Right out of college, Kate Waters went to work for an investment-banking firm. Then, just two years later, she joined Morgan Stanley Smith Barney as a Financial Advisor. But the insights she gained into the needs of executives experiencing sudden wealth stood her in good stead in her new job. Today, she’s Vice President, Wealth Management, a Certified Financial Planner® and part of a team who manages approximately $500 million in client assets. We talked to Waters about how she built up her business.

How did you get started?
At my first job in investment banking, I worked with technology companies at various stages of maturity, raising capital through everything from private placements to IPOs. It was the late 90’s and a very exciting time.

Two years later, I was recruited by Morgan Stanley Smith Barney to be a Financial Advisor. It was perfect for me because many of the people I’d developed relationships with needed a trusted Financial Advisor but didn’t have the time or financial acumen to find one. I’d met CEOs who went from having $30,000 in their bank account to $30 million overnight and they didn’t know how to manage their money properly.

Since I was only 24 when I joined Morgan Stanley Smith Barney, I quickly got my Certified Financial Planner® designation. I realized how important it was for me to have the right credentials in order to be the most knowledgeable at my job.

How easy was it to find clients?
I developed my business through referrals, networking and educational seminars. But I was a bit naïve. You really have to build a pipeline over time by establishing trust and rapport. In investment banking, you get to see the fruits of your labor at the closure of every deal. But wealth management is a longer, more personal process. We want our clients to come to us for everything and it takes a long time to develop this kind of relationship.

When did you join a team?
After four years, I came to see the benefits of working with other professionals. One of my partners has 40 years of experience. He has successfully worked with multiple generations of the same families because he is their trusted Financial Advisor. My other partner has been a Financial Advisor for almost 20 years and has a lot of knowledge in helping corporate executives devise allocation strategies. We have a client service associate who has worked with our clients for over 25 years and another who focuses on research and tactical opportunities.

For my part, I enjoy relating to clients on a more personal level helping clients review various facets of their financial well-being. From devising comprehensive strategic solutions including alternative and risk management strategies to identifying philanthropic goals, I help coordinate the ever-evolving needs of our clients.

What kind of opportunities are there for women in the profession?
Women are natural at building relationships and that’s what you need in this type of work. It’s key to find out what’s important to people about money and what they would like to achieve in life. The planning process begins there and ultimately lays the foundation of how their assets should be managed going forward.

But for men and women, you are rewarded based on your achievements. If you’re a go getter and you don’t mind risk and hard work, it’s a great profession.

With 14-month-old twins, I feel it’s important to try to do the best you can at everything you do. I’ve been an athlete my entire life and enjoy the challenge of developing my career and being a good mom/wife/sister/daughter/friend. I play golf, ski and I am currently training for another marathon. This is a good profession for someone who has a competitive spirit.

How did your own upbringing help you?
My family taught me the importance of education, of giving back, and encouraged me to achieve as much as I can in life. My grandparents survived the Depression. My two grandfathers were in World War II and one of them survived both the Battle of the Bulge and the Normandy Invasion. They instilled in me the value of being a good person and the determination to overcome obstacles in life. They also taught me the importance of having a good sense of humor and to never forget where you came from.

Also, it’s a big family. With 36 cousins, you have to learn to speak up.

Kate sits on the Board of Directors for the Women’s Executive Circle of New York (WECNY) and is actively involved in Camp Venture, an organization her grandparents co-founded, that assists mentally and physically disabled adults and children. She is a member of the Villanova Financial Club where she co-chairs the Internship Committee.

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