The brain of an engineer, the heart of an advisor
Growing up, toy blocks ruled my world. Spaceships, sky scrapers, submarines – you name it, I built it. So… it came as no surprise to Mom when I declared I wanted to be an architect when I grew up. It made a lot of sense why I would choose this profession. I was the kid who was passionately curious about everything. The kid who asked for tools as Christmas gifts. The kid who hooked up the VCR at age 4. I was also the kid who took all the screws out of the dining room table, resulting in us ordering takeout that night. I had the brain of an engineer, the soul of an artist, and a mother at her wits’ end. Fast forward to 2007. High school was in my rear view mirror and I was heading off to college to study the works of Frank Lloyd Wright, Zaha Hadid, and I. M. Pei. When grades were posted over winter break, Mom’s flashbacks of my childhood antics slowly dissipated after seeing a 3.6 GPA. I finished out the rest of my freshman year strong and had one of my designs featured in our school’s newspaper. Despite all of the hard work and long road ahead of me, I was feeling good about my decision to study architecture. In the fall of 2008, things started to feel different. Internship postings on our school’s career website began disappearing, newspaper headlines warned of troubling times in the housing market, and I could see an uneasiness in almost every adult I knew, including Mom. By the end of the year, the S&P 500 was down nearly 40%, the unemployment rate was on its way to doubling, and the world was in a panic.
My engineering mind needed to know what was happening and more importantly, WHY? I began reading financial websites, looking for answers. After asking almost every adult I knew “what’s going on?” I discovered that no one, other than those who had a hand in it, knew what was happening. When the market finally bottomed in March of 2009, the mystery was over. The subprime mortgage lending business, the securitization of risky bank products, and Wall Street’s greed led to the greatest recession of our modern world. It would take years for the economy and housing market to recover. My dream of becoming an architect was over.
In the fall of 2009, I did what every logical 19 year old would do after a global financial meltdown. I changed my major to finance. I wanted those around me to have a resource to lean on for financial help. After a few semesters, I learned about the world of personal finance and was again energized to make a difference. It wasn’t until a college professor assigned The Little Book of Common Sense Investing by John Bogle that I realized how murky the waters of financial planning were. Virtually anyone could market themselves as an investment advisor as long as they had a nice suit, firm handshake, and knew a joke to put your mind at ease. So what could I do about it?
Stay tuned for Part 2, where I share how I met the man who changed the investment world and inspired me to join Vanguard.
-Gary S.
If you’re seeking an environment where you can make a difference and develop professionally, learn about our careers at www.vanguardjobs.com.
It’s the end of the day as I know it – and I feel fine
As an undergraduate, I was lucky to have taken a class taught by Charles P. Kindleberger, who was instrumental in creating the Marshall Plan, which provided aid for Europe’s reconstruction after World War II. I was excited to hear from a professor who was not strictly an academic but actually had practical experience in economics. To this day, I have no recollection if Prof. Kindleberger discussed rebuilding Western Europe, but I vividly recall his engaging and humorous chronicling of history’s financial crises. He had me at manias long before I heard of irrational exuberance. So began a lifelong interest in the psychology of the financial markets. An introduction to finance Upon graduation, I began work at a private bank in New York where I got to sit at a very large mahogany desk, fill in ledgers with numbers, and occasionally use a relatively new computer program called Lotus 1-2-3. The work was tedious, which would have been OK for an entry-level position, but the culture lacked a soul and slowly eroded my enthusiasm for the finance profession. Perhaps I was naïve, but I wanted a job where I left the office most days feeling as if I had made just one person’s life a bit easier. As my disenchantment grew, one Monday in October, things got interesting. The institutional brokers that sat across from me were smoking more than usual, executives were leaving their offices, and the normally staid atmosphere took on a frenetic air. By the end of the day, the Dow Jones was down by 22%. To me this meant nothing. I barely had money in my checking account, let alone the stock market. But I did get to witness history firsthand, a real live market crash. I quit several months later, feeling free to pursue something more meaningful. A circuitous route Photography had always been a hobby of mine. While I figured out whether to go to business school or law school, I took a job in the photo library of The Associated Press. Immediately, it felt like home. My new colleagues were intellectually curious and incredibly dedicated. We had, dare I say, fun? There was never a doubt that we had a mission to accurately and objectively inform the world. A job that was supposed to be a bridge to graduate school turned into a 19-year career where I got to travel the world and gain a global perspective from my colleagues both here and abroad. In 2007, my position was eliminated. Initially I was a little disoriented but I left the office that day determined to pursue an old career in a new and profound way. I was going to become a certified financial planner. Persistence pays In 2014, I read that Vanguard was rolling out advisory services for 30 bps. I’ve primarily worked at fee-only firms that believe in low costs and extraordinary client service (fee-only firms have a fiduciary responsibility to act in their clients’ best interest). The only difference was that my current firm was charging 100 bps. I immediately wanted to be part of this. Vanguard’s approach was going to change the landscape of the industry and bring advice to millions in a cost effective way. So, I interviewed for a senior financial advisor position and was excited to start my new job. Unfortunately, it’s hard to begin a new position when you haven’t been hired. I knew I was a perfect fit for Vanguard, but as with many things in life, the timing was not right. But persistence paid off, and in 2018, I started working at Vanguard as a financial advisor. I’ve finally found a place that combines my love of finance and psychology with the qualities of the best mission-based organizations. As with my journalism colleagues, our crew is dedicated to goals beyond individual accolades, share their knowledge freely, and understand that the best work is a result of collaboration and diverse ideas. I’m excited about what we can do for advice as a company as well as looking forward to the many opportunities I have as a Vanguard crew member. Whether that means being a mentor, obtaining my CFA, or working with external financial advisors—the possibilities are endless. Since I’ve joined Vanguard, I finally have that feeling I was searching for – that each day I leave the office knowing I’ve made someone’s life just a bit easier.
If you’re seeking an environment where you can make a difference and develop professionally, check out our careers in advice at www.vanguardjobs.com.
There has to be a better way!
My story, however, is a bit different… It all started in June of 2015. I was working for another financial institution, prospecting clients by going door-to-door, introducing myself, and trying to build my pipeline. On this particular day in North Carolina, it was close to 100 degrees. I had on my second suit of the day, and about 200 homes and 4 miles under my belt. But when I got to the end of the cul-de-sac, an exchange happened that changed the course of my financial planning career. I walked up to a group of three friends. They were sitting in the garage sharing stories and having a good time. As I walked up, one of the gentlemen offered me some water and questioned why I was in a full suit walking the street in 100 degree weather. I started to share who I was and what I was doing. As I was speaking, he abruptly interrupted and said that he worked for Vanguard, and that he and his friends already had Financial Advisors at Vanguard and were not in the market to switch. I started to answer with a rebuttal, which is when he questioned if I thought knocking on stranger’s doors for 5 hours a day, hoping for a client that had the assets to invest and that trusted a stranger on the porch was a sustainable model. More importantly, did I enjoy what I did? Both were very valid questions. I began to reflect on my time at my past company: I was doing well at gathering assets and I was meeting my metrics each month. I knew there were other models of advice, but were they really any better or just different? When he gave me his name and email address, I assured him that I was happy and continued on with my day. About 6 months later, I was in the same neighborhood to follow up with a prospective client when I heard the same gentleman from across the street, “Hey, you still having fun? You know, Vanguard has a Personal Advisor® department. You should look into it.” I clearly remembered our first interaction and his questions began to echo in my conscience. I thought of what had transpired over the past 6 months. It brought back memories of having the cops called on me 16 times, being chased by 2 dogs, and literally walking a hole into a brand new pair of shoes. I remembered the time I had to justify a decision that was better for the client, but offered less commission. I thought to myself, there must be a better way! On a Vanguard team outing at the ice skating rink. I decided to take this gentleman up on the offer of applying to Vanguard and seeing if we were a good fit for each other. After speaking with the recruiter multiple times and learning more about the opportunity, I came in for an interview. In April of 2016 I accepted an offer and became the first external Voyager Advisor at Vanguard. Looking back on my experience, I wished I had known about the position earlier. I am able to do the right thing for the clients at all times, without fear of missing a commission. I have engaged co-workers that push me to be better instead of trying to steal my clients. Most of all, I enjoy coming to work every day knowing that I get to help make a positive impact in the lives of our clients. It turns out the guy from the garage was right – there really was a better way. -Ricky J.
There are many paths that people have taken in order to find their way to Vanguard. Some are by usual means like career fairs, development programs, or referrals from friends and family. No matter what leads you to Vanguard I am sure that like myself, most people are glad they are a part of the team.
If you’re seeking an environment where you can make a difference and develop professionally, check out our career opportunities at www.vanguardjobs.com.
The journey to Vanguard – was it worth it?
In my last blog, I shared with you why working at Vanguard has meant so much to me, including my journey and resiliency throughout the job hiring process, to officially onboard as a Vanguard crew member. When I share this story with friends, peers, or family, I inevitably get one question, “Was it worth it?”
After reflecting on this question, a few things come to mind:
Constant learning
From day one, I was fully aware that I had a very basic understanding of the financial industry. I was hired alongside people with advanced degrees and years of experience. But I needn’t have worried – Vanguard offers a thorough training program, allowing me and my peers to work on our financial acumen skillsets, and eventually talk confidently to clients about their portfolios. If Vanguard can take someone like me and make them financially literate, I know they can do the same for you.
Caring co-workers
Although I only had one formal mentor growing up, I’ve had many great examples in my life who have inspired me to become who I am today. Since starting at Vanguard, I’m continually impressed with the responses I get from my fellow crew, some of whom are much higher up the chain of command than I, yet still take the time to answer my questions and counsel me on my career development. My own leader meets with me regularly to discuss my career aspirations and is the type of leader I want to become one day. It feels great to work at a place that has so much support, opportunity, and interest in my professional future.
Nearly one year later
Now as I write this, sitting at my desk here in Vanguard’s Scottsdale office, I am so thankful that I was determined in my endeavor to get hired by Vanguard. Because of the work and effort I put in, I have a job that provides for me and my family, I am an employee of an institution I trust, and I have a stellar team of peers who support me and drive Vanguard’s values forward.
So, yes. It was worth it.
-Joseph R.
If you’re seeking an environment where you can make a difference and develop professionally, check out career opportunities at www.vanguardjobs.com.
Why I didn’t give up on my dream of working at Vanguard
“Thank you for coming in to interview with Vanguard, unfortunately…” I didn’t get the job. I felt like my world was over. This was me in 2016: I was approaching my last semester of college and had no job lined up. I had also just found out my wife was pregnant. Needless to say, it was a very challenging and frightening time. And even though being declined for a job feels lousy, I knew immediately I would apply again. You’re probably thinking, why reapply at a company that rejected you? Truthfully, I’ve always been fascinated with Vanguard! I come from a single-parent home with a tough military-widowed mother. My mother did an exceptional job raising three kids, however, I never had a good understanding of how investing works. In college, I would observe personal finance classes and try to glean as much info as I could. The more I researched, the more intrigued I became with the process of choosing investments wisely and setting appropriate goals. I also came to understand how much people trusted in Vanguard and came to really believe in its mission to stand up for ALL investors. I knew that if I had to start my finance career anywhere, I needed to start it at Vanguard.
So I applied again, and again I was called in to interview. This time, I focused on a set of principles to help demonstrate the interests and abilities I felt made me a good fit for the company:
Assertiveness.
You have to show your passion in both words and actions. During the interview, I discussed starting my own consulting practice to gain more experience in the consulting space. I shared what I learned from taking on such a big endeavor and how it related to the role I desired.
Dedication.
After you’ve shown that you can confidently take initiative, can you endure? While at school I was passionate about business and social impact and found an organization that combined both. By an interesting turn of events, I became the president of the organization. Although I was new, I didn’t let my naïveté slow me down and was able to lead the group through several projects. I shared in my interview how these experiences trained me to face demanding situations successfully.
Self-awareness
I’m a firm believer that hard work over an extended period of time can yield great results. When I was first turned down by Vanguard, I made sure to keep my skills fresh and gain knowledge: I enrolled in a career prep class to enhance my interviewing skills. I studied everything I could about Vanguard: their products and services, their marketing style, and their culture. I even brought a portfolio of my past projects and an academic manuscript to show that I could dedicate myself to Vanguard and its mission.
A couple weeks after the next round of interviews, I got THE call again:
(drumroll please)
I was being offered a position in the company! It was a lot of effort and a long wait, but achieving the goal I had worked so hard for is indescribable.
So, was my journey worth it? Has it been everything I hoped it would be? Stay tuned for part two where I’ll share what it’s like to work at Vanguard – and how I feel now that I’m hired.
-Joseph R.
If you enjoyed this post, check out more from our #LifeatVanguard Blog. And if you’re ready for a more rewarding, engaging, meaningful career, search our opportunities at www.vanguardjobs.com.
A new country, a new company, a new career
Michael P. is a Senior Investment Analyst in the Portfolio Review Department. He is an alumnus of Vanguard’s MBA Leadership Development Program and is originally from Seoul, South Korea. This is Michael’s story of why he joined Vanguard and what he learned along the way. A surprising introduction One evening during my first year at Tuck School of Business at Dartmouth, I attended a company presentation led by two Vanguard crew members. I still vividly remember the presentation, as it was quite different from what I expected. Rather than talking about how many assets Vanguard manages and how Vanguard funds are performing, the two crew members spent most of their time talking about the collaborative culture of the firm and how they are structured to do the right thing for clients. I was instantly intrigued, as having been in the asset management industry for most of my career, I saw right away that Vanguard was a different kind of company. I found out my instincts were right after I joined the firm as a member of the MBA Leadership Development Program. Every crew member I’ve spoken with knew and believed in what the company stands for. It was refreshing to be part of an organization that is dedicated to the investment success of investors all around the world. Becoming a Vanguard crew member meant that there was a lot of change ahead for me. On a personal level, I got to settle down in my new home in suburban Philadelphia, 7,000 miles away from my hometown in Seoul, South Korea. At a professional level, I was eager to take on new challenges through the rotational program and expand my perspectives beyond my previous experience as a fixed income portfolio manager. With that in mind, I took my first rotation in a product development research role in the Portfolio Review Department. Conducting research and drafting proposals to launch new products was quite different from trading bonds, but I was able to pick up a lot of new skills and enjoyed every moment of it. After my time in the MBA program ended, I launched in my current role as a Senior Investment Analyst. Things I learned along the way It’s hard for me to fully appreciate how lucky I was to have this journey from Korea to Vanguard’s headquarters in Malvern, PA. Reflecting back on my experiences, here are a few things I picked up that helped me along the way: 1. Be open-minded to new opportunities. The rotations of the MBA program are well suited to help you experience the various ways you can impact our shareholders’ financial well-being. Like me, you might find a new area of passion and learn new skills in the process. 2. Be aware that there are many people who are invested in helping you, and don’t hesitate to ask. I was consistently surprised how many crew members around me, both leaders and peers, placed my professional growth and development as one of their top priorities. This was a critical factor behind my successful transition. 3. Be ambitious. Here at Vanguard, we are excited about how much more we can do to fulfill our mission of helping investors achieve their goals. This is where every crew member’s extraordinary effort, wisdom, and enthusiasm makes a real difference. Are you ready to bring yours?
If you enjoyed this post, check out more from our #LifeatVanguard Blog! And if you want to learn more about our MBA Development Program, visit www.vanguardjobs.com or our YouTube channel to watch program participant videos.
Pursuing Vanguard’s MBA Development Program
After working as an engineer for over 12 years, I decided to completely change careers and pursue my MBA full time. Why? I wanted to do work that I was good at, and passionate about. The thought of making a major career pivot was exciting, complex and risky at the same time. Where could I combine my aspirations for general management with my passion for helping people with their personal finances? Is it possible to transfer the skills that I acquired as a manufacturing engineer, technical sales engineer, and product manager? Or would I have to start over? How would I get up to speed quickly enough to make a meaningful contribution? I started by accepting an offer to enter into one of Vanguard’s Specialty Programs: the MBA Development Program. This program is for external talent who pursued a full-time MBA and are interested in a career in general management or investment management. Here’s why the program appealed to me: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. This sounds a lot like my passion for people and their success with personal finance! And this mission is not just hearsay, it is the foundation for the work that gets done each day. For example, when I worked in the Institutional division, we were focused on helping plan participants achieve retirement success. When I worked in Enterprise Finance, we were focused on monitoring how well we were performing as a company for the benefit of our clients (fund performance, cost, client loyalty and risk management). Now I am working in Client Experience…I’m sure you get the point. There were 15 other professionals who joined the MBA Development program with me. Their academic and professional accomplishments have enriched my experience. This group has been my “speed dial” for many things like: learning the Vanguard organization, understanding various aspects of the financial services industry, and just getting connected and acclimated to a new working and living environment. The additional benefit is that there are many cadres that have preceded us and they continue to make themselves available – sharing their insights to ensure that our experience is a success. All leadership development programs are not created equal. These are some distinct elements of Vanguard’s approach to MBA development: Program Qualifications – Vanguard looks for candidates with more pre-MBA work experience than most companies. This was very compelling for someone who worked for many years prior to business school. It was a signal to me that Vanguard values my past experience and provides opportunities for crew to transfer their skill sets. Rotational Assignments – There is a lot of work that goes into matching participants and assignments at Vanguard. We are placed in departments that align our strengths, experiences, interests and even development opportunities, thus creating meaningful and unique on-the-job training. Development (beyond the job) – The MBA Development program has created additional opportunities to enhance our professional development through: industry discussions, leader overviews, specialty workshops/trainings, assessments & feedback, MBA buddies, and corporate mentors. There are other benefits to working at Vanguard (people & culture), but this is supposed to be a blog and not a book. In four days, I will celebrate my one year anniversary at Vanguard. As I reflect back on the excitement, complexity, and risk, one thing’s for sure – I would make the same choice all over again. -Melanie M. Check out this video to learn more about the MBA Development Program!Vanguard’s Mission
A supportive squad
A quality offer
If you’re seeking an environment where you can make a difference and develop professionally, learn more about our MBA programs at www.vanguardjobs.com.
Sharing the love (for Vanguard!)
This Valentine’s Day, we wanted to recognize a special kind of love – love of your career! Below we share just a few of the reasons Vanguard is a caring place to work. At Vanguard, many crew members start their first day in a group and spend time together to get licensed and trained. In this video, you’ll hear from Amanda S., a crew member that shares why her husband eventually came to Vanguard too.
Amanda S.: And that’s what brought my husband here. He worked for a competitor where it was you need to get licensed on your own. You have to figure out the job on your own. And he did it. He did it really well, but then he saw I had some great friends and how much Vanguard was investing in us that he was like, “All right, how do I come to Vanguard? I don’t care what role I come to Vanguard in.” He’s like, “I want to be hired because I know from there I’ll then be able to build my career path.”
Vanguard provides resources to help crew with the transition into married life.
We asked crew members Donald F., a Communication Project Leader, and his wife Arecka, an IT Project Manager: What’s it really like working at the same company as your spouse?
“It’s a blessing for us because we both get to take advantage of the benefits of working for a company like Vanguard. From health coverage to our gym memberships to generous paid time off, we both feel very lucky to be working here.
Also, balancing personal and work life comes easy for us because our positions allow for flexibility. We joke with each other all of the time about whose project is a higher priority, because if I’m trying to retain a billion-dollar client then she knows she’ll be the one driving our daughter to karate. Either way, we’re able to make it fun and productive because we can always balance work and family with minimal hassle.”
The power of (career) love – When you feel good about what you do, you want to share it with those you love. That’s why employee referrals remain the number source for finding top talent at Vanguard!
If you enjoyed this post, check out more from our #LifeatVanguard Blog. And if you’re ready for a more rewarding, engaging, meaningful career, search our opportunities at www.vanguardjobs.com.
What’s a psychology major doing in finance?
I’ve always been fascinated with human behavior, and wanted to find a career where I could help people live happier lives. I thought that if I could understand people’s thought processes, I might be able to help them make better decisions. So, I decided to study psychology. During my college years, I pursued internships that allowed me to deepen my understanding of human behavior and explore potential career paths, with the goal of earning a PhD in clinical psychology. But as much as I loved learning about psychology, I just couldn’t picture myself working anywhere I had interned. I put my plans for graduate school on hold and continued exploring what I wanted to be when I grew up. After graduating, I worked at an employee assistance program call center where I connected people with financial, legal, and behavioral health resources. The majority of my calls involved assessing the caller’s various challenges– and through these calls, I began to notice a pattern. In a lot of cases, people’s financial issues were at the heart of their problems. Unfortunately there wasn’t much I could do to help them as I didn’t have the financial background to provide the right guidance. I knew there had to be a way I could offer more meaningful help. Applying to Vanguard I wasn’t sure that a finance company like Vanguard would hire someone without a business or finance background, but I heard such great things about the company, I had to give it a shot. So during the interview, I conveyed my passion for helping people and my desire to learn how to help people achieve their financial goals. Because of my dedication to clients and my related skills, they offered me a position as a Client Relationship Specialist in the Retail Investor Group. I was so grateful that Vanguard hired candidates with various backgrounds and appreciated diversity of thought. Crew members are valued for their unique interests, passions, and experiences. And Vanguard does an incredible job teaching the skills necessary for crew to be successful in their roles. Securities license exams Now I’m not going to lie and say passing the FINRA Series 7 and 63 licensing exams was easy, but college taught me how to learn and the trainers and fellow crew at Vanguard supported me every step of the way. They offered study materials and practice test questions, and used teaching methods that made the topics comprehensible for every learning style. Crew members who were passionate about coaching and leadership spent time explaining the more difficult concepts to us. The caring culture was evident from the first day I set foot on campus in Charlotte, NC. Finding my place in finance Now that I’ve been at Vanguard for a few years, I finally feel like I’m giving clients the services that make their lives easier and their financial situations better. Additionally, I’ve been able to amplify my impact by supporting process improvement projects that help crew and millions of clients. But it wasn’t just my clients who received support. The sense of community has only grown over the last 6 ½ years I’ve been here. My peers, mentors, and leaders at Vanguard have all encouraged me to test out different career paths, and build additional skills. Since coming here, I’ve learned how to network, build a personal brand, and strengthen my professional presence. I’ve had the chance to work with IT teams and volunteer in the community at Vanguard sponsored events. I’ve even had the opportunity to complete my MBA, fulfilling my aspiration for higher education. Looking back, I always knew I wanted to help others, I just didn’t know the best way to go about it. Deep down, I knew I wanted to help people get informed and find the right path. I never dreamed that, along the way, I would also help myself. -Amanda P.
If you enjoyed this post, check out more from our #LifeatVanguard Blog. And if you’re ready for a more rewarding, engaging, meaningful career, search our opportunities at www.vanguardjobs.com.
I moved 2,000 miles to be a Vanguard Advisor
Enter Vanguard into the picture. I became aware of the exciting things brewing in Vanguard’s Personal Advisor Services by reading various financial periodicals and blogs. Having been a big fan personally and professionally of Vanguard and their approach, I was entranced with the possibility of being part of the new revolution Vanguard was starting in the advisory world. The decision to leave my prior employer and the community where I grew up was a very hard one. I had been in that position for 10 years, was well established in the community, and had a great roster of clients — so there were a lot of factors to weigh. My wife was enthusiastic and her response to my suggestion of moving was, “Sure, let’s do it!” After joining, I would often talk about what a great place Vanguard is to work, so she decided to apply for a position in our operations department. She has really thrived at Vanguard and values our unique client-focused culture. I tell clients my story and end with “I moved 2,000 miles across the country to work for Vanguard.” That’s how much I believe in what we do. -Jon H.
As my family was traveling across the country from Michigan to our new home in Arizona, I couldn’t help but think what a big change we were undertaking. My wife, Christina, and our dog, Daisy, were relocating to Arizona in a move that could only be characterized as bold. All of our earthly possessions were crammed into a moving truck and we knew exactly two people in Arizona – a former client and a fellow Rotary Club member. We had both recently turned 40 and were starting to feel some wanderlust. I had been working in investments since my early 20’s and over the last couple of years I had developed a desire to do something different with my life and, not to sound cheesy, but to make a bigger difference.
Looking back over the last 3 ½ years I can confidently say that this was one of the best decisions I could have ever made. The response and sheer growth of Personal Advisor Services has been mind-blowing and a great opportunity for me to truly make a difference in my clients’ lives. In my role as a Senior Financial Advisor, I work with clients every day and can see firsthand the impact that both Vanguard and I are making in their lives.
If you enjoyed this post, check out more from our #LifeatVanguard Blog. And if you’re ready for a more rewarding, engaging, meaningful career in advice, check out our opportunities at www.vanguardjobs.com.