YouSaid · the spoken record

Kristen Bitterly Michell

lines on the record: 110
first: 2022-09-09
most recent: 2022-09-09
sittings or episodes: 1
sources: podcast

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“Every idea that you have, everyone says is brilliant. And it's not the case. It's certainly not the case. It can't be the case. And so what he said is he's like, you know, you have to really create those opportunities and environments where people can challenge you, right? And the second part of that is that pivoting or changing your mind is not a sign of weakness. It's actually a sign of strength, right? So to be able to admit that you did something wrong or that you made the wrong decision, but you're going to change that and you have an action plan. I think we tend to value things like confidence and conviction, but humility is a virtue. And I think knowing and admitting when you're wrong is actually a superpower that's way underrated.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, so many things, probably, so many things. I would say a couple of things as I've progressed in the industry and some of the things that I've thought about is when you get very comfortable is when you get a little lazy and complacent, right? This idea that once something you're doing it and it almost becomes at first it's really challenging, but you find yourself in that environment where it's on autopilot, pivot, right? So find a way to either expand your responsibilities, learn something new, reach out to colleagues. And so there's just, it's such a vast industry. And I think it's going back to my comment about OER.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“When you graduate from school and you get your first job, you basically have this moment where you're like, I did it, right? I've been planning for so long. I was building up my resume in high school so I would get into the right college and I did well in college and I applied to various jobs and now I have this job and like I've done it. And so we spend the big chunk of our life planning for the next phase. Approaching everything as though you're always a student, never stop planning. Always think about that, right? Like you have to do a good job at what you're doing. That's table stakes. But having this constant, it can change. This constant plan like what do I want to do, right? In five years, so it's a great career. It's a great industry. It's a growing area of our industry. But I think if you bring that same innovation planning drive to it, you'll be just amazed at where it takes you.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say it's an amazing career. So I would highly recommend it. I would say, you know, one piece of advice if you go into it. Don't exclude wealth management. I think a lot of times the sexier analyst programs and entry-level programs, everyone historically is always focused so much on investment banking and sales and trading, don't ignore wealth management. It's a high growth rate and it's a really interesting and rewarding part of the market. The other thing that I would say is I think there's this habit that”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I think David Sederis, you know those books? The books where you laugh out loud You're reading, like, it's easy to laugh out loud. You're in person, but when you're reading a book, someone whose humor comes through on a page. Insanely talented writer in my book.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So Dak Shepard actor, comedic actor, he also happened to study, I believe anthropology at UCLA. He does an amazing podcast where he interviews people from all different walks of life, politicians, authors, scientists, you name it. And so he had a recent guest on Anna Lemke, who was a psychiatrist, and she wrote this book, Dopamine Nation, which is, I'm in the middle of that. It's really fascinating. It's kind of like the science of addiction. And it's not addiction in your traditional sense. It's like addiction to digital devices. And some of the things that are kind of plaguing modern times right now. So I haven't finished it. I'm like square in the middle of it. And it's been a really, really good read. And then the next one that I'm reading, which is great because it's short stories, is David Sedaris has a new collection. It's called The Best of Me that is kind of vignettes from his life and some of his best stories that he's written in the past. So I like anything where you can kind of get like a little snippet and you finish it start to.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It's like a parable. Yeah, it's like a parable. And so, you know, at face value, you think it's an entertaining story, but there's a lot of, you know, undercurrents in it. So, anyone who has studied Spanish literature from Spain probably knows the author certainly and this book pretty well. In terms of some of the things that I'm reading right now, so another podcast that I'm a big fan of, have you listened to Dak Shepherd's podcast, Armchair Expert? Have you ever...”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'll give you one from Spanish literature. So, one of my favorite books of all time. Was written by a Spanish philosopher named Unamuno. So a very famous Spanish philosopher. He wrote this book called San Manuel Bueno Martir, which is San Manuel Saint Manuel. A good martyr, and it is effectively a really short story, but it is about a priest who doesn't believe in God. And kind of the impact that he has. It's a beautiful book. It's like really challenges a lot of things. So that's one of my all-time favorites.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“There's no way I could be a runner. And so what he said is, you know, we spend all of this time thinking about like how we're making sacrifices, what we're going to do. And he's like, just be kind, like be aware of how you're treating other people. That's probably the most important thing to do, not just during Lent, but during like any time of the year. And I think that's really applicable to your personal life, your professional life. It's like just take a moment to check yourself and just be kind.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And so he would tell this story that when he thinks about Lent, there were periods of time where at first he thought he would give up drinking. So let's give up drinking for Lent. That's what I'm going to do. And a couple days into it, it becomes too hard. It's too hard. So then, you know what? I'm going to give up smoking. I like to smoke cigars. So I'm going to give up smoking. But then I have a drink in my hand. And that cigar kind of seems to make sense. So that was too hard. And so then I'm thinking, instead of giving something up, why don't I do something challenging yet healthy? I'm going to start running. But then with all the smoking and drinking.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“One of Notre Dame's very longstanding, very well known presidents is a gentleman who passed away various years ago named Father Hesberg. So he was president of the university for 35 years, very present, very, very present. He had an office on the 13th floor of the library. So for anyone kind of geeky, you could hang out with him, go into his office. He would give you advice. He had this homily during Lent, which is when Catholics generally, you give up something for Lent. You make some type of sacrifice. And so normally people like to give up food. They like to become a vegetarian for that period of time.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“All right, so golf. I'm a terrible golfer, but I love to do it. And so golf, I used to get really nervous playing with clients and playing with other people. And then I realized that advice applies to golf as well because everyone's so obsessed with their own game. They're not paying attention to your game. So there are numerous ways you can apply this. The other story that I'll tell really quickly, which has carried with me, is I went to Notre Dame undergrad.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“That's kind of funny. It is so true, Barry. It is so true. And so sometimes when you're feeling, you know, a little anxious or you're wondering how something I use that also. I don't know if you play golf. Do you play golf”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I have been so lucky that I've had so many amazing mentors and people around me. I may flip this question a little bit just in the sense of some early pieces of advice that have stuck with me. I'll mention two. One, I played tennis growing up and I had a great tennis coach in high school. And one of the things that she said, and I still remember this, this is like so vivid, and I tell it to myself sometimes because we all need to check ourselves is she would tell this story that basically went something like this, that, you know, when you're in your 20s and 30s, you're always worrying about what everyone is saying about you. And then when you get into your 40s, you realize you don't really care what they're saying about you. And then when you're in your 50s and 60s, you realize they weren't talking about you in the first place.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Dances with wolves, but this is an incredible show. There's four seasons out there. It is like succession meets, I don't, there's like a succession, meets the West, meets, it's worth it. Check it out.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It is remarkable. So, Kevin Costner, I mean, who doesn't love Kevin Costner, right? Like Field a Dreams, the bodyguard. Do you remember the bodyguard? Sure. Famous Whitney Houston song. He was Robin Hood. I mean...”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Boba Fed, or are they too young for that? I love Star Wars. I tried. We're not there yet. We are into the Jurassic World. We got to see that in the theater. So I, you know what? I let them lead the way. Someday they'll get into Star Wars, I hope. But personally, so here's my current recommendation, which I just discovered, and I don't know how I didn't know about this earlier, is Yellowstone. Have you watched? I know people who love it.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Endless. There's millions of us. They don't stop. Godzilla's a whole franchise. I didn't know existed. I miss this over the past two decades.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“What were we doing during the pandemic? I mean, we did, we set up makeshift zip lines in our house. It's an engineering feat. I have two boys. Two boys. They're now six and eight. Okay. So at the pandemic, they were little. Yeah, they were little. They're still young. So we were trying to find ways to burn energy, right? It was for them, I think it was hopefully they'll remember it this way. I think it was delightful for them because I travel a lot. So they've got used to me being at home cooking pancakes in the morning. But what have we been watching? So two boys obviously are dominating my Netflix and any type of streaming. There's a lot of wildcrats going on. Not even sure if you know this program.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Terrible outcomes we've seen, absolutely. And so I think it's applicable to everyone. I think there is a lot more education that has to happen within the space. There's a lot more personalization, a lot more demand for thematic investing. But this is something where it's a great opportunity to bridge what the investors really want and also the current offerings.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“That's where I do think there is a huge responsibility for wealth managers to filter through and make sure we're not labeling certain things. And then there's a huge opportunity for wealth managers. Because then if you're presented with that, you understand the risk mitigation factors. You can view this as a risk mitigant, right? Governance. Governance is a big piece of that, right? Better governance.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The boomers are not interested in this. I think everyone's interested in it. I really, really do. I think, you know, when you think about who am I giving my money to, right? Who am I giving my money to? Investing is giving your money to someone, right? It is betting on someone else's ingenuity. And so having that type of thing, if I were going to lend money to someone, you know, personally or invest equity in someone, I would want them to be aligned in terms of values make sure that they're a you know, a good person treating their employees well, making, you know, investments in the right areas, embracing things like diversity, not just from a diversity and inclusion standpoint, but also from diversity of thought and background and ideas. And so, you know, when you think of that on a micro level and then you expand it to a macro level in terms of how you're investing, it becomes intuitive that everyone wants to do that. But do they have the time, right? Like, do they have the time?”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. I think there's demographics, there's trends. You even see that in Gen Z, right? It's about passion and purpose, right? It's not just about where you're investing, but what is my career? Where am I working day to day, right? And really finding that from a value perspective. But I think we're also a little bit too flippant in terms of saying the”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“When you look at the growth rates overall of sustainable investing versus just broad-based wealth, right? And wealth growth and assets coming into traditional, let's say traditional investing, the anticipated growth rate is anywhere from three to five times higher in sustainable investing over the next five years. Huge. It's really significant. We're talking about trillions of dollars.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Precise mandates, right? Where you see mandates that are heavily weighted towards private markets, mandates that are heavily weighted towards sustainable investing or impact investing. So that's something that's really come out over the past several years where the mandate is not just about investments in asset classes, but actually thinking through the full journey of the principal and what they want to do both from an investment standpoint, as well as a philanthropic standpoint.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Also, how the wealth was generated. Sometimes it's within our industry, sometimes it was within hedge funds, for example. Whether there's an asset that's a non-negotiable or not selling this asset. So someone who started an amazing company, right, still is on the board, owns a big chunk of their wealth in a concentrated stock position. And then it's like, what are we doing around that, right? Because we're not touching this. I still remain active in the company. And so I would say each family office is different. We work with institutional family offices that tend to trade more actively. They're looking for opportunities that are very similar to our institutional client base. We partner with other family offices exactly what we're talking about, right? So how should we think about liquidity? How should we think about the markets? No asset class is off limits. And then, you know, there's certain family offices that we're seeing nowadays, especially that have very”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And not every family office is a little bit different in terms of what they're dealing with, how the wealth was created, the existing assets. And so we're very fortunate. We work with over a quarter of the world's billionaires. We have experience working with family offices. We actually have a dedicated global family office team. And we do a lot of research in this area. And we provide a lot of information both in terms of networking opportunities for family offices, as well as family offices recognizing kind of their own benchmarking, right? So data around what are other family offices doing, how are they set up? What is their staffing? What are the roles of the different people on staff? And so we spend a lot of time with this client segment with the acknowledgement that family offices are markedly different. I think it all goes back to the size, as you mentioned, right? So the size and amount of capital can greatly change the way that the family office is structured.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, so with family offices, I think the interesting thing is we try to view them as one client segment. It's not the case at all.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And when you even go back to really difficult times, like the 1970s and you say, okay, well, what happened to large cap quality shares during that period of time, they were able to double their share prices, right? So even when you start analyzing companies about durable demand are acknowledging that we're going to be, it doesn't mean I view tightening financial conditions. It's very similar to climbing a mountain, right? If you have a heavier load, it's going to take you longer, right? It doesn't mean you can't climb the mountain. That's what corporations are faced with. That's what consumers are faced with. And so putting your capital in those areas. And then if we do tip over into that recessionary environment, that fixed income portion of the portfolio is going to do well, right? So the anticipation in terms of rates coming down, flight to quality is a balance and a diversifier in the portfolio that as we were talking about previously didn't make sense when we were dealing with negative yielding debt but now”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably. And so we became very comfortable adding that exposure. And now when you think of what we were talking about earlier, this debate of, are we going to see some resiliency here or are we going to tip over into a recession and preparing your portfolio for both of those things? I think patience is a virtue in this market, not chasing some of these rallies that we see, but being very comfortable with those exposures, both across equities fix income. And as we were talking about earlier, private markets as well.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Precisely. So at the like I mentioned, Q3, Q4 of last year, we started to make some of these portfolio changes on the equity side. This year we came into the year underweight fixed income, like most people, right, anticipating rising rates. We added fixed income exposure, again, quality fixed income exposure looking at MUNI's investment grade, preferred really once that tenure, the tenure crossed over 3% for the first time. That was an area where we said, all right, are we going to see peak inflation? Are we going to see peak rates in this year?”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It could have happened 20 years ago. There are still stocks that are trading significantly off. So not everything that goes down must go up. So I think it is a function of understanding that we are in a tightening financial conditions environment. Don't fight the Fed, right? Don't fight that Fed and try to determine, is this something I'm willing to hold long term because I see that path to profitability? Or is this something where I don't see it and we could see continued volatility or continued downside? So that's the question.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“They had a massive run, exactly, and so you look at it net net. Obviously, that's an important part of that equation. But I think breaking it down into are we talking about a profitable company? Are we talking about that call option on an unknown future? Or are we talking about there's a clear path to profitability? I think there's a misunderstanding sometimes in the market that, you know, just because something is sold off substantially, it has to go up. There's a number of analyses out there where it talks about stocks that are trading 80% off their all-time highs. And you really look back at it, and people think that happened last year or the year before.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I think finding so for clients who are sitting in individual stocks and looking at, okay, I am part of that experience where these positions are down 50, 60, 70 percent. To be fair, they have”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The momentum that we saw in the pandemic and coming out of the pandemic, a lot of hypergrowth benefited from that. And so one of the changes that we made to our portfolios probably in Q3, Q4 of last year was this idea, okay, there's going to be this shift. We're no longer going to have this dominance of COVID cyclicals, COVID defensives, and where we should be invested. But this is going to be a question of what's going to do well in a rising rate environment. How are we, how do we want to be positioned in a rising rate environment? What companies can withstand inflationary pressures, which was really our shift in our portfolios away from some of those hypergrowth technology companies and then into more quality?”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you saw that whole thing of like stay at home versus leave your home, right? So that was what really dominated and it continued to dominate in 2021. And one of the questions that we were asking ourselves is you did see, particularly within the hyper growth part of the market, right? Hyper growth. And, you know, I think it's unfair. We tend to talk about technology very broadly as though it's, you know, all one thing and all the same. It's very different. And the subsectors are very different. But I think one way to slice and dice it is looking at, okay, you have some technology companies that have durable demand, right? You can put them in that bucket of dividend growers, durable demand, quality companies, and then you have hyper growth companies that, you know, the way that their stocks trade is almost like a call option on an unknown future, right? So just like a call option premium is going to have a lot more volatility than you would see in a stock price, you see similar behavior. And I think.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so 2020 was dominated by this concept of COVID defensives, COVID cyclicals, right? Who are the winners and losers when it comes to being work from home, stay at home? Netflix, Peloponnesia.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, trying to stay healthy and taking care of our families. And so I actually think it strengthened a lot of the relationships. It was a way for us to actually, when we look at our new client acquisition statistics, when we look at our AUM growth, we actually brought in a lot of assets. And so, you know, hopefully that's a testament to how we were advising our clients through that time. The frequency, the accessibility, and they're trusting us to continue to do that going forward.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The pandemic created a need to understand markets better, the economy better, the global economy better, all of these different dynamics and having like a go-to advisor and someone who was accessible pretty much 24-7 because we're all working from home and living.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Everyone wants to get out of apartments. Everyone wants to, which is so intuitive now, but we became a lot more tactical with some of our allocations. Of course, we have strategic asset allocations, strategic portfolios, but to really take advantage of some of these movements, because it was intense, right? And it continues to be intense in terms of navigating these markets. And so we became a lot more nimble and a lot more opportunistic in some of our investments. And so it really increased, I will say, I think one of the surprises to us was it only made our client relationship stronger. You would think that this very personal business of your constantly visiting clients, your meeting in their homes, you get to know their families.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And then, you know, some of the calls that we had about adding to home builders, thinking about human behavior and how it was going to change. And I remember when we added some of those exposures to the portfolio, the knee-jerk reaction was, really?”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Human psychology and all of our heuristic biases, right, that come into play as you're seeing the market tank, it is very hard to stay invested.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And so one of the things that we did was we started communicating more frequently with our clients. And so our chief investment officer and our chief investment strategist, we all got together and decided that this was something we need to communicate to our clients every week as to what's going on. And so we continue to do this to this day. We publish once a week breaking down what's happened in the markets, what's happened in the economy, how people should be thinking about their portfolios. And then we do a weekly webcast. Every Thursday, same thing. Some people, they like to read it. Some people like the live interaction. But people were craving that information. How should I think about this? How should I think about what's next? And so that frequency of communication and having that access to information and how to think about how you should be positioned and staying the course, right? Because that's the most difficult challenge when you see those severe drawdowns.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“While you're trying to manage this, and so I think we really helped our clients through that period of time because this wasn't like any other market correction, right? This was a”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“We have different sites, exactly. So we have one in New Jersey where we can recreate, and it's part of your job, right? You do the continuity of business testing. And so that was helpful, but then it was, you know what? We need to have everyone work from home. And so it was a mad rush to be able to make that happen. And I think we all learned a lot about our technology. We learned a lot about phone lines. Phone lines and how to make sure that every call was going to be answered because you couple not only that with one of the most volatile markets in history. And so you're like, the one thing that we can't fail to do is help our clients. If they need to get out of risk, if they need to sell, we want to make sure that we're able to answer those calls and help them out. And so we were very fortunate looking back on it. I think everyone has those surreal experiences, right? That you don't even know how many hours you worked or what was happening. It's a blur. Your kids doing virtual school next to you.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“We all got that, right? We all thought that it was maybe a month, maybe three months max. And so, but we did it, right? We had to, we were doing at that moment in time at City, we had the contingency plans, we had people working on different days and continuity of business sites. And then we got the phone call that, no, we need to find a way to move everyone 100% to work from home.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think we could break it down into two different parts. How did it impact us and how did it impact clients? At that moment in time, Barry, I was running our capital markets division in the Americas, North America and Latin America. And I remember March 2020, there was no thought in our mind that we were going to work from home. Working on a trading floor, trading desk, this idea that you were going to somehow mobilize and be able to take an organization of dozens of people and somehow figure out how to work from home. So I was one of those people that definitely left kicking and screaming. I'm like, I can stay here. I can still work from here.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And our clients at large, exactly. And it's a really important thing. We always think about that on the institutional side in terms of flows. A lot of people are measuring every single day, right? But that's something that you can see within private wealth as well. And it's significant. It can move the market.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so any data that we have, obviously, as a large financial. Yeah, large financial institution, there's obviously walls, there's data that can be shared, data that cannot be shared, and there's a lot of protection around that. However, when we look at things like flows, right, and we can see average cash balances that our clients have, are they building cash balances? Are they taking more risk in the market? So all of those trends and insights that we get from our clients are critically important in terms of the pulse of the economy as well as the markets. And so yes, we pay a lot of attention not only to what we think, right? What we think is going to happen in the economy and markets, but those signs that we're getting from our investors.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And we look at high yield spreads. We look at we haven't really seen that widen out. And if that does widen out, right, it's widened a little bit, Barry, to be fair, but it hasn't really to this level of, okay, we're really going to see companies stretched. Those are some areas that could create some continued pain in the market.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source