Michelle O’Keefe, Head of Wealth Advisory at Goodbody reflects on her career journey, and explains why the evolution of wealth management and a holistic approach to investment requires a diverse skill set …
The Investment Club was created in 2021 and our Goodbody experts have been with us every step of the way, providing practical tips on investing, and insights on pensions and inheritance tax, among other key topics. From tracing their career paths and how to attract more women to the financial services industry to their sage advice and hobbies, we invite you to explore our Women in Wealth series.
My journey to a career in financial services: I’ve worked in financial services for around 30 years now, but this was a career I fell into rather than initially chose. I initially worked for an accountancy practice until I moved to a stockbroker and loved the energy and career path that this opened for me. My initial interest was fund investment, and this was at a time when direct stock picking was the flavour of the day. Being one of the few people in stockbroking at that time who had an interest in this area gave me a platform to grow, manage people and grow my knowledge of the broader overseas markets. I then went on to become a Partner in an international accountancy practice and set up and managed a MiFID entity. In doing so, I have a newfound respect for people who manage their own business! When Goodbody acquired this wealth business in 2014, I continued to grow and develop, and I am currently Head of Wealth Advisory.
What females bring to the industry: Stockbroking was not always an area of finance which women embraced, but the evolution of wealth management and the holistic approach to investment definitely requires a diverse skill set. Not only do you have to be smart and capable, but the softer skills are also extremely important, and women tend to have these skills in abundance. Diversity of thought and leadership is essential, and it would be good to see this industry attract more women as when we look at the statistics, it is referenced that women currently control about 35 per cent of the global wealth and are set to increase the wealth pool by about $5 trillion per year from here on in. I believe it’s important to have diversity in the industry in terms of skills, gender and ethnicity.
Career highlights to date: I was the first female director in a leading Irish Stockbroker in the early 2000s; the first female Partner in the Irish entity of an international Accountancy practice in 2007; and I became the first female Head of Wealth Advisory in an Irish stockbroker in 2020.
Three investing tips for beginners:
1. Research first – don’t just go on tips from friends. This is your money, so make sure you know what your potential upside and downside is before parting with your funds.
2. Get advice – if you are investing a large sum, take advice and understand the options open to you.
3. Don’t get greedy – for early investors I would always advise, if you are making significant gains on your investment, take your initially invested funds out, then your losses are limited to your gains only. Obviously, join THE GLOSS x Goodbody Investment Club which gives you many more tips!
Currently reading/on my list: When I have the opportunity (which is normally on holiday), I tend to have a couple of books on the go. Currently, I am reading A Good Time to be a Girl by Helena Morrisey and The Dark Hours by Michael Connelly.
What I’m watching: I’m currently finishing the last of Drive to Survive on Netflix. I’m also watching Bosch by Michael Connelly on Prime, and I’ve been dipping in and out of the series Succession, which is great but only available through the US.
Radio or podcasts: I tend to listen to the radio on the weekend. My daughter Helen was featured on Dave Fanning’s show a while back, you can listen to it here.
On attracting women to the financial services industry: Pursuing a career in financial services can be very rewarding, from a career progression perspective and also financially. With hybrid working, which is offered by a number of financial services firms, this can provide for significantly more flexibility which suits working women who may need to juggle family as well. There is a shortage of women in many areas of financial services, but this also provides huge opportunities for those who enter this marketplace and want to pursue this career. Within many organisations, there is flexibility to move between departments, so you could start out in corporate finance but end up finding a career in wealth management. I think this flexibility and knowing that your skills are transferrable within an organisation means that you can have a long-term career. With the changing wealth environment, many women are becoming wealthier in their own right and want to deal with women for advice, so it’s important that women continue to enter this industry.
Advice for Investment Club members: It’s great to see so many members in the Investment Club. Being a member provides you with access to our webinars and advisors for queries you may have in any of the areas of wealth, tax, pension and planning, and we would encourage you to continue learning and understanding how to manage your own investments. It’s also important to keep the faith! It’s been a difficult few months, with significant volatility in the marketplace, and our advice has been not to panic. Assess your risk parameters and, if you are investing for the longterm and are set up correctly, then stay the course.