Page 26 - Investment Advisor May 2021

WOMEN IN WEALTH

By Jane Wollman Rusoff

How a 35-Year-Old CEO ‘Future-Proofed’

Her Father’s Firm

Cammy Smith discusses her journey from pre-med student to financial

advisor to consultant and chief executive.

orking in the yogurt here-and-now and balance the risk of
department of General our business and what we do, with all
“WMills was not going to the possibilities out there. There are so
be my thing,” Minneapolis-raised Cammy many cool things we can do. The biggest
Smith, 35, recalls in an interview with challenge is to remember that it takes
Investment Advisor. In college, she was time to invest in people, to create a sus-
pre-med. But what turned out to be her tainable business and to be patient with
“thing” was becoming a financial advisor that and, hopefully, enjoy it.
and transforming her father’s practice
into a multi-generational “future-proof” Nowadays, what’s mostly on your
firm. In January, she was named CEO. clients’ minds?
Now that she’s leading the 15-person It seems they’re less concerned with the
Bloomington, Minnesota-based inde- market and market performance. Because
pendent firm — with five advisors, cli- people who are powerful in making deci- of COVID time, they’re asking more
ents in 36 states and $700 million under sions: the leadership. We need to get questions about deep existential things,
advisement — dad Ted Smith, 65, has men [leaders] to advocate for women. like “What do I want to accomplish [in]
taken the role of chairman, working Diversity of thought and perspective mat- my life?” We see that consistently across
solely with clients. ter. It’s been proven that companies with all age groups. For retired clients and
It was Ted, IEM’s co-founder some female CEOs, or at least with one female [baby] boomers, it’s “How do I enjoy life
40 years ago, who suggested that she board member, do better financially than more now that I’ve ‘made it’?” The mil-
become a financial advisor. After train- when [leaders] are entirely men. lennials and some of the Gen Xers are
ing at an affiliate firm, she joined his Secondly, [regarding] the constraints asking, “How do I align my values and the
business in 2008 — smack in the middle and limits we put on ourselves. The actions I take in life with my investing?”
of the financial crisis. [big] corporate environment provides
In 2016, while working at IEM as an personal development through profes- What’s the best business lesson you
advisor, she founded, Revive Consulting, sional associations. But a lot of advisors learned from your father?
to help advisors with growth and suc- in an independent environment don’t His mantra of “clients first, always.”
cession planning. First client: her father. have that [offered to them]. We can help It’s always been about the clients first,
As IEM’s chief strategy officer, she empower more women through profes- and that [holds true] across our whole
established a multi-generational next- sional development and community. organization.
gen focus and helped recast the firm as
a fee-based fiduciary providing holistic What does it mean to you to be the first What’s the secret to your success?
financial planning. female CEO of your firm? One thing is surrounding myself with
Here are highlights of our interview: I feel really proud. I also feel that now energy unicorns — people who bring
I’m responsible to raise up and advo- me energy. Also, being curious seems
How can the industry interest more cate for women financial advisors and to drive me. At the same time, it keeps
women to be financial advisors? women [in business generally]. me humble because there’s so much out
We need to influence and change infor- there to do and learn and see. What I’ve
mal culture — the day-to-day practices, What’s the biggest challenge you’re been learning more in recent years is
unspoken rules, the little comments that facing as CEO? to trust myself, to look inside and trust
are made. We can do that through the It’s very difficult for me to be in the myself in business, in life.

24 INVESTMENT ADVISOR MAY 2021 | ThinkAdvisor.com