Remember that book "Liar's Poker" by Michael Lewis? The one that tells the story of a bond salesman working on Wall Street in the 80's? Well, I can share from personal experience it's pretty spot on. I worked on Wall Street/LaSalle Street (Chitown's version) from 1993-2008. 15 years. I started as a lowly sales assistant to 10 grizzly, awesomely inappropriate salesmen and traders. Got promoted, move to NY, worked for a pretty kick-ass All-Star Muni Analyst and then came on back to the Chi to get my MBA. Back then you pretty much needed to get one if you wanted to move on up. So I did, while I worked at Lehman Bros. That firm is gone now. Funny, at least 4 of the firms I worked for in my 15 year career are no more. Not a big surprise. Lots of good stories from that adventure, but that's a story for another day and another blog.
During my tenure I learned almost every aspect of the business. In the end I landed at a company we can call PJ Torgan. I started in the retail division and worked my way up to the Private client side (PCS). Had I known what I know now, I would have stayed in retail. My friend Rob, (one of a handful of true "friends" I actually made in the business) made the smart decision to stay in retail, after numerous requests from me to get him to move up to Private client with me. In retrospect, he was wise, like Buddha with lots of hair, lots and lots of hair.
Anyway, I did pretty well for myself and the company while I was in PCS. I was a top producer and started a midwest women's group for the female investors. I also was the head of our WIN (women's investment network) for Chicago. In addition, I was able to sit on the board of a Charter school and mentored and tutored with a program called Saturday scholars. I had always been charitably inclined but these two opportunities had the biggest impact on me.
Now don't get me wrong, I had some FABULOUS clients, some I still talk to and actually reap wonderful advice from. They have been big cheerleaders in my career change and are salt of the earth people....if you're reading this, you know who you are Dan Z, Bernadette Y-O... love you to pieces. They made it worth going to work, and made me feel like I was still doing something worthwhile. Together with the charity/community service work I thought I would last...
The lifestyle is stressful, and pours over into your personal life times 10. Wining and dining, traveling to see clients, and oh yeah, pushing products that aren't necessarily good for the client, but definitely are good for the company! I remember the first time I sold private equity. I felt dirty.
Fast forward to 2008, and I was on the top of my game, was running a program for the company with colleagues from KC and Denver that focused on pension rollover and we were doing well. I was now seeing my mentee, Mark, at least once a week, he had finally learned how to read well, and the charter school I was on the board of seems to be headed in the right direction. Then, Auction rate securities hit the scene. Long story short, we were told to sell them as "same as cash/cash-equivalents" because they were municipally backed and we were a market maker in the security, so a client could ALWAYS get out. Yeah, that couldn't have been farther from the truth. When the bond market started to take a hit and the Auction rate sec. market started to dry up, clients couldn't get out of their "same as cash" investments. I had a client with a large dollar amount in these securities. I was told to keep him in the security because it was good for the company, or we would take a hit. I got home that night and couldn't look myself in the mirror. Next morning, I got up, followed proper sales protocol and sold him out of the security. This cost me my job. As I left the building that day, I honestly exhaled for the first time in a LONG time. I knew then, at that moment, I needed a change and started my search for a more purpose driven life. I made a quick stop at another investment firm while I searched for the right career and was lead to CPS (Chicago Public Schools) I would be a Senior Grants Analyst. Boom.
Anyway, I did pretty well for myself and the company while I was in PCS. I was a top producer and started a midwest women's group for the female investors. I also was the head of our WIN (women's investment network) for Chicago. In addition, I was able to sit on the board of a Charter school and mentored and tutored with a program called Saturday scholars. I had always been charitably inclined but these two opportunities had the biggest impact on me.
Now don't get me wrong, I had some FABULOUS clients, some I still talk to and actually reap wonderful advice from. They have been big cheerleaders in my career change and are salt of the earth people....if you're reading this, you know who you are Dan Z, Bernadette Y-O... love you to pieces. They made it worth going to work, and made me feel like I was still doing something worthwhile. Together with the charity/community service work I thought I would last...
The lifestyle is stressful, and pours over into your personal life times 10. Wining and dining, traveling to see clients, and oh yeah, pushing products that aren't necessarily good for the client, but definitely are good for the company! I remember the first time I sold private equity. I felt dirty.
Fast forward to 2008, and I was on the top of my game, was running a program for the company with colleagues from KC and Denver that focused on pension rollover and we were doing well. I was now seeing my mentee, Mark, at least once a week, he had finally learned how to read well, and the charter school I was on the board of seems to be headed in the right direction. Then, Auction rate securities hit the scene. Long story short, we were told to sell them as "same as cash/cash-equivalents" because they were municipally backed and we were a market maker in the security, so a client could ALWAYS get out. Yeah, that couldn't have been farther from the truth. When the bond market started to take a hit and the Auction rate sec. market started to dry up, clients couldn't get out of their "same as cash" investments. I had a client with a large dollar amount in these securities. I was told to keep him in the security because it was good for the company, or we would take a hit. I got home that night and couldn't look myself in the mirror. Next morning, I got up, followed proper sales protocol and sold him out of the security. This cost me my job. As I left the building that day, I honestly exhaled for the first time in a LONG time. I knew then, at that moment, I needed a change and started my search for a more purpose driven life. I made a quick stop at another investment firm while I searched for the right career and was lead to CPS (Chicago Public Schools) I would be a Senior Grants Analyst. Boom.
WOW! Sometimes you wonder what drives a person. This "pre" story is awesome and explains some of your hyper-excitedness. Saturday Scholars - you have to know Kye Anne! BTW, how did the client make out?
ReplyDeleteThank you so much :) I don't know Kye Anne but I was with the program 2005-2008. The client, well, that's a long story. Once I left the firm he became a client of someone else and I no longer had a say in what transpired. Thanks for your interest!
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