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Raymond James' Starner on Women in Financial Industry (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting Live to New York, Bloomberg eleven, Bryo to Washington,
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  Speaker 1: d C, Bloomber to Boston, Bloomberg Well Undis to San Francisco,
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  Speaker 1: and around the globe. The Bloomberg Radio, plucks app and
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  Speaker 1: Bloomberg dot Com is taking stock women in the financial
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  Speaker 1: services industry, particularly as financial advisors, are going to be
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  Speaker 1: taking a look at the special challenges and opportunities women
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  Speaker 1: have faced over the years. With one of the top
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  Speaker 1: one hundred great financial planners in the United States, Pim
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  Speaker 1: Margaret Starter. She's with the Starter group of Raymond James. Yes, indeed,
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  Speaker 1: and right now let's go to Charlie Pellett. He is
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  Speaker 1: business flat and I think very much Pim Fox. We
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  Speaker 1: early as next March. This according to c M, d
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  Speaker 1: Stay Qualcom is the only company in talks to acquire
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  Speaker 1: is up two points now to sixty two. That is
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  Speaker 1: And here's what she told Bloomberg Radio and Television. We
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  Speaker 1: believe that Deutsche Banks many other banks, has to look
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  Speaker 1: at its business model, which I'm sure it does because
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  Speaker 1: it is in the process of selling assets here and there.
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  Speaker 1: Has to look at its long term profitability given the
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  Speaker 1: um you know, lower bound interest rates that we have
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  Speaker 1: around the world, and probably for longer than than many
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  Speaker 1: expect and decide. You know what size it wants to
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  Speaker 1: a whole balance sheet of the tenure down nine thirty seconds,
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  Speaker 1: yield one point seven three, gold down fifteen fifty to
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  Speaker 1: twelve fifty three, and drop of one crude oil w
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  Speaker 1: t I up one fifty barrel. Now the other stories
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  Speaker 1: making news. Thank you Charlie from the Bloomberg Newsroom. I'm
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  Speaker 1: Ramie in essentio. Hurricane Matthew is now a powerful Category
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  Speaker 1: A child born back in nineteen hundred and an average
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  Speaker 1: child born today as a life expectancy of seventy nine.
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  Speaker 1: In Japan it's eighty three. Researchers say the outlying area
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  Speaker 1: This is Bloomberg, Charlie, and we thank you and again
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  Speaker 1: recapping the downlore by eight points, down less than one
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  Speaker 1: tenth of one percent, SMP off two points, a gain
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  Speaker 1: of one tenth of one percent. I'm Charlie Pellett. That's
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  Speaker 1: a bloom Bread business flash. You're listening to taking stock
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  Speaker 1: with pim Box and Kathleen Hayes on Bloomberg Radio. Women
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  Speaker 1: financial advisors. There are more than there used to be,
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  Speaker 1: but is still an industry dominated by men. Happy to
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  Speaker 1: introduce to the show someone who is considered has been well.
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  Speaker 1: She's gotten so many accolades, but one of them is
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  Speaker 1: she's one of the one hundred great financial planners in
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  Speaker 1: the United States. She joins us today from Coral Gables, Florida.
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  Speaker 1: Margaret Starner, Senior vice president Financial Planning. She has the
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  Speaker 1: starter group of Raymond James. So Mark start by asking you,
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  Speaker 1: how's the weather? So so rain? But you're ready as
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  Speaker 1: as as as authoritian, you know how to deal with this.
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  Speaker 1: I absolutely do. Already got my fried chicken. That sounds great.
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  Speaker 1: I'll come join you. So I don't know if I
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  Speaker 1: can go to flight out. So what tell us a
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  Speaker 1: little bit more about you? How you got into this industry. Well,
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  Speaker 1: you know, it's sort of funny. My husband says, I'm
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  Speaker 1: very perfect for this industry. When I was telling him,
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  Speaker 1: I'd read an article about financial planning, because back in
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  Speaker 1: those days, people really just looked for the best investment
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  Speaker 1: and they didn't even know what that meant except by
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  Speaker 1: beginning a CD or treasury or or stock like an
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  Speaker 1: A T and T. But in truth, um, they were
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  Speaker 1: paying most of their rewards or whatever they gained into taxes.
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  Speaker 1: The tax rates, the highest tax rates was. So I
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  Speaker 1: got the idea, because I was working in corporate America,
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  Speaker 1: that we should be applying some corporate techniques to individuals,
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  Speaker 1: which is really what are your goals? What are your
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  Speaker 1: dreams and wishes? And um, that whole concept has transformed
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  Speaker 1: the industry from just a transaction and buying stuff that
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  Speaker 1: you think is good. Two advice on how to think financially,
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  Speaker 1: give us an example of something like that, and perhaps
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  Speaker 1: contrasted with what you thought or what you feel was
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  Speaker 1: the prevailing kind of issue of the prevailing policies at
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  Speaker 1: the time. Well, I think one of the you know,
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  Speaker 1: there are several, I mean many, but one would be, uh,
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  Speaker 1: never have debt and so oh uh it's very difficult
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  Speaker 1: to really not use debt wisely. Uh. Most people it
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  Speaker 1: was determined, you know back then it was even today.
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  Speaker 1: You don't you want to have everything paid off by
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  Speaker 1: the time, you know, you retire, and so they don't.
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  Speaker 1: Not you don't compare the cost of the money to
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  Speaker 1: the opportunity cost of investing it in something, whether it's
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  Speaker 1: a business or whether it's a uh, like no one
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  Speaker 1: would ever think about trying to pay cash for a house,
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  Speaker 1: but people don't often think about how to use that wisely.
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  Speaker 1: Now unfortunately got into a period where people have too
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  Speaker 1: much debt. So you do have to know how to
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  Speaker 1: think about, uh, you know, what's what's the safe thing
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  Speaker 1: to do? And I would say risk is another thing.
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  Speaker 1: Like if you think about what does uh in my day,
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  Speaker 1: what did people buy for a newborn baby. They always
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  Speaker 1: bought them a savings fund. Well, you have eighteen twenty
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  Speaker 1: years before that child needs the money. And so for
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  Speaker 1: a long time investor, you're far better off to investing growth,
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  Speaker 1: not in something that gives you, you know, a fixed income,
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  Speaker 1: so I don't know if that sort of helps you
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  Speaker 1: or not. So, Margaret, you came into this industry as
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  Speaker 1: a woman years ago and there are even if here women,
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  Speaker 1: then what have you found over the years? Are women
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  Speaker 1: still too shy to take a step up to this
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  Speaker 1: kind of role? Are there barriers or are are the
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  Speaker 1: opportunities bigger than ever because there's such a call for
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  Speaker 1: diversity in this country and economy now, I really think
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  Speaker 1: it's it's uh, you know, you sort of need to
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  Speaker 1: change the conversation. Unfortunately, a lot of women don't really
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  Speaker 1: know about this industry. It's it's probably one of the
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  Speaker 1: best careers I could think that for a woman because
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  Speaker 1: you can have flexibility, You're you're providing an incredible service
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  Speaker 1: to families if you like working with people, if you
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  Speaker 1: like working with people and numbers is even better. So
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  Speaker 1: I'm very bob in trying to change that conversation. I mean,
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  Speaker 1: my granddaughter probably did not wake up thinking, oh, I
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  Speaker 1: really want to be a financial planner when I grow up.
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  Speaker 1: That's what we want, you know, the future leader of
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  Speaker 1: women leaders of the country to really be thinking about.
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  Speaker 1: Because there it is a great profession and I think
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  Speaker 1: it's just not understood. Can you share with us perhaps
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  Speaker 1: a story or an anecdote in which a client learned
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  Speaker 1: something that you believe would not have been learned had
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  Speaker 1: you not gone through the process and the challenges of
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  Speaker 1: being a financial planner and such a successful one. I
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  Speaker 1: think one of the I'll take one that has to
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  Speaker 1: do with a younger person because I think that, um,
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  Speaker 1: it's not an unusual story. So um, there was a
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  Speaker 1: young couple who had a very um yeah, he was
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  Speaker 1: an engineer and she had a job. They had a
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  Speaker 1: house and so forth, and he came to me with
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  Speaker 1: the idea that he wanted to start. Uh, there's a
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  Speaker 1: whole new franchise that he wanted get into and it's
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  Speaker 1: probably something that you have heard of, car crost It
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  Speaker 1: and so he as he explained it to me, I
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  Speaker 1: really could see that he could do a great job.
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  Speaker 1: In his engineering background made him a little bit unique
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  Speaker 1: in the industry. I saw that he could actually, you know,
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  Speaker 1: probably take it further than it was going. I'm gonna
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  Speaker 1: I'm gonna make you take it further, but faster. It's
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  Speaker 1: the only gonna give you about ten more seconds. I'm sorry. Anyway,
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  Speaker 1: the longest short she did not. She said, I'm not
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  Speaker 1: gonna pay my mortgage. How am I gonna do? You
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  Speaker 1: know We're not gonna be able to do this. He's
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  Speaker 1: gonna put his job as an engineer. And I said, well,
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  Speaker 1: you have to decide do you want to do? You
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  Speaker 1: want to invest in the house, so you want to
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  Speaker 1: invest in your future? Well said, thank you very much.
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  Speaker 1: Margaret Starner, Senior vice president Financial Planning the Starner Group
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  Speaker 1: of Raymond James. You're listening to taking Stockheim pim Fox
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  Speaker 1: My co host Kathleen Hayes, this is Bloomberg. Hurricane Matthew
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  Speaker 1: promises to be the worst hurricane hitting the United States
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  Speaker 1: since two thousand five, and it's also going to hit
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  Speaker 1: a lot of retailers. Find out what that's going to
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  Speaker 1: mean coming up.