Senior Vice President and Financial Advisor Bill Kwon is an entrepreneur by nature. He arrived at Morgan Stanley Smith Barney 16 years ago, looking for an opportunity to build his own business. Kwon moved to the United States from Korea with his family when he was young - circumstances, he says, that taught him the value of hard work and perseverance. In this interview with us, Kwon discusses how he built his business and the ways in which goals keep him on the right path.
How did your family end up in Illinois?
My parents moved to the United States to give us a better life, and they succeeded. My father had a business opportunity in central Illinois in the food services business. I am pretty confident that if I hadn't grown up in the United States, my life would not have turned out the way it did.
What's it like working in the town in which you grew up?
I joke with my friends that I am the number one Korean broker in Peoria, Ill. [laughs] Seriously though, Morgan Stanley Smith Barney has a great name and is one of the leaders in the financial services industry. To be associated with a name like that in Peoria is really positive.
What are the business opportunities in Peoria?
Caterpillar is located here, so we're very fortunate. There is also a big medical community here. The University of Illinois College of Medicine is right here in Peoria. The medical community is my second biggest market behind Caterpillar.
What has it meant to you to do build a business on your own?
Don't get me wrong. I couldn't have done this without my mentors, but a lot of guys have a parent or a relative in the industry. I didn't come from a lot of money. I built my business from scratch, and for me that is true satisfaction. It makes me feel like a stronger person. I learned that if you're going to get involved in something, don't do it half way. Do it 110 percent. Stay committed.
What are your secrets for success?
I am really empathetic with people. For our clients, we look at their situation and say, "If we were in their position, what would we do? What would we want?" I think some financial advisors are afraid to be direct, but it should be easy because if you're in this business, you should really want to help someone.
Several years ago, you did an interview with Fortune magazine, which called you, “The embodiment of the American dream.”
[laughs] A lot of people would say that I have made it, and I understand where they're coming from. I made it into Morgan Stanley Smith Barney’s Directors Club my second year in the business, and when I was in my late 20s, I was on the Board of Directors for the Peoria Chamber of Commerce. At the time, I was the youngest person to ever serve and when I left the position, I had been there for nine years, I was still the youngest person on record! But I can't tell myself that I've made it and just relax.
Why not?
I am a very entrepreneurial person, so I'm always thinking about how to move my practice to the next level. I list my own personal goals on my desk. I had a goal to increase our business at the practice by 60 percent, and my Financial Advisor partner and I did it.
How did you accomplish that?
My Financial Advisor partner and I stayed on top of client communication - not just through meetings and emails alone. At Bradley University, I teach continuing education classes for retirees. I enjoy teaching, and the experience has been great for our business.
What about outside the office? How do you find a balance between work and pleasure?
I play ice hockey. It is a good stress reliever, and I like competing against guys who are half my age. It keeps me fresh! But I also like to try new things, so I’m currently learning to play the guitar.
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