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Stacy Miller Of BayView Financial Planning On How We Should Increase Female Representation in…

Yitzi Weiner

Stacy Miller Of BayView Financial Planning On How We Should Increase Female Representation in Investment Decision-Making

An interview with Vanessa Ogle

Empower — Time and time again I see prospects and new clients light up when they realize they can control their own future financial security. Taking action on your financial journey can be your #1 source of confidence when money is your #1 source of stress. Following speaking engagements or client meetings, during which I show prospects and clients that it is possible (and often probable) to achieve financial security and peace of mind, I feel so much relief and joy from them. There is a path. Take control. Take action. Your future self will thank you for becoming empowered!

Despite progress in many industries, women remain significantly underrepresented in investment decision making roles. This lack of diversity can lead to missed opportunities and less inclusive financial strategies. How can we increase female representation in these critical positions? What impact would this have on the investment landscape? I had the pleasure of interviewing Stacy Miller, CFP®, MBA.

Stacy Miller is the Founder and CEO of BayView Financial Planning. She is a speaker and writer and has been featured in The Wall Street Journal, The New York Times, HerMoney, and many other media outlets. As a Certified Financial Planner™ professional, she guides and empowers women, widows, and military/veteran families to invest in their own future financial security through the tides of life.

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?

As a military spouse for almost three decades, I know what it feels like to have to rely on someone else for my current and future financial security. I have always had a knack for numbers, solving problems, and the empathy to communicate with people who are struggling with challenges, transitions and crises. While I resisted a career in personal finance because my personal view of those in the industry was not very positive, I decided that too many people needed my help; the kind of help that comes from integrity and a fiduciary responsibility to do what is always in the best interest of others. As my spouse was approaching his military retirement, and my kids were finishing high school, I decided to join a friend as a partner in a fee-only investment management firm. I learned so much from this experience. After eight years, I decided to go out on my own with a business model to support women, widows, and military/veteran families to invest in their own future financial security.

Can you share the most interesting story that happened to you since you began your career?

I have worked with many widows over the years. This is very fulfilling work because while grief is at the forefront, financial decision-making is a necessary but overwhelming part of the process. Most widows are not the primary financial manager in the household, and sometimes they do not even know if they can put gas in the car or buy groceries for the family upon the death of their spouse. One such widow came to me and found out that she had wealth well beyond her expectations. She was not the primary financial manager and did not have a clue as to the value of their investment portfolio. Helping her get organized and create a plan for herself and her children brought her so much peace of mind.

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?

Early in my professional career, in speaking with a client, I mispronounced the name of a stock she held: Schlumberger (SLB). This mistake resulted in losing her trust. It was a mistake born of inexperience, and it was embarrassing. I must not have been the only one to do it, though, because in October 2022 they changed the name of the company to SLB (the same as the stock ticker)! From this experience, I learned to not be afraid to ask questions when I do not know something. Of course, I cannot know everything, but acknowledging it and following up with solutions builds trust.

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?

Right after I started as a financial advisor, I went to a conference for women in the industry called ‘Invest in Women’. For me it was part of my training to learn more about the industry and learn more about myself and how I wanted to focus my professional attention. The women at the conference that I most admired were all Certified Financial Planner™ professionals (CFP®s). I spoke to many of them and learned that there was a female CFP® in my own community that was highly regarded. So, after the conference, I reached out to Holly Donaldson, CFP®, to ask for a meeting to learn more about becoming a CFP®. She was extremely gracious, kind, and insightful. Over the next several years, she has continued to be a mentor and friend that has supported me in my professional growth. I am forever grateful for Holly.

Is there a particular book that made a significant impact on you? Can you share a story or explain why it resonated with you so much?

The 5 Love Languages: The Secret to Love That Lasts by Gary Chapman and its affiliated books including The Five Languages of Appreciation in the Workplace: Empowering Organizations by Encouraging People by Gary Chapman and Paul White have profoundly helped me to understand people, communication, and relationships of all kinds. The premise is that in romantic relationships (and this can be extrapolated to familial relationships and even professional appreciation) you express and receive love (appreciation) in one of five ways (Words of Affirmation, Acts of Service, Quality Time, Gifts, and Physical Touch). Your tank is filled when you receive love (appreciation) in your Love Language.

My Love Language is Acts of Service. I founded BayView Financial Planning to fulfill my own dreams, to fill my own tank (literally and figuratively), and as an Act of Service to all the women, widows, and military/veteran families that need trustworthy and transparent help.

How have you used your success to make the world a better place?

I have always enjoyed giving back to my community. My expertise now allows me to do it at a different level. As a Certified Financial Planner™ professional, weekly, I do pro bono financial planning for the underserved. I have worked through the Financial Planning Association (FPA) to help wounded veterans at Homes for Our Troops. I have also worked through the National Association of Personal Financial Advisors (NAPFA) and the NAPFA Foundation to help families through Advisers Give Back and the College Affordability Project. I think my favorite pro bono service is Savvy Ladies which allows me to help women who have “just a quick question” that they need answered. I serve in several other volunteer roles, but I really enjoy being able to quickly solve problems that can seem very daunting.

In your opinion, what are the key benefits of having a more gender-diverse team making investment decisions?

I believe that cognitive diversity exponentially increases a team’s output. A team comprised of members with different genders, races, ages, and backgrounds will naturally have exponentially better output. Statistically, women are better investors because they are risk aware and have a long-term outlook. In a heterosexual household with a husband and wife, for example, including women in investment decisions provides the opportunity for better performance, more transparency and more confidence in their future financial security.

What barriers do women typically face when trying to enter and advance in investment roles, and how can these be overcome?

Unfortunately, some women, despite their education and experience, still face challenges, misperceptions and stereotyping that create a barrier to achieving success in investment and finance. Things like expecting women to take on extra unpaid office duties, the very biased gender pay gap, or outright harassment. We all need allies, like other women as peers or mentors, but more than that, we need allies that are men. Men who see these biases and challenges and actively advocate for equity. It is always amazing to see a powerful woman with grit who succeeds despite these barriers, but for more women to achieve success, we need men as allies too.

What strategies or initiatives have you found effective in increasing female representation in investment decision-making roles?

In my client meetings with couples, I require that both partners participate in the financial planning process. There is, of course, usually a primary financial or investment manager in the household, as duties are normally divided by expertise and efficiency. However, at least during the financial planning process and at least annually, it is important to me to meet with both parties so that at a minimum, everyone is informed. Usually, though, I find that when I ask for participation and opinions from the women who are not the primary financial managers, engagement, confidence, and peace of mind increase exponentially.

Can you please share your “5 Things We Must Do To Have More Women Direct Investment Dollars”?

I’m pleased to present my 5 Things We Must Do To Have More Women Direct Investment Dollars:

  1. Educate — If you did not take a personal finance course in high school or college (and even if you did), it is important for your future financial success to understand some key concepts, especially compound interest. Albert Einstein said that “compound interest is the eighth wonder of the world. [S]he who understands it, earns it; [s]he who doesn’t, pays it.” For example, my son’s girlfriend needed to buy a new car because hers died recently. When she went to the dealership, she was given a variety of scenarios to minimize the monthly payment to include making a down payment or extending the number of months (years) to pay off the loan. When I explained to her that a $40,000 car could cost her three times that (over $120,000!!!) if she took a 72-month loan (at 7% interest), she went a different direction. Compound interest allows you to earn interest on top of interest; even ‘while you sleep’. You can earn it, or you can drown in debt by paying it.
  2. Empower — Time and time again I see prospects and new clients light up when they realize they can control their own future financial security. Taking action on your financial journey can be your #1 source of confidence when money is your #1 source of stress. Following speaking engagements or client meetings, during which I show prospects and clients that it is possible (and often probable) to achieve financial security and peace of mind, I feel so much relief and joy from them. There is a path. Take control. Take action. Your future self will thank you for becoming empowered!
  3. Talk About Money — Women need to talk to their mothers, daughters, sisters, grandmothers, colleagues, and girlfriends about money. The gender wage gap will only change when there is transparency in wages, and that comes through an open dialogue. Talk to your male colleagues. One way to close that gender wage gap is if you know there is one, you can advocate for yourself. The next generation will only become more savvy investors by learning from others who have done it, made mistakes, succeeded, and shared their insights.
  4. Make No Judgements — Everyone is afraid of being judged on their lack of knowledge of something. Investing is complicated. Financial decisions can be complicated. Brilliant, smart, savvy women who are doctors, attorneys, and tech geeks can be intimidated by the concepts that they do not understand. I get it. It is for that reason that I have a no judgement policy at my firm. Let’s have an open dialogue about your current money situation, your money mentality, and make a plan for the future with no judgements about the past. At the end of almost every new prospect meeting, I get the very satisfying comment that they are so grateful that I did not judge the size of their portfolio or their previous decisions (or indecisions) like other advisors have done to them.
  5. Hire Women CFP®s — When you enter a room full of people, you naturally gravitate toward the people like you. People who have shared experiences. Maybe they are the same age, or their kids are the same age. Maybe they dress like you. It is easier to talk with someone who understands and empathizes with your stories and your struggles. It therefore makes sense to hire a female CFP® professional who has the education, experience, and ethics, PLUS the empathy and understanding of being in your fabulous shoes. Someone who is an active listener, who won’t throw jargon and data at you, but instead will translate your goals and wishes to plans and peace of mind.

How can companies and investment firms create a more inclusive culture that supports and encourages women in leadership positions?

The financial services industry needs to make a commitment to inclusivity. This means promoting women, adding women to their Boards, creating women’s networks or groups, providing flexible work arrangements, offering professional development and education, providing not only mentorship but sponsorship opportunities, and by overall creating a true culture of inclusivity. They have been talking the talk. I am not sure they have all been walking the walk.

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.

Smart women invest. That is the movement that I want to light a fire under.

Women are already in control of over $30-trillion in investments and will soon inherit so much more. While Tik Tok might suggest that a 6’5” blue-eyed man in finance will be the solution, the truth is that we don’t need them. Women are statistically better investors! So, forget the finance bro and get on the train with other women investors. Find an ally or a group of them. Get educated and empowered. Find a female CFP® that you like and get started today!

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.

Allyson Felix. As a former track athlete and a track mom, I love the sport and am awed by her talent and success. More, I love what Allyson has done for women and gender equity in sports.

In 2017, Allyson became pregnant and at the time was a Nike sponsored athlete. In renegotiating her deal, she was asked to take a 70% pay cut due to her pregnancy. She dropped Nike. Fast forward to today, and Allyson is the most decorated female track and field athlete of all time with her own shoe brand. Grit and grace. I love her!

How can our readers further follow your work online?

Thanks for asking!

Thank you for these fantastic insights. We greatly appreciate the time you spent on this.

About The Interviewer: Vanessa Ogle is a mom, entrepreneur, inventor, writer, and singer/songwriter. Vanessa’s talent in building world-class leadership teams focused on diversity, a culture of service, and innovation through inclusion allowed her to be one of the most acclaimed Latina CEO’s in the last 30 years. She collaborated with the world’s leading technology and content companies such as Netflix, Amazon, HBO, and Broadcom to bring innovative solutions to travelers and hotels around the world. Vanessa is the lead inventor on 120+ U.S. Patents. Accolades include: FAST 100, Entrepreneur 360 Best Companies, Inc. 500 and then another six times on the Inc. 5000. Vanessa was personally honored with Inc. 100 Female Founder’s Award, Ernst and Young’s Entrepreneur of the Year Award, and Enterprising Women of the Year among others. Vanessa now spends her time sharing stories to inspire and give hope through articles, speaking engagements and music. In her spare time she writes and plays music in the Amazon best selling new band HigherHill, teaches surfing clinics, trains dogs, and cheers on her children.

Please connect with Vanessa here on linkedin and subscribe to her newsletter Unplugged as well as follow her on Substack, Instagram, Facebook, and X and of course on her website VanessaOgle.

Stacy Miller Of BayView Financial Planning On How We Should Increase Female Representation in… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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