Otha Smith has been with Morgan Stanley Smith Barney for 11 years and is currently Senior Annuity Planning Specialist in Chicago. In addition to being a valued resource to the firm’s Financial Advisors, he has also authored a book of humor. Here he talks about his experience … and his observations.
Your degree is in advertising and marketing. How did you get into financial services?
After graduating from the University of Alabama, I was accepted into graduate school at the University of Chicago, but first, I needed to make some money during the summer. Long story short, I enrolled in a summer training program with Allstate and spent the next 17 years there, ascending to a top sales leadership position. Never did get to graduate school, but it all worked out fine.
You’re also an author and a bit of a sociologist. Tell us about your book.
Years ago, I became aware of how people treated each other in day-to-day interactions and found that the usual niceties of society had begun to erode. So I wrote a book called “You’re An Idiot If…”. It’s a coffee table book with clever illustrations…an observation of the idiotic things people say and do everyday that they’re unaware of.
What do you mean by “need an advocate”?
People believe that they can go it alone and their intelligence and ability to work hard is enough, but it isn’t. No man is an island and those who try to go it alone often sabotage their own success. This business is filled with really smart people, and though you may think you are faster, smarter, stronger or wiser, you still need someone in your corner to sing your praises behind closed doors and bring attention to what you are doing. Everyone needs an advocate, an ally … who knows who you really are and will stand up and support you.
One of your roles is in helping to recruit a diverse group of Financial Advisors into the firm. What do you do in that role?
My experience is in annuity solutions so I step in when candidates from diverse backgrounds with annuity experience are considering our firm for their next career move. Aside from talking shop, I tell them about the firm’s commitment to supporting cultural diversity and explain the many ways we help our Financial Advisors succeed.
What qualities do Financial Advisors need to succeed? What do you look for in the candidates you interview?
First, to succeed in this business you have to have an undying desire to work hard on behalf of your clients. You have to have a genuine concern for helping them with their financial goals … whether it be helping them grow their wealth, manage their wealth or distribute it. Second, I look for someone who can offer a variety of solutions for their clients. If a candidate is someone who takes a holistic approach to financial planning and is equally knowledgeable about retirement planning, alternative investments, structured products, annuities, life insurance, etc., then I can help them with the support they need to succeed in their practice.
Who were your mentors, and how does their wisdom apply to Financial Advisors?
My 7th grade teacher told me something that has served me well my whole life: Proper planning prevents poor performance. Financial Advisors need a plan … a business plan, a marketing plan. We have everything Financial Advisors need to help them succeed.
Then, there’s my mother who always said “You have two ears and one mouth so you can listen twice as much as you talk.” If all of us, Financial Advisors, Managers, Product Specialists, and Leadership, listened twice as much as we talked, we would all be far more effective.
What makes Morgan Stanley Smith Barney a smart choice for Financial Advisors?
We have the finest talent on Wall Street and knowledgeable specialists in every aspect of what a client needs for their financial well being. We continually invest in training, marketing, education and infrastructure so our Financial Advisors can improve not only their business skills, but their personal skills, too. We provide a full support system to help them be healthier, wiser and sharper.
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