The Most Influential Women in Wealth Management, 2023

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Vol: 10 Issue: 11 Year: 2023 Inves ng for the Future Understanding A Wealth Management Blueprint

The Reason Beneath Sustainable and Ethical Inves ng in Wealth Management

Stacey A. Spedden-Irrgang Financial Planner

Heritage Financial Consultants, LLC

The Most Influential

Women in

Wealth Management,

2023

acey A.

Spedden-Irrgang

Leading the Way in Comprehensive Financial Planning

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Wealth management is not a destination; it's a lifelong commitment to financial well-being.

Editor’s Note

Showcasing the Assets of Excellence

I

n the modern financial arena, the role of women in wealth management has never been more pivotal.

Insights Success presents "The Most Influential Women in Wealth Management, 2023" to spotlight the remarkable women who have not only shattered glass ceilings but have also set new standards for excellence in the global financial landscape. Their visionary leadership, unwavering dedication, and profound impact on the world of wealth management deserve recognition and celebration.

This year, our selection process has been more rigorous than ever, as the wealth management industry continues to transform and diversify. These remarkable women have demonstrated their ability to adapt, innovate, and thrive in a dynamic financial landscape. The pages of this issue are filled with the stories of women who have forged their unique paths to success, inspiring not only their peers but also future generations of professionals.

The individuals we have chosen for this exclusive list are trailblazers, thought leaders, and mentors, contributing significantly to their organizations and the broader financial community. Their achievements encompass a wide spectrum of expertise, from investment strategies to wealth preservation, financial planning, and innovative technological solutions. These women have consistently exhibited an unparalleled commitment to their clients, delivering outstanding results with the utmost integrity and professionalism.

As we delve into the profiles of these exceptional women, it becomes clear that their accomplishments extend far beyond their professional lives. They are champions of diversity, advocates for gender equality, and philanthropists who are committed to making a positive impact on society.

Their leadership transcends the office, creating a ripple effect of positive change.

In "The Most Influential Women in Wealth Management, 2023," we invite you to celebrate the achievements of these extraordinary women, to gain insights from their wisdom, and to be inspired by their journeys. We are honored to share their stories with our readers, and we hope that their success serves as a testament to the limitless potential of women in the world of wealth management.

We extend our heartfelt congratulations to all the women featured in this issue, and we eagerly anticipate the continued influence they will wield in shaping the future of wealth management. Together, let us champion their success and the empowerment of women in finance.

i h s o J k e Abhish

Cov

Story

08

acey A.

A r t i c l e s

16 20

Investing for the Future Understanding A Wealth Management Blueprint

The Reason Beneath Sustainable and Ethical Investing in Wealth Management

Editor-in-Chief Merry D'Souza Deputy Editor Abhishek Joshi

Executive Editor Jenny Fernandes

Assistant Editors Miller. A, Kapoor. M

Visualizer

Art & Design Director

Associate Designer

David King

Ankita Pandharpure

Revati Badkas

Senior Sales Managers

Business Development Manager

Sihanee. M, Rouniyar. A

Gaurav. B, Mane. S

Marketing Manager

Sales Executives

James M.

Luke A.

Technical Head

Business Development Executives

Jacob Smile

Simon, Shweta

Technical Specialist Prachi Mokashi

Digital Marketing Manager Dominique T.

SME-SMO Executive Sagar Lahigade

Research Analyst Frank Adams

Circulation Manager Robert Brown

Database Management Stella Andrew

Technology Consultant David Stokes

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Featuring

Company

Brief

Abigail Johnson Chairman and CEO

Fidelity Investments fidelity.com

Abigail is focused on ensuring we deliver the best experience possible by meeting our diverse customers at who they are – people with unique goals and needs.

BlackRock's Retirement Group blackrock.com

Anne is the head of BlackRock's Retirement Group (RG), bringing the defined contribution and retirement insurance businesses together to tackle the industry's toughest challenges.

Capgemini's Financial Services Strategic Business Unit capgemini.com

Claire is an excellent communicator with an academic background in mathematics; combining technical expertise with exceptional presentation and networking skills.

Morgan Stanley Wealth Management morganstanley.com

Lisa Shalett manages investments at Morgan Stanley Wealth Management and is a member of both the Global Investment Committee and the Wealth Management Operating Committee.

Heritage Financial Consultants LLC heritageconsultants.com

Stacey focuses on Financial Planning for the individual and business owner as well as Retirement Planning and Health, Life and Disability Income Insurance.

Anne Ackerley Head

Claire Tucker CEO

Lisa Shalett Head of Investment and Portfolio Strategies

Stacey Spedden-Irrgang Financial Planner

Stacey A. Spedden-Irrgang Financial Planner

Heritage Financial Consultants, LLC

acey A.

C o v e r S t o r y

The Most Influen al Women in Wealth Management, 2023

S

tacey A. Spedden-Irrgang, CRPC®, LUTCF, FSCP®, is a highly accomplished Financial Planner affiliated with Heritage Financial Consultants, LLC. Her extensive range of qualifications and services underscores her dedication to comprehensive financial planning.

Designation (Life Underwriter Training Council Fellow) and the CRPC® designation, showcasing her commitment to excellence in financial planning. Stacey has completed all the required courses for the Certified Financial Planner (CFP) certification, further solidifying her expertise.

As an Investment Advisor Representative and Registered Representative, Stacey offers holistic financial planning services through Lincoln Financial Advisors Corp. Her expertise extends to insurance, as she is a licensed Health and Life Insurance agent, representing not only Lincoln Financial but also other reputable companies.

Stacey's areas of focus encompass Financial Planning for individuals and small business owners, as well as Retirement Planning and Life and Disability Income Insurance.

Actively engaged in her profession, she is a member of Women in Financial Services (WIFS) and is proudly part of their Circle of Excellence. Stacey is also a member of the Wise Group, Lincoln Financial Advisors Premier Partners, and The Resource Group.

Stacey's commitment to professional growth is evident through her successful completion of various financial exams, including Series 7, 6, 65, and 63, in addition to her

Significance of Determination and Persistence Starting her first job out of college, Stacey faced initial reluctance and uncertainty. With no prior experience or clear direction, she realized the challenges ahead and committed to overcoming them. In addition to her full-time job, she worked as a waitress and dedicated herself to making calls and connecting with people in the industry.

One significant challenge she encountered was the lack of female representation in finance and the prevailing stereotype that finance was primarily a male-dominated field. This dearth of female role models and mentors made her journey more challenging.

fulfillment of the requirements to become a CERTIFIED FINANCIAL PLANNER™ practitioner.

To overcome these obstacles, Stacey adopted a determined mindset, staying focused on her goals and taking things one day at a time. She emphasizes the importance of persistence and hard work, acknowledging that initial progress might not be significant, but consistent effort leads to success. Her story serves as an inspiration for individuals facing similar challenges, highlighting the value of dedication and resilience in pursuing a career in finance, even in maledominated environments.

Tailored Solutions for a Smoother Advisory Process

Stacey's impressive journey in the financial industry dates back to 1993 when she joined Lincoln Financial Advisors, marking the beginning of a long and distinguished career.

Her recent accolades, including being a Chairman's Council qualifier in 2021 and 2022 and a President's Cabinet qualifier in 2022, attest to her exceptional performance and leadership within the organization.

Educationally, Stacey holds a bachelor’s degree in human resources with a concentration in business from the University of Delaware. She has also earned the LUTCF

Stacey considers herself fortunate to work at Lincoln Financial Group, which offers an open architecture plan with a comprehensive range of products. This approach enables her to provide clients with a wide array of solutions tailored to their specific needs, ensuring a smoother and more effective advisory process. Her team's commitment to delivering five-star service has resulted in strong, familial relationships with clients. They go beyond financial discussions, aiming to understand clients on a deeper level, including personal aspects of their lives.

This deeper connection allows Stacey and her team to maintain long-lasting relationships and develop customized plans not only for clients but also for their families. The level of trust and security established with clients is so significant that they feel comfortable having her and her team at their dinner tables. This deep connection and the rewarding nature of her work contribute to the sense of fulfillment and trust that Stacey provides to her clients.

Emphasis on Open-Mindedness, Personability, and Authenticity Stacey's approach to leadership in the wealth management industry emphasizes open-mindedness, personability, and authenticity. She embraces a coaching mindset, placing a strong emphasis on collaboration, guidance, and support within her team. Stacey's leadership philosophy is rooted in identifying and nurturing the strengths of her team

members, ensuring that each person is in a role that aligns with their capabilities and expertise.

This approach fosters cohesion and allows each team member to leverage their unique abilities, ultimately leading to increased efficiency in their day-to-day operations. By providing a supportive and collaborative environment, Stacey aims to empower her team to achieve their best and deliver high-quality service to clients in the wealth management sector.

Strengthening Trust and Reassurance Amidst Uncertainty The COVID-19 pandemic had a significant impact on the wealth management industry, and Stacey's experience reflects both challenges and opportunities. While some clients experienced direct effects on their portfolios, it was crucial to reassure them that strategies were in place to withstand unexpected circumstances. This period of uncertainty strengthened trust with clients who appreciated the proactive approach.

Adaptation was key during this time. Stacey and her team transitioned to a hybrid work landscape, leveraging software such as Zoom and Teams to maintain efficient client service and reviews. This shift allowed them to reach more clients in a single week while ensuring clients' comfort and safety. Some clients even preferred remote reviews, leading to a permanent change in how services are delivered.

Stacey also highlighted the advantages of being part of Heritage Financial Consultants, which provides access to valuable resources like a CFA, a director of financial planning, an investment committee, and other assets that enhance the efficiency of wealth management planning.

This collaborative approach ensures clients receive comprehensive and well-informed financial guidance.

Continuous Refinement and Enhancement of Strategies Alyse Holstein and Amy Brocious played a significant role in shaping Stacey's career path. These successful women in the industry served as mentors and sources of valuable advice and guidance. Their influence and the opportunities they opened up undoubtedly contributed to Stacey's current success.

While there isn't one specific book that has defined her perspective on wealth management, Stacey's approach is

influenced by a wide range of sources. She reads extensively and draws insights from a diverse array of books, taking bits of wisdom and practices from various texts.

Stacey's approach is to adapt and incorporate these insights into her own practice in ways that benefit her and her clients. This flexible and open-minded approach to learning allows her to continuously refine and enhance her wealth management strategies.

Building a Supportive and Engaging Workplace Maintaining a positive work culture is a top priority for Stacey, who values work-life balance and recognizes the importance of a supportive and engaging workplace. Within her own team, she has cultivated a unique culture that includes special activities like birthday lunches, weekly

regroups for personal and professional catch-ups, and occasional happy hours. These initiatives contribute to a harmonious and enjoyable work environment.

Moreover, as a partner in Heritage Financial Consultants, Stacey is actively involved in shaping the culture within her producer firm. Here, they organize a variety of events and activities such as happy hours, crab feasts, birthday month celebrations, omelet station days, study groups, charity events, and more. These efforts are geared toward ensuring that team members feel engaged, motivated, and valued, enhancing the overall work experience for everyone involved.

Supporting Various Causes and Foundations Stacey and her colleagues at Heritage Financial Consultants prioritize charity and community involvement. The firm is committed to dedicating a minimum of three charity days each year, during which team members have the opportunity to participate in various charitable activities and contribute to different causes and foundations. This commitment to giving back underscores their dedication to making a positive impact in their community and beyond.

A Proactive Approach Stacey anticipates a major shift in the wealth management industry over the next five years, with a significant transfer of wealth to the younger generation. Recognizing that younger generations have different values and financial priorities, she believes that adapting to this change requires a fresh approach to financial planning. To prepare for this transition, Stacey aims to proactively establish relationships with her clients' children and make them her own clients.

By assisting these younger clients early on in their financial journey, she can help them create and work towards their financial goals, ultimately benefiting both her practice and the younger generation's financial well-being. This proactive approach ensures that financial planning is not solely reactive to family wealth transitions or crises.

Essential Traits for Success in Wealth Management Stacey offers valuable advice to leaders and entrepreneurs aspiring to enter the wealth management industry. She emphasizes the importance of patience while navigating this challenging field and encourages individuals to take the leap, as it can be an incredibly rewarding journey. Stacey acknowledges that wealth management is not easy, and it continues to present new challenges. However, she finds fulfillment in helping clients achieve their financial goals,

which makes it all worthwhile. To succeed in this industry, she recommends being empathetic, a good listener, detail-oriented, and committed to ongoing learning and adaptation, given the constantly evolving landscape of wealth management. These qualities can contribute to a successful and fulfilling career in the field.

Empowering Young Women in Finance Stacey is actively working on expanding her team by bringing in an associate advisor to enhance the relationshipbuilding process with her clients' children. She recognizes the significance of generational planning and aims to provide education and guidance to younger investors. Over the next five years, she anticipates a growth in her client base of younger investors as a result of her educational efforts. Additionally, Stacey is focused on further growing her team by recruiting talented young women, which will contribute to a female-focused team and enable the firm to provide more frequent and personalized assistance to clients, fostering a sense of belonging and trust within the client community.

Wealth management is not

just about accumulating riches; it's about leaving a lasting legacy for

future generations

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Understanding

A Wealth

Management

Blueprint

W

ealth management is a comprehensive and dynamic process that goes beyond just accumulating assets. To achieve your financial goals and secure your future, you need a well-defined plan, often referred to as a wealth management blueprint. In this article, we will explore the key components and principles of a wealth management blueprint, helping you understand how it can guide your financial decisions and set you on the path to long-term financial success.

Defining Your Financial Goals The first step in creating a wealth management blueprint is to clearly define your financial goals. Whether your objectives involve buying a home, funding your child's education, or retiring comfortably, understanding your aspirations is essential. These goals provide the foundation upon which your wealth management plan is built.

Risk Assessment and Tolerance An integral part of your wealth management blueprint is assessing your risk tolerance. Different investments carry different levels of risk, and understanding how much risk you are comfortable with is crucial. Your wealth manager will work with you to find the right balance between risk and reward, ensuring that your investments align with your goals and your risk tolerance.

Asset Allocation Asset allocation is a key aspect of any wealth management blueprint. It involves distributing your investments across various asset classes, such as stocks, bonds, real estate, and alternative investments. The goal is to create a diversified portfolio that can provide stable returns and mitigate risk. Your wealth manager will help you determine the right asset allocation strategy based on your risk profile and goals.

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Investing for the Future

October 2023 | 17 | www.insightssuccess.com

to protect your financial well-being and assets from unforeseen events.

Investment Strategy Your wealth management blueprint will include a customized investment strategy tailored to your unique financial situation. This strategy will outline how your assets will be invested and how they will be managed over time. It will also specify the investment vehicles, such as mutual funds, ETFs, or individual stocks, that will be used to implement your strategy.

Legacy and Charitable Giving For those who want to leave a lasting legacy or engage in philanthropic activities, your wealth management blueprint can include plans for charitable giving and legacy planning.

This ensures that your wealth can make a positive impact on your chosen causes or future generations.

Tax Planning Continuous Education and Communication Tax planning is a critical component of wealth management. Proper tax planning can help you minimize your tax liability and maximize your after-tax returns. Your wealth manager will work with you to identify tax-efficient investment strategies and take advantage of tax-advantaged accounts and opportunities.

Estate Planning Estate planning is often overlooked but is a crucial part of your wealth management blueprint, especially if you have significant assets or complex family dynamics. This involves creating a plan for the distribution of your wealth after your passing, ensuring that your assets are managed and transferred according to your wishes. Your wealth manager can help you navigate the complexities of estate planning, including the creation of wills, trusts, and beneficiary designations.

Regular Monitoring and Adjustments Wealth management is not a one-and-done process; it requires ongoing monitoring and adjustments. Your wealth management blueprint should include a schedule for reviewing your portfolio and making changes as needed.

This may involve rebalancing your investments, adjusting your risk profile, or aligning your portfolio with changing financial goals.

A successful wealth management blueprint is built on a strong foundation of continuous education and communication. Your wealth manager should keep you informed about your investments and financial strategies, helping you make well-informed decisions. Regular communication and educational sessions ensure that you stay on track with your financial goals.

The Essential Factors A wealth management blueprint is not just a financial plan; it is a roadmap for achieving your long-term financial aspirations and securing your financial future. It is a dynamic and flexible document that evolves with your changing circumstances, goals, and the economic landscape. By working with a qualified wealth manager, you can create and implement a blueprint that takes into account your unique financial situation and aspirations.

With a well-structured wealth management blueprint, you are better equipped to navigate the complexities of the financial world and work toward the financial security and success you desire.

Insurance and Risk Management A comprehensive wealth management blueprint also addresses insurance and risk management. Your wealth manager will help you evaluate your insurance needs, including life, health, disability, and liability insurance,

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The Reason Beneath

Sustainable and

Ethical Investing

n Wealth Management A

s wealth management strategies evolve, a growing emphasis is being placed on the integration of sustainability and ethics into investment decisions. Sustainable and ethical investing, often referred to as socially responsible investing (SRI) or environmental, social, and governance (ESG) investing, is gaining prominence in the financial world.

This approach to wealth management combines financial objectives with a commitment to making a positive impact on the environment, society, and corporate governance. In this article, we will explore the principles of sustainable and ethical investing, its benefits, and how it is reshaping the wealth management landscape.

Understanding Sustainable and Ethical Investing Sustainable and ethical investing entails aligning your investment portfolio with your personal values and principles. Investors who embrace this approach seek to support companies and initiatives that demonstrate a strong commitment to social and environmental responsibility. Key elements of this strategy include:

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Environmental Responsibility: Investments are directed towards companies that adopt environmentally friendly practices and reduce their carbon footprint. This may involve supporting businesses involved in clean energy, sustainable agriculture, or waste reduction.

Social Responsibility: Investors consider companies that prioritize ethical labor practices, diversity, and social inclusivity. This can include companies that champion fair wages, human rights, and community development.

Governance: Investment choices also weigh the governance practices of companies. Factors like transparency, executive compensation, and board diversity come under scrutiny.

Ethical investors favor businesses with strong governance structures.

Benefits of Sustainable and Ethical Investing Aligning Values and Wealth: Sustainable and ethical investing allows individuals to put their money where their values are. It provides an opportunity to support causes and organizations that resonate with one's personal beliefs and ethics.

Risk Mitigation: Companies that prioritize sustainability and ethical practices tend to be better equipped to manage risks related to environmental and social issues. Investing in such companies may lead to a more stable and resilient portfolio.

Positive Impact: Ethical investing can have a meaningful impact on driving positive change. By channeling capital toward responsible companies, investors can contribute to a better future, both environmentally and socially.

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Long-Term Financial Performance: Numerous studies suggest that companies with strong ESG practices tend to perform better in the long run. Investors may benefit from not only ethical satisfaction but also potentially higher returns.

Risk of Underperformance: There is a concern that ethical investments may underperform traditional investments in certain market conditions. However, this is not always the case, and the long-term benefits often outweigh short-term fluctuations.

Sustainable and Ethical Investing in Wealth Management

Subjectivity in Ethics: What is considered ethical can be subjective, and different investors may have varying views on what is acceptable. Wealth managers must carefully navigate these nuances.

Wealth managers are increasingly recognizing the importance of sustainable and ethical investing in shaping their clients' portfolios. This approach requires a thorough understanding of an individual's financial goals and ethical considerations. Wealth managers play a pivotal role in: Customized Portfolio Development: Wealth managers work closely with clients to construct investment portfolios that align with their values and financial objectives. They provide expertise in selecting ethical investment opportunities across various asset classes.

Risk Assessment and Diversification: Wealth managers assess the risk associated with ethical investments and develop strategies to diversify portfolios effectively. They help clients maintain a balance between risk and return.

Ongoing Monitoring: Sustainable and ethical investments may require regular monitoring to ensure alignment with changing values and market dynamics. Wealth managers play a crucial role in maintaining the ethical integrity of a portfolio.

The Fundamentals Beneath Sustainable and ethical investing is reshaping the landscape of wealth management by providing a pathway to prosperity and a better world. Investors who embrace this approach can align their financial goals with their values, contributing to positive environmental and social change while potentially enjoying financial benefits. Wealth managers play a pivotal role in guiding clients on their ethical investment journey, offering expertise in constructing portfolios that reflect their values and financial objectives. As the world becomes increasingly focused on sustainability and ethics, this investment strategy is poised to continue its growth in the years to come, providing a meaningful bridge between financial prosperity and social responsibility.

Performance Evaluation: Wealth managers evaluate the financial performance of ethical investments and provide clients with insights into the potential long-term benefits of this approach.

Challenges and Considerations While sustainable and ethical investing offers a range of benefits, it also comes with certain challenges and considerations: Limited Investment Universe: Some investors may find that their choices are limited when they commit to ethical investing. Not all industries or companies may align with their values, which can lead to portfolio constraints.

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True wealth is measured by the quality of life it affords, not just the quantity of assets

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