TEN QUESTIONS W
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His long-form title is Head of U.S. Wealth Management and the Private Banking and Investment Group for Merrill Lynch Global Wealth Management. But here’s the shorthand: John Thiel leads more than 15,000 investment professionals who manage $2.2 trillion in client assets — yes, trillion with a “T.” Not bad for a guy who serendipitously found his way to Florida State where he met his future wife (a second generation Seminole) then built an FSU family and one of the most distinguished careers in the financial world. You started in the trenches as an advisor. How has that helped you in your current role? It’s much easier having sat in their seat and done what they’ve done, faced the challenges they have faced, to understand how clients react during different market cycles. To have that empathy is invaluable. From an insider’s perspective, how bad was the recent economic downturn? It was bad. There was a meaningful liquidity crisis, which was really at the heart of it. What takes down financial organizations is confidence and liquidity. I think what Ben Bernanke and Hank Paulson did was fantastic for our country. It took a lot of courage, but in my mind, they really saved the financial system. How did you end up at FSU? I was playing football at a school called Grand Valley State in Western Michigan, literally in the middle of a corn field. In 1980 a friend and I went on spring break in Florida. The day we got back it was eight degrees, and the snow was blowing sideways. We looked at each other and said, “We could be broke anywhere; let’s be broke AND warm.” We literally applied sight unseen, and I will never forget the day we went to the mailbox and got the acceptance letter. You would have thought we won the lottery. What are the most important lessons you took away from Tallahassee? Looking back, what I did was enormously courageous — it just didn’t feel like it at the time. I was 19 and on my own financially, pretty much, so I learned I could make my way. As an accounting major I had to move away from the cram strategy into a very proactive and a sort of disciplined routine to keep up, which is a fundamental philosophy I have in business. And then, I built incredible relationships. I realized the power of how you could rely on people and how people could rely on you. Every job I have gotten I was introduced to that job or to the person by somebody who went to Florida State, which is really remarkable. What advice do you have for students today? Work hard. I don’t think enough of us invest in ourselves and our own development. Learning doesn’t end when you leave school; it actually just begins. Everyday can teach you a lesson. So I’d say live to your values, do the right thing every day and you’ll have a good chance of being successful. 34 Vires
John Thiel
(B.S. ’83)
Are you surprised that each of your three children followed in your FSU footsteps? There might have been a fair amount of brainwashing, but it was subtle. Growing up they were surrounded by memorabilia and football games. My daughter really surprised me, because I thought she would do something different than her brothers. I’m great with it, because I can see my children and come watch games. What role did the Dale Carnegie sales class play in your success? One, I learned a process of selling, which is also buying, right? Dale Carnegie showed me what an incredible thing you can do for people if you really go about it with the right intent and the right process, to help people solve problems that they wouldn’t solve on their own. The second thing it did was help me understand the other person’s point of view. I had high standards for everybody, and it helped me deal with inconsistency, to empathize and not hold people as accountable because life gets in the way. You have been quoted as saying you ‘live by the golden rule.’ Where did that come from? The values I have were instilled by my parents. I never went to the principal’s office, ever. I’m a permission guy, not a forgiveness guy. I have one speeding ticket, for which I was mortified. So I had the values, but then Dale Carnegie showed me how to apply it in many different situations and scenarios. What’s the best non-business advice you ever got? I worked very hard, and I had small children, and I had this constant tug knowing what I had to do to be successful. The franchise owner for Dale Carnegie, a wife and mother, told me if I just spent an hour of quality time a day when they were young it was far more impactful than hours. When they’re 10, 12, 15, you can create time, because they’re going to need you a lot more than they do when they’re four. That relieved the guilt that I had for working so hard and being away from them. So why do you give back to FSU? I’m a state school guy, and I’m proud of that. I didn’t go to the Ivy League; I didn’t go to Stanford or UCLA. I’m a CPA who went to a state school and I run the largest wealth management firm in the world. I love that. I think that’s cool. So I want to give back, I want Florida State to get its due, and so if I can help that, that’s why I give back. _________________________________________________________ Above: Thiel putting in “sweat equity,” speaking to FSU College of Business students.