“At times in life when people are going through major transitions, there’s always an opportunity to provide them with another point of view.”
Nancy Leizman doesn’t just know this because she’s a skilled financial adviser who’s spent 37 years helping clients pursue their biggest goals. With a successful career behind her, Leizman is living through these major life transitions herself and it’s provided a major opportunity for her private wealth practice.
BUSINESS BY PROXIMITY
Leizman was riding out the early pandemic lockdowns in the Florida sunshine and decided to look at some properties before heading back to her home in Cleveland, Ohio. Before she knew it, she was negotiating a property deal from the road.
“The pandemic really shifted people’s attitudes and made them envision what they wanted in their lives, what they planned to do. There was an acceleration of determining the next phase of life,” Leizman says. She was doing the same. Now empty nesters, Leizman and her husband wanted to split time between their beloved Cleveland hometown and the Florida beaches. She had a feeling the move would be good for business too – and it didn’t disappoint.
Moving to Florida part time has not only expanded her network but has put her in a circle of peers who are experiencing similar life events.
“We’re in an environment with people who are very successful,” she says. “They’re at a similar stage in life with similar interests, and business is just an extension of the conversation.” Business by proximity, Leizman calls it. It didn’t hurt that the pandemic motivated people to get their financial, business and legal affairs in order. And Leizman was at the ready to provide a fresh perspective.
“If you’re enthusiastic and knowledgeable and can offer more resources to your clients, that’s a compelling value proposition.”
QUALITY OVER QUANTITY
“In 1987, I was a stockbroker,” Leizman recalls. “We were called financial advisers but what we were doing was very, very different than being the trusted adviser building a wealth management practice and serving the complicated needs of high-net-worth families.”
When she first started working with private wealth clients, it was out of a desire to provide high-quality service to fewer clients. She was a busy mom and wife who had big career goals and aspirations for growing her practice. Focusing on high-net-worth families seemed to be the right direction to scale her business.
As Leizman sees it: “There should be three times as many successful women in this business because this is where you can determine who your clients are, what markets you want to serve and your schedule to some extent.”
She loves that serving private wealth clientele allows her to solve complex problems all day. It’s never about providing a one-off solution or quoting a financial product. Tax laws change, family structures change, businesses get sold… there’s always a challenge and something new to add to the equation.
“It’s very gratifying to work with generations of people and to get to know them and to be that trusted person for them. You’re developing lifelong relationships with people and guiding them through major life events,” she says. “Sometimes you’re their first phone call in an emergency. You’re helping people in stressful times provide some non-emotional support on the decision-making process.”
SUPPORT SYSTEM
Leizman was proud to be part of the inaugural Private Wealth Adviser Program at Raymond James, which she says helped “sharpen her saw”.
“The benefit in going through the program is that ability to access comprehensive advice and to tailor that advice to the needs of ultra-high-net-worth families. We have an incredibly deep bench of professionals at Raymond James – so I act as the concierge to access all those resources.”
She attributes much of her career success to taking advantage of opportunities like these. Her experiences have taught her that while you can’t say yes to everything, when there are opportunities to further your knowledge or build relationships, even if they’re unexpected, you should raise your hand.
“One piece of advice I would have for any adviser is to get on an advisory council. Raise your hand to serve on an internal committee. You will learn a lot about the business. The time invested will come back to you threefold.”
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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