Female Founders: Jennifer Lee of Modern-Wealth On The Five Things You Need To Thrive and Succeed as a Woman Founder
An Interview With Candice Georgiadis
Your Big 5. 5 reliable people whom you can discuss stressors, business concepts, financial opportunities, tough emails to send to clients, marketing, and strategy. Those same people you likely have regular lunch, drinks, or Zooms to share and enhance ideas. Being an entrepreneur can be lonely. It is exceptionally helpful to have 5 trusted friends and colleagues with whom you can commiserate and celebrate your challenges and accomplishments.
As a part of our series about “Why We Need More Women Founders”, I had the pleasure of interviewing Jennifer Lee.
Jennifer Lee, AIF®, AWMA® is the founder of Modern-Wealth; a Sarasota-based financial firm with a focus on helping individuals experiencing transition.
Originally from Maryland, Jennifer brought her over 27 years (44 years if you count going into the office with her father as a child) of expertise in the financial services industry to Florida. Jennifer has found that a relationship with an advisor is most critical at the intersections in life where emotions collide with financial events. She enjoys facilitating her clients through challenges as they experience life’s upsets such as divorce, the loss of a spouse, or business to retirement transition. Whether you are experiencing divorce, a business client expanding or selling your operation, or a couple wanting to make sure they have provided for their family, Modern-Wealth may be a good fit. Jennifer provides a fresh perspective to the financial planning process by digging deep to understand what drives her clients. At Modern-Wealth, they build long-lasting relationships. As part of their process, they encourage clients to communicate their values to the most important people in their lives by writing a family love letter. This led her to write “Squeeze the Juice: Live With Purpose-Then Leave a Legacy.”
Jennifer R Lee, AWMA®, AIF®
Modern-Wealth, LLC
6710 Professional Parkway W
Suite 201B
Sarasota, FL 34240
O 941.251.0510 M 410.599.6885
[email protected]
www.modern-wealth.com
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?
Someone once said to me “oh, you grew up at the foot of the master.” As a young person that would most definitely have offended me. As a then 43-year-old, I thought it perceptive and telling. I did in fact grow up, like it or not, at the foot of the master. I learned my value system and work ethic from my father. While I did not always enjoy the lessons, they stuck. And I am a better person and a better advisor for those hard-to-swallow lessons.
I joined my father in his financial planning practice three years after college and I have never looked back. I knew only that my father was available in our lives, that he worked hard, loved his work, and his clients. I wanted that fulfillment for myself.
Can you share the most interesting story that happened to you since you began leading your company?
In life and in business you have those moments that when reflected upon can change your perspective. Mine was what I refer to as the “lean back”.
This experience forced me to reconsider my approach and helped me narrow my business focus. Defining a niche is recommended, narrowing your focus is difficult to do. In my industry, I can help anyone in a large room. In a room of 100, there are only 3–4 in a room that will be receptive, have a current need, and fit the profile of a perfect client advisor match. I’m not for everyone and that’s ok.
I am 27 years now in this industry and in year 18, we moved from Maryland to Florida. In Maryland, I had a network of friends, family, clients, and acquaintances with whom I interacted, marketed, and networked. When we relocated to Florida, I knew very few people. I was forced to get out there and introduce myself. I had not done this in years.
Here I am in this group of professional women, and I’m asked by enthusiastic networkers, “What do you do for a living?” Smiling, I reply, “I’m a financial advisor.” If you’re an advisor, never, ever say this. You would have thought I had the plague. Woman after woman leaned away from me, physically pulling their bodies back. This was so strange. What in the world was happening? Consistently I was met with two replies: (1) My husband handles that. (2) I have one of you.
This “lean back and shut down” was a no-go for me. I went to contemplate what was happening. I evaluated my practice, sought to define the clients whom I loved working with, those who appreciated my counsel and who effortlessly referred their friends because they knew, liked, and trusted me. These were my people. We had meaningful conversations and an authentic relationship. We worked well together, and in fact it was enjoyable. These clients came to me with their most significant worries, and we worked through them together, sometimes adjusting the plan, other times adjusting their budgets. We discussed issues and I brought options until they made sense and were a fit.
I looked at my practice to see how people perceived their relationship with me. What sort of advice or needs were most prevalent? If I were going to start fresh with my messaging and really my brand, who do I want to attract? There are many questions to answer. Who am I trying to reach? Who do I want to work with? Who appreciates my communication style and perspective and is receptive to advice? Whose values are in alignment with mine? Who genuinely cares about their family and business? Who can I help the most and who needs me the most?
After much contemplation and review, the result — my new mantra:
Our firm focuses on the complex and sometimes urgent needs of people in financial transition. Our valued clients leverage us as a resource during these difficult and challenging times. If they are considering a move, divorce, job change, retirement, adding to their family, selling a business, are suffering the loss of a loved one, or are leaving a legacy, they call us.
Why?
Because reliable counsel is most needed at the intersection in life where finance and emotions converge — sometimes in crisis. It is in this collision zone whereas advisors we triage the situation and help set the course through the chaos. A good financial advisor can cut through the noise and create a resolution that everyone feels good about.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
Oh my gosh. Starting a business or starting in sales was really no fun for me. I was educated as an accountant with a degree in business and economics. I had been working for 2 ½ years as an accountant when my father asked me to join his business. I had grown up with a father who always made things happen, was able to attend my school plays and games etc. He was around and yet he was always working too. I remember spending many Saturday mornings going to the office with my Dad so that he could “take care of a few things”. And I would attend appointments sometimes too. He looked like he was having fun, he loved what he did, and the harder he worked, the more successful he became. When he asked me to join him, I jumped at the chance. I gave my two weeks and off I went.
In all honesty, I hadn’t a clue what I had to do to become successful in the financial services field. I had not considered that I would need to promote myself and develop clients. My Dad’s idea for me was that I make cold calls to Chamber of Commerce members and educate them about why they needed to buy disability insurance. Here I am, a rookie adolescent, maybe 24 years old, calling small businesspeople about a product they know nothing about. It was no fun, and it was a real ego check given the rejection an inexperienced former accountant received.
This taught me that times had changed, cold calls were not the way to go. It taught me that maybe my skin was not so thick, but mostly it taught me that I was not a salesperson. At least not a good one. For me to be comfortable in my skin and my messaging, I needed to figure out how best to develop connections and I needed a network.
I have always been a relationship consultant. I’m not interested in being sold and I am certainly not interested in selling someone else. I ask questions, take in information, offer potential viable considerations, and the clients decide. This process while harder and longer, fits my value system, serves my clients, and generates referrals naturally. Today, I only do business by referral aka relationship marketing. I put myself out there, educate people about what I do, and they come when they are ready. People do business with me because they know like and trust me.
In relationship marketing, you can only reach as far as your arms or your network stretch. 27 years later, my arms are fully stretched. My network has a deep understanding of the role I can play in my clients lives. I love what I do, I love educating groups, and it’s sweet when I reach the right client.
During Covid, I finished writing a book, Squeeze the Juice: Live with Purpose, then Leave a Legacy. It is my hope that the book is a quick and meaningful read. I trust that everyone will get a nugget or two that they can apply to their life. I hope that the book will be passed along to those who need it.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
Certainly, my father was likely the largest contributor to my success. He was a mentor, an assertive and demanding father, and he also happened to be in the industry that I joined. My work ethic, integrity, and desire to help people came from observing him.
My second manager after graduating college, was Annette Heimlich. She was tough and expected a lot. She pushed me to grow. Under her leadership she encouraged expansion. She sent me to a workshop on how to supervise employees. At that workshop, I bought a book on tape. I know, dating myself. And I think I spent $100 on this program. This program changed my perspective and contributed immensely to my life. It was called “Life by Design.” The basic concept was that you must consider your values in order of priority and then reflect on how you are currently living your life. If they’re not in alignment, then you need to change them because your goals will not move fluidly forward.
Shortly after I was promoted to supervisor, I remember her asking me if I could do her job. Was this a trick? My answer, “give me a month to absorb this job and yes, I would be up for it.” To this day, I love that she was not threatened by my reply. She was my most exceptional boss.
Truly there were many people who have contributed over time to my business success. It’s not fair to narrow it down to one. I’m a data gatherer. I like to test the waters and survey the landscape.
One of the most telling things that I do when attending an industry event, is to survey the room. I scan the room for the person or persons who are the most financially or notoriously successful. This is obvious by their demeanor, dress, and by the programs listing of their accolades. When in proximity, during a networking period with people who have seriously crushed it, I seize the opportunity.
People want to share their story. If you genuinely approach a person sharing that you’re impressed with their accomplishments, you’d like to be them when you grow up, you’re midway in your career, and you ask “what would they do if they were in your shoes today? What do they see as the biggest opportunities? How would they do things differently and avoid mishaps and pivot?”
Surprisingly, they will tell you. It will be newsworthy to your practice. Soak it up! Don’t placate them. They know they’re successful. Ask them for the advice they would tell themselves 15 years ago or how they would operate in their business differently if they started in the business in the current environment. You will be astounded.
Ok, thank you for that. Let’s now jump to the primary focus of our interview. According to this EY report, only about 20 percent of funded companies have women founders. This reflects great historical progress, but it also shows that more work still has to be done to empower women to create companies. In your opinion and experience what is currently holding back women from founding companies?
I am very fortunate. I grew up as a first born with an Asian American father first generation, so I was taught that I could do anything. I was encouraged and pushed. In my life and professional experience, I cannot share specific discriminatory situations, although I am certain there were. In those instances, it must never have occurred to me that I was being discriminated because I was a woman.
It is remarkable what you can convey to children at a young age that impacts their character, demeanor, and in my case bossiness. Remember a baby, first born, encouraged to walk by grandparents, aunts, uncles, neighbors, parents. I had my own cheerleading squad. I say this about myself with love, ask anyone who knows me, and they will say I take control, lead, drive, and sometimes act like a boss. For some, that may feel off putting. For me, it is just who I am. I can’t really help it.
This is a little challenging for me to speak to my personal experience. I have many colleagues, friends, and clients who have shared their stories. From bank loan issues to job opportunities, to positions of influence. I think any discrimination for me may have come from my inability to present myself to the desired audience in a manner that they could receive me.
Can you help articulate a few things that can be done as individuals, as a society, or by the government, to help overcome those obstacles?
I would consider the most important education, shaping, and encouragement to come from the family unit and from people of influence in the lives of kids and young adults. I’m 51 now and I enjoy people. I like to figure out what makes them tick and who they are deep in their character if they will reveal it. I have found that asking about a person’s childhood and their relationships with caregivers, teachers, and family, will reveal the most foundational pieces of their character. Mentors and persons of influence have an intense impact on business, leadership, and society.
I think mentorship programs, especially for kids who do not have the luxury of good role models is critical. Children are innocent and are shaped by their environment. Groups like the Big Brothers, Big Sisters are crucial to creating a connection to what can be. How can we expect people to be their best selves when they don’t really know what that can look like?
This might be intuitive to you as a woman founder but I think it will be helpful to spell this out. Can you share a few reasons why more women should become founders?
Why not? I will say that as a woman founder, I find myself looking for others to pull up. Educating, empowering, and lifting others not only builds their character, but it builds mine as well. And it feels amazing to see a young woman, a middle-aged woman, any woman empowered grow, and love themselves. I think women revel in that feeling when they see others connect with their work, contribution to society, their clients, and ultimately their family. I know I do.
What are the “myths” that you would like to dispel about being a founder? Can you explain what you mean?
Perception vs reality. I think sometimes founders make it look like it happened over night, with ease. When it has been a lifetime of grit, sacrifice, work, and I mean work, education, and sucking it up that gets you to where you are today. Founders have stories and they’re not always the melted down version in the front of a menu or on their website. They are revealed in genuine conversations.
Is everyone cut out to be a founder? In your opinion, which specific traits increase the likelihood that a person will be a successful founder and what type of person should perhaps seek a “regular job” as an employee? Can you explain what you mean?
Not everyone is cutout to be a business owner, let alone a founder. Most people simply are not. In my practice when consulting a client or prospective client desiring to move from job to business owner, it often scares me for the prospective business owner. In fact, I often say that I already have the title for my next book, “So you think you want to start a business”. There are a multitude of potholes, land mines, and sink holes for that matter when starting a business. People frequently enter doe-eyed and enthusiastic. Of course, there’s an appeal. Independence, financial freedom, status, etc. New business owners desire the freedom and the perceived ease in life they attribute to being your own boss. I agree. At this point in my life, I would make a terrible employee. I know too much. I’ve struggled, pushed, and I’ve been on the side of self-employment for too long.
Prospective business owners often do not recognize what it takes to achieve the desired effects of owning a business. Or they may not be willing to do and be what it takes. You must have stamina, grit, slightly thick skin, and cash to get you and your family through to the other side. It was probably 5 years before I felt like I could really crush things in my business and 7 years before I could wake up January 1st and know that my mortgage would be paid.
Business owner or employee. Question is….do you prefer to rely on yourself or one someone else to pay you every other Friday? Do you desire unlimited income? Are you willing to do what it takes? Get up with the birds, work on weekends, do payroll into the night? Will you work 60 hours in your business and then another 10 on it? Do you live in today or plan for tomorrow?
Many people recognize that they are not in fact willing to do what it takes, and they lose seed money and deplete personal assets rather quickly. Owning a business and leading it is not for the weary.
Now let’s address the founder part. This leads me to reflect on leadership and creativity. A founder is not only an entrepreneur, but has gumption, grit, creativity, and a fiery bug inside. They must move an idea from nothing to something. Creating and successfully running a business is no easy task. And it takes self-awareness and resilience. Mistakes happen almost daily in business. It is the resilience and creativity that makes or breaks a business.
Over time through demonstration of product, process, work ethic, creativity, and character you are referred to as the founder. To me it seems disingenuous to start with founder. Have you earned the title, have you achieved your dream? Are you in fact successful? Maybe you started something. Big deal. Did you make something sustainable? Did it provide something of lasting value? Does it employee many people? Did it revolutionize society or an industry?
Ok super. Here is the main question of our interview. Based on your opinion and experience, what are the “Five Things You Need To Thrive and Succeed as a Woman Founder?” (Please share a story or example for each.)
- Self Motivation. It’s on the inside. It must be. Otherwise, you would not rise out of bed so easily. And it is also on the outside because you must have encouragement, stimulation of new thoughts, and ideas. I love Audible.com for just this reason. So many authors and access to business, motivation, and self-help books. Grow yourself! I have had an account for 7 or more years. As such, I have probably 100 books that I can and have listened to more than once. If I am feeling stuck, lacking focus, or mojo, I consider whether I need a break from the hustle and noise of my business. Perhaps an afternoon at the beach, a walk with my dog, or just a quiet car ride. Or do I need a pick me up, a refocus, some stretching of my mindset? Resources, like books on Audible, prove valuable to the entrepreneur.
- Chocolate and Coffee. Sometimes you just need coffee and chocolate to push through that last project, email, idea, or account. Well, at least I do. I love what I do for a living and I go hard every day. There are so many parts to running and owning a business and they all require your focus, time, and attention: the offering, the client, the team, the math (revenues in, expenses out).
- Brain Space. There are projects and pieces of the puzzle that require carved out time. Brain space as a friend recently shared. Some activities and projects require a clear desk and a clear mind. You must be open to the learning curve of the project in front of you. This article, for example, a client survey consideration and evaluation, a business plan revision. These things require brain space — all your focus and uninterrupted attention. It is impossible to do this kind of work while you’re in the hustle of your business operation. Time must be carved out. I color code my schedule to reflect: Client service, Working on the business, Networking/prospecting, Personal. At a glance, I can see what areas require attention.
- Your Big 5. 5 reliable people whom you can discuss stressors, business concepts, financial opportunities, tough emails to send to clients, marketing, and strategy. Those same people you likely have regular lunch, drinks, or Zooms to share and enhance ideas. Being an entrepreneur can be lonely. It is exceptionally helpful to have 5 trusted friends and colleagues with whom you can commiserate and celebrate your challenges and accomplishments.
- People who will stretch you. Organizations, connections, business partners that help you push the envelope of your own personal development and help you explore your business efficiency, creative ideas, and your processes.
How have you used your success to make the world a better place?
Being self-employed has provided me with immense flexibility in my life. It has created financial stability for my immediate family and allowed me to care for ailing family members. This has been a tremendous personal benefit.
There is much left to do and to give. I honestly have not found my best channel yet. It’s my desire to have significant and very personal impact on people. This requires a kind of intimacy over a world view.
I do my best to pay it forward wherever I can. I am especially focused on children. I like to make sure that they feel seen and heard. If even for a moment in one or two interactions. Whenever I can, I enjoy educating and empowering others. I almost can’t help myself. Don’t ask me unless you want to know.
I would love nothing more than to speak to groups of people to share basic financial concepts. Beyond debt, about accumulation, pulling yourself up, having your money work for you, creating opportunities to be your best self. No matter where you are in your journey, there are tweaks and improvements that can be made. It is enjoyable to meet with people and reflect what they are saying and help them consider slight adjustments that will align their values and their financial resources. This I think is my gift. I am actively working on connections to allow these ideas to permeate those desiring to grow.
I mentioned earlier that I wrote a book. It is my story. My book was written to provide an intimate connection with me as the author. It provides context for financial concepts and empowers people to get their ducks in a row. It is my belief that if there is at least one idea that you can implement, a book is a worthy read. My book’s aim and my hope is that financial intelligence will become more common place.
I believe that knowledge should be shared. Given the venue, I’ll happily talk about money and financial concepts to non-profits, teens, associations, employees, communities, fellowship groups. Anyone really who would like to know.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good for the greatest number of people, what would that be? You never know what your idea can trigger.
The word empower comes screaming to the forefront. I know that it’s overused. What’s better than teaching and encouraging people to fish? There’s pride in doing things yourself. When you can take ownership of that accomplishment, it will grow, and I hope to feed into the teaching of others. We are a society that sometimes takes the short path and just does it for others. Why not educate, empower, and motivate them to do for themselves?
The movement I would be involved in would be financial education, level two. I believe there are programs to help with basic checking account balancing and debt. At the next level, people making money, living their lives, and not having any idea of how to save, manage their finances for today or for tomorrow. They know they should be doing things for their future, but they were never taught. I work with successful professionals daily who have not been educated about financial instruments. How would they? They’re entrenched in their profession and then in their families and community. It takes extra time or an insistent advisor to educate and get them on track.
We are very blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them.
The ultimate financial success moves your focus from creation to distribution. You now spend your time evaluating and considering worthy causes. Bill and Melinda Gates and Warren Buffet, they are masters of this shift from business owner to operator of Foundations. I intend to make this shift one day. I would love the opportunity to have a peek behind the curtain.
Personally, and spiritually speaking, I’d love to have a chat with Deepak Chopra about my favorite book, “The Seven Spiritual Laws of Success.”
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Female Founders: Jennifer Lee of Modern-Wealth On The Five Things You Need To Thrive and Succeed as… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.