Alongside the 2020 NAPA 401(k) Cyber Summit, we sat down (virtually) with a number of leading advisors for some insights on how they got started, what keeps them going, and what they see for the future of retirement and their practice(s).
A conversation with Annie Strout, QPFC®, Corporate Retirement Director, Financial Advisor, Financial Planning Specialist at Morgan Stanley.
Annie is a Financial Advisor, Qualified Plan Financial Consultant (QPFC®), and Financial Planning Specialist with a bachelor’s degree from the University of Vermont. Annie was a Division I athlete for the Women’s Lacrosse Team and also graduated as a John Dewey Honors College Scholar. Annie joined Morgan Stanley after working as a financial services professional in the insurance industry. Annie focuses on working with corporate retirement plans and providing support to fiduciaries on pricing, investments and participant education. Annie’s clients include corporations, business owners, retirees, pre-retirees, young professionals, families and non-profits. In 2018 and 2019 Annie was named to the National Association of Plan Advisors’ (“NAPA”) list of “Top Women Advisors: Rising Star.”
NN: What led you to become an advisor?
AS: Ever since I was little, I had always planned on becoming a lawyer, so becoming an advisor wasn't an intentional path. However, after working at a law firm for a year when I got out of college, I found that I wasn't as passionate about becoming a lawyer as I thought I was. In addition, when I was starting to embark on the application process and looking at the numbers, I couldn't justify the debt I'd have to go into in order to go to law school vs. the number of legal jobs available and what I'd be making when I got out. At a loss for what career path to go down, my brother-in-law's father introduced me to the finance industry and I eventually ended up at Morgan Stanley and have been here ever since. From there, I formed a relationship with my current partners who focus on corporate retirement plans and the rest is history.
NN: What/Who inspires you?
AS: My two sisters, who are both in the healthcare industry. One of my sisters is a doctor and the other is a nurse and I consider them to be my heroes. Although they're not in this industry, their drive to help people towards better outcomes inspires me daily in the work that we do. For instance, despite the fact I think they are both much smarter than I am, their lack of understanding of their own retirement plans helps put into perspective how foreign this space can be even for the smartest of people. It really emphasizes to me how meaningful our role can be when we do our job well and help educate people on investing and saving for retirement.
NN: What’s the most important thing you’ve learned this year?
AS: The most important thing I've learned this year is expect the unexpected. That seems to be a common theme in our industry and particularly in 2020. I think this ties into what I consider the most important thing that I've learned in general and that is to never stop learning and being open to change. I believe this runs true in both life and in my career. There is always something else you can learn more about or become more knowledgeable on and I think as long as you are open minded and seek out opportunities for growth then you can't go wrong. Whether it's understanding more about investments, or seeking better ways to engage participants, or to understanding the newest changes in the industry...the list is endless. I think this is especially true in the financial industry—as regulations, rules, how business is done, etc. are always changing and evolving, and if we want to be effective in this business, we need to not only keep pace with but also expect change and be ready for it.
NN: What are you most looking forward to in 2021?
AS: I am looking forward to whatever comes next in 2021. Everything that has happened so far this year sounds like something out of a movie…and I cannot complain as I've been extremely fortunate to have both my health and my job. Although I am definitely looking forward to being able to see clients and co-workers in person in 2021 as I definitely miss those interactions.
NN: What do you love most about being an advisor?
AS: It's really the small things. I really enjoy working with plan participants in both one-on-one meetings or in a group setting. I've found that, for most participants, investing can seem daunting and often times when left to their own devices participants make a lot of the common investing mistakes like selling low or buying high. This year has definitely tested participants’ appetites for investing and I've probably had more meaningful conversations with participants this year than the last two years combined just because of the nature of volatility we've seen this year. Helping participants understand and make decisions that can improve their outcome is what really makes the work we do meaningful.
Annie Strout is a Financial Advisor with the Wealth Management division of Morgan Stanley in Colchester, Vermont. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC. www.sipc.org Annie Strout may only transact business in states where she is registered or excluded or exempted from registration. https://advisor.morganstanley.com/the-dubie-group Transacting business, follow-up and individualized responses involved either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Annie Strout is not registered or excluded or exempt from registration. The strategies and or investments referenced may not be appropriate for all investors. CRC 3232428 09/2020
