Second, I believe in giving new advisors enough responsibility and independence so they can grow. Katie was promoted to team leader when we realized how process oriented she is. Katie is a talented public speaker, so we use her in seminars without my having to be there. With each advisor, you have to know his or her strengths and be there to back them up.
Katie: This approach is very empowering. It’s part of our firm culture to identify strengths regardless of position and give people the tools to use them.
Geri: And Katie brings the insight and values of the younger generation. She connects with the children of my clients, who probably think I’m a dinosaur!
Katie: Millennials do tend to look at the world a little differently. We view our money as an extension of who we are and we see it as a powerful agent of personal and broader social change. This fits so well with the culture Geri has built at PWP -- maybe you’re not as much of a dinosaur as you think!
Geri: You see, I’m learning too!
For Katie’s generation, finding a team to join is an excellent way for them to step into the industry, get trained and become part of a professional family. There’s so much more emotional and learning support. And doing this in an organization like Ameriprise offers leadership training as well.
What I’m really doing is helping Katie and the other advisors in my organization to be the future leaders and owners of PWP. The message in this matchup between a millennial and a wise CEO is that I have something to offer and she has a point of entry with a bright future.
Paul Ellis founded Paul Ellis Consulting to work with financial advisors who want to integrate Sustainable and Impact Investment strategies for their clients. Geri Pell, CFP, MBA, CDFA, Ameriprise Financial Private Wealth Advisor and CEO of Pell Wealth Partners, has been named to Barron's Top 100 Women Advisors from 2009-2015. Katherine Burstein McGinn, CFA, is a financial advisor with Pell Wealth Partners.