Volunteer of the Month: October 2019

Since joining CFA Society Chicago in May 2019, Marina Viergutz, CFA, CAIA has been actively involved on three advisory groups (CFA Women’s Network, Education and Professional Development). She has been vocal in sharing new ideas and suggestions to enhance Society program and events.

Marina has answered the call to serve as a Mentor in the Society’s Mentorship Program, took a co-lead role in planning the Opportunities in Hedge Funds event scheduled for October 10, 2019 and has stepped up to assist in planning the annual Industry Roundtables event scheduled for February 2020.

Marina, thank you for coming onboard and hitting the ground running! The Society is grateful for members like you!

Annual Business Meeting 2019

CFA Society Chicago held its Annual Business Meeting on June 20th at Convene. The meeting was open to all CFA Society Chicago members.

After a welcoming from the Society’s CEO, Shannon Curley, CFA, the Society’s Chair, Tom Digenan, CFA, gave an overview of the successes over the past year. The Society is the sixth largest society in the world under CFA Institute and recently hit over 5,000 members.

Over the last year, the Society hosted over 130 events including the Annual Dinner featuring keynote speaker Richard Thaler with over 1,000 registered attendees. This event also welcomed our newest charterholders to the Society. The Distinguished Speaker Series Advisory Group continued to bring in leading speakers, the Professional Development Advisory Group expanded on its career development programming, the Education Advisory Group hosted a great series of panel events and recorded its first podcast, our CFA Women’s Network

Kristan Rowland, CFA, the secretary treasurer of CFA Society Chicago, shared the financial position of the Society over the prior fiscal year before Dan Kastholm, CFA, vice chair of the Society, provided remarks on the future direction of the Society. The event concluded with questions from members along with a post-event networking hour.

CFA Society Chicago would like to thank all of its board members, advisory group co-chairs and volunteers as the Society would not be where it is today without the time and effort these individuals dedicate to the Society.

CFA Society Chicago Executive Committee 2019 – 2020
(Starting September 1, 2019)

Chair: Dan Kastholm, CFA
Vice Chair: Kristan Rowland, CFA
Secretary/Treasurer: Garrett Glawe, CFA 
Immediate Past Chair: Thomas Digenan, CFA
CEO: Shannon Curley, CFA

CFA Society Chicago Directors 2019 – 2020
(Starting September 1, 2019)

New three-year terms ending  August 31
Class C Michael Miranda, CFA (2022)
Class C Alan Papier, CFA (2022)
Class C Sunitha Thomas, CFA (2022)

New one-year term ending August 31:
Class E William Fitzpatrick, CFA (2020)
Class E Linda Ruegsegger, CFA (2020)
Class E Mark Toledo, CFA (2020)
Class E James Schroeder (2020)

Directors continuing in their respective terms ending August 31:
Class A: Jenifer Aronson, CFA (2020)
Class A: Cosmin Lucaci, CFA (2020)
Class A: Tanya Williams, CFA (2020)

Class B: Michael Holt, CFA (2021)
Class B: Dhvani Shah, CFA (2021)
Class B: David Smith, CFA (2021)

Volunteer of the Month: August 2018



       Kevin Ross, CFA

Kevin Ross, CFA, has been a CFA Society Chicago member since 2009 and served on several advisory groups including Education, Distinguished Speaker Series and Professional Development.

This month Kevin is being recognized for his efforts with the Professional Development Advisory Group.  Kevin has served as a mentor for the Society’s Mentorship Program since the inception of the revamped program. This summer Kevin has taken a lead role with the Mentorship Program and elevated it by researching and securing a speaker to present a 90-minute session on what it takes to establish a strong mentoring experience. This session will be available to the broader membership in late October accessible via the Society’s website.

Kevin, thank you on a job well done!

Volunteer of the Month: May 2018



Richard Schiller, CFA, CPA

Thank you to all the dedicated CFA Society Chicago volunteers who give selflessly of their time and talents! This month the Communications Advisory Group is recognizing Richard Schiller, CFA, CPA.

Dick has been a member of the Society for two years and joined the Communications Advisory Group. His role as an equity research associate with Robert W. Baird has made him a great fit for the committee. Dick has been an active member of the group since he joined, volunteering to attend various Society events and contributing to the CFA Society Chicago blog. Events he has written about include the Distinguished Speaker Series luncheons featuring Donald Wilson (DRW) and Gary P. Brinson, CFA (The Brinson Foundation) along with the Society’s 31st Annual Dinner which featured David Rubenstein, founder of The Carlyle Group, as the keynote speaker.

He regularly attends advisory group meetings and has been a great source of ideas for both the blog and the new website. Thank you for all your work!

Volunteer of the Month: April 2018



Garrett Glawe, CFA

This month’s Volunteer of the Month is Garrett Glawe, CFA, Director of Asset Owners Channel for the Central Region at S&P Dow Jones Indices. Garrett has volunteered with CFA Society Chicago for many years in several capacities, including as co-chair of the Education Advisory Group and by teaching financial literacy as a member of the Membership Engagement Advisory Group.

During his tenure as co-chair of the Education Advisory Group, Garrett was instrumental in organizing and securing sponsorship for the group’s Active vs. Passive event featuring Nobel Laureate Eugene Fama, which set a new CFA Society Chicago record for attendance with over 400 attendees (excluding the Annual Dinner). Although he is no longer a co-chair, Garrett is still an active member of the Education Advisory Group. Most recently, he assisted with its Corporate Governance event by developing the event format and securing several speakers.

Garrett also serves as a valuable resource for coaching and mentoring new volunteers and aspiring leaders within CFA Society Chicago.

Great job Garrett, keep up the good work!

Industry Roundtables

On February 28th, CFA Society Chicago hosted its Industry Roundtables event at the Standard Club. This event was an opportunity for members to join in-depth discussions with leading investment professionals and colleagues in a small group setting. Tables hosts covered 10 different sectors in the investment industry. CFA Society Chicago reporters Brad Adams, CFA, and Chris Fry attended the event and provided a recap a few of the discussions held at this popular event.

Emerging Markets: Kevin Ross CFA, Senior Vice President and Portfolio Manager, Advisory Research Inc.

Ross has been at Advisory Research since 2013, first as a research analyst and, since 2017, portfolio manager for the Emerging Markets Opportunities and International Small Cap Value strategies. He has twelve years of industry experience including positions at Driehaus Capital Management and Raymond James. He began with a list of key take-aways he wanted to emphasize for anyone interested in working in emerging markets;

  1. The importance of sound product development
  2. The importance of flexibility in seeking career opportunities
  3. The importance of matching one’s personal investment style to the firm’s

Ross went on to describe emerging markets (EM) as those characterized by an underdeveloped economy or financial markets. He singled out Portugal and South Korea as two with developed economies but underdeveloped financial markets. This puts them within emerging markets in the categorization of the MSCI indices. The index is approximately two-thirds in Asia, and one-third in Latin America, with small allocations to Eastern Europe and the Middle East. He expects the category’s weight in the MSCI All Country World Index to increase because its market cap weighting should rise to match its global GDP weighting. Additionally, impending regulatory changes in China will relax restrictions on trading by foreigners in that country. When MSCI reflects this, China’s index weight should increase by 3-4 percentage points.

Research Advisory is an active manager and EM strategies provide good opportunities to beat passive strategies because the markets are much less efficient.  There are approximately 7000 publicly traded companies within EM countries, about twice the number in the United States, and it is growing. Each is covered by an average of only four analysts compared to 22 analysts for large cap U.S. companies. The category has a history of long term outperformance relative to benchmarks and to developed markets, although it tends to be cyclical. From 2011-15, EM underperformed developed markets.  Recessions in Brazil and Russia, and declining growth in China were the primary reasons. These trends are reversing and the category has outperformed for two years.

Ross noted that his firm’s process relies more on bottom-up analysis (80-90%) than top-down, the better to identify undervalued companies. He also emphasized the importance of research into corporate governance. Most EM countries lack the laws and regulations that protect shareholders in developed markets. Corruption is more common as are complicated corporate structures with interlocking ownership connections. Getting just this aspect correct can form the basis for a success product.


Consultant Relations: Jason Brandt, Head of North America Consultant Relations, Global Client Group, AB

Brandt has been with the firm for 23 years in increasingly progressive and geographically expansive roles. He is focused on the firm’s institutional clients through his leadership of the consulting partners’ team, new business development and relationship management. As a leader with one of the majors within the industry, which includes Mercer and Willis, AB has a deep and diverse product portfolio to offer clients. Although product offerings may greatly differ, from alternatives to ones tailored to achieve certain targets within a particular economic clime, the focus on the client and the sales platform’s framework remain consistent. The framework of the “4 P’s” is utilized to differentiate and compete:

  • People
  • Process
  • Philosophy
  • Performance

Competition can be challenging, especially when the client is seeking a more generic product in which differentiation amongst offerings is miniscule, possibly only in the cost. Yet, Brandt emphasized a “friendly competition” environment in which one’s connections to competitors are important for providing the best service for clients as well as fostering a healthy referral environment.

Starting in the sector as an associate for outbound consultants, Brandt mentioned associates tend to be “data hogs.” In addition to supporting consultants in Performance category, Global Investment Performance Standards (GIPS Standards) compliance is a key part of an associate’s function.


Fixed Income Analysis: Jose Pluto, CFA, Aegon USA Investment Management

Pluto is a structured product research analyst with US centric, fixed income focused Aegon AM US which is under Transamerica Corporation’s investment arm, Aegon Asset Management. Aegon, headquartered in The Hague, acquired Transamerica in 1999. Pluto’s currently focused on asset-backed securities (ABS) research, analysis, and underwriting. Pluto has developed an interest in equipment leases as well as esoteric ABS. Within the later category, Pluto stated the emerging solar financing market and its complexities are of particular interest. He was previously a fixed income analyst with Thornburg Investment Management in Santa Fe. Initially, Pluto focused on interest rate derivatives and government bonds with JP Morgan Securities, Bank One, and Goldman Sachs. Before Thornburg, he was a fixed income portfolio manager with Stark Investments actively managing a G-4 interest rate products total return portfolio. Today, Pluto is personally responsible for $14+ million within the ABS subsectors.  He stated by focusing on smaller opportunities that come to the debt market less frequently, Pluto is able to find the best opportunities to generate total returns and capture alpha.

In addition to Pluto’s interest and focus on esoteric ABS, he has a particular enthusiasm for securitized aircraft leases.

For those interested in his thoughts on the future of Airbus’s A380, Pluto conjectures that the airlines’ decreased utilization of the hub-and-spoke model in favor of point-to-point will drive the A380 into niche markets with decreased route applicability.  This trend will keep the future of A380 program uncertain and likely reliant on the 13 current operators.


Fixed Income Portfolio Management: Ronit Walny CFA, Managing Director, Global Investment Grade Fixed Income, Neuberger Berman Investment Advisors, LLC

Walny is portfolio manager for multiple fixed income and inflation strategies at Neuberger as well as part of the team that sets portfolio strategy for global investment grade fixed income. Previously, she was a portfolio manager and trader at PIMCO, and had held various trading, analytical, and advisory roles at MSCI Barra, Northern Trust, MacroMarkets, and Kellogg Capital Markets. Her current functional title at Neuberger Berman is client facing portfolio manager, a role that requires a significant amount of face time with clients explaining the details of the firms fixed income strategies and performance, as well as collecting client feedback to report back to portfolio managers. She finds the role to be a good blend of her in interest in trading/portfolio management and client communication. This satisfies one of her primary keys to a successful career: being involved in something that interests one to a great degree making it easy to develop a proficiency.

Walny got her start in fixed income because of its dependence on the application of mathematics. The fact that changes in bond valuations are more easily explained by changes in the metrics that define the market appealed to her greatly. The “stories” that can affect equity valuations play much less of a role in the bond market (and also commodity and currency markets where she participates for inflation-hedging strategies).

Besides working in a field one finds naturally comfortable, her other keys to success include:

  • Working with a team one finds enjoyable to work with,
  • Learning constantly through observation and experience, and
  • Reading to improve oneself (both financial literature and general topics).

Her advice to someone seeking to make an entry into the business includes:

  • Taking baby steps to gain experience,
  • Networking to get referrals from people in the business,
  • Investing free time in learning on your own.
  • Learning not only your key products thoroughly, but also why your clients use them.


Private Equity: Michael Sullivan, CFA, Kinzie Capital Partners

Sullivan is an investment associate at Kinzie Capital Partners, responsible for evaluating and executing new investment opportunities, and for managing portfolio investments. He described Kinzie as an independent sponsor of private equity investing.  They use their partner capital to position them in the lead of new investments, but add in funds raised from the outside (primarily from family offices). In addition they use debt financing to lever up the firms they acquire. They seek to invest in firms that are in a transition, which might involve the exit of a founder, switch to a new generation of owner/managers, or a company ready to make a jump to a larger scale from a plateau in earnings. They focus on the consumer goods, manufacturing, and services industries, and limit technology investments to applications rather than development.

Before working in private equity Sullivan was involved in consulting at Accenture and fixed income analysis at CNA Insurance. Following those experiences he sought a role that combined what appealed to him most: the “Fix it” function of consulting, and investment management. Private equity offered both, as well as a constantly changing environment that Sullivan finds appealing. Sullivan is currently working on an MBA degree to complement his CFA charter. He sees the MBA as a marketing tool because clients recognize and value it.  However, it doesn’t offer practical training or experience that the charter offers. Having the charter “catapulted” his progress toward the masters degree by allowing him to skip introductory courses and take a greater number of higher level elective classes. That greater depth of classroom work allowed him to present a better profile when seeking internship positions.

Kinzie’s investment process is highly selective. In a given year the firm might research 300-500 potential investments but close deals on only 1-2%. Their keys to success are determining if the attributes Kinzie excels at can add value, and whether a target firm is the “right fit” for Kinzie’s management. They need to get emotionally invested before they are willing to make a financial investment.  The debt capacity of the target is also paramount, as leverage is important to their strategy. Sullivan noted the importance of working with a bank experienced in the target firm’s industry. This will make the bank more comfortable to extend credit on favorable terms and may also speed up the due diligence process. Relationship management is important in managing an acquired firm since the holding periods average 5-7 years, but can extend longer. It’s also critical for raising funds, arranging debt financing, and sourcing new deals.




Volunteer of the Month: February 2018


This month’s Volunteer of the Month is recognized for her efforts on both the Communications and Education Seminars Advisory Groups. Rida Iqbal is a Level III Candidate in the CFA Program. She holds a bachelor’s degree in applied accounting from Oxford Brooks University and is an analyst, consultant, and auditor for firms including Big 4 member Ernst & Young.

Rida is a longtime volunteer and contributor to the Education Advisory Group (EAG). She has served the advisory group by taking meeting minutes and offering assistance with several of the group’s programs. Most notably, she served as research assistant and helped with the Practitioner Demand Driven Academic Research Initiative (PDDARI). Rida also has a commitment to keeping CFA Society Chicago members informed by serving as an event reporter. She has written several articles for the CFA Society Chicago Blog.

Thank you Rida for everything that you do!

Volunteer of the Month: December 2017


Amir Moaiery, CFA

CFA Society Chicago would like to recognize Amir Moaiery, CFA, for his contributions with the Society’s Industry Roundtables event and the Job Seekers Forum. Today, Amir Moaiery is the Professional Development Advisory Group’s Volunteer of the Month.

Amir has been a CFA Society Chicago member for more than two years and joined the advisory group in July 2017. He worked with a small group of volunteers that planned the Society’s Industry Roundtablesa member-only event where table hosts discuss their respective sectors in the investment industry. Amir has also been involved in ensuring facilitators of the Job Seekers Forum are prepared to lead discussions by updating the Job Seekers Facilitator Guide with current tips and best practices.

Thank you Amir! We’re lucky to have you as a part of our society!


Volunteer of the Month: November 2017


       Erik Baaske, CFA

Erik Baaske, CFA, is 2nd Vice President, Team Lead HFS Poseidon FX at Northern Trust. Erik joined the Membership Engagement Advisory Group in 2016. Shortly after joining the group, Erik presented an idea of expanding its outreach initiatives by conducting information sessions for summer interns at local financial institutions. He then planned and coordinated a session at Northern Trust this past summer where current CFA Society Chicago Chairman, Marie Winters, CFA, and CEO, Shannon Curley, CFA, spoke to 30 interns.

Erik is also a part of a small group that make calls to new members that join the Society. He places calls to welcome new members, shares information about CFA Society Chicago events, the use of function tickets and shares the benefits of serving on an advisory group. Additionally, Erik served as a panelist for the July 13, 2017 CFA Exam and Candidate Information Session.

CFA Society Chicago is grateful to volunteers like Erik Baaske for promoting the charter and making it possible to serve our members with the highest quality programming.

Industry Roundtables

On September 12th, CFA Society Chicago hosted its Industry Roundtables event at The Chicago Club. There were ten tables that focused on different sectors of the investment industry and participants chose three topics they wanted to learn more about. Each round lasted 30 minutes and gave attendees the opportunity to engage in face-to-face interaction with colleagues in a small group setting. Here’s a recap  by Richard Schiller, CFA, Rida Iqbal, and Susan Zeeb of some of the featured tables!

Equity Research: RJ Bukovac, CFA, CPA – Partner & Equity Research Analyst, William Blair

Bukovac is a partner and equity research analyst at William Blair focusing on Large and Mid-Cap US consumer companies. His team focuses on tech companies like Amazon, Tesla, Facebook, Netflix etc. They focus on market share value add against alternatives. Bukovac highlighted some of the qualities that are required for this nature of work:

  • Knowledgeable – Understand Accounting & Finance;
  • Inquisitive – to add value on top of management forecast;
  • Risk-taker – Willing to take a risk and bet on the company’s performance;
  • Convincing – Ability to sell it to clients to take investment actions.

He briefly discussed Netflix valuations in response to table participant inquiries which enabled him to demonstrate the everyday work challenges.


Fintech: Jim Daley, CEBS, CFA, CFP® – Project Manager, Morningstar

Fintech is one of the most popular discussions in the industry but also a very broad one that further understanding by the market participants. Jim Daley, CFA, shared his experience working for the Retirement Planning team at Morningstar. He was associated with Ibbotson Associates and continued to work with Morningstar as a project manager after Morningstar’s acquisition of Ibbotson Associates.

Daley introduced the table participants on basic branches of Fintech: Block Chain; AI Lending; and Machine Learning. He emphasized on the efforts in this area and that CFA Society Chicago is planning a series of events on the topic and how this is becoming a part of the CFA curriculum.

Daley is engaged in the retirement planning platform which is based on robo-advisor model which serves retirement planning (401K plans) by automating the investment strategies for discretionary plans like savings plan allocation of funds, quarterly rebalancing etc. This platform is capable of deploying both active and passive investment strategies. He explained how the traditional process of investment strategies has eliminated a sizeable amount of human interaction which now is only needed to review fund portfolios. Although Morningstar is currently offering a very limited Fintech related service, this current robo-advisor model could be replicated and expanded to Morningstar IRA planning accounts and retail. Fintech appeals to an age group of 30+ with some accumulated assets but the scope is growing constantly as people develop a greater understanding of how Fintech can serve the markets. Daley noted that Programming/Developing Languages, Statistics and Product Management skills are highly sought for in this area of industry and people with Engineering backgrounds and knowledge of C++, R, Python may do well in this field.


Fixed Income – Research: Rick Tauber, CFA, CPA – Senior Vice President, Morningstar

Tauber described his experience for the group which included roles as general credit analyst, high yield analyst, bank loan analyst, private placement analyst, and corporate bond analyst.  He explained how his role at Morningstar evolved from credit research to the corporate bond rating agency at the firm where he also covers industrials and manages the corporate team.

Tauber explained the different dynamics between buy side research, sell side research and agency research. Fixed income research on the buy side is usually team focused and the client is the portfolio manager/trader. Sell side fixed Income research is marketing and publishing oriented, with the client being buy side bond investors. Agency research is highly regulated with no conflict of interest as ratings are unsolicited, uses a committee process and is focused on the filing documents. Tauber explained the different research techniques between hedge funds and long-term investors, where hedge funds would be potentially looking for short-term volatility trades such as capital structure arbitrage trades or bond issue covenant violation trades. Long-term bond investors would focus more on long term fundamentals of the bond issuer and where the bond could potentially move if it was upgraded, for example.

He was asked if quantitative analysis methods were used in his position and he noted that Morningstar’s corporate credit uses four pillars to evaluate credits including business risk (which includes Morningstar’s Economic Moat analysis), a cash flow cushion, a solvency score, and distance to default. Tauber noted that the analysts conduct due diligence interviews with companies that issue bonds.


Investment Consulting: Chris Caparelli, CFA – Vice President, Marquette Associates

Caparelli has 9 years of investment consulting experience serving primary consultant on several client relationships. His company is mid-sized with 50bn in AUM with 80% clients in the Midwest and competes with companies like Mercer, Aon etc. He discussed the structure of his organization with distinguished fee structures as being contract based retainer fee as against the popular performance based fee.

He pointed out that apart from research and analytical skills, sales and marketing skills are effective in dealing with clients and more of a consultant’s time is spent on such activities as the individual progresses. He discussed his day to day activities including quarterly client meetings, manager selection process etc. He advised the table participants to read extensively and to focus on behavioral finance for self-correction and client correction/dealing to be successful in this field.


Manager Due Diligence: Daniel Harris, CFA – Principal, Borealis Strategic Capital Partners, LLC

Harris reviewed his background in the investment consulting, fund of funds, and manager due diligence segments. His current firm is focused on providing seed capital to top tier, early stage investment talent in return for direct economic participation in their growth and success. Harris led a discussion of the hedge fund industry and manager due diligence. He noted that manager due diligence includes reference checks of managers/teams, a thorough track record analysis, and several interviews with managers/teams. It is very important to have an aligned fee structure at the outset and that managers should know their operational level or break even AUM (assets under management). He also noted that it is somewhat more difficult to evaluate quantitative managers but he would focus on their R&D efforts, or what the next alpha signal will be, for example. There are typically several warning signs that put managers on watch lists, including team turnover, AUM size (too big for the strategy), distrust issues, and knowing the reason that managers have sold their business, either to cash out or to get working capital to growth the business.

Harris said that 3 year performance track records are very important and are typical minimums for foundations and endowments for example. Patience is also required. His firm will help hire a CFO and investor relations person if necessary. A manager should also typically have personal money invested in the strategy and/or a large percentage of his net worth in the business, which speaks volumes in terms of alignment incentives. Harris noted that one skill required in manager due diligence is diligent note taking; logging all notes and discussions with individuals and in background interviews. Manager due diligence also includes networking within the industry.


Real Estate:  Jimmy Georgantas, CFA, CPA – Assistant Vice President, Asset Management, Boyd Watterson

Boyd Watterson is an asset management firm with a real estate portfolio invested primarily in office assets with over $2.0B in total assets. Boyd operates through three funds with the largest holding $1.5B, or 75% of total real estate assets under management. After a round of introductions, our roundtable discussion started with disruptions that we’re seeing in the real estate market. What many think of as a stable, low volatility, technology-light asset class, real estate is actually being massively impacted by technology. Companies offering shared office space such as WeWork, TechSpace, and Regus are taking large blocks of space in the office sector and then releasing space to smaller users for space ranging from as large as 1kSF to single offices and even just a membership plan offering access to a shared workspace. This dramatic change in the demand profile begs the question what the future of office leases will look like and further what will the tenants demand of their workspaces? What we have seen is that leases rates are getting shorter on average and as a result we’ve seen far less build-to-suit requirements.

The conversation shifted to a very topical retail sector and more specifically shopping malls which have been severely impacted as a result of ~15% annual growth in e-commerce sales. We delved deeper into the what is negatively impacted the sector and we concluded that market sentiment is overly bearish while the majority or retail real estate is experiencing steady occupancy with increasing rents particularly in well located areas. It is also important to realize that not all retail real estate is created equal. Grocery supported retail is still performing phenomenally well while the suburban big box malls in the tertiary markets are struggling. Smaller strip centers in well located areas remain fundamentally sound with the colloquial saying “you can’t get a haircut online”.

Finally, we wrapped up our conversation briefly talking about the commercial mortgage backed securities market (CMBS). This is particularly topical in today’s environment because these securities are typically written with a 10-year term and if you remember the peak of the market before the Great Recession was back almost 10 years ago (2007). Several of the CMBS’s that were issued in 2007 are looking to refinance with their debt coming due in 2017. So far with credit spreads near lows and increasingly low interest rates versus what the market offered in 2007, debtors are able to refinance these loans without much market interruption. To conclude, we can all agree that real estate is relatively illiquid asset class which makes the business a very personal business. Relationships with key leasing and investment sales brokers along with the tenant representatives can be the difference in finding success in this growingly complex marketplace.


Wealth Management: Brad Summers, CFA, CPWA, CRPC, Financial Advisor, Wells Fargo

Summers reviewed his background in the investment banking and capital markets before he eventually moved into wealth management. Summers noted several takeaways with regards to why one may consider a career in wealth management including 1) your client base is your own and will generally follow you to another firm if you make a switch, 2) there is flexibility on how to build your client base, 3) there is flexibility on what you do for clients in terms of investing strategies, 4) your career path is as long as you want to keep working with your clients. Summers stated that there are a variety of firms in the wealth management business and fee structures vary as well. A large reputable shop would provide compliance monitoring while a smaller registered investment advisor you may have to perform that role as well. There are also different tasks involved in wealth management including marketing and seeking out new clients to build your base, relationship building with existing clients so they are satisfied and would potentially give you referrals, and staying up to date on industry trends and continuing education. Estate planning is not typically covered in CFA exams but is covered in the CFP, so that would be one area where you would need to learn. There are also additional designations such as CRPC (Chartered Retirement Planning Counselor) and CPWA (Certified Private Wealth Advisor) that can help you differentiate yourself as well. There is no typical day in the job as the diversity of tasks is large but once you are established you will likely spend the majority of your time focused on what you like to do the most.  Summers noted that the career path requires very hard work for up to five years until you have built up a big enough book of business to be stable. If possible, starting your career with a private bank or wealth management firm or working with another advisor would give you good exposure to the holistic client management model.


  1. Equity – International: Bill Fitzpatrick, CFA, Investment Analyst, Manulife
  2. Equity – Research: RJ Bukovac, CFA, CPA, Partner & Equity Research Analyst, William Blair
  3. Fintech: Jim Daley, CEBS, CFA, CFP®, Project Manager, Morningstar
  4. Fixed Income – PM: Brenda Langenfeld, CFA, Portfolio Manager, Nuveen Asset Management, LLC
  5. Fixed Income – Research: Rick Tauber, CFA, CPA, Senior Vice President, Morningstar
  6. Investment Consulting: Chris Caparelli, CFA – Vice President, Marquette Associates
  7. Manager Due Diligence: Daniel Harris, CFA, Principal, Borealis Strategic Capital Partners, LLC
  8. Quantitative Analysis: Shaheen Iqubal, CFA, Senior Quantitative Analyst, UBS Asset Management
  9. Real Estate: Jimmy Georgantas, CFA, CPA, Assistant Vice President, Boyd Watterson Asset Management, LLC
  10. Wealth Management: Brad Summers, CFA, CPWA, CRPC, Financial Advisor, Wells Fargo