Solita Marcelli, Global Head of Investment Management at UBS, and Chana Schoenberger, Editor-in-Chief of American Banker, sit down to discuss lessons learned, why the industry is an attractive place for new graduates, and what leadership looks like.
Transcription:
Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record.
Chana Schoenberger (00:11):
Hi, I'm Chana Schoenberger. I'm the editor-in-Chief of American Banker, and I have with me here Solita Marcelli, who is the global head of Investment Management at UBS. Thank you for coming in.
Solita Marcelli (00:22):
Thank you. Pleasure to be here with you
Chana Schoenberger (00:24):
And congratulations.
Solita Marcelli (00:25):
Thank you.
Chana Schoenberger (00:26):
So just to kick us off, what is the biggest challenge you're facing in your role today, and how are you handling it?
Solita Marcelli (00:33):
Great question, Hannah. I mean, the biggest challenge today is striking the right balance between global scale and local needs, especially as we're living in an increasingly fragmented world because we would like to provide value and we would like to provide access to our clients without losing sight of what's most important in each market. And I have to say, this is even more important in my current role, in my new role as I try to bring our investment management organization across America's, apac, Switzerland, and ea. And what it requires really is listening to those who are closest to our clients, staying open-minded and really adopting one great idea from one region to fit another. I would say it's probably a daily exercise in flexibility and focus.
Chana Schoenberger (01:27):
So what are you telling people these days, clients, about the global economic uncertainty we're facing?
Solita Marcelli (01:33):
Well, so you're right. We're living in a quite complex geopolitical and political and economic environment. And also people are joining in headlines and tweets and endless opinions. It's very important for us to be able to cut through the noise and help our clients focus on what's most important. I mean, it's really more important than ever before to have purpose built portfolios and provide holistic advice. So of course we're talking about the markets and what's happening, our take on it, but it usually comes down to what's important for them and for their families. And I think if you tie their investment framework to financial goals, then it basically does a lot of the job for you. So at UBS, we're focused on a framework we call three Ls. It's basically liquidity for what you need in the short term. It's longevity for what you need throughout your lifetime and it's legacy for you want to pass on. So when you redefine your wealth this way, I think it helps fade away the noise and makes decisions easier.
Chana Schoenberger (02:51):
No, it makes sense. Okay. So one of the issues that Wall Street as a whole is facing right now is convincing a new generation of employees to seek careers at banks. What is your pitch for why this is a career with purpose?
Solita Marcelli (03:08):
Well, I think first of all, in many parts of finance, right, you are impacting flow of capital, which feeds our economy, feeds, companies, innovation, and similar to many other industries, not just ours, development of people and talent. And so I find our industry actually really, really exciting. And it's not just one type of role in finance. You have, you could even be a regulator, you could be a trader, you could be a banker, you could be a financial advisor. I tell them to be really open-minded. I take my career, for example, even today after so many years, when people ask me, what keeps you maybe awake at night? The only thing these days I think about, it's just excitement, right? Mean it's excitement about a and new role and a lot of new ideas that are coming to my mind and helping our clients and recognizing talent. So there's a lot of purpose one can find in our industry, but you need to personalize it, right? I think that's the most important thing.
Chana Schoenberger (04:28):
So what have you learned about leadership in your time as a senior executive that nobody told you when you were junior?
Solita Marcelli (04:34):
Yeah. Well, another great question. So I think earlier in my career, I thought that the great leaders were people who were the smartest and the boldest in the room. But of course, over the years I realized that some of the overlooked traits are probably the true game changers, like simply being human, showing empathy, listening, being honest and real, not sidestepping the elephant in the room and rather dealing with it head on. So I think this is really important. And also I think great leaders surround themselves with the team. I mean, I've learned that the teams that you have around you is everything. I think great leaders have a good eye for talent and a kn for developing people because that's how you multiply your influence. And I think there's a saying that I truly believe in good leaders might have strong followership, but great leaders actually produce other leaders. So that's sort of my philosophy.
Chana Schoenberger (05:43):
That's great. Do you find that your mentees are doing that now that you're a leader?
Solita Marcelli (05:49):
I have a lot of people that I work with and either officially or unofficially mentored that have gone on doing great things in our industry, in other industries as well. Usually I stay in touch. And interestingly, over the years, they become my mentor as well, especially as the world is changing and technology is changing, they actually even help me be better leaders today. So I think it goes both ways.
Chana Schoenberger (06:26):
And when you think about the issues that the industry is facing right now, how are banks handling those?
Solita Marcelli (06:34):
Well, I think they're handling them to the best of their ability because it's a highly regulated industry. They're responsible to their stakeholders, to their clients. I mean, there's just a lot of stake. I think not everybody is the same, but I think we have good players in our industry that are modeling in terms of how you can handle crisis situations, economic downturns, and then the bad players as well. But I do, I'm proud of being in this industry and I think with trial and error and economic cycles and a few crisis here and there, we have good examples that stood test of time and that risk management comes first. I think that's what I've learned. The best risk managers end up having to live consistently over a long period of time. And so there's all kinds of players, but I think it's an industry and that we can look to for examples and answer others that we learn from not to do things.
Chana Schoenberger (07:55):
Great. Let me ask you last question about the role of technology in your role right now. How are you using it? How is your team using it? How's the bank using it?
Solita Marcelli (08:08):
Yeah, I mean, so this is a really exciting time because I think the sweet spot is really finding, especially in my industry, where human and digital advice meets. And it's not about really replacing humans, but it's really enhancing it. So what I find is that a lot of people think, especially wealth management, most aspects of wealth management is appropriate or is safe for the wealthiest. But I think if done right, technology, like artificial intelligence can actually allow us to deliver high quality service and personalized advice to many, many more people around the world. So that's our focus, really using artificial intelligence to better help make the lives of our days of our financial advisors much more efficient, but the information flow to our clients and information flow from our clients back to us be less cumbersome, more efficient, and smarter.
Chana Schoenberger (09:21):
Great. Wonderful. Well, thank you so much for coming in, and congratulations again.
Solita Marcelli (09:25):
Thank you very much. It's a pleasure to speak with you.
