wealth plan­ning be­cause “80 per­cent of women are go­ing to out­live men.” Two big con­cerns they have are “Will I run out of money?” and “What do peo­ple like me spend?” She tells them: “There isn’t one per­son who is just like you. What do you want your money to do for you?” Then, Laura and her clients work to­gether to fig­ure out the best way to al­lo­cate re­sources.


LISA A. PETR IE, CFP, Man­ag­ing Di­rec­tor-In­vest­ments, Se­nior Port­fo­lio Man­ager, The Petrie Group of Wells Fargo Ad­vi­sors, mom of Ryan, 20, and Alexa, 18, Long Beach, CA

Early in her ca­reer as a cer­ti­fied fi­nan­cial plan­ner, Lisa led sem­i­nars and classes for women on lev­er­ag­ing the stock and bond mar­kets to plan for re­tire­ment. Back then, Lisa says, “many women han­dled the check­book, but their hus­bands han­dled stocks and bonds.” Three decades later, Lisa says women are much more hands-on, not just in their fam­i­lies’

fi­nances, but also work­ing in the in­dus­try. One of the main is­sues moth­ers in Lisa’s prac­tice face is bal­anc­ing the needs of aging par­ents with those of grow­ing kids. She rec­om­mends “step­ping in early as op­posed to later when it be­comes harder for your par­ents to make de­ci­sions.” And to keep an eye out for signs that things are be­com­ing over­whelm­ing for them. “It can change overnight,” says Lisa, who also helps clients pre­pare their chil­dren for when it comes time for them to step in.


JU­DITH LU, Man­ag­ing Part­ner, Mir­a­cle Mile Ad­vi­sors, mom of Sophia, 8, Los An­ge­les, CA When Ju­dith’s first job sent her to Latin Amer­ica as an in­vest­ment ad­vi­sor, she quickly re­al­ized the power she had as a wealth ad­vi­sor to do good in the world. “You are able to in­flu­ence your clients to ef­fect change,” Ju­dith says. To­gether she and her clients built schools, hospi­tals, com­mu­nity cen­ters and li­braries—help­ing lo­cal com­mu­ni­ties and estab­lish­ing a legacy. But Ju­dith re­lates to the guilt work­ing moms feel. “With all the things we have to do to bal­ance our mul­ti­ple jobs, it’s in­grained in us that we have to work hard to com­pen­sate for that. And then the ex­tra hours we put in make us feel guilty that we are not spend­ing time with our kids.” She sug­gests women break this vi­cious cy­cle by chart­ing the fi­nan­cial mile­stones they hit. “I say to clients: ‘Let’s look at what you’ve ac­com­plished. It is ab­so­lutely worth spend­ing time with your fam­ily. Money doesn’t mean any­thing if you don’t spend time with the peo­ple you love.’”


KIM­BER­LEY HATCHETT, Ex­ec­u­tive Di­rec­tor, Mor­gan Stan­ley Pri­vate Wealth Man­age­ment, mom of Lau­ren, 16, New York City, NY

Kim is good at sur­mount­ing hur­dles. Like, re­ally good. She went to the Univer­sity of Vir­ginia on a full track-and-field schol­ar­ship and was hop­ing to com­pete at the 1984 Olympics un­til an in­jury side­lined her. So her fa­ther sug­gested she get a job work­ing at Chase Man­hat­tan bank while she trained for a shot at the ’88 games. But Kim fell in love with the market and never looked back. The next hur­dle she wants to clear: help­ing women main­tain con­trol of their fi­nances. “I have seen it hap­pen so many times, where a woman gives that power to a man,” Kim says. “I’ve al­ways said to my daugh­ter: ‘You must stay en­gaged in the work­force, you must have your own money, and you must man­age it. Never re­lin­quish that power to a man.’”

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