Nancy Daoud, a private wealth advisor at Ameriprise Financial Services, has achieved remarkable success in the industry. She migrated to the U.S. from Egypt at the age of 11, and today, she heads Opus: Advice First, a thriving practice based in Oxford, Conn., with 19 employees. Daoud’s prowess in the field has been duly recognized, as she has made appearances on prestigious rankings like ‘s Top 100 Women Financial Advisors and Top 1,200 Financial Advisors.
In our previous conversation with Daoud, she shared her family’s inspiring journey from war-torn Egypt, the key factors behind her success, and her unique approach of involving her children in the business (two out of her three children currently work with her).
In this edition of The Way Forward podcast, Daoud focuses on the tremendous opportunities that await women who pursue a career in financial planning. She firmly believes that women will eventually dominate the industry, given the growing emphasis on personalized advice. Daoud states, “It’s an incredible opportunity to not only own a business but also have a family. I have personally proven that it’s possible to strike a balance between raising a family and managing a successful career.”
Here are the main highlights from the podcast:
Generational Shift in Approaches to Seeking Financial Advice
Daoud highlights the differences in attitudes toward financial advice among different generations. The baby boomers took an opposite approach to their parents’ choices and rebelled against seeking financial guidance. However, millennials exhibit a contrasting pattern. They lean on their parents for financial advice and, interestingly, even seek advice from their parents’ own financial advisors. Daoud sees this as a significant revelation and recognizes the immense potential it holds for the industry.
Changing the image of the industry to attract more women
“The perception needs to change. These young women, up and coming, maybe even from the high school level, they should know that this is a grand opportunity for them to not only have a very successful and lucrative career, but also one that they can manage and balance a personal life with as well, because they will be the driver of it, as opposed to going up the corporate ladder and being subjected to what some boss decides that they’re going to do.”
Why the financial advice business will “belong to women”
“I really think that ultimately the financial-services industry and the advice business, in specific, will belong to women because it’s a natural tendency for women to think about all aspects of a client’s life as opposed to just being focused on one thing and one thing only. We’re just naturally multitaskers. And any woman out there who’s a mom, she knows exactly what I’m talking about. If you’re a mother you know that you have to multitask umpteen things at the same time and from one second to another you’re changing completely. And this is the world that the financial advisory business is going to. And in fact, I think it’s already here.”
The importance of establishing trust with prospective clients
“I actually verbalize this to a prospective client. I always tell them, ‘Listen, you’re not going to make your decision based on how much expertise I have or what I’ve been able to do and even what other people say. You’re going to have to base your decision on something completely unscientific, and that’s your gut feeling. And it really comes down to answering the question within your own heart, is this person someone who will have my best interest at heart? And if the answer to that question is yes, from deep down in your heart, then we’re good to go. And if it isn’t, there isn’t anything that I can say or do that will make that change. And it’s different for everybody.'”