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

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“It's at very good levels, but when you see, so it's interesting because then you see these trends, okay, we're opening more and more credit cards. Okay, interesting. How are people then spending? Previously, it was stimulus, right? There was stimulus fueling the economy, and now it's, okay, now I'm buying on credit. That's not the end of the world, right? That is access to capital. When we see those balances increase and now they're increasing at higher interest rates, that's something that we want to watch and keep an eye on. And obviously in Q2, a lot of financials reported and they talked about loan loss reserves very well in check, very healthy. And so I think that's a trend that we need to keep an eye on. Same thing when it comes to corporations, right? So when we think about credit spreads in the market.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, on one hand, people are like, consumers are continuing to spend. Yep, they're continuing to spend. We're reaching pre-pandemic levels in terms of balances on credit cards. We're not going above that. We're just pre-pandemic levels.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Starting to see that, but that's also good in terms of showing some of that froth being taken out of the economy and some of that slowdown. I think some of the things that we need to keep an eye on just from a The impact of the Fed's tightening is a couple of things. One, we also saw record number of credit card openings in Q1 and Q2. and so some of the stats that we've seen Q1 of this year was a record number, 532 million.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Now we're seeing a massive inventory build. We're seeing housing starts come down. We're seeing just the time, right, that homes are on the market. Extending. Extending wars are dropping.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Those types of risks and the overall prospect of what that means from a recession standpoint, it's better to be in that position, right? It is better to be in that position. We're coming into it from a place of strength. And you are starting to see some cracks, right? So let's talk about the cracks inventories building, right? That's probably front and center.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you're right. I think you're absolutely right that on average, the average company, average consumer came into this year in pretty good shape, right? Their balance sheets were very strong. I'm saying they're both across companies and consumers. They were able to take advantage of the low interest rate environment to really kind of clean up liabilities. And so I think that we came into this year prepared. From a balance sheet perspective, not prepared for what was then going to transpire in terms of not only that quick movement and interest rates, remember in January, that was the story, the kind of very quick movement in interest rates. And then obviously geopolitics and Russia's war in the Ukraine really exacerbating some of those supply shocks. And so I just think that”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You'd have to see some significant increase in the unemployment rate. And you're going to have to see that earnings contraction. And so do we anticipate, here's, I'm going to share some positive news, right? So that was very cautionary. But I think one of the positive things is we haven't had a recession that has been this anticipated either. So, whether the market's pricing it in or not, consumers are planning for it, corporations are planning for it. This is not something that's coming out of left field. The Fed is clear about their trajectory. So in terms of taking some of those decisions and mitigating the depth and duration of that. Recessions are painful, right? But the depth and duration of that economic pain, hopefully that can be mitigated.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“A lot of people say, well, that's a technical recession. And then again, all of our economic students are like, no, there's the National Bureau of Economic Research. And this is how it's calculated. But we're looking at that in terms of.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Depth and duration, it's a big difference where you see the duration in non recessionary bear markets on average about 180 days, maybe max some of those max observations around 220, right? So well under a year where recessionary bear markets are 400. So that's a big difference. And also the drawdowns, if we're using U.S. equities, non-recessionary bear markets down around 20%. Yep, we may have done that work, but recessionary bear markets can be in excess of 30% and even closer to 40%, depending upon what data set you're using. So it is very different when companies are making tough decisions about where they're investing, right? And how they're investing and how that impacts obviously wages, employment, et cetera. So what we've seen with the two negative quarters of GDP growth.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a huge difference both in terms of the duration, right? So you tend to see recessionary, and it depends on what data points you use, but again, on average,”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think their pricing in a recession or earnings contraction right now. I'm not saying that we're going to see substantial downside from here. There's a lot of debates, right? Are we going to retest those lows?”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Companies that have been able to consistently grow their dividends, consistently grow their earnings, and so looking at the yields on that around 3, 3.5% and diversification across sectors like healthcare. Even Infotech is in there because you have some Infotech companies that are now durable demand. That's the part of the market where from an equity standpoint, we're very comfortable maintaining that exposure.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You needed some hedging, right? Like you needed that hedging because it wasn't just impacting energy, it was impacting food. It was impacting natural resources. We saw that concentrated exposure, right? With the stats that came out that 85% of the world's wheat production and you saw these, we're coming out of Russia and the Ukraine, things we never knew before. And so getting to your question about equities where we're positioned right now, equities absolutely can conserve an important part in the portfolio. But given the concerns that I have as to where the US is right now, US equities, we're not pricing in a recession right now. We're not pricing in a meaningful earnings contraction or tightening financial conditions impacting companies. And so where we're invested is in quality, in if you look at like the S&P 500 dividend aristocrats index, you're talking about companies not high dividend payers, but”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Barry, if we're thinking of like, what are the best hedges against inflation? Well, if we go through the highest beta, it's almost like you can break it down as commodities, direct commodity exposure. A lot of individual investors are not going to take that on. So then you're looking at commodity stocks. Are there opportunities within energy, commodity stocks? We actually had positions within commodity stocks for a period of time as a hedge, as a portion of the portfolio, not as a directional bet at all. But we pulled back on those positions just given some of the turnover that we've seen, particularly within the giants.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And so I think that now, looking at this past decade where you've seen that impact and now you're just seeing it front and center in terms of eight and a half percent is extreme in terms of what that means from a spending standpoint as well as what it means from an investment standpoint. And so this becomes the question around how do I create depending upon how I'm currently positioned, how do I create better outcomes. So if you're someone who has been hiding a little bit in cash, maybe overweight cash for not just the past two years, but the past 10 years, that's that conversation about how do we get to marginally better outcomes? How do we add things like muni bonds? How do we add things even like preferreds in terms of some of the yields that we're seeing in preferreds for investors? Because I recognize that.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think this is to your earlier question about US investors thinking through some of these risks. Inflation really hasn't been a risk that we've had to think about for quite some time, right? So obviously absent the 70s and 80s, thinking of this level of inflation is not someone someone's had to think about. And the idea of what is the real rate of return? What is the real interest rate on this? And so if you were someone who was sitting in cash, let's say from like 2000 to 2010, you were earning on a real basis about 3% per annum. Not knocking it out of the park, but not terrible either.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“People are on vacation. He's too much credence to one day and really trying to take that view. It doesn't need to be out five years, but trying to take that view out several months. And so I think we're seeing a lot of investors really hanging on the word of every speech, every daily report. And I think on average, yep, we're going to have jobs reports that are important. We're going to have CPI and prints that are important. But really, it's the amalgamation of all of these things that's going to determine how severe the recession is and the ultimate trajectory of markets from here.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It's hard to say that definitively, right? Because interest rates are important, liquidity is important, the concept of a Fed put was really important in terms of the overall direction. So it absolutely impacts the economy and markets. I think paying too much attention to the day-over-day moves is something, and this is interesting, Barry. I think this is something that we actually saw starting with COVID. Once we've shifted to that work from home, stay at home. And just massive spike in volatility, massive movements in the market. I think we've gotten into a little bit paying a lot of attention to day-over-day movements. What does this day mean? And even if we take, you know, the summer months, liquidity's light.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Spending patterns, how are companies preparing for this? And what companies are well prepared for what is going to be? We say don't fight the Fed when it's easy monetary conditions.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, so there is this concept of what they're doing now is not really going to flow through to everyone, both the consumer as well as corporations, until several months out. And so what does that mean for consumer spending? What does that mean for all of the decisions that the consumer is making, which drives 65% of the U.S. economy? And what does it mean for corporations as they're making decisions? And so in Q2, we heard a lot that recession wasn't the base case, but they're planning. I think it's going to be really fascinating. I think we're going to pivot from, I shouldn't use that term, pivot. It's become a dirty word. Become a dirty word. So five-letter word. I think we're going to change the dialogue from what was obsessive about the Fed and debate about what they're going to do and what is the terminal Fed funds rate to now obsession about earnings. And I think we're really going to focus on where are we seeing that squeeze? Where are we seeing that change in consumer?”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I think that's one of the challenges in terms of this is where economics degrees really come in handy in terms of breaking down all of these data points, but they were very specific that their goal was headline inflation. We all talked about the demand side of the equation, the supply side, what's in their control, what's out of their control, and Cherapal again was very, very direct in terms of the whole thing is our mandate, right? So whether it's supply side, demand side, we need to make sure that we get this under control. So obviously we're seeing some relief in the commodity sector, but more broadly, it's whether or not how quickly are we going to see that number come down. And even if it's at, let's say, six and a half, six percent by year end, that's nowhere close, right, to their ultimate target. And so continuing on this path, I think the challenge that the feds in is when you think of tightening financial conditions, we don't see the full impact of that until out probably 12, 18 months.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Lack of mentioning a soft landing. Cheripal in his past couple of speeches and public comments always said that a soft landing was possible. Here that was absent, so it was much more about invoking Volker and also just looking at this is going to create some pain. And he admitted that. So I think their trajectory is very clear through the rest of this year in terms of the tightening path that they're on. Right.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“In Jackson Hole, that very short, very deliberate speech was one where it was make no mistake about the fact that we are going to continue to tighten, that inflation expectations will not out of control yet, but at a level of two and a quarter, two and a half looking far out, we need to bring them down to two, and our job is not yet done. We need to make sure that we're taking that action. I think the other interesting thing too that may have been one of the catalysts for the volatility that we saw on Friday and Monday was really this”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't you think there's a debate though? So I think there's this question around what we want the Fed to do, what we think the Fed should do versus what they're telling us they're going to do, right? So I think that ChairPal has been very clear in terms of what they're going to do over the summer months, we got that rally off the June lowe's and some of it was kind of peak bearish positioning. Some of the abatement, like you mentioned in terms of commodity prices and particularly with gasoline. And then Q2 earnings were pretty resilient, right? We thought inflation was going to impact a lot more than it did. There were a lot of surprises in terms of top line revenue growth. And so then I think what happened was we started sneaking in these narratives the market did about maybe there's a Fed pivot. Maybe the Fed will be dovish. We didn't see that at City Global Wealth. We did not see any signs that the Fed was going to change course. And so I think.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Up. I can kind of play some of the momentum now saying, you know, where do I really want to allocate capital? And I understand that there's a lot of risks. There's a lot of data points that we're waiting on. There's a lot that we need to wait on for earnings. And the impact that this tightening, right? This tightening that both in terms of rate hikes and quantitative tightening is going to have on companies and consumers.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, they've gained in popularity, but there was also a little bit of a concept. We're in, you know, long-term secular bull market. Everything's going up, right? So this idea of customizing my risk return profile, well, when you think of the components of a traditional structured note, you have a bond and then some underlying options. Now that rates are higher, that bond is giving you more value. And when we see these spikes in volatility, a lot of those strategies tend to be short volatility. And so now you've created this environment where the market environment is giving you the ability to use strategies where you can earn high single digit yields with some downside protection. And you're saying, look, if the market pulls back another 10, 20%, I'll buy in at that level. And in the meantime, I'm getting paid to wait. So I think even people who question those strategies historically looking at, I can go into an ETF. Everything's going.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Short duration, intermediate duration, you're now looking at yields that are mid single digits, right, on investment grade. And so what we've seen is it doesn't completely combat, right? It doesn't entirely combat that impact of inflation if we're staying around 8.5%. But for someone who's been sitting overweight cash and getting to marginally better outcomes, you brought up munis, which is an excellent example as well. You're getting marginally better outcomes on a pre-tax equivalent basis looking at high single digits depending upon what state you reside in. And so all of a sudden, that became an easier path versus looking at some of the more traditional true risk assets. The one thing that I will mention since you brought up structured products as well, that's an interesting part of the market that if we think about the past 10 years, right? So the past 10 years, and this is someone who's worked in derivatives and structured products for quite some time.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You don't want to be overweight fixed. You don't want to be overweight, and when 40% of the world's government debt is negative yielding, maybe not exactly the best, which actually created some really difficult situations for those who were retiring, right? And that market was really tough because you're like, wait, I need to be overweight equities to get the returns that I'm looking for. But, you know, traditional investment advice is telling me I should pull back on some of that risk. So that created some interesting dynamics, but I think this year, what we're seeing is on the private equity alternative side, it's really playing that long game. So that ability to kind of see longer term and what I think is going to really have some legs and separate the noise, short term is, are we going to have a recession? Are we not going to have a recession? When it comes to fixed income, though, we're seeing now all of a sudden you went from a situation where your cash was yielding nothing, right? And now you're even looking at whether”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what we've seen is that absolutely bonds are back. So thinking through what was not in vogue last year or the year before, and this was our advice too, in terms of advising our clients is, you know, having an overweight exposure to fixed income just didn't make sense over the past couple of years. You're talking at the end of the year.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The same sort of thing. Exactly, exactly. So pretty intense starts of the year, but where clients were consistently allocating capital was in private markets. And I think, you know, part of that is this ability to take a long-term view, right? So short term, we know some of these changes that we're going through. We're nervous about what the Fed's trajectory is going to be. I think Friday may have cleared that up a little bit in Jackson Hole. However, what happens next year, right? So what happens next year? But being able to take a view out five, seven, ten years, much easier. So I think that those flows into private equity in particular have remained really strong.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It's interesting because that's something that has changed substantially over the past, let's say even 12 months. It feels like it, yeah. I think there's a little bit of a shift going on. And I think you have to separate out. If we think of alternatives maybe in three different buckets, private equity, and I'll put private credit in there as well. Private equity credit, real estate, and then hedge funds. We've seen strong, strong demand pretty consistently for building out alternatives portfolios, particularly when it comes to opportunities with great financial sponsors on the private equity side, looking at these long-term secular trends, right? And I think one of the interesting trends that we've seen year to date is really while people have been conservatively positioned really kind of shocked by the start of the year that we've had, one of the worst ones on record when we look at both equities and fixed income being in tandem down over 10%.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Meaning custodians, of course, like in terms of counterparty, but also thinking of your wealth planning and the structure of your assets, the trusts that are available to you, how you want to think about trust and estate planning.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So I would say there's a couple of things that are really important from a, and I'll say U.S. perspective, right? So from a US perspective. How you hold your assets is just as important as what you hold, right? So the business of custodians?”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Can be different in different languages, their sense of humor for sure can be different, and so it's been a great experience.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“They've seen hyperinflationary environments. They understand currencies. And so when you think of the area that I was very passionate about in derivatives, there's a natural understanding just by growing up in an economy like that that interest rate risk matters. FX risk matters. Commodity risk matters. And so inflation really can impact, right? Can severely impact your net worth? And so it was almost like this client base grew up with a natural understanding of derivatives of markets, even though maybe they didn't recognize that it was derivatives, but there was such an easy and it was very facile because of what they lived through. So it was definitely an advantage. But then when I ran capital markets in North America and Latin America, you can ask many of my colleagues if the dominant language is Spanish. We have meetings in Spanish, if it's a one-on-one meeting, and you find people's personality.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Because the client base was different, their risk appetite was different. And one of the things that I learned is the difference when you look at a US average, let's say, wealth client versus someone who grew up in Latin America, someone who grew up in Latin America has, and I'm just saying on average, right? This isn't a generalization, but they have a higher risk tolerance.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It is well received, and I think Americans have a reputation for not being multilingual, for not speaking another language, and working at a global bank like city where we're constantly interacting with people from around the globe and you see how many other languages our colleagues speak. But at that moment in time, really kind of focusing on Latin America and then going in region, going down to Miami, being able to have meetings in Spanish, and one thing that I did have to learn, though, is so while I was fluent in Spanish, I wasn't fluent in, let's call it financial language. Oh, really? And so you start to learn things like, well, how do you say call option? How do you say? So as I was like chatting with different people or communicating with different people on Bloomberg, let's say, I would then, you know, put word are they saying? What does that mean in terms of financial slang? So it was really fun because it developed that part of my language skills. But most importantly, it was great.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“They're like, how did you end up in finance? Spanish language and literature. It was incredibly useful and it's still useful to this day. So I am a fluent Spanish speaker. I lived in Spain. I lived in Mexico. My husband's from Mexico. So I speak Spanish in my personal life. I've used it in my professional life. And so when I was covering Latin America. I will say it was a competitive advantage in a way.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, so a lot of what was kind of that big bank that was like one of the last banks in Chicago and trading floors and things like that. I'm talking about diversified financial services. Obviously we weren't going to have two of everything and we had to move that to New York. And so with that experience moving to New York, I did move to Credit Suisse and really that was to flex a slightly different muscle in the job there was building out the Latin American business, selling derivatives, structured products to Latin American banks and broker dealers.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Very impressive. A very impressive career, and I admire him a lot and everything that he's done. And so I think then, like, the transition in my own career, right? So when we were going through all of those transitions with JPMorgan acquiring Bank One, you know, one of the downsides to that, talking about our fondness of the city of Chicago, is a lot of jobs moved to New York.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Faded away, right? I don't know. I'm a big fan, though. I'm a big fan. I know it's a competing bank, but he's a phenomenal leader.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm very New York open minded. Equal opportunity. There we go. So in Chicago, it was a really interesting time because if you remember.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So each part of my career, I would say, is something I learned a lot, I experienced a lot. So it's like different building blocks, but the Bank 1 JP Morgan days, that was out in Chicago. So I worked out in Chicago. That was when it's a very fun town. I have a soft spot for Chicago. The food, we could talk about the food for. I'm in Chicago every year for Thanksgiving. It's turkey.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Old bank, right? So that's really what's kept me here. And I think now that we're embarking upon with Jane taking over as CEO, this massive focus and wealth, which is my passion as well, I am so excited for the next several years.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Given me the ability to flex different muscles, and that's not just me, I mean, that's something that's really, really common throughout our organization. And you'll see that with a lot of people. And it doesn't have to be all within wealth management. It can be across lines of business. So I think city and our culture is one of, let's keep our good people, let's give them opportunities, whether it's in their immediate world or outside. And then the other thing that I will say is that I think culturally, it's a very flat organization. There's access to everyone's accessible. And what I've seen that's really special about our culture is even when we've had those situations where we lose people, they tend to come back. We call them boomerangs. Right, right. I've heard that expression. They try something else for one to two years, and then they say, you know what, this place just in terms of the access, the culture that drive to kind of grow together, do stuff as a team, it feels entrepreneurial, even though we're such an”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It will be 17 come December. Yeah. So it's been a great experience. Look, I've been very fortunate at City. I've had a lot of support, a lot of great people around me, a lot of great mentors, right? And I think that one of the things that City does remarkably well is really allows you to transition throughout your career in terms of exploring different areas of the business. And so while you can see that concentration and markets and sales and trading, once I started really working with our private bank in a meaningful way, I was then able to lead teams of investment counselors and investors. I ran investments for the East Region. I then came back into capital markets and got to really kind of see, okay, how are we running this business and really setting up this business for this client segment of family offices, ultra-high net worth, high net worth investors? And so while you could see this common vein, it really has”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“That Pizza Place isn't open, you're going to the next one. No one's calling anymore, and so those trends within our industry as to some of those experiences that our clients want, where it's contactless, right? This should be frictionless. It should be pretty easy for me to do versus where we're really adding value in terms of advice. So the platform digital experience and technology is really, really critical as well.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“We offer to our clients, how we're differentiating that versus the competition. And the last piece of it, which I've become really passionate about over the past really kind of five to ten years of my career is the technology and platform. So if you think about some of the trends within wealth management, it's not just about the personalization, bespoke solutions, although that is something that has certainly gained a lot of popularity and grounded and is almost becoming table stakes. But there's a big piece of it that's digitization, right? And the platform and how easy is it to access your advice and put capital to work. And you can see some of the trends just from the digital world, right? And that comparison, if someone's going to do an online transaction, an online trade, that is almost like I use the example. It's like seamless grubhub, right? Where you call up and like this idea of ordering a pizza, right? And calling a pizza place, if you go on like on an app.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. I love my current role. I love leading investments for North America, for City Global Wealth. This is an area where if you hear Jane Fraser speak, it's an area where we're heavily investing as an institution. One of our key objectives is to be a global leader in wealth management. And so my mandate in leading North America is really to lead the investments organization. And so that's a combination, Barry, to your point about the CIO role in terms of what strategy, how are we advising our clients, how are we breaking down markets so there's a strategy component to that, there's a client coverage component to that, depending upon your wealth, depending upon your objectives, who are you interacting with, whether it's an investment advisor, investment counselor, or whether it's product specialists who have deep expertise in a particular asset class or product, it's our product organization making sure that we're offering the right products and solutions how we're analyzing what”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It was tragic, right? Like lives were completely changed across obviously the United States, the global economy. And then you saw a lot of people that you really respected, really cared about. There was a massive amount of layoffs. And so I think it was a very, very seismic shift in terms of just what we thought finance was, what we thought sales and trading was, the stability of that type of career. And so I think from that perspective, you really realize that nothing's guaranteed. You have a lot of gratitude for being able to work in this industry. And then you also have to really make sure that people realize, and again, we carry this through to wealth management more broadly. If you don't understand what you're doing, you should not invest in it.”
2022-09-09 · Masters in Business · Kristen Bitterly Michell on Wealth Management · IDENTIFIED FROM THE TRANSCRIPT · source