YouSaid · the spoken record

Lisa Shalett

lines on the record: 65
first: 2025-04-03
most recent: 2025-04-03
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

“They're over a day. Yeah, it's been extraordinarily exciting for us. Obviously, you always want to be working in a growth business. And so, you know, we've been in a situation where we're hiring people, which is always exciting. We're going after new types of clients, new problems, new situations, which keeps you on your toes and keeps you growing. And, you know, really completely new business segments. I mean, I can't tell you how to your point that flywheel between moving up market into institutions feeds your self-directed business. I mean, let me just give you an example. Let's assume that we are administering a stock plan for a large corporate client. Now we're going in and we're saying to that corporate client instead of”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, they have. I mean, I think that ours is a business in almost every segment that requires a lot of scale. And as you know, developing scale very often means investing aggressively in tech, investing aggressively in talent. And you got to pick your spots, right? And so, you know, to your point, I think every segment today is a little bit of a gunfight. I like to think that in core wealth management, Morgan Stanley and, you know, where we've come first under James Gorman and now hopefully under Ted Pick's leadership is really differentiating us and allowing us to pull away from the pack, at least in wealth management.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so as you may know, Barry, you know, over the last, you know, really decade since Gorman acquired Smith Barney. We've been expanding our footprint in terms of the client segments that we are focused on serving really exponentially. So while you might once upon a time have thought about the Morgan Stanley Financial Advisors as serving that ultra high net worth core client, now we're serving folks in the mass market through e-trade. We're serving family offices. We're serving institutions. We've done acquisitions in the stock plan businesses, in the retirement businesses. You noted in my bio that I run, help run one of our OCIO businesses, our outsource, where we're working with foundations and endowments and family offices. So now we're everywhere and we're serving every type of wealth client internationally domestically.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, look, I think it does a lot of things. First, it avails me of some of the best colleagues on the planet, right? So I'm surrounded not only by folks in the wealth management business, but obviously I'm attached to one of the best equity and trading franchises globally and then to your point, you know, connected to PMs that, you know, are walking the floors with me. But look, I want to be really clear. When I think about my clients, we're arm's length. So proprietary product might be appropriate for them if they're open to it. If on the other hand, they say conflicts of interest matter a lot to me. I want everything to be totally transparent. We have those options as well. So, you know, I think about it as, you know, we work with clients, we do what clients are in their best interest.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“I think in many ways I still wake up every day and I think I've got more to learn in terms of how to be a better partner to financial advisors today at Morgan Stanley.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think from my time at Sanford Bernstein, I like to think I brought, you know, kind of my love of original research, my love of, you know, that independent streak, that desire to really, you know, call out conflict of interest and say, no, this is, you know, this is what the numbers really tell you. I like to think I brought that. I think, you know, from Merrill, it was really that appreciation of how do you work through financial advisors. So as a chief investment officer, how do you earn the trust of financial advisors to have influence, right? Because they're what stand between you and the client. And so, you know, I think I started that process in my career at Merrill.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“thinking about alternatives and so you know what made Merrill extraordinarily special were the financial advisors who were just spectacular to your point the thundering herd”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so when I was running the wealth management business, reflecting on my experience with Sanford Bernstein, Sanford Bernstein was what we call a closed shop, right? All the clients were getting proprietary Sanford Bernstein asset management product. And when I arrived at Merrill Lynch, it was really my first exposure to really entrepreneurial, extremely talented and aggressive financial advisors who were operating with what we in the industry call an open architecture platform, right? Where they could, you know, kind of place best of breed product with their clients. And so that opened a whole new world for me in thinking about asset allocation and thinking about advice and thinking about active and passive constructions together.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“There were certainly remnants. So, you know, just to reframe, you know, folks who are Wall Street historians will understand this chapter. One of the reasons I went to Merrill as I was recruited by one of my best friends, who is Sally Crawcek. Oh, really? Sally and I grew up at Sanford Bernstein together as baby analysts. And at that time, she was running the Merrill Lynch brokerage business for B of A. And she hired me to come in and be the chief.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“It was god awful and really, you know, the trauma was when Lou Sanders, who at the time had been the storied CEO of the firm, he had been my personal rabbi when he was asked to step down. And, you know, therein began, I think, the unraveling and a little bit of the loss of that cultural juice that had kind of historically made that firm special.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“So Sanford C. Bernstein was independent when founder Mr. Bernstein passed. We needed to settle his estate and a decision was made to merge with Alliance Capital, which was a growth shop at the time. We thought it would be synergistic because the asset management business of Sanford Bernstein, as everyone, I think, knows, was a deep value shop. And so that merger happened, I want to say, somewhere in the early 2000s. We became Alliance Bernstein. And then, you know, we kind of wrote it until the great financial crisis and our deep value exposure to financials kind of helped unwind us quite a bit. And I think, you know, Alliance Bernstein really spun for quite a long time. It took a long, long time to get out of that mess. I left because I got tired of firing all my friends. That's tough. Yeah.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Most of the search people at that time said to me, the only place to go if you want to do that is Wall Street. I kind of balked. And they said, but there's just this one place. There's this one place. And the one place for those on Wall Street in the mid-90s, that was very special. It was very independent was Sanford Bernstein. I walked in the door and I literally fell in love. I can honestly tell you the minute I walked in the door, I knew I was home. And I always thought I would die there. But obviously, you know, life is long and stuff happens. But it was a wonderful, wonderful. It was the seminal chapter in my career.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I was starting to hit those magic numbers in the 30s when women are like, if I don't get it done now or never, it's now or never. So I took the plunge, I quit. I did not have a job. And I said, okay, I'm going to go out there and see what's going on. I knew that I wanted to work with clients. That was one of the pieces of the consulting gig that appealed to me. I wanted to work with super smart people. Also something I had loved in that career. And I really just wanted to be somewhere where I was constantly learning and growing, right? And I'm a New Yorker. So I was coming home.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so, you know, I did the consulting thing both before and after business school. And, you know, fundamentally, I was never home. I was traveling and on an airplane all the time. I was literally arriving back home Saturday mornings, leaving Sunday nights.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source
“Not at all, right? In college, I was a drive time disc jockey. I abhorred the idea of working on Wall Street. And so, you know, coming out of school, once I realized that journalists and folks in radio don't make much money in the long run, no offense. This is my side hustle. Not offended at all. I thought I was going to take the high road and be a management consultant. So that's what I did for the first job.”
2025-04-03 · Masters in Business · Wealth Management and the 'Great Normalization' with Lisa Shalett · IDENTIFIED FROM THE TRANSCRIPT · source