Alright – so today we’ve got the honor of introducing you to Stephanie Groschup. We think you’ll enjoy our conversation, we’ve shared it below.
Appreciate you joining us today. Risk taking is something we’re really interested in and we’d love to hear the story of a risk you’ve taken.
With over 24 years of experience in the wealth management industry, a profound understanding and respect for risk has been developed. After beginning a career at Merrill Lynch and completing their Paths of Achievement program, I honed my skills while building a successful practice. Later a move was made to a private bank with the promise of additional services to benefit clients. Being highly invested in the success of every client, lasting relationships have been built. These relationships go beyond sophisticated investment strategies. As part of this commitment, much attention is given to behavioral finance as well as consideration of the client as a whole person, not just numbers. Ultimately, the private bank was not aligned with this client-centric approach, so I was positioned at a crossroads. This led to a pivotal decision, should a move be made to a large, well established firm or should a path be charted to create something truly unique that is aligned with a person-centered approach? After researching all options, a calculated risk was taken. It wasn’t just a calculated risk, but one with purpose. This decision led to the creation of GM Wealth, now in its fifteenth year. The firm continues its commitment to the person-centric approach and it has been a privilege to continue working with those original clients as well as their children, grandchildren and friends.
As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?
Post graduation from the University of Texas, I started my career in sales in the oil and gas industry, a field that is traditionally male dominated. Leading a successful sales team left me unfulfilled. A genuine interest in finance led to seeking advice from a friend’s mother, a highly regarded Merrill Lynch advisor in Houston. Her initial guidance was somewhat discouraging. She paused after telling me about her journey, and she said “This job is so difficult. I wouldn’t recommend it to anybody.” She then looked at me and said, “I forgot to ask you. What do you do now?” I explained that I was in the oil and gas industry. She smiled and said “Oh, if you can do that, then you can definitely do this!” This conversation provided the incentive to seek an interview at Merrill Lynch Dallas. This began a career in finance in 2001, and I am marking my 24th year in the industry.
Any advice for growing your clientele? What’s been most effective for you?
Word-of-mouth marketing has fueled the firm’s growth. Client relationships are cultivated by understanding and prioritizing the whole person while providing a safe, judgement free zone for clients to discuss all aspects of their lives. They can feel comfortable discussing topics ranging from retirement planning, marriage and unfortunately, divorces, or even career journeys. One client described why she and her husband chose GM Wealth over another firm. She explained that other advisors focused on her husband, despite her financial decision making role in the family. She felt completely invisible. Ultimately, our firm was chosen because we of our commitment to listening, and she felt seen and heard. This commitment to listening is a core value and is prominently displayed on the firm’s website. We listen before we talk.
We’d love to hear a story of resilience from your journey.
After obtaining license in April of 2001, I launched my career by building a client base within the Merrill Lynch training program. The world changed drastically in the wake of the September 11th attacks, a tragedy that shocked the world. The market turmoil as a result of the attacks created a significant challenge to building a business, yet all requirements of the training program were successfully met. During those difficult times, the guidance from my supportive father propelled me forward. He would tell me, “The things that are worth having, are the things that are worth working for.” He was absolutely correct and those words were a motivation. At times, when things would get difficult, I would focus on my mindset. I still tell clients this today…What holds you back is not who you are, it is who you believe you are not.
Contact Information:
- LinkedIn at linkedin.com/in/stephanie-groschup
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