Learning the ins and outs of intellectual property (such as copyright and trademark) is an empowering step in business. While it initially might seem overwhelming, this knowledge will allow you to grow and scale your business with confidence and peace of mind.

What Exactly is Intellectual Property?

As defined by the World Intellectual Property Organization, intellectual property (IP) is creations of the mind protected by law. This ranges from literary and artistic works to designs, names, and symbols used in commerce. IP laws refer to national and international laws in place to protect and enforce the rights of creators and their IP.

What are the Benefits of Knowing About Intellectual Property?

Preserve brand recognition

Trademarking prevents confusion for current and potential customers. You want to make sure your logos, layouts, color schemes, and everything else that makes your brand unique are protected. With this protection, you’re able to stand out from possible replicators and make sure your message remains original to you and your firm.

Prevent SEO damage

Unfortunately, in our digital world, people commit what’s called “cybersquatting.” This is where they buy a domain name with your trademark in order to ransom it back or divert your customers. This can damage your SEO ranking and lose prospects. Knowing how to protect and defend your IP is the best way to ward off cybersquatters.

Know the difference between infraction and fair use

Understanding IP rules allows you to push your creative limits. You can let yourself be influenced by others, while being aware of what is an infraction and what is fair use. For example, facts are not able to be trademarked, but many design elements are.

What are You Doing to Protect Your Intellectual Property? 

Understanding how to protect your IP is not something small and mid-sized firms can afford to ignore. You want to be sure you are protecting your original innovations while not infringing on someone else’s. Consider doing trademark searches to ensure you are not violating an established trademark. You also need to register and enforce the protection of your intellectual property to benefit yourself, your business, and your customers.

Where to Get Started?

Luckily, there are several resources available to break down and explain IP, such as a free certification from HubSpot Academy for those with a HubSpot membership. Through the 25-minute training, Intellectual Property Training for the Solutions Partner Program, users can learn IP foundations, strategies for compliance, and additional resources for use in their own marketing and sales strategy. As a HubSpot Certified Partner, we are more than happy to support clients in setting up their Hubspot membership to get started. 

Learning intellectual property is just one component of digital marketing. Just as you want to keep up-to-date about changes to IP laws, you also need to keep an eye on emerging digital marketing trends. Find out more here.

Big names in the insurance industry come with big budgets. In 2019, Geico and State Farm spent $1.62 billion and $1.02 billion, respectively, on advertisements alone.

How can local insurance companies compete?

The secret: social media campaigns.

By leveraging the power of social media, mid-sized insurance companies can increase brand awareness and generate quality leads. Here are three campaigns to consider implementing:

Testimonials. These are more than just kind words from a satisfied client. Testimonials are social proof of your company’s success and credibility. This is a great way to reach prospects without a sales pitch. Let the unbiased voice of your existing clients tell your audience they need life insurance and do the “selling” for you. 

You might include your most recent Net Promoter Score or pulling existing testimonials from your social media, website, or Google My Business page.  

When running a testimonial campaign, here are best practices to follow:

• Prioritize the visual element of social media. Spend time and/or resources creating a quality graphic for your post that aligns with your brand. Here are some templates to consider for inspiration.
• Don’t feel as if you need to include the entire testimonial, especially if it’s lengthy. Choose the most impactful sentence(s) highlighting what’s unique about the services you offer—like your stellar customer service or wide variety of coverage.

Testimonials do more than provide high-quality content for social media; they can also be used in marketing collateral such as brochures, blog posts, and white pages.

Promote company culture. What differentiates mid-sized agencies from the big guys is the personalized care your team provides. Highlighting your company’s culture demonstrates an authenticity the big guys with hundreds of employees don't have. 

By company culture, we mean a composition of your mission, goals, and values combined with the overall tone of your office. What is it like working with you? Strictly professional? Warm and inviting? You get to decide and communicate that to your audience.  

Here are a few content ideas to consider:

• Share photos of your whole team or highlighting individual team members. 
• Leverage employee-generated content by having them post to their own social media, such as LinkedIn.
• Give a “behind-the-scenes” look to followers, such as office celebrations or team-building activities—fun posts that provide prospects with a humanizing view of your company.

Use paid ads for your target market. Large insurance companies like Geico and State Farm pay for expensive TV spots and keyword ranking, but your advertising budget is better spent on targeted social media ads. This should be done in addition to organic (or non-paid) posting. Unfortunately, several third-party studies found the algorithms on platforms like Facebook and Instagram no longer prioritize organic content like they used to. This makes paid ads necessary to stay top-of-mind.

To create quality lead funnels, you want your advertisement to be seen not necessarily by a ton of people, but by the right people. Social media platforms allow you to set specific parameters for your ad, such demographics and interests. When creating your paid ad, here a few key details to remember: 

• Make sure your ad is visually enticing to your target market. You want to “stop the scroll.” For example, an engaging infographic comparing your company’s insurance rate to a competitor gets your audience’s attention while providing valuable information.
• Be clear about what you are offering (services, a consultation, webinar, free download, etc.).
• Include a strong call-to-action (“Learn more” or “Contact us”). 

Once you determine the best campaign for your company, it’s time to start leveraging social media to extend your marketing reach (without spending a billion dollars). 

For more tips on balancing social media marketing with compliance concerns, check out this helpful post.   

We are looking for a digital maven to join the Out & About team as the Digital Marketing Assistant. This part-time position will include day-to-day administrative duties, PR research and outreach, scheduling content, updating design files and projects as assigned. To apply, please submit your resume, cover letter and portfolio to hello@outandaboutcomm.com.

Primary Responsibilities:

• The idea of working with a creative team — virtually — sounds like an amazing experience to partner and learn from others who love their craft.
• No task is too big or too small. You take initiative to learn new tools and solve problems.
• If handed content and assets, you could go to town creating web pages, blog posts, and email layouts in HubSpot, WordPress, MailChimp or similar tools. 
• You know enough about Illustrator, InDesign, and Photoshop to be dangerous. You can navigate your way around design files to edit and update them. If you have a question, you know Google knows the answer.
• You are passionate about social media. You utilize scheduling tools like CoSchedule, HubSpot and more. When you schedule social posts, you have a keen eye for detail to ensure that there aren’t errors, typos and that the post is timely. You love seeing each post go out and for it to be as optimized as possible.
• If given a task to research the nitty gritty for PR contacts, to uncover award opportunities, or dig into the details -- you dive in. You understand the importance of reliable research, and how it helps to inform decision making.
• You love reaching out to the media and following up to PR opportunities. You keep a clean inbox. Your response time is wicked fast.
• You are inspired by workflow challenges to better enhance the end product. You geek out about automation and integrations. The unknown is welcomed. You are always up to take the initiative and learn something new. 
• You can work well under pressure. You get a task that needs an edit to polish it off, and you say “I got it!”
• Bottom line, you’re up for jumping in to learn and get your hands dirty on projects big and small. 

Educational Level:

• Bachelor’s degree or equivalent experience, preferably in graphic design, marketing or journalism.

Related Experience:

• 1+ years of hands-on experience with tactical marketing projects from development to execution.

General/Special Knowledge and Skills

• Ability to work quickly and efficiently under pressure with strong communication skills.
• High attention to detail when making edits and reviewing documents.
• A self-starter who has a genuine passion for marketing, excellent judgment, and an efficient work ethic.
• Basic understanding of Adobe Creative Suite, social media, scheduling tools, WordPress blog, HubSpot marketing tools, and email marketing tools.
• Fluency in Google Docs and Dropbox.

We talk a lot about women in business, and the slow but steady increase of women in business. But what about women specifically in the financial services industry?

According to data from the CFP® Board, only 23% of the nearly 90,000 CERTIFIED FINANCIAL PLANNER™ professionals are women. In other areas of the industry, we see a higher representation of female employees. For example, according to a report by McKinsey & Company, women hold over half of the entry-level insurance jobs in the U.S.

Unfortunately, regardless of the area within financial services, there is a common place women are missing: at the top. A study by Deloitte Center for Financial Services looked at the financial services industry as a whole (banks, insurance, payroll, wealth management, etc.) and found while women make up more than 50% of the overall workforce, they hold only 21% of leadership roles.

The reasons for this discrepancy vary. A 2014 report on behalf of the CFP® Board’s Women’s Initiative (WIN) examined why women might be lacking in the industry. The author of the report, Eleanor Blayney, CFP®, found women have a general lack of awareness of financial planning. Her research also showed that when it specifically comes to becoming a CFP®, many women have misperceptions about the profession and certification process. This coincides with her findings that there is still gender discrimination and bias within the financial services industry, which likely results in women feeling unwelcomed or unsupported.

These barriers present a real opportunity to continue to increase the representation of women in financial services. In the industry, women not only have the chance to create success for themselves, but they are then able to guide other women along the way. This can be in the form of mentorship or a professional relationship, such as advisor/client.

Not surprisingly, the female market is filled with untapped potential. A study done by Boston Consulting Group found 73% of women are unsatisfied with their financial services providers and 71% are unsatisfied with services they receive from investment, insurance, and credit card providers. That means females in the industry have the opportunity to provide quality care and services. As a result, the more positive experiences women have in financial services will likely lead to an increase in the number of women who seek careers in the field.

At Out & About, one way we contribute to the diversifying of the industry is through the stories we share on our On Purpose spotlight series:

• Danielle Chuckran shares her innovative approach to the disconnect between sales and marketing in wealth management. Learn more about Danielle and her approach here.
• Marianela Collado, CEO and senior wealth advisor at Tobias Financial Advisors, started keeping her personal books and buying stocks at 15 after watching her parents struggle financially. Learn more about her story here.
• Sheena Gray works to train industry leaders to equip them with the tools to create an inclusive work environment. Learn more about how she does this here.
• Meredith Benton, founder and principal of Whistle Stop Capital, believes firm transparency is key to diversifying the financial services industry. Learn more about how her own company does this here.

If you’re interested in reading about more amazing women in the financial services industry, check out our On Purpose series here.

Cameo Roberson, founder of Atlas Park Consulting, helps financial advisors and independent advisory firms build a way of doing business before “fly-by-the-seat-of-your-pants” becomes the norm! After two decades in the client service trenches of advisory firms, she launched Atlas Park in 2018. Since then, she’s assisted in the development of over 1,000 workflows/processes across 30+ US-based fee-only and fee-based advisory firms. Cameo helps her clients create simplicity + process to grow revenue using a five-step roadmap that shows how to get everything done by having systems in place. Cameo is an editorial contributor for US News & World Report, Financial Advisor section, member of the FPA Silicon Valley, and Northern CA regional delegate for Females & Finance (F&F).

To learn more about our On Purpose guest, please visit Cameo's LinkedIn page.

What is one practical thing a company can do to market to a broader audience?

Find a niche group you want to work with. I know it sounds counterintuitive, but when you try to reach everyone, you appeal to no one. By targeting your ideal clients, your voice becomes louder, and you can cut through the noise. We're all bombarded with messaging. Too much of it and we shut down. If you can pinpoint your solutions to an ideal group, others will hear your message, too. This can position you for more business!

How is your company positioning itself for success long term?

Strategic, intentional networking. No one is successful in isolation. I am building relationships with service providers who also serve my ideal clients. I know what I'm good at and want to be a solid resource for my clients. By building relationships with professionals who my clients will need, I position Atlas Park as a strategic collaborator.

How does your company envision the future of the market you serve?

Consumers will continue to seek out qualified financial advisors for direction and the demand for these professionals will increase. It's a great time to build a business that can meet the demand, given professionals’ growth goals. Aspiring financial planners will have good job prospects in the coming years. One key area I see as an opportunity for growth is advisory firms taking the time to well-define, execute, and improve their business operations. No longer are firms tied to geographic location to work with clients. The sky’s the limit for firms that acknowledge and then build the right infrastructure to expand their reach.

If you enjoyed this spotlight, please share this post and follow the links below.

Website: atlasparkco.com/

LinkedIn: linkedin.com/in/cameoroberson

Twitter: @atlasparkco

Facebook Page: @atlasparkco

Instagram: @atlasparkco

On Purpose: Growth Trajectory Strategies from FinServ Leadership

The goal of the On Purpose series is to elevate leadership insight from the financial service industry's best and brightest. We do this by showcasing changing trends in mentorship, business strategies, marketing, and company culture. Stay up on these trends in finserv by signing up here: 

MARKETING DIRECTOR

Out & About Communications is an integrative marketing and communications firm based in San Diego, CA. We are seeking a strategy-focused and team- aligned individual to join as our marketing director. This part-time position will consist of client communications, digital marketing oversight, working across creative departments, and other responsibilities as assigned. 

Does This Sound Like You?

• You know the finserv space and can see opportunities as clients share their story and business goals. It’s an exciting challenge to put together their big picture game plan and recommendations to strategically set them up for success.
• You know enough about the traditional creative world of design, content, and inbound marketing, plus demand generation and funnels, to level up against the competition and make integrative recommendations. 
• Partnering with the team to develop research, target market profiles, make recommendations, and help shape outcomes based on your finserv knowledge is energizing for you. 
• You love complex projects that have never been done before. You can put together outlines and templates to help ensure the team is set up for success.
• It’s a rewarding challenge to present strategic recommendations and the why behind those recommendations. You are comfortable pulling from your finserv industry knowledge to push and pull on the why behind the suggestions. 
• You trust the team. You lean in on these experts to help arm you with knowledge. You lean back with your own industry knowledge and ability to poke holes to tighten processes. 
• You love working with a team that is truly passionate about its work. You trust your team. You know team members hold themselves accountable to the highest standard, just as you do.
• You look and think 10 steps ahead. You think of and see challenges before others do. 
• You are jazzed about working for a small company where your input matters. You will have a direct impact on the success of the company and the clients you serve. 
• You truly love digital marketing. You see the power of the work and understand the ins and outs of the tactics, but also love plugging into the 10,000-foot view. 
• You aren’t persuaded by strong personalities. You can combat a challenge with confidence and pick your battles to really ensure the best outcome for all. Taking risks is part of your DNA.
  
  

Educational Level

• Bachelor’s degree or equivalent experience, preferably in marketing, business administration, or communications.

Related Experience

• 5+ years of financial services expertise and experience
• 3+ years of experience developing strategic recommendations for inbound marketing campaigns
• Self-starter who has excellent judgment and efficient work ethic
• Strong organizational and communication skills
• High attention to detail when making edits and reviewing documents
• Experience working with diverse clients

General/Special Knowledge and Skills

• Experience holding brands compliant across digital, content, and visual platforms
• Knowledge about UX/UI and data tools: Google Analytics, Google Keywords, Google Data Studio, A/B testing, heatmaps and more—to make informed decisions
• Experience working with the C-Suite and senior leadership
• Knowledge of Adobe Creative Suite, WordPress, and HTML, and email marketing tools. Fluency in Google Docs and project management tools required. Asana experience is a plus.

Please submit your cover letter and resume to hello@outandaboutcomm.com.

Many have referred to Clubhouse—the strictly audio-based social media platform—as a “voice in the void.” Launched in April 2020 during the beginning of the pandemic, the “invite-only” app provided a sense of connection and conversation when many were isolated.  

In a post by co-founders Paul Davison and Rohand Seth, they explained, “Our goal was to build a social experience that felt more human—where instead of posting, you could gather with other people and talk.”

What exactly is Clubhouse?

The platform consists of various chat rooms (public or private) where users can talk and listen to each other in real time. Users are able to leave and join rooms whenever they want, but they also have the option to schedule and host their own rooms to start conversations.

There’s also an option for users to “raise their hand” and add to the conversation when invited to do so by the host. This app is made for “in the moment” networking and collaboration because the conversations are not recorded. Once it’s over, it’s over.

For more private discussions, there is the option to create “clubs.” These are private rooms created around a specific interest or need that allow users to become members or followers. Only those in the club can listen or participate in conversations.

Why should I use Clubhouse?

This is the million dollar question. In a world filled with different social media platforms, what makes this one worth the time and effort of working it into your marketing strategy? There are some notable benefits.

• Networking. The platform was developed to focus on thought leadership and networking. Successful business leaders—Tesla CEO Elon Musk, Shark Tank star Daymond John, and entrepreneur Rebecca Minkoff, to name a few—are constantly hosting rooms and sharing their experiences. In fact, many rooms exist solely for networking, depending on your industry. Joining in these conversations provides you with the opportunity to build and share knowledge while expanding your professional network. 
• Connecting through education. Clubhouse has created a space for financial service businesses to connect with potential clients in a way that didn’t exist before, even prior to COVID-19. Unlike a typical webinar, the platform creates an environment where potential clients can be included in the conversation. Opening up this dialogue allows firms to establish their credibility as experts in their fields. 
• Raising brand awareness and engagement. This is a unique way to establish and humanize yourself or your firm. Since you’re connecting through voice instead of text, it makes your business more personable.

How should I use Clubhouse?

Once you’ve secured an invite and joined the platform, it’s time to start seeing how you can use Clubhouse for your finserv company. Here are a few ways to get started: 

• Create a profile that attracts your target market. Right now, Clubhouse requires users to register with real names, not company names. Your username, however, can be a reflection of your company’s name. You’ll want to create a profile around a brand leader, which might be yourself as an advisor or even the founder of your firm. In your profile, be sure to include keywords your target audience might type into the search engine on the app, and make it very clear who you are and what you provide. 

• Join conversations. Follow industry leaders and join in when they host rooms. This is a great way to expand your knowledge base and start networking.  

• Host rooms. The only way to build a following on the platform is by hosting chats. Choose specific topics that reflect your firm’s area of expertise. You might host a room focused on cryptoassests and their pros and cons. Or you could host a chat about insurance options for small businesses. Whatever you decide, feel free to promote your chats on your social media ahead of time.  
• Start clubs. Currently, the rules are that you must host at least three chats before starting a club. There are a couple of ways to use clubs once you are able to create them. It may be beneficial to start a club geared toward your target market. For example, the club “Faith and Finance” has over 1,000 followers. It is a club specifically for Christians “looking to grow and be good financial stewards over God’s resources.”

How do I join Clubhouse?

Originally, the app was only marketed to public figures such as influencers, Silicon Valley investors, and thought leaders in various industries, but it has since been opened up to a more general audience. In December 2020, there were only 600,000 active users, but now there are over 10 million. 

To join, you still need to be invited by a current Clubhouse member and be an iPhone user. Without an invitation, you can download the app and reserve a username, but you can’t join rooms until an existing user invites you. Once you’re on the platform, you will have two invites to send out for others to join.

Interested in more tips on using social media for your finserv business? Click here.

Marguerita Cheng is the founder and chief executive officer of Blue Ocean Global Wealth. She’s been a financial planner for 22 years and has been a spokesperson for the AARP Financial Freedom Campaign. She believes the financial industry needs people from more diverse backgrounds, and to support that mission, she serves as a Women’s Initiative (WIN) advocate for the CFP Board. To hear more about Marguerita, watch the interview video with her below. 

To learn more about our On Purpose guest, please visit margueritacheng.com and blueOceanGlobalWealth.com.

For more resources on this topic, please visit napfa.org/dei---culture and carsongroup.com/dei-course.

Audio Transcription

Lauren Hong: (00:12)

Thank you so much for joining us today. I'm really excited to hear a bit more about your background and also just insights about the financial services industry at large, especially within financial planning. So before we get started, would you mind sharing just a little bit about your background and your focus?

Marguerita Cheng: (00:28)

Yes. Sure. My name is Marguerita Maria Chang. I am multi-racial and multicultural. My dad was born in China and came to the U.S. by way of Taiwan and my mom is eastern European, Irish descent, born in upstate New York, attended high school in Texas, lived in the Netherlands, and overseas. Why am I telling you that? Because it's so important. You know, I never looked at myself as being extroverted or gregarious, but the ability to connect and relate with others is so important for our profession.

Lauren: (01:14)

Absolutely. I'm sure that helps you day-to-day and just connecting with clients and understanding different perspectives and all of that as well. 

Marguerita: (01:26)

Absolutely, that was kind of the fast forward version. So what's interesting, and a lot of people don't know this about me, is I'm actually a career changer, even though I've been a planner for 22 years. I actually studied corporate finance and east Asian language and literature in college. My first job, every job is a real job, but I would say especially if you've had some of those service jobs when you were younger, they definitely teach you character. But my first job post-graduation was at a Japanese investment bank, securities firm. And I wrote the newsletter for English-speaking investors. So that was my first job in the world of finance. And that job was using all my skills, but something felt missing. And that's when I discovered the discipline of personal finance. And I was like, wow, this is super cool. I can take these concepts of strong balance sheets and statements of cash flow and apply those to individuals and families.

Lauren: (02:51)

And also what you're focused on today on a day-to-day basis. 

Marguerita: (02:54)

Absolutely. Because you know, I'm in my 20s, I was well aware, even though I was one of those kids that was like 17 going on 40, I was like, who's going to take me seriously in my 20s? How can I be sitting across from clients, telling them about retirement planning? They're going to look at me and be like, you know, what do you know? Still, I helped my husband with his career. We also made sure our financial house was in order, paying down student loans and credit cards, buying a house, and giving birth to two babies. And then I was like, you know what, that's it; I have street credibility. I'm going to be a planner.

Lauren: (03:39)

That's wonderful. And you've been doing it for some time and been very successful at it, which is all positive. So, I'd love to hear a little bit more. You know, the industry has been changing so much, with new learnings and new business models and that sort of thing. So I’d love to just hear a little bit more about how you keep up with it all. I mean, just look at COVID the last year. I mean, so many firms are going virtual now, you know? And what do you feel like you're doing to stay relevant, not only what you're advising the clients, but also just from a business perspective? Are there podcasts you listen to or articles that you read or that sort of thing? How do you stay current?

Marguerita: (04:23)

Sure. I mean, the one thing that is constant is change, so early on, I have always done work virtually because I had three kids when I entered the profession. My daughter was three, my son was six months old, and I hadn't even given birth to my third. And I remember my boss looked at me or people in the office, like, you know, that laptop, like you're not going to get reimbursed for it. And I don't care. I bought this so I can do my financial plans at home when my kids are taking a nap. So gosh, I was always at the forefront because the way I saw the world is there's only 24 hours a day. And I have to make sure I am really managing my time. I do read a lot. I follow, of course, Michael Kitces; I'm part of the advisor growth community, the AGC; and a huge fan of Kate Holmes in innovating advice. I’m based in DC, so there’s tons of options. I don't necessarily need to agree with everything I read and I think that's really important because you want to read a different perspective, so you understand what clients are reading and feeling and experiencing.

Lauren: (05:44)

Absolutely. Now those are some really good resources as well. I'm sure being in DC, you probably stumble upon all kinds of talks and speakers and all of that as well. So, it’s good to go to a hub for knowledge.

Marguerita: (05:59)

Absolutely. Sometimes we're probably a little bit too wired, but I mean, I wouldn't have it any other way. Right. You can always turn it off. Right. You can always turn it off.

Lauren: (06:11)

That's true. That's true. Absolutely retreat in your own way. So, then tell me a little bit more about what makes you sort of the proudest of working for your company or within this industry? You know, I think sometimes I feel like you can get a bad reputation. And I feel like there's been a lot of push to have that not be the case. So I'd love just to hear more of the positive about you. What wakes you up and what makes you proudest about what you do on a day- to-day basis?

Marguerita: (06:43)

So I absolutely love this question. In fact, last night I asked my eldest daughter, she's like, well, mom, what do you think? I think that when I first entered the profession, I didn't really see anybody who looked like me and I'm not just talking about gender, race, ethnicity. I also mean demographic. You know, I didn't see a lot of young mothers. It was very isolating. I don't want to misrepresent what I think of this profession; it presents amazing opportunities for everyone. It is not about pushing people out, rather bringing people in, you know, we need more women, we need more people of diverse backgrounds, whether that's racial, ethnic, religious diversity, and even sexual orientation, because we want our profession to reflect the communities where we live. Right. And so I do think that when people hear financial planning, some things come to mind, like why do I have any money to invest?

Marguerita (07:54)

The other thing that comes to mind is people think boiler room or Wall Street, but we really like building relationships and nurturing relationships. And I guess what I'm most proud of is the work we do. You know, the work is intellectually stimulating. It's emotionally gratifying. I mean, it's hard work. When I can put my head on the pillow at night, knowing I am making a positive impact in the lives of my clients, their families, and the communities— that's what gets me up in the morning. What gets me really excited.

Lauren: (08:40)

Yeah. Now as you pointed out, I think you're right, there can be those stereotypes. And then there's the work that you mentioned, right? There's the investment side, there's financial pain. I think sometimes it's easy to forget about the real emotional side. I mean, you're talking to people about really difficult long-term plans and it gets into family and personal. And so you have an opportunity to see the inside and really help to shape those dreams and goals, which is really powerful work. 

Marguerita: (09:19)

Absolutely. I mean, I think that the other thing I'm really proud of is not just what I do, but what the community of planners does to help their clients. You know, I've had some clients who have experienced tremendous adversity, like loss of loved ones to COVID, right? Or job loss. The COVID, it's hard. I can't bring back their loved one, but their loved one planned and knew that financial planning isn't just about investing, but it's also about protection planning and estate planning for those you may leave behind. And that my words are cracking a little bit, but that gives me a tremendous sense of pride. I really want to make sure that I'm changing the face of what it means to grow, protect, and transfer wealth.

Lauren: (10:23)

Absolutely. And I know you mentioned the diversity, equity, and inclusion pieces of it. And I know we were talking earlier about the work you've done with NAPFA, so I’m happy to link to any public videos or things that might be out there. As I know, you've had a voice and a lot of those conversations as well, so do you mind sharing a little bit more about this question: what is the most unpopular opinion in the industry and how do you address it? Is there a particular unpopular opinion about, I don't know, the way about doing business or approaches to investing? I’d love to hear challenges you're seeing internally and what you're doing to overcome those.

Marguerita: (11:10)

Well, sure. I mean, I think when I entered the profession, some of the same conversations we had then we're having now, like you can't make money if your clients don't have assets under management. I think that yes, clients do need to invest to reach their goals. But I think what's really important, I want to dispel this myth that there is room for different business models and different compensation models. There's nothing wrong with AUM. There's nothing wrong with subscriptions. There's nothing wrong with retainers. It really comes down to what services do you want to provide? What is most appropriate for the audience you're serving? So I just want to dispel that myth; there's room for many different business models to serve different clients and support different practitioners’ lifestyles.

Lauren: (12:05)

Yep, absolutely. Sometimes I feel like you see firms, or it's kind of a one-size- fits-all, you know, versus really focusing on who they're going after or what the right business model is from a cost standpoint or what have you. So I think that's a fair point to really say that you've got to find the right fit for you and for your firm, too. 

Marguerita: (12:31)

I think another myth is that now they say millennials, but they said Gen Xers didn't want to pay for advice. And I don't think that's true. People can download an asset allocation model off the internet. They may not want to pay you for that. What if you help them, hey, what's the best way for you to withdraw funds, to get your three children through college and save for retirement at the same time, that's a value to them. And they might be more inclined to pay for that. So I think that's another myth. Young people don't want to pay for help. They don't want help.

Lauren: (13:10)

Very, very fair. Great. Well, is there anything else you'd like to share, any other resources or thoughts as we wrap up here?

Marguerita: (13:21)

I would encourage people to be involved with any of the professional associations, because no matter how long you've been in the business, whether you just graduated or just passed the CFP® certification exam, we need all of you because we need everyone to play an active role because we all have so much to contribute. So that's what I would say.

Lauren: (13:45)

Excellent, Marguerita, thank you so much for your time. I appreciate the insights you've been able to provide, and we'll make sure that I link to the groups and associations you've mentioned below. So folks can check it out a little bit more, but again, thank you for your time. And we will continue the conversation online.

Marguerita: (14:03)

Thanks so much for having me. Great. Thank you.

The goal of the On Purpose series is to elevate leadership insight from the financial service industry's best and brightest. We do this by showcasing changing trends in mentorship, business strategies, marketing, and company culture. Stay up on these trends in finserv by signing up here: 

Lydia has recently joined our team as an intern. She is currently studying PR and international studies at Iowa State University and just finished her junior year. She’ll be spending her summer in San Diego. Other than working with and learning from the O&A team, Lydia looks forward to spending lots of time outdoors, going to the beach, and swimming.

Plans for Out & About

As our intern, Lydia is most excited about getting to learn a variety of different skills. She’s always been interested in the relationships brands build with their customers. Lydia plans on bouncing around to be able to learn from everyone on the team. 

She was drawn to Out & About’s fun and warm company culture and always says, “If you have a great team, you can go to work every day with a smile.” With O&A, she plans to come to work smiling all the time.

Fun Facts about Lydia

• Plays 19 instruments
• Covers the arts and entertainment beat for the college paper, Iowa State Daily 
• Has been showing cattle since she was in high school—starting with just two cows and now has 15  

Welcome, Lydia!

Learn more about Lydia and the rest of the O&A team here. 

For nearly two decades, Morgan Simon has worked to make finance a tool for social justice. Her book, Real Impact: The New Economics of Social Change, has been featured everywhere from Harvard Business School to the United Nations. In 2013, she became one of the founding partners for Candide Group, an Oakland-based registered investment advisor that embraces activism to change the culture of money writ large.

To learn more about our On Purpose guest, please visit Morgan's website. 

What makes you proudest about working for your company or in the finserv industry?

Candide Group works with families, foundations, athletes, and influencers who want their money working for justice. With 90+ companies and funds supported, the majority led by women and people of color, tackling challenges like climate change and inequality, we see so many great opportunities to pursue financial and social goals simultaneously.

How does your company envision the future of the market you serve?

We focus on private equity and debt, as that's where we see the most direct impact—whether it’s utility-scale solar on the Navajo Nation or a cooperative of formerly incarcerated Black women providing healthy meals for kids. We see more and more people wanting 100% impact across their portfolios and are excited to see impact investing grow. 

How does your company use measurability or checks and balances to ensure it is aligned with strategic business goals?

What we think about a lot is community accountability. How do we make sure we aren't just deciding the future for others, but are in direct relationship with the communities we claim to serve? This is a growing practice, and in general, a critical area for Candide Group's brand promise. Simply put, the definition of "impact" in impact investing must be set by those most impacted.

If you enjoyed this spotlight, please share this post and follow the links below.

Website: morgansimon.com/ and candidegroup.com/

Twitter: @MorganSimon1 and @CandideGroup

The goal of the On Purpose series is to elevate leadership insight from the financial service industry's best and brightest. We do this by showcasing changing trends in mentorship, business strategies, marketing, and company culture. Stay up on these trends in finserv by signing up here: