If you didn't already know Girls Run The World you should take a listen to this episode of Hedgeye "In The Arena" with Momentum Advisors Partner and former portfolio manager Tiffany McGhee who joins host Daryl Jones for our 12th installment.
This is a motivating and insightful segment, Tiffany and Daryl discuss many topics including:
- Building a successful book of clients at Merrill Lynch after struggling to get started (Tiffany has now managed $6 billion dollars in assets in her career)
- Being an integral part of starting Momentum Advisors in 2012 ("being an entrepreneur is like jumping without a net")
- The current financial landscape - Financial Advisors vs RIAs
- The importance of having a specialty and being excellent
Tiffany shares her thoughts on the shift from Financial Advisor to RIA:
"When I talked about my career direction, it really is this transition from financial advisors to investment advisor. The more I'm in this business, I see a lot of people that were financial advisors that had large books of businesses transition to on the RIA space. And I think that, that's very significant. We look at like the fiduciary rule and you know, I actually read an article in a financial planning magazine about this it said A fiduciary by any other name is not a fiduciary. I think in this day in age clients want transparency, clients want to know they're working with a trusted resource."
"We use the analogy all the time when we talk about the difference between an RIA and a Financial Advisor - if you're running a marathon at the end of the race, we can give you wine or we can give you water. Both are wet. The Financial Advisor by law can give you either because both are wet, that's all he or she is required to do is to give you something wet. We're an RIA firm and by law we have to give you the water cause it's the best thing for you."
Tiffany discusses the importance of knowing how to service women clients in the finance:
'I just mentioned this gap in the women's market. In the year 2030 75% of the wealth in America will be controlled by women. So if you are a Financial Advisor, Investment Advisor, man, woman, whatever, if you are not talking to women, to women business owners - there are so many women unicorns now, these companies that are worth a billion, at least a billion dollars. You take someone like Emily Weiss who started a beauty blog and then eventually started selling lip gloss. It's actually barely there lip gloss, you can hardly see it - and her company Glossier was just valued at $1 billion $1.2 billion couple months ago.