Industry veteran Sheila Terry Cromwell joined Morgan Stanley Smith Barney in August, 2008. She was a trailblazer for women not only in the financial services industry, but in other industries, as well. She talked to us about her background, the importance of good client communication, and why she loves her work as a Financial Advisor.

How did you get started in the profession?
I got started in the financial services profession quite by accident, as my life long dream was to attend Cornell’s Veterinary College and teach clinical medicine. After I graduated from the Agriculture and Life Science College at Cornell, I was not one of the two women that were accepted in their Veterinary College. Basically, this field of study was still male dominated at the time of my application. However, I was fortunate to have been hired several months after graduation by the Upjohn Company, as their first women veterinary medical representative. I was responsible for the sales in the greater New York and Connecticut areas.

It was while working for the Upjohn Company that I met another woman who had just been accepted into a training program at Paine, Webber, Jackson & Curtis. We became friends and as a result, met for lunch with her boss, who expressed an interest in my joining the company’s training program. This 18-month training program allowed me the opportunity to work in all of the investment departments. That is when I decided that I really enjoyed financial planning and was going to specialize in that area of the business.

What was your next step?
My next step was to become a Certified Financial Planner so I would have the credentials and knowledge to work closely with clients and to assist them not only with the management of their money, but also with their cash flow, educational, retirement and estate planning needs.

In 1982, just shortly after obtaining my CFP designation, PaineWebber decided to close their Financial Planning Department. I made the decision to look for a new firm that embraced Financial Planning. That new firm was Prudential Bache Securities. I was given the opportunity to build a team and to offer Financial Planning in their newly opened satellite office located in Mt. Kisco, NY. It was a very rewarding experience for the next 10 years. After ten years, I was invited to return to PaineWebber. I accepted their offer and created The Cromwell Financial Planning Group in White Plains, NY. I remained there until August, 2008, when I joined Morgan Stanley Smith Barney for a better career opportunity. I would say 99% of my clients transferred their accounts and are still with me today.

You joined right before the market downturn? How did you address that?
Every day a new event or new crisis was reported—not many were positive. I made a significant effort to enhance communication. Usually I talk or meet with clients quarterly, sometimes even monthly. We increased client contact. Conference calls were scheduled with all of my clients. I would meet people at night, before their workday, or any time that was convenient. I worked very hard making sure I touched base with everyone. I would also send out email alerts to clients with research reports to keep them informed about the economy and the markets. A few clients even called me to ask how I was doing.

But before I came to Morgan Stanley Smith Barney, I had started to decrease my clients’ equity positions and increase their fixed income positions. As a result of being a financial advisor and planner, I felt I was in a much better situation as I knew each clients’ portfolio intimately.

What do you like about the profession?
I like people and solving problems. My science background and analytical skills helps me a great deal with all of the decision making on a day-to-day basis. Being a Financial Advisor and Certified Financial Planner is a profession that draws on the natural talents of women. Women like to plan and are usually faced with multi-tasking and managing whether it be their children, household, family events or clients.

I feel that this profession has rewarded me with unlimited career and personal opportunities. If you have entrepreneurial talents and like the world of investments, you can create your own business model and compensation plan, as I have done.

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