YouSaid · the spoken record

Mandell Crawley

lines on the record: 58
first: 2020-08-21
most recent: 2020-08-21
sittings or episodes: 1
sources: podcast

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“Having the vision of 2020 in hindsight is a wonderful thing. And I wish we had it more real time. If there was one thing I would simply say, and I'm being cute here, partner, is it I would have gone long rates 30 years ago?”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so first, I would say it's important for young people generally to just understand their careers are not linear. As you and I both know, sir, it's their securitous journeys. And my career has definitely been an example of that. So that's one. The second thing I sort of put in this category of what I call the big three. High degree of self-confidence, right? The ability to manage your insecurities. We all have them, right? They prop up all the time. And I just think it's incredibly important to be able to manage your insecurities over time. And then lastly, which is probably most important for young people, impulse control. The ability to control your impulses and just not make career decisions based on emotions or snap decisions or what have you. And that's something that you see that's fairly common with young people.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've been at one firm my entire career and yes, there's Burgess and Acquisitions along the way. But when you hear Bob's story and how he literally started at the bottom of the company and obviously got to the point of being one of Disney's most renowned and memorable CEOs and it's just a fascinating story and he goes into again as the mergers and the acquisitions took place, what the implications for him personally, just an incredible, incredible person and story. And so those are the books that come to mind for me, Barry.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So I'm an avid reader, fairly diverse mix of books. One over the last couple months that have resonated with me can't hurt me by David Goggins. If you want to sort of make sure, if you want to put yourself where you want to go beyond what you think you're capable of doing, I would strongly implore your listeners to read Can't Hurt Me. It was a fascinating read. That's largely about culture, talking to strangers from my favorite author, Malcolm Gladwell. It's something that I've read fairly recently. Coming by Michelle Obama, again, a fellow Chicagoan and obviously former First Lady is a great read. And then most recently ride of a lifetime by Bob Eiger, fascinating story.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Close mentor confidant to this day. And again, I take leadership very seriously. And he was the guy who served as my early example. And then there's a host of folks around Morgan Stanley today that obviously continue to invest the time and effort in basically serving as my sort of personal board of advisors as relates to my career. So I've been incredibly fortunate.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tell us about your. Yeah, whenever I think about mentorship, I always have to start, Barry, a little earlier than that. I always have to give props to my uncles, my older brother. I mean, they were the folks who, the early, early, extremely raw Mandel, they played a huge role in that in surviving the streets of Chicago, this wouldn't be possible if it wasn't for that. But then when you start to get into the professional context, there was a guy named John Waylon who hired me at Morgan Stanley who showed up to interview in a gold suit in a black shirt, knew nothing about the business. And the guy took a chance on me. So I'll be forever grateful to him. And then there's a guy by the name of Kevin Morano, who I worked for I mentioned in fixed income, and he used a guy who gave me my first leadership position, and he remains a”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Management Yeah, sure. When my wife and I can take control of our television and we're not watching Frozen 2 or Aladdin that our girls love to watch, I'd say it's a couple things. Number one, being a Chicago kid, of course the last dance, you know, the Chicago Bulls run during the Jordan era. Amazing. Now, the second you want to go dark, Ozarks is definitely a show that will keep you in pretty good suspense. Billions, I don't think, is as popular as it was, but I'm still very much watching billions. There's a new show that my wife turned me on to, and actually Andy Sapperstein, who runs a business, has been talking about money heist, is another Netflix gym that I'm just starting to get into. And then lastly, my wife and I, we have one of our girls is artistic, our beautiful daughter, Jaden, and there's a show on Netflix that we love called Atypical. So those are the shows that jump out.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“But I'm going to be direct about this. I'd say that folks assume we're going to be disrupted. And we actually have the view that given, again, as I said earlier, our brand, our size, our scale, that we can actually be the disruptor of the industry. And our base view in terms of the future state is that it's not a man-woman versus machine, right? So that's the bet that we are making. And so having world-class talent with world-class technology, we believe that we're going to be in position to dominate, right? And so ultimately, because we're big does not mean that we're going to be clunky and slow, we think we're going to be super informed and have the ability to respond to forces early on, right? So these disruptive forces that tend to captivate us. And so the thing that I would say, Barry, that”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's. I'm really glad you asked me this question, Barry, because I think there's this assumption, right, that the incumbent firms are at risk of being disrupted and clearly whether it's betterman or Robin Hood, and there's some great, what I would call digital natives that have come to market, but frankly, I think are healthy for the industry. And before I get more specific, I will say that I think the beauty of the digital natives, as I call them, is I think that it's forced incumbents, our firm included, to turbocharge the shift from a paperprint fax ecosystem to a largely digital one. So I think that that's been one of the more pronounced implications of these digital platforms that have emerged.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To tax policy, right? So that's one where it's pretty intuitive to me if one is assuming, if you just call it a Biden presidency and assuming that taxes are going higher, we have started to see, again, still relatively early dates. Families start to get a little bit more concern and focused on that.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. Yeah, no, I think that that's exactly where I was going. I think I both noticed, if you look at the history of irrespective of who's in the White House and almost in some respects, irrespective of who's dominating Congress, the performance in the markets are far more similar than I think most people believe. But where I was going was we've not seen what I would describe as material movement of capital or just simply stated asset class repositioning where you feel like there's a link to perspective or potential outcomes from the election. But what we have seen is amongst some of our multidenerational families. I talked a lot about estate planning where folks are becoming increasingly sensitive.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's start with where on the political spectrum you sit. I mean, ultimately, it's been relatively quiet. And I think that's true even with institutional investors. But now we're getting close. Surely when we get on the other side of Labor Day, I think that the election will clearly dominate the markets and will dominate mindshare for reasons. And let me just clarify, man.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've ever seen before. And so the debate is irrespective of the underlying fundamentals, are we at a place now where there's so much money floating around our system that markets will continue to, you know, their perpetual move higher? But that's a debate that's playing out. You've got some clients who are basically taking risk off the table, you know, leveraging structured products. You got some folks who, again, are putting a ton of money in gold and other precious metal instruments because, again, they think that there's going to be this unleashing of inflation at some point and the market's going to go into some significant downturn. But that's the life we've chosen, partner, as you know.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think that's a debate that's playing out, and that's the beauty of markets, as you and I both know. There's a bid and there's an ask, but you've got some clients. I mean, look at what we're seeing on the metals front. Look at what's happening with gold, right? You've got some clients who are not, as I said earlier, they don't believe the hype, and they believe that a material correction could be in the offing. Now, you've got the other school of thought, right? That's the long-held crew, but the long-held view of don't fight defeat and just the extraordinary amount of stimulus that we've seen, obviously, from central banks around the world, and then obviously from a fiscal policy perspective, obviously Congress and the White House are in the throes of debating the next round and the next leg. But when you take a step back, and I both know being in this business for as long as we have, I mean, the action is unlike anything, not just the action, but the speed of the action is unlike anything.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“As an example, just given where obviously where interest rates are, just as one example. So that's the second thing. And the third thing is, and maybe this is just a function of where interest rates are, a great deal of activity on the other side of the balance sheet, on the liability side of the balance sheet where our OJINA worth clients are borrowing at a level that is far faster or much faster than any of our other segments.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That exist in what I just simply call a regular way sort of equity business. So you've got that happening. So that's one theme. The other thing that we're seeing on behalf of clients is I mentioned this earlier, the estate planning engagement is just on fire, right? Clients, whether it's around taxes and maybe that has something to do with the fact that we're in an election year and folks are starting to reposition. But I think more importantly, given the devastation that we've seen going back to COVID for a second, I think that folks, particularly multigeneral families, are really taking a long, hard look at the various structures that are housing their assets. And they are as engaged and maybe, again, maybe because we're all home now, they're as engaged and it's focused on some of these more emotional things than I've seen surely since I've been running the business. So looking at grass.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if we would necessarily envision the markets being, you know, have snapped back as quick as they have. And so I do think that there's a good deal of caution on a part of many of our clients. So many of them have raised cash because, again, it's just defensive posturing. Now, the other side of that is you've got clients who are playing offense here. And so they've raised cash because they want to actually have powder drive to take advantage of some of the massive dislocations that we've seen in the markets. And so some of that will take place, obviously, in the private equity market. Some of that will take place, obviously, in growth equity or venture. But some of that is just taking advantage of.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you know, that's definitely one of the main themes, the dichotomy of what's happening in the markets, where we are literally sitting back at historic highs from the underlying economy, and we know where we are with unemployment and the state of small business, et cetera, across the country. So we see a couple things. Number one, cash positions have absolutely jumped. I think our cash position within private wealth is up 50% from where it was just a year ago. And I think you can think about that in both defensive and offensive ways. They believe we've come back way too fast and the underlying fundamentals don't support it. Now, at a macro level, Morgan Stanley, our research team has been calling for a V-shaped recovery. But even within that thesis,”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“More comfortable at video conferencing. So I think that there's going to be a lot of positive things from the work from home world that will ultimately make its way to the old world, if you will, that we'll make for a much better work environment for advisors, for clients, et cetera”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Appropriate have the flexibility to work remotely when necessary. Absolutely. And so that's where I think we'll land. But I also will highlight another big positive area of the virtual world. Number one, our clients, we've seen just a massive uptake in what I would just simply call the digitization of wealth management business and the fact that clients are now comfortable with meeting with their advisor over Zoom is going to be a big benefit to us. We've got support teams, resources that support our advisors. Like if you think about our estate planning specialists or our philanthropy specialists where they're jumping on planes all the time and trying to go meet with advisors and go meet with clients, we're going to be able to be a heck of a lot more efficient in terms of how we collaborate and how we deliver resources to advisors and clients because, again, we're now all so much”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To work, and I don't think the New World, when we're on the other side of this, goes back to the old world. I think it's not going to be this binary of, you know, do our work in the office or do our work remotely. I think it's going to be both. I think we've proven that the added flexibility of folks being able to work virtually is an asset for us. And so I do think that that's going to forever be a part of our workplace strategy going forward. But I also think, again, just speaking for my firm, I think that we understand the importance of community and culture and having our folks together will always be a key part of our DNA, if you will. So I don't anticipate any material downshift in our real estate stack, to be fair. But can you maintain your office-based presence, but also make sure that your employees win and win”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, very, it's funny when you were talking about 2022 and you were hitting on some of the highlights. We're out at restaurants. We're going to shows again. I will just tell you, partner, I cannot wait for that to happen. Like a big smile came on my face because I miss all of that so much. I mean, the way we think about it at Morris Stanley is we're going to be incredibly responsible in terms of how we return.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The firm obviously announced earnings a couple of weeks ago. The firm, not just women in wealth management, but just across the entire plant. The firm is performing extraordinarily well. Now, obviously underneath those headlines, I mean, there's a lot of complexity. We've obviously had to go through the heartbreak. Like, you know, frankly, all organizations where you've lost people. We've lost a few employees. We've had employees who've lost family members as a result of COVID. But even when you have folks who've lost relatives, even if it doesn't have anything to do with COVID, the fact that we can't grieve the way that we used to, there's obviously a great deal of concern around just isolation, right? Folks being isolated, you know, mental health is a topic that we're spending a good deal of time on. So while at a macro level, really pleased with how we've been able to perform, clearly.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, if you go back to the first, second week of March, and if you had said to me that the firm or the business was going to go completely virtual and everyone was going to be working from home, my reaction to that would have been one of great concern. Fast forward to where we are and today we still have over 90% of our employees who are working virtually all across the country. And when I tell you, Barry, that the plant, while it's been pressure tested, that the plant is doing extraordinarily well. You look at the business.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Change takes place where, again, I think the thesis around ESG, I think that it's been fairly compelling. And I think you're starting to see, and I'll just speak to my firm in terms of just capital flows, we're starting to see a meaningful shift, and we're hearing this from clients pretty meaningful clients, from family offices are starting to talk about it. But when you have a firm like BlackRock, which obviously is the biggest player in the asset management space, and Larry Fink has obviously devoted a tremendous amount of his platform to the topic, I think that's where you're going to start to see a bit of an acceleration. So the product proliferation is starting to happen. To your point, the capital flows, probably not as robust as some other areas, but I think it's coming. I think it's inevitable in my own personal view.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, look, Morgan Shannon, we've been focused on what I just call categorically the sustainability effort for some time, and we established an institute of sustainability about 10 years ago, our CEO chairs it, Audrey Troy, our chief sustainability officer, has been leaning in on this topic for some time. And this is almost very like the diversity conversation that we had earlier. And that's, you know, there's been a lot of podium fodder around ESG and sustainability for decades. But I will say over the last four or five years, you're really starting to see”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Has definitely engulfed the industry. But I think when you get into periods, like frankly, we've experienced this year, having those managers who've demonstrated a consistent sort of track record of delivering said alpha for clients. Frankly, I think they're going to continue to win in the marketplace. So, yeah, we've got a lot of clients who are doing passive investing, et cetera, but they're absolutely complementing that with the best of the best managers out there.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, as you know, and I think about our business, we've got 3 million clients obviously who sit at various levels of the risk spectrum, if you will. Clearly, the megatrend towards passive is something that's impacted the entire industry. But look, I think that it's also fair to say that we still have, particularly when you go up market, you still have a huge population of investors who are incredibly focused on idiosyncratic driven alpha and want to partake and partner with, if you will, invest with active managers that are out in the marketplace. So yeah, beta has...”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“A real partnership, but I'd say when you combine world-class investment bank, world-class investment management, world class wealth management, that's extraordinarily open in terms of our platform, open architecture. I think that the combination of those things has been a real driver of retention for us. And that's not to say, again, that we don't lose talent. Of course, we do. But we're not seeing it at such a clip where we would define it as a problem.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Us to invest back in the business at a level that's not easily replicated in the marketplace. And then most importantly, and this is something that I trust would resonate with you, is our entrepreneurial culture, right? Our advisors have a tremendous amount of flexibility to run their business. Of course, we have our control partners to make sure that everything we do is in the spirit of what's in the best interest for clients, but we try to maintain that entrepreneurial culture and that flexibility. And so that, combined with strong local leadership and our branches across the country, our leadership, senior leadership team, which I'm a part of that, but Vince Vilnia, who runs”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you know, it's interesting, and I see a lot of reporting on the shift from the defection from the wirehouse to the independent channel. And it's interesting as we have this conversation, Barry at Morning Stanley, we're having our best net recruiting year ever. And so that simply, you know, it just hasn't been our reality. And I don't say that out of arrogance or surely not hubris, but we have not actually seen a material defection of talent going independent. Look, I believe our value proposition at our firm is obviously our brand, 85 years in the making. And I like to believe that that's real currency for our advisors out in the marketplace. We talk a lot about our platform, how robust it is, our scale, which allows”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“On institutional clients. So that's a little bit different, but there are pockets of overlap, especially when you're talking about the family office.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is because, as you and I know, the issues, the challenges that families of affluence are looking to solve, frankly, are quite similar as you go around the world. So that was that logic. And then the sportsmen entertainment business is a unique segment where clearly you have a lot of ultra high net worth individuals across all of our professional sports or across the industry of entertainment. As we know, not only is a source of wealth different, the duration of income, right, just given the contractual nature of many of those clients are a bit unique that requires a certain amount of expertise. But pulling those businesses together just made a good deal of sense for us and then the institutional client coverage business kind of harkens back to my old days of being in the sales and trading business. It is largely its equity fixed income focused.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, it's a great question, Barry. So the portfolio of PWM has become a bit of a portfolio at Mortgage Stanley. Obviously, you mentioned a number of the specialty businesses that are within. I'd say with PWM, the International Wealth Business and the Sports Entertainment Business are very, very, there's some common themes that cut across all three of them. And that common thread is ultra high-worked individuals, you know, families, foundations, and essentially the distinction becomes in the case of the international business jurisdiction, right? Jurisdiction where the client actually lives. And Morgan Stanley, we've got a fairly robust offshore business, but all of the advisors are based here in the U.S. And the thing that made sense to us strategically is why separate businesses just based on where the source of wealth.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think to the degree we can do that more effectively, I think we'll see much better outcomes over time. But the thing that will take time is, again, representation on our boards. You have, whether it's government action like California where it's starting to mandate it, at least as it relates to the number of women on boards, which I think, again, that is a positive outcome. But as it relates to the number of CEOs and folks running businesses, I think that that will take some time.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Top of the funnel, you'll start to see much greater, not just representation of the country, but I think you'll maybe even see organizations over-index. And so then the key then becomes how do you ensure that the funnel isn't leaky? How do you ensure that you retain the talent? And there's a number of tactics, whether it's obviously the off-to-use mentor programs, but I think one of the areas that I like to see corporate America get better at as it relates to diverse talent is on the sponsorship side.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it depends on where you sit and it depends on how you're keeping score. I think just coming back to our industry, I think one of the areas that is far more controllable and candidly, I think you'll see much greater improvement sooner versus later is start with the analysts and the associates funnel analogy in terms of bringing people into the industry off of college campuses. I think you're already starting to see that net widen where the industry used to live, as you and I both know, used to live at a certain, almost a fixed level of colleges and universities because there was a view that that's where the best talent resided. I think you're already starting to see corporations or institutions get much more sophisticated about how they think about sourcing talent. So I think at the”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In addition to the grassroots movement, I think corporate America is going to do a better job than it has done historically. And we're sorry to see some of that play out.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That the role of the corporation is beyond just shareholders, it's our employees, it's the communities in which we work and live. And I think you're starting to see corporations, and you gave a couple of great examples, you know, lean into some of these social issues. And I personally have been encouraged by some of the public, you know, not just the statements, but the public actions that we've seen in the wake of, again, the George Floyd tragedy, which again gives me some hope that we can get to a better place. And so this is something that has to be permeated across the entire corporate structure. So from the board of directors, CEOs that are running companies, I mean, you and I both know we only have four African Americans who are leading companies within the Fortune 500, but it's also got to be folks within corporations that are running businesses, sitting on operating committees, management committees, et cetera, et cetera. So I do think we're in a different sort of point in time where”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question. I think throughout our country's history, I think grassroots has always been at the center, and dare I say, the catalyst for change, right? So I think that that is an evergreen sort of reality. But I think what's different now, it's less about government because you and I both know the state of our politics. I would just simply say we've seen better days. I think what's different is corporate America. And this goes back to, you know, I'll just use Milton Freeman as an example of there was a point in time where the paradigm or the philosophy was the role of the corporation is singular. And that is to produce returns for its shareholders. And you fast forward to, I'll just highlight the business roundtable that's made up of prominent CEOs who've come out publicly.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Institutional circles where institutional clients are now demanding diversity before they are willing to do business with you. And I think the individual investor, the individual client hasn't quite got there yet, but I'm encouraged that that will be the outcome. And you and I both know that there's no better way to turbocharge change than when clients start to demand it. So again, I'm optimistic. I'm hopeful, but this is going to take a lot of work and it's going to take a great deal of transparency and the appropriate levels of accountability to ensure we get to a better place. And I'm hopeful we will.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, look, I think it's going back to some of my earlier comments around how we got here. It took generations to build the current state, the state the obvious. It will take a sustained commitment on the part of, again, just staying within financial services around all the corporations that make up this great industry that we're privileged to work in to stay focused on this, to stay intentional about it. I like to use John F. Kennedy, JFK back in 1960, he made the declaration that we were going to put a man on the moon, and that didn't happen until 1969, right? So it clearly is a process. It clearly will take a much higher level of accountability and not just from the leadership. I think even from our clients, and you're starting to see this barrier, as you know, play out in some of the”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Get the idea that it's not about these false binary choices of, okay, I support Black Lives Matter versus the police, right? That's an oversimplification of the issue. You can actually be supportive of both. And again, I think the majority of people get that.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I share your optimism, Barry. I do think In a world where the competition for Mindshare is the greatest we've ever seen, but I think we've been able to focus on issues in a way that we probably wouldn't have before. So that's one point. The other thing, more importantly, that actually has me hopeful is just the young people. When you look at the demographics of the protesters, it's not just black Americans, Veteraning in. particularly with younger generations, it's at a level that we've never seen before. And frankly, I think it is the younger generation that is going to demand that things are a tad bit different. So I am, again, I'm not naive about it. It change tends to be hard. It always moves slower than you ultimately want it to. And I think folks,”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Attributes that most successful advisors have. I for one believe that women in many respects have those attributes in space. But I think many of them have had to make very difficult life decisions around obviously raising their families and stepping away from the business. I think that there's been a tendency to place women into support roles and service functions or what have you versus seeing them as having the ability to lead their own wealth practices. We're seeing tremendous improvement on that front. Frankly, it's an area that I would say I'm most hopeful, but we still have a long way to go.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the wealth, right? So in the spirit of trying to build and scale a business, you have got to be able to acquire clients that don't look like you. And in some respects, that defies many of the long-held sort of beliefs, if you will, around a lot of investors, a lot of clients, a lot of LPs. They like to do business with people who look like them or share a lot of the common attributes. So I do think that the measure of difficulty for people of color is pretty challenging. And the last point I'll make, Barry, is it relates to women. I think that in our business, I think that call it 20% of our advisors are women. And this is one that has never made sense to me when you start thinking about some of the...”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because in the final analysis, if I were to again distill this down to a single word, I'd say it's about trust, right? We tend to hire people that we are most comfortable with. So that's at a macro level, Barry, that's kind of how I think about the current state of play to be sure I am hopeful. But when you get into the nuances, the wealth management business, and this is something that obviously you know better than most, raising money is hard, especially when you are a person of color, right? Where you're trying to do this, something that's hard for anyone, you're trying to do this against a social structure in which the wealth pools are not reflective of our population. So the African American representation in this country, 13% of the population, but we hold less than three.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To why the results that we have today in terms of the representation that you mentioned, why we are where we are, is a function of things that obviously go back essentially generations. And I do think we're at a place where we've been talking about the case for diversity for decades. For the last 30 years, there's been plenty of podium fought around the need to do it, like both on the gender front as well as from a racial perspective. But we've got a long way to go. I think our history of hiring talent from within what I would just simply describe as common or said more specifically majority networks, whether it's college alma maters, country clubs, members of lacrosse teams and things of that nature.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, Barry, I'm glad you asked me the question. Obviously, it's a multifaceted start with at a macro level. This is a structural challenge. The issue, if I know we're specifically talking about diversity, when you start thinking about what I'll call the broader social injustices that are prevalent, frankly, I would argue that they're very present across our entire social ecosystem. So this is not something that's idiosyncratic to wealth management, whether it's the educational system, housing, the list could go on and on. I'd say within our industry, I think we've had a poor history of sourcing talent. I think we've had some long-held negative perceptions regarding people of color and in some instances women. And again, this is to be clear, this more historical context, which is”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The fascinating thing about the private wealth business, if I had to oversimplify a single word, is the complexity of it all. And so that complexity that really got my attention and, again, that level of curiosity that I had. And so as I was in my third year as chief marketing officer for the firm, it was a role I was enjoying a great deal, the opportunity presented itself. And as I mentioned earlier, it was one that I knew I was going to go after. And fortunately, the firm had the confidence to give me the mandate. And now it's been three years since I've been in the seat. It's been everything I hoped it would be.”
2020-08-21 · Masters in Business · Mandell Crawley on the Private Wealth Business (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source