Kathleen Owings
tells ThinkAdvisor about the two kinds of client reactions to the pandemic and
leading a nearly all-male platoon.
The coronavirus pandemic forced nimble
financial advisors to nearly overnight convert their practices to virtual ones
(for now); deep-dive into some serious client hand-holding; and for Kathleen
Owings, co-founder of Westbilt Financial Group, haul out best practices she
employed as a U.S. Army officer in the Iraq War. She describes it all in an
interview with ThinkAdvisor.
Awarded the Bronze Star medal for meritorious
service in a combat zone, the FA, 41, who rose to the rank of captain, was
honorably discharged in 2008 after serving eight years.
Lately, she’s been a warrior amid the
COVID-wrought financial disruption, guiding clients who are terrified of the
volatile market and others who thought the sharp March decline was an extraordinary
buying opportunity.
As an active-duty officer in the Army Corps of
Engineers during Operation Iraqi Freedom, Ownings commanded a platoon of 50
soldiers, nearly all of them male.
Indeed, she has never let being a woman get in
her way, either in the military or in the financial services industry. In fact,
being a female is her “superpower,” she insists.
The independent firm she co-founded with
advisor Peter Horwitch in 2014 manages more than $100 million in assets for
high-net-worth clients nationwide and focuses on comprehensive planning for
individuals, families and small-business owners.
Several are alumni of the U.S. Military
Academy at West Point, from which Owings, who grew up in Dobbs Ferry, New York,
graduated in 2000 with a Bachelor of Science in international relations.
Another alumnus is Owings’ husband, Michael, whom she met when they were West
Point cadets. He went on to become an Army helicopter pilot in Iraq, Kuwait and
Korea.
In the interview, Owings talks about practices
she learned in the Army that have worked well during the pandemic; her
deployment to Iraq and Kuwait; and her gender-conferred “superpower.”
She separated from active duty in 2005, then
served three years in the reserves. Seeking a civilian profession, she went to
work as an engineer, then became an executive recruiter but found neither job
fulfilling.
Financial advisor was the perfect fit for the
extrovert with strong analytic ability, she discovered upon joining New England
Financial in 2007.
An energetic industry advocate, Owings has
testified before a government committee on behalf of the National Association
of Insurance and Financial Advisors and is the immediate past president of the
organization’s Colorado state board.
ThinkAdvisor recently interviewed the FA, who
was speaking by phone from Colorado Springs, where her firm is based. She
argued that there’s no such thing as a glass ceiling for women in financial
services because regardless of gender, what it takes to ascend is
determination, hard work and grit.
Here are highlights of our conversation:
THINKADVISOR: As a financial advisor, have you
experienced challenges because you’re a woman?
KATHLEEN OWINGS: No. My secret weapon is being a woman. It’s
my superpower. When people meet me, they see a soft, petite little lady; they
make assumptions and underestimate my ability. They don’t know what I can do.
When I have a goal, I go for it!
How does your female “superpower” help as a
advisor?
Part of it is that women are very good at
relationships; and in this business, relationships are key. Yes, the numbers
are an important component. But beyond that, clients want to know that you care
about them. You have to build that level of trust because when it comes to
[crises] like the coronavirus pandemic, that’s what they’re looking for: a
trusted advisor to lean on and walk them through.
In the Army, were you in charge of both male
and female soldiers?
Predominantly male, about 98%. I had about 30
soldiers in my first platoon and 50 in my second.
Did the men ever give you a hard time because
you’re female?
Never. If you could carry your weight —
literally and figuratively — lead them, give them direction and guidance, run
with them, do push-ups and sit-ups with them, you had their respect all day
long.
Being a soldier requires a great deal of
physical strength. Was that ever an issue for you?
I carried heavy equipment and jumped out of
airplanes. It’s physical, but a lot of it is mental: It’s how much can you take
and persist through? When I was graduating from Airborne School, an NCO
[non-commissioned officer] said to me, “When I saw you, I thought you’d be the
first to fail out of this place.” He only saw my exterior.
Do you think financial services has a glass
ceiling that stymies women’s advancement?
There’s no glass ceiling in this industry.
There’s no limit. It’s about: How hard are you willing to work?
Have you made any changes in the way you
manage your staff amid the pandemic? Two people are working in the office and
the other three — including you — are working from home.
I pulled out a lot of lessons learned from my
Army days. For instance, we incorporated a new “stand-up meeting” every
morning. These are 15-minute [virtual] meetings for the team, where, [seated],
each of us goes through what we’re working on that day. It’s a quick check-in
to make sure we’re all on the same page regarding tasks for our clients. It’s
worked so well that I think I’ll keep it in place when we all go back to the
office because I feel more on top of what everyone is doing.
Looking back on your Army years, tell me about
being deployed to Iraq.
In retrospect, it seems very surreal because
my life is so different now. We went to Iraq in January 2003, ahead of the war,
which President [George W.] Bush declared in March. A part of me was scared to
go to a potential war zone. Of course I was nervous. But I was also very proud
that I would be fulfilling my obligation to “defend the Constitution of the United
States against all enemies, foreign and domestic,” as I had [taken an oath] to
do.
What sort of work were you doing when you were
stationed in Kuwait?
Our unit was in charge of building an
oil-and-gas pipeline going from Kuwait up to the border of Iraq. Another unit
continued with it after that.
What inspired you to attend the U.S. Military
Academy at West Point in the first place?
I visited there when I was about 13 and saw
the exercises and obstacle courses the cadets were doing. It really sparked
something in me. I thought going to West Point would be exciting and
allow me to see the world. It was the only school I applied to.
Why did you choose to serve in the Army Corps
of Engineers?
Women weren’t [permitted] to get into some of
the combat armed branches when I was at West Point. But I didn’t want to be a
“desk jockey” — I wanted to be out in the field. So I picked Engineers. It was
cool to be part of the planning process of building something, seeing it
completed and then being in charge of the soldiers who were executing it.
Why did you decide to separate from active
duty in 2005?
My husband, Michael [Army helicopter pilot],
and I saw the handwriting on the wall in 2004: Iraq was still going.
Afghanistan was still going. We knew if [we stayed in the Army] we’d [be in a
cycle of] being home a year, deployed for a year. We didn’t see that working
for us as a family.
How did you become interested in being a
financial advisor?
When I got out of the Army, I worked as an
engineer for a general contractor; then I was an executive recruiter. Both jobs
weren’t my calling. A recruiter friend said, “You’re an extrovert, and you like
math. Why don’t you call the managing director of New England Financial here in
town and talk to him? It would be a good fit.” So I called, and we arranged to
meet.
How did it go?
At the time, Mike and I had been married
[just] six years and hadn’t had our daughter yet — but we had Roth IRAs, a 529
plan, insurance. The [MD] said, “Why are you not in this business?” And that
was it. I interviewed at a couple of other companies, including Merrill Lynch,
to see if I wanted to go with a wirehouse; but they weren’t a good fit.
What prompted you to open your own practice
later on?
I met my business partner, Peter Horwitch, at
New England Financial. When his junior advisor left, he asked me to work with
him. After seven years, we wanted to be more independent in how we operated and
formed Westbilt Financial Group. The name is a combination of our alma maters:
West Point and Vanderbilt University.
In the pandemic, what’s been the main
challenge for you in serving clients?
The conversations are with two completely
opposite groups: One is fearful of the market and uncertain if they should stay
in or get out. In many cases, the corrections are terrifying them. We help them
realize that fear is [usually] short term, but the need for their money is long
term. They have to separate from that fear and not make potentially impactful
decisions about money because of short-term emotion.
What characterizes the second group?
They’re younger. They asked if they should be
putting money in the market because they thought a good time to buy was during
the [steep March decline]. It was really interesting having those two different
client conversations — one based on fear, the other based on realizing
opportunity.
Is there anything different you’re doing with
clients amid the pandemic that you learned in the Army?
The After Action Review, or AAR. The object is
to answer three questions: What went well? What didn’t go well? What can be
improved upon? We’re doing AARs because many clients are evaluating their
estate planning and life insurance needs — both personal and if they’re
small-business owners. They may find they don’t have enough emergency savings
or need to update beneficiaries. So if and when a catastrophe occurs again —
whether to their family [only] or to the world — they’ll be better prepared.
You advocate for the industry and testified on
behalf of NAIFA concerning a “Protect Seniors from Financial Abuse” bill, which
was subsequently passed. Why is advocacy important to you?
One of my favorite things is to meet with our
elected officials or their staff to talk about issues that impact our clients
and their other constituents to help them understand the implications of their
vote.
In high school, you were a congressional page.
How was that experience?
Fascinating! There had been a huge shift from
Democrats to Republicans, and Newt Gingrich was speaker of the House. Being up
close, I saw decisions being made and voting on the floor — how just one person
can make a difference.
Do you have political aspirations of your own?
I’ve thought about it, but I can’t see myself
doing something else now because I’m having so much fun [as an FA]. I’m young;
I’ve got time. But I do want to roll up my sleeves and be part of the dialogue
to make a difference in my life and the lives of my clients and community.
Competing in the Pikes Peak Ascent
half-marathon several times, you’ve reached the top of Pikes Peak. What was
that like?
Exhilarating — and exhausting. It’s a rough
race, from about 7,000 feet up to 14,000; and you have a time limit. But when
you get to the top, on a clear day you can see the whole mountain range and the
plains. You feel like you’re on top of the world.
Jane Wollman Rusoff is a ThinkAdvisor Contributing Editor
specializing in interviews with thought leaders. She has written for The New
York Times, The Washington Post, USA Today and Esquire, among numerous other
publications. Author/co-author of five books, Jane was a staff editor at London
Express Features and Billboard’s Merchandising Magazine. She is the founder of
www.FamilyStarProductions.com.
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