Episode Transcript
Speaker 0 00:00:00 Hi, I am Courtney Wright, and this is the Lady Boss Podcast. Today I'm really excited to present Annette Fondling of Stonebridge Wealth Advisors. They're located in Chicago and Austin, and they focus on financial planning and wealth management for high net worth individuals. Think you're really gonna like her. Let's go talk to Annette. Are you guys in for a treat? Thank you so much for being here, Annette. Let's get right to it. Sure.
Speaker 2 00:00:45 Thank you. Courtney.
Speaker 0 00:00:47 I don't know that many people would ever imagine the way you present yourself and show up that you grew up on a farm, uh, outside of Chicago land. But can you tell the listeners how you went from being basically a farm girl to this sophisticated high style finance lady that you are <laugh>?
Speaker 2 00:01:03 Um, well, uh, growing up on a farm was definitely a lot of fun, believe it or not. But, um, my mom, I have to contribute a lot of it to my mom. She immigrated here from Germany, and while she was a seamstress, she was always really good at math and she just drove home when I was doing homework and school, you gotta be good at math.
Speaker 0 00:01:24 Interesting. And,
Speaker 2 00:01:25 Um, obviously reading and writing was always, but she really put an emphasis on math. And so growing up I loved accounting classes. I I just love numbers, so, um, you know, I started my financial career, um, in my late twenties, um, because I love numbers and I love people, and I think that's like the perfect marriage.
Speaker 0 00:01:46 Well, I would agree. I think, um, there's lots of things you can do with numbers, but you have really grown, uh, an impressive business. And Stonebridge Wealth Advisors, I think has a unique place in the market. And before we get to that, um, you went sort of what I call the traditional route in finance. You worked for a big firm. Uh, how'd you make the decision to go to the firm that you were with for 20 years? And and what did that really teach you?
Speaker 2 00:02:12 Well, I kind of, I, I don't know that I had a lot of, um, I just met people. I was in my twenties. I was enamored with it, and so I was hired and I thought, okay, here we go. But I was in San Diego. I met my husband there, and I was hired by, um, a large firm. And then I came to the conclusion and said we were ready to leave San Diego and move back to Chicago. And I know I'm crazy, but in any event, um, I said to the hiring manager, I said, you know, I really wanna work for this company, but I wanna work in Chicago. So I started here, and, um, I was surrounded. It just, I just got started and I believed in what I was learning. It was a great training ground. Um, you know, back in the early days. I mean, it was a lot of, like, a lot of hard work. Sure. We didn't have technology, so we had to do a lot of old fashioned completing forms, cold calling, you know, everything. So, um, I just, I didn't really interview at a lot of different places, but I just met people and I just went with it.
Speaker 0 00:03:20 So Annette, you're at a big firm. You're a woman in what was predominantly a men's career at the time. How did you navigate that when, um, you were a young, um, woman Right. In a, in a very male world?
Speaker 2 00:03:34 Well, back in the 90, early nineties, it was very male. Yeah. Except for a couple of, uh, female support staff. Um, but for those of people who know me, and you know me, I like to be different. So being a woman in a man's world I thought was a great opportunity and it served me really well.
Speaker 0 00:03:56 I, I, while I understand, and I think you're right, standing out is a great opportunity, you probably still received some resistance, whether it was from clients because was she smart enough to handle my money? Right? Or internally, um, you know, the boys club didn't welcome you. Were there a couple of mentors that really kept, you know, along with your natural drive, kept pushing you?
Speaker 2 00:04:16 Yeah, definitely. I had three great male mentors, like amazing. They're still friends today. And, uh, Bob was my, the, my direct manager, Marv was the regional vice president. And then Joe, who was old enough to be my dad eventually, um, was looking for a successor to his practice, chose me as someone to, um, buy his, buy his business over time. So, so having mentorship, I don't care what business you're in, is really key. And so they, yeah, they helped me navigate all of that. Um, it, it just was great.
Speaker 0 00:04:54 Yeah. That you were lucky they wanted you to succeed. And we're, we're gonna talk a little bit about your acquisition shortly. Uh, so you were at that career for 20 years of the, the big institutional firm where you learned the sort of rules of the road of finance. What really gave you the confidence to, uh, take a leap and go out on your own?
Speaker 2 00:05:13 It was, I, it was more to get kind of, get rid of the corporate agenda, if you will. And I'm not saying that to be, you know, it's good or bad. Um, one, a program that I had an, uh, was a member of for many, many years was called Strategic Coach. And it was about developing your brand, your unique ability. And when you're in a corporate world, they have their agenda and they want you to fit in their box. Well, I kind of felt after 20 years, I just wasn't fitting in that sandbox anymore. And, um, I had, I, I just, so, um, in our business at that time, successful people were leaving the big firms for that very reason and going what's called independent. So you're still with a big large firm, but you don't have the corporate agenda. So we all truly operate as our own business, our own brand
Speaker 0 00:06:07 With a heavy focus on, um, control though, you know, so you're, you're in unique entrepreneur because while at the same time I think entrepreneurs and youth particularly love having your own control, um, talk a little bit about how regulation dampens that to some degree.
Speaker 2 00:06:24 Well, I mean, at a large firm, it's all, you know, everything we do about advertising and, you know, all of the, everything we have to do, putting ourselves out there has to be approved. So there are a lot of rules we follow and still that we have to follow today. And it really is for the protection of customers and Sure. And, um, as, uh, one of my old mentors said, he used a football analogy, he said, just always run down the middle of the field once you get to the sidelines. So it's just staying on the straight and narrow and Sure. You know, regulations are regulations. It's something that I think every business has to deal with. Yeah,
Speaker 0 00:06:56 For sure. Um, you got the opportunity to, uh, do an acquisition of a book of business mm-hmm. <affirmative>, uh, from one of your mentors. Would you tell us a little bit about how something like that's structured in your field? Yeah.
Speaker 2 00:07:08 Great. Um, so in my industry, there's, um, a lot of it's reoccurring revenue mm-hmm. <affirmative>, right? So at the time we were Joe, uh, my, my partner, um, had been, like I said, he was old enough to be my dad, and we were, um, his wife was sick, he was looking for a successor, and, um, his wife said, Annette, you should, uh, Joe, you should look at Annette. She'd, she'd be great. I was always the one earliest in the office and the last to leave. So I really, um, hustled and I'm grateful that he, um, chose me. It was a great opportunity for me. So what we did was, initially it was important for him and me to learn his clients. Sure. So again, I'm in my late twenties, I'm actually pregnant with my first child and going out to meet some of these people who are in their late fifties and early sixties.
Speaker 2 00:08:06 Um, again, gaining their trust. But Joe was such a big advocate of me, and we were always side by side. And I think that that visual of having it being a team, and I was there, um, for his clients when he was going through a rough time with his, uh, wife dealing with cancer. Um, but we were partners for seven years, and that really gave me the confidence to take on to buy him out. Sure. So we did evaluation, and in my world, it's, you know, yeah. Broken down. So that's how we worked it and did a buyout then.
Speaker 0 00:08:38 Well, it's interesting. So I think you focus a lot on, you know, uh, your success had a lot to do with some of your mentors and then even your mentors kind of walking you down the field to be successful in an acquisition, which doesn't happen a lot. Yeah. I mean, uh, you know, every study I've ever read and been part of my own acquisitions, um, eight and 10 fail. Yeah. Um, really because there is no sort of baton handoff in a, in a really great way the way you did. Yeah. So, congrats to you. That was amazing. Now, as you look forward, now, you know, you've left the big company, you've started your own company, um, you've got this sort of book of business you're dealing with how many customers when you, uh, decided to go, uh, from the big firm to your own firm, just couldn't pull it together and do all the paperwork to leave and, and financial advisors, one of those things, you know, you get with somebody in your twenties and you may like somebody else you meet, but it's hard to move your money because it's time consuming. How many customers really came with you?
Speaker 2 00:09:33 They did. They all did. And again, it boils down to having relationships. I mean, there were a couple of really small clients, but my key relationships, they all came over.
Speaker 0 00:09:43 That's absolutely incredible.
Speaker 2 00:09:44 They all came over because it was a, it's a long-term relationship and they don't wanna start over.
Speaker 0 00:09:49 Yeah. It's still very impressive. You know, I, I, I mean, I don't think you could really say to many salespeople, which for lack of a better word Yeah. Is what, uh, we are, where if they move companies, that they take their business, everybody thinks they will. Yeah. But that's an incredible testament to, to what you built in the relationships you built. Um, what do you think is your secret sauce?
Speaker 2 00:10:11 I think I, I, my clients have, I've, I've asked my clients, why do you wanna work with us instead of some, or me or and my firm rather than someone else? And, um, it's being authentic, it's being genuine. It's being really, I know that sounds cliche, but when you're there at for important moments in people's lives, and they truly can see that you care, um, that's, that's really critical. They're just, my clients are just not a number.
Speaker 0 00:10:41 Well, I think, um, so many people are scared to ask their clients why they buy from them. Yeah. And
Speaker 2 00:10:48 It was scary <laugh>.
Speaker 0 00:10:50 Yeah. But it's really where you find out. And I, I think when you ask it again, you know, tell me again and why did you choose me? You really get to the granular and, and you know, obviously as somebody that, um, I, I know who works with tons of people that we're connected to, uh, that's exactly what they say about you, your, your commitment to the relationship and, and your creativity. And, you know, ironically, finance and creativity, uh, really do go hand in hand. And you're, um, obviously a very creative person. Can you talk about how that has actually helped you craft the formula that is so successful for your clients?
Speaker 2 00:11:26 We start every relationship with doing a financial plan. And really what that, um, is it much like a business owner having to do a business plan. It's someone's personal personal business plan, personal financial plan. And most people in my industry, they either focus on insurance or they focus on investments, or maybe they're a banker or they say they do it all. But we start our relationships with really understanding what do you want your family goals, your personal goals to be, and then the, the money and the insurance and all the products that we have are merely the tools to help you get there. That's what's different.
Speaker 0 00:12:05 Well, uh, that's pretty amazing. You know, um, I've recently heard, uh, there's a difference between a dream and a goal, and Yeah. Right. I liked it in that they said that when we have goals, it fires up our nervous system. And when we have a dream, it actually produces endorphins, and we go toward the same similar concept. You know, as you look forward, what are some dreams or goals that, uh, are really important that you get accomplished in this next chapter of your career?
Speaker 2 00:12:38 Um, you know, people always say to me like, what people ask me that clients say, well, what's, what's, um, what's your, you know, goals going forward? Where, where do you see yourself? And, um, I see myself doing more of the same. Um, you know, and eventually I see myself bringing in much like what I did with Joe, uh, the partnership that we had is bringing in a younger person to help me. I mean, I'm not believe you me, I'm not ready to retire, right. Retire or anything. But, um, it's that having that succession plan in place, we have, we have a succession plan, uh, with, with my Leslie and my team. However, um, it's bringing in a younger generation to help transition over a long period of time. And again, like that's what was successful with Joe and I, is that we were at least, you know, working together for seven years before he decided to leave. Um, yeah, it'd
Speaker 0 00:13:41 Be a really, um, fantastic, uh, closed loop circle to be able to offer that opportunity to somebody younger mm-hmm. <affirmative> and mentor them through it. Yeah. And that mentorship, mentorship has been such a big part of, uh, of your day to day. I mean, you're in a, um, kind of old school business in a way. Um, you know, the, the kids today, if you will, are very, uh, focused on technology and things that are shinier birds than, than what you do. How will you attract somebody young to your business?
Speaker 2 00:14:10 Oh, that's gonna be, I think it's gonna be tough. Um, one of the things my mentors told me, and that I still believe is so true today, is if you see people, things happen. So think about that. So in today's world, everybody's on their phone or a computer, right. And we have Zoom and all of that. So I need to find, I need to find those young people that are able to have a meaningful conversation with someone one-to-one and looks, look in the eye.
Speaker 0 00:14:42 Is there anything that you can speak about relative to your team? You've, uh, you know, you've grown the company, you've also grown it in a way where it's not people intensive, it's, it's just few people. And I think that most people would be very envious of that as a lot of businesses. To grow your business, you have to grow your staff. What are some of the things that you've looked for in the people you picked to work with?
Speaker 2 00:15:05 So, when I started working with Strategic Coach, it was really taking a hard look at myself and determining what my unique ability is, what I'm really good at, and what I'm really bad at. Right. Okay. We all wanna think, oh, we're great people, we're great at everything. We have to look in the mirror and say, well, I'm really not so good at this. So when I've grown my team, it's putting people in the roles of their, their strengths are my weaknesses. And I think that's how you really build a successful business. Yeah. It's a good, and I wish they taught that school a lot more.
Speaker 0 00:15:38 Yeah. Right. Yeah. Yeah. Absolutely. Well, I think that's, I mean, some of the thing why athletes get recruited so quickly, because they actually observe for four years how teams work and how chemistry works. And, um, and, and I think it is something that we learn in our careers and what works with our style and what works without it. What did, what did you determine is your secret sauce when you went through that exercise?
Speaker 2 00:16:00 It's, it's really connecting with people. It's being able to look at a stack of papers and look at a stack of statements and formulate ideas and the, the long-term visual plan that I have for somebody. But my weakness is I don't wanna do the paperwork and I don't wanna do the grinding stuff on the computer. I can do it. Yeah. Um, so, but it, it's, it's, um, and it's being able to stand up in a really rough time in whether it's the markets or in someone's life. It, that's what my unique ability is, is to connect with people.
Speaker 0 00:16:39 Yeah. I would say so. Um, you know, you just touched on something really important, and whether it's with your team or your clients, I find that people have a really hard time delivering bad news. Yeah. And in innate in the financial planning business, you deliver bad news. Yeah. Frequently, depending on the cycle.
Speaker 2 00:16:57 Sorry. You can't retire when you want to <laugh>.
Speaker 0 00:16:59 Oh, is that, yeah. Okay. So all the way from divorce and that changing people's, um, financial picture as well as maybe them planning for retirement and realizing the world's an expensive place. How do you do that? How, how, um, can you kind of maintain those relationships and deliver the real message?
Speaker 2 00:17:19 Um, it's delivering in a way that, uh, you offer a lot of solutions.
Speaker 0 00:17:24 Okay.
Speaker 2 00:17:25 So it's talking to clients on, um, well, maybe if, if you, if it, if it can't happen the way that they thought it would be, well, the sooner people plan, the better off they're likely to meet their goals. Um, but we offer them solutions. So if you live on a little less, or you work a couple more years, or maybe you have part-time income, I mean, and there's a whole lot of things. Right. And it's having that dialogue with people that softens the Oh my gosh. And most people say, you know what? I actually feel a lot better. I have a lot more peace of mind. Sure. Because I know where I'm headed.
Speaker 0 00:18:06 Yeah. It's funny, a lot of people, even if they can get their head around giving the message, soften it so much that at the end, the customer or the person you're speaking with doesn't know that they were just delivered bad news. Do you think you come away from those meetings and they actually heard the real story that they need to
Speaker 2 00:18:21 Yeah. Yeah. I'm not gonna candy coat it. Okay. Uh, but I'm also, but it's, it's just delivering it in a way and offering solutions and let's work together. And it's, it's, you know, financial planning is a process. Yeah. It's not like you do it one time and you're done. It's always a work in progress.
Speaker 0 00:18:38 Well, I know you're very much focused on young people and, um, helping others. I, I think you're one of the greatest grower multiplier people that I know. Um, you know, for young listeners, what would you say as they get after things in their twenties are really foundational game changers?
Speaker 2 00:18:56 You know, I have to say, I'm really, really impressed with a lot of the young people that I meet. Um, whether it, it's through a lot of my clients' kids, um, my own kids, and they're, well, I guess they, they've seen their parents go through different times, like, you know, the financial crisis when they were in college and maybe their college funds were wiped out, et cetera. Um, young people are really impressive and they want to learn. They want to start saving. So the young people that I work with we're doing that same process. The financial planning, the big goal planning, the big picture. What are your short-term goals, long-term goals. So again, the sooner that someone starts, the better off they're gonna be.
Speaker 0 00:19:40 Sure. Yeah. It's a long game. Yeah. And I think to the extent that you can, right. Um, you know, I think pushing it off's easy, but just getting started, like anything on any
Speaker 2 00:19:48 Goal, but I, but the young people today are a lot more put, uh, they're, they're more focused on that,
Speaker 0 00:19:55 Thank
Speaker 2 00:19:56 Goodness. It's really impressive. Yeah. Yeah. Well, well that, because I was not that 22 year old <laugh>. Well, luckily you had, I got, I got
Speaker 0 00:20:03 Myself, your mom and your mentors to I know, right.
Speaker 2 00:20:04 To
Speaker 0 00:20:05 Get after me. Yeah. Get, get you in line. Yeah. So maybe, uh, a final thought for our listeners. If, if you weren't, uh, the czar financial planner that you were, was there any other career choice that would've been a close second where you, if you just could do anything and you could do anything, but, uh, there were no time limits or objections, what would you be?
Speaker 2 00:20:25 I would love to be a fashion buyer.
Speaker 0 00:20:28 Okay. Tell us what that means.
Speaker 2 00:20:29 I, well, I mean, you know, uh, well, you and I share a love of fashion, right. And, um, I think, uh, I, I would love, or maybe even, um, a personal shopper, if I could be any like to, if I wasn't doing what I'm doing, and I could just do that, um, that would be fun. It's, again, it's helping people be their best.
Speaker 0 00:20:52 Yeah. We would have to make that a, um, a hobby because you'd go from the, the world's best business model. I've been taught that, you know, annual reoccurring revenue is nirvana.
Speaker 2 00:21:01 No, I, I love what I do, first to and
Speaker 0 00:21:03 Foremost, which is the worst business model you could be in. So, uh, re interestingly,
Speaker 2 00:21:08 Well, you
Speaker 0 00:21:08 Said Yeah, if you could be anything, if
Speaker 2 00:21:10 You could be anything I, I
Speaker 0 00:21:11 Know. So forgetting about, it's a great story. I, I think the way that you have always chosen to present yourself, put so much focus on, you know, your appearance and your clothing's been one of your big standouts. So it's no surprise to me that, you know, something related to fashion. I, I thought you would've said you'll buy the house of Gucci or something like that, rather than be a merchant, but <laugh>
Speaker 2 00:21:28 Well, I, yeah. You know, I don't, I don't really know too, but I also, I also would love to mentor young kids. I'm trying to figure that out right now as maybe like a side, um, volunteer kind of thing. I think, um, to young, maybe young women, young men, I mean, it doesn't matter. Just
Speaker 0 00:21:47 Yeah.
Speaker 2 00:21:47 Guiding them through all this craziness in the world.
Speaker 0 00:21:51 Well, you are a mentor to so many people. Uh, you've been a huge, uh, influence in my life, and I appreciate that. I think that our listeners will take away that, you know, hard work, really having a vision and staying the course are things that have been game changers in your career. Yep. And I appreciate you sharing that with us. You're, uh, you're really inspirational and, uh, we look forward to hearing from you the next time. The Lady
Speaker 2 00:22:14 Bus podcast. Thank you. Always a pleasure to be part of the Lady Bus Group.
