Debra Schoendorf, a First Vice President of Wealth Management, works out of the Barrington, Ill., office, where she is senior partner of the Oak Knoll Group.  She focuses on comprehensive financial planning, alternative investments, and fixed income.  A lifelong advocate of learning, she has a B.A. in Psychology from State University of New York, Buffalo and an M.A. in Public Administration from Northern Illinois University.  Debra is a Certified Financial Planner®, which requires extensive training, a comprehensive two-day exam, and adherence to a strict code of professional conduct. 

How did you get started as a financial planner?

I was a stay-at-home mom for several years, and then I took over our family investments and educated myself.  I started an investment club and got involved in the National Association of Investors Corporations (the umbrella organization for investment clubs such as the Beardstown Ladies). 

As the kids got bigger, the timing was suddenly right.  In 1998, while driving somewhere, I heard a radio advertisement for a Smith Barney career night.

What made you decide to do it? 

It was a chance to turn my avocation into a career.  The interview process was extensive.  It involved four or five different interviews and meeting people at different branches.  Having mostly dealt with other moms for many years, it was very intimidating--all the people that interviewed me were men.  I kept telling myself, “I don’t have to take it.  And if I do take it, I can just go to the training and then not really do it."  But the process had a power of its own. 

Where did you start working?

In a brand new expansion office in a strip mall in Vernon Hills.  It was all new Financial Advisors.  We were by some large corporate headquarters as well as the Bears training camp.  We got great foot traffic and a significant amount of assets.

What was your first year like? 

I started by reaching out to acquaintances with college planning ideas.  And before I left for training, I had contacted some high schools about teaching adult education investing.  By the time I got back, I had an offer.  So I got some excellent clients from that. 

I also had a mentor, Barbara Finder, who was based in one of the Chicago offices.  Smith Barney was still very product-driven then, cold-calling with the bond of the day, the stock of the day, or the mutual fund of the day.  Barbara said, “Don’t do that.  Just get to know people.  Find out what they want."

I worked exceptionally hard.  I did cold-calling, the classes, investment seminars, and a lot of networking.  I was working six days a week and two to three nights a week.  Unless you are blessed with a tremendous sales personality or family money, that really is the surest recipe for success--you just work long and hard. 

How did you manage to juggle work and family life?

Even though I was working long hours, the job gave me flexibility so I could be there for them.  In my first year, I had to take a few weeks off when my son had some problems.  I thought for sure I was going to lose my job, but my manager really supported me. 

It took me six or seven years until I felt like it wasn’t going to all disappear the next day.  I think a lot of Financial Advisors feel that way--at the mercy of the market and different clients and management. 

What made you feel more secure?

By then I had a core set of clients with enough diversification that it wasn't going to be devastating if something went wrong in one area.  These people really trusted me.  I knew them well, and they knew me, over time--I don't think there’s any substitute for that. 

How have you weathered storms in the market?

’98 did not affect me too much, but 2000 through 2002 was really hard, in terms of having clients lose money and feeling that I somehow should have been able to do a better job. 

I also felt that our industry was facing some challenges.  The majority of people that work in the industry are high caliber, ethical, and driven by professionalism, but there are some industry-wide problems that encourage a small minority of bad apples, and making money is held in such high regard that it can elevate those elements.  This showed up again in 2008. 

How did you handle that turmoil? 

I think I have gotten better at making sure that people are appropriately invested and have enough cash on hand to weather financial storms.  But what was hard this time was that I had some clients with businesses that seemed could endure the ups and downs of the economic cycle and therefore felt they didn’t need a significant cash reserve.  Then all of a sudden, their businesses just dried up.  Maybe I should have seen it coming.  But it only seems clear in retrospect.

When did you move to Barrington?

When the Vernon Hills office closed in 2001, I came here and partnered with an older Financial Advisor, William Allen--a delightful man.  After he passed away, I partnered with another man who then left Smith Barney.  I'm now the senior advisor on the Oak Knoll team, working with George Anderson, who has been in the financial services industry since 1986, and focuses on insurance and Real Estate Investment Trusts, and Scott Hilpert, who is wonderful with people and focuses on banking, annuities, and marketing.

How have things changed since you started out?

Back then your job, as a Financial Advisor was to open accounts and bring in assets.  We paid people who were qualified to do the research and make the recommendations.  But when things blew up, I realized that the buck stops with me!  That has been a lesson I've learned multiple times over, that I cannot just take recommendations from anyone.  It is really important to delve in and understand the nitty gritty myself. 

It sounds like your mentor gave you good advice by urging you to focus on financial planning.

Right.  I went for my CFP in 2002, early on in my career.

Why? 

First, I always want to improve my skill level.  It gives me a greater sense of confidence, and I want to do the best job for people.

Second, I had gotten close to some big clients and did not win the business.  When I asked them why, one of the reasons that came up repeatedly was “The other person is a CFP.”

Do you have any advice for somebody else starting in mid-career?

It's a very rewarding profession--you get to develop strong relations with people based on trust, and the effort you put in is directly correlated to your success.

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