We recently connected with Nikki Macdonald and have shared our conversation below.
Nikki, thanks for taking the time to share your stories with us today One of the things we most admire about small businesses is their ability to diverge from the corporate/industry standard. Is there something that you or your brand do that differs from the industry standard? We’d love to hear about it as well as any stories you might have that illustrate how or why this difference matters.
I am relentless in my focus on my client’s goals (not my own interest, not “most people’s goals”), and how I can help create a plan to achieve them. My clients entrust me with their hopes, dreams, fears, and I get a front row seat for the highs and lows — something I will never take for granted. I’ve been the first person couples have told their pregnancy news to (the best!), and also a first call when there’s a health situation that changes everything.
I actually tell my clients all the time: financial planning is not rocket science. Like many things, when broken down, financial planning can be fairly straight forward. My philosophy isn’t completely different from many advisors, but it is the way I don’t assume I know the answer or tell them what to do before I know all the infromation. I listen, educate, talk in a way that isn’t condescending and doesn’t use unnecessary jargon, and then listen again.
Being a woman financial advisor unfortunately also makes me different; as there are only ~`10% of us last time I saw the stats. But what I want to emphasize from that statistic, is how uniquely suited women are to be advisors. I think the key differentiator (for me and many women for that matter) is my emotional intelligence, my emphathy, my listening, and my ability to talk through difficult concepts in a simple way. I have heard many times “Wow- I have listened to a lot of these types of calls and I have never truly understood what they said” or “I can’t wait to introduce you to my friend or family member” – both are the highest form of compliments! I strive to be relatable and accessible to all different types of clients, because everyone needs a financial plan!
Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers.
Hi – I’m Nikki! I am a Financial Advisor. I have the opportunity to empower people to achieve their goals and dreams. I believe deeply in the opportunity for everyone to take a leading role in their financial lives to find confidence and clarity in their overall plan. I am passionate about bringing unfiltered, relatable access to comprehensive planning, accountability, and inspiration especially for women, families, and business owners. Comprehensive financial planning to me means we look at defensive and offensive planning. We need to dig into the weeds. We need an emergency fund, we need insurances, we need to pay down debts – things that are not that fun to talk about. When we talk offense – we get to invest! What are my goals, when do I want to retire? How do I educate my kids? How do I get that second and third investment property? Once we get to retirement – how do we get down the mountain? We move from wealth accumulation to distribution planning. Anyone worried about taxes? Me too. We talk about those a lot at each of these stages. I love hearing people’s stories and understanding how I can be a force “for good” in them reaching their goals. It’s exciting to get to talk to many different types of people, and even live vicariously through their goals and dreams. I “do” investments, and I “do” insurance, but being a true advisor and partner is “doing” so much more than that.
Personally, I am a native of Northern VA and proud graduate of UVA (wahoo-wa!), I’ve lived mostly in the DC area, bounced across the pond to London for much of my 20s, and now back to DC settling in Arlington with my husband Ed, and two kids, James (7) and Olivia (3). They keep me plenty busy, but in my spare time I am an avid traveler, big sports fan, and explorer of all good food and activity in DC!
I am most proud of the support I can offer my clients, my community, and honestly women everywhere. I love people and want to make people better. I think more women need a financial plan. More women entrepreneurs and business owners need education, connections, and savvy advice. I think more women need to be in this career and create successful businesses of their own. I strive to be relatable and accessible to all different types of clients, because everyone needs a financial plan.
I am motivated by my why – why I chose this career. I chose to start a business during a pandemic with two small children and none of the licenses required because it gives me the ability to create a lifestyle with flexibility and unlimited potential for myself and my family while impacting my family, my friends, and the community in which I serve.
Have you ever had to pivot?
My journey to entrepreneurship, business ownership, and generally to financial planning all involve the word PIVOT. (I think that was the word of 2020 across the globe, right?!)
In the early pandemic days, I was let go with about 25% of my company. I had just returned to work after having my baby girl, and now not only was the world a mess, but my professional life and career also felt like it was caving in. I had sat on both sides of the layoff “ax”, and had seen my fair share of “restructuring”. I thought hard about why me, what was I supposed to do now, what did I even WANT to do now? This felt different. At 36 years old, with a 3.5 year old and a 5 month old, I was entering the biggest pivot of my life so far.
I decided what I had been doing just wasn’t cutting it. I spent nearly 15 years helping companies use data and analytics to create actionable insights. I loved the tech world for being fast-paced, data-driven, and being on the cutting edge feeling like I was contributing to Fortune 100 companies’ success. But what I didn’t have was a real sense of purpose. I was running on the proverbial corporate treadmill without a very clear direction. Who really was I helping? I wanted to make a real impact. I wanted to build a business that was mine – and gave me the ability to create a lifestyle with flexibility and unlimited potential for myself and my family. Not only to hopefully evade being laid off in the future, but to truly bet on myself. I was offered the opportunity to explore my new career from a family friend – A fire was lit and there was no turning back! You can imagine the surpise that even I had when I said I’m going to go ahead and tell Amazon Web Services “no, thank you”, and instead I’ll start a financial planning business.
I wouldn’t change any of the journey to date, as the first part of my career prepared me in so many ways to tackle and thrive in the next chapter. To pivot is to change the way one does something. I pivoted the way I looked at a job; it is now a career, a business, an asset. I pivoted the way I looked at what I was capable of; starting any business is no joke, and add covid and kids, that was next level. And most of all, I pivoted the way I looked at myself and my life; I think bigger, I think about how to impact more people giving them the same opportunities I know have, and think about how I can leave a legacy!
What’s been the most effective strategy for growing your clientele?
My practice is built organically through introductions and a strong network of driven, smart, and BUSY individuals, families, and business owners. I don’t cold call or acquire prospect lists. However, I chose to partner with a company who has an incredible training program and structure to help support advisors starting their businesses. One of the first lessons is learning to ask for those introductions, because you can be the best planner, chef, consultant, anything in the world, but if you don’t have customers to buy or use your services – it doesn’t matter!
I have created a community through local chambers of commerce, networking groups, community involvement and non-profit board service, mom groups, PTA, – I’ve tried many ways to be present and be involved in my community. My network of women entrepreneurs and founders and all-around hustlers has been the most incredible biproduct of this career – which in turn has created space for real relationships that make introductions feel natural.
I believe when you do a good job for someone and they trust you, it will come back around. I can meet with someone and they might not become a client for 2, 3, or more years. But I know I have impacted them with our conversation, with the questions, with the planning we do, even if they never become an official client. However, I must be the driver, and I have found ways to help people try to help others by making them aware of some of the cool stuff we do. People are constantly worried about their finances or if they are getting the best return or paying too much in taxes, but often to scared or busy to actually talk about it. I want to create a relatable, safe, and encouraging space to have hard conversations, and to add value for everyone with whom I speak.
Contact Info:
- Website: https://nicolemacdonald.nm.com/
- Instagram: @nicolekmacd
- Facebook: https://www.facebook.com/NikkiMacdonaldNM
- Linkedin: https://www.linkedin.com/in/nikki-macdonald/
- Other: Anyone who would like to learn more information about myself or financial planning can reach out to me through my website: https://www.northwesternmutual.com/financial/advisor/nicole-macdonald/my-team