Suzanne Siracuse: How to Reinvent Yourself and Your Career

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Welcome to Barron's The Way Forward. I'm Greg Bartellis, and my special guest is Suzanne Syracuse. She's the CEO and founder of Suzanne Syracuse Consulting Services, where she advises firms on their businesses and marketing strategy. She also hosts the Focused on the Future podcast, in which she interviews movers and shakers in wealth management. And earlier in her career, Suzanne was the CEO and publisher of Investment News. Welcome to the podcast.

Well, thank you so much for having me. I'm really excited to talk with you today.

I'm really excited to talk to you because for a few things. I mean, one is you've been plugged into the industry for some time. You know so much about it, and you also have a really interesting first chapter in your career in the media. And I want to dig into your career and talk about how you basically reinvented yourself And also how listeners can perhaps learn some lessons from all of that. So let's— there's a lot to unpack. So please tell us a little about early career investment news and let's take it from there.

Okay, great. Well, you know, we met a few years ago at Future Proof and had such a lovely lunch together. And we're talking about the state of media and journalism, and it's changed quite a bit. So I started in sales at InvestmentNews and helped launch it in 1998. Now, think back, there was no website. It was literally a print newspaper. And it was really at the advent of the move of the independent advisor space. And the publisher of Pensions and Investments, which is where I was working, Prior said, you know, there's this real trend going with the independent advisor, RIA. There's a huge growth trajectory happening. And so we're going to launch a newspaper that's going to completely focus on mostly that area and asked if I would come over and help launch it. And it was fantastic. I loved it. I ended up becoming the publisher in 2006, and I was at InvestmentNews for 23 years. So during that period of time, It was— so many things evolved in media, right? So we launched a website, and I think in 2000, 2001, we started doing webinars. We started launching events, research, et cetera, et cetera. And it went from a singular business model of a revenue stream of print advertising to really expanding that to so many other areas. And it was an exciting time. It was exciting time to really understand the business of financial planning, financial advice, the, you know, the growth trajectory of the independent space. And I learned a lot from that process. But also a big change that was happening at the same time as the evolution in the wealth management industry was the evolution of the way people consume information and media. So we really had to— and you know this at Barron's, my gosh— you really had to relearn how to report news when now you could break it online, right? So what do you save for the print vehicle? And these were all new things. They hadn't been done before. It was a completely new journey, and it was a really exciting time, quite frankly, to be in media and to explore the different options and figure out how to monetize the ad revenue and the subscription revenue and all of that. And as I said, it was happening at the same time that there was a real change happening in the wealth management or the financial planning industry. So that was an exciting time, loved it. And but we really needed to continue to, I would say, reimagine what our brand InvestmentNews was. And it couldn't just be known for news, right? To move past that. And that was, I think, one of the most pivotal points was I got a phone call one day from Mark Tabergen, who I think you've probably had on as a guest. And he was leaving Moss Adams, the consulting firm. They were starting their own RIA, and Mark was becoming the CEO of Pershing Advisor Solutions. And, um, but they had been producing this amazing benchmarking survey or study of top-performing firms and what are the, uh, various characteristics that firms had that were really excelling in certain areas. And because Moss Adams was becoming an RIA themselves, there was a conflict of in— interest for them to produce that research. So they were looking for a third party that could continue the good work that they were doing and really be that unbiased source. So we, that was when we first put our, dipped our toe into the research business. And I'll be honest, I really didn't know what I was getting myself into, but we did end up purchasing, InvestmentNews did, the historical benchmarking data., and, um, and also the agreement with, uh, Mark that we would continue to produce, uh, the research, um, year over year. And that was really how I got to learn the practice management side of the business and understand all of the levers that, that were pulled in order to make a practice successful. So, you know, again, we were, I would say very top level on our news reporting, but in terms of really understanding the business of financial advice, that was the turning point of really getting into what makes a practice successful, what makes an advisor successful. And that really kind of started shifting my interest into the industry itself.

Do you remember, when or what precipitated that shift in approach? 'Cause it's a subtle, but it's a profound thing. And in hindsight, it was definitely an enlightened thing to do because so much of news obviously is just commoditized, right? So having that analytical or at least prescriptive information is much helpful and is basically unique. Tell me a little more about that.

So part of it had to do with the moving to a digital format and really seeing a lot of the, a lot of the efforts going to a digital-first newsroom. And that, along with the fact that we knew we needed to continue to elevate our coverage because we couldn't just do news anymore. It was, as you said, becoming commoditized. So what could our secret sauce be? What could we do different that other media were not doing? And it was really in that practice management space And as I said, it was a chance phone call. Susan Theater, who is still a very good friend of mine, was working at Pershing at the time, and her and Mark connected, and they're like, let's call Suzanne at InvestmentNews. So again, like, you know, another thing that I feel is really important to say is the importance of networking and connections and establishing really, really legit and authentic relationships in this industry has helped me a great deal in my career. And part of that is I'm I'm a curious person, and I'm genuinely interested in what people do and what makes them tick and how their business works. So to answer your question, it was really both the way— the shift to digital, the need to differentiate ourselves, and we also needed additional revenue streams. We needed to figure out other ways to monetize the content so that we could continue to have a full newsroom, editorial resources, all of those things that I think many, many news organizations now struggle with.

Yeah, I was at dinner last night with a colleague and we, we met a professional in the industry and in wealth management, to be precise. And, and he was just asking about the arc of journalism over the last 20, 25 years and how it's changed. And, you know, we were just talking about how Audiences have splintered. You're not just competing with other news sites, but you have, you know, Netflix, you have YouTube, you have all these incredible options, not to mention people, you know, having to answer emails for work or they're texting their family. So it's really, really hard to break through. And monetization is even harder for many people. So it's— yeah, it was— the world was much simpler in the media, let's say, pre— especially pre-internet. I mean, you had You go back before then, you had established gatekeepers and they kind of had a monopoly on information and, you know, print, TV, newspapers. So yeah, it's become, it's very much a dog-eat-dog world and having a differentiated and ideally high-quality product, you know.

Agreed. And I think one of the biggest changes, and I'll, you know, I've said this publicly and it's a shame, but like our advertising clients at InvestmentNews and you guys at Barron's almost started to become competitors. In that they were producing their own content. So, and they were producing content that was, you know, very slated to— it's called sponsored content, everybody— very slated to the message that they wanted to get across, which is fine, but that's advertising. And so the, I would say, the respect that an unbiased journalism reporting structure had was starting to not be as important as it once was, which is a scary thought in my opinion, because you do need reporting and third-party watchdogs to make sure that people are doing what they say they're doing and reporting on things that the public and the primary reader need to know.

Correct. And I think, you know, you've heard this before, and I think it's true. People say we live in an attention economy. And yeah, it's very true, right? Everything is vying for your attention. You go to your phone to read an article, there are pop-ups, there are links. It's like, look here, look here, look here. So obviously, like, as a moth is attracted to light, many providers of news/information, they're willing to do whatever it takes to get clicks. But within that ecosystem, as you say so importantly, you do need those anchors of trust, publications that, or a bulwark of sorts opposed to that, be like, you know, if the signal-to-noise ratio's in a way never been worse. So at least in principle, those organizations and sources should— their relative value should be higher than ever, right? Because it's so hard to find trust. So anyway, a lot to unpack there. We don't want to belabor the point, but it is super interesting. Tell me about your shift then from IN Investment News to starting your own firm?

Sure. So I would say just like with anything, you know, I had been doing what I was doing for a very long time, and it was really exciting most of the time. And, and I would say the last 5 or so years at InvestmentNews, we had, in addition to the, the focus on practice management and technology, things that were quite frankly not being covered very much by other media. We also were launching what I would call these game-changing initiatives where I remember having this conversation with some of the editors, and I'm like, let's not just report on the news, let's be part of the news, let's make the news. And that focus allowed us to launch what I would say are really important industry initiatives like Women to Watch and 40 Under 40, and we did a lot of coverage around the importance of pro bono work and financial literacy efforts and innovation, things like that. So through that, I realized— and launched a lot of events and award programs and stuff around that— I realized that my love of media was, was waning a little bit, and I was more interested in working within the industry. That also, and some of the things that we were launching, I was like, how could we take this to the entire industry? You know, InvestmentNews was one media brand. How can this get bigger? You know what I'm saying? So at the same time, InvestmentNews was put up for sale, and that was an interesting process. So when I would do some work with firms about their M&A strategy, I can apply some of the lessons that I learned going through a sale myself of InvestmentNews. While I wasn't the owner, I acted like an owner, and I was involved, very much involved in the sale of the business. So we did sell the business, and as in most deals, you know, many of us were required to stay for a certain period of time, which we did. And then I went out and was like, you know, I think I want to take the pieces of the job that I love which is launching things, and I was starting to lose a little of that creative element that I— that really gave me energy, quite frankly. And how do I apply that and basically help companies and, you know, solution providers on innovative marketing strategies or business strategies, go-to-market strategies to work with financial advisors? And when the announcement came out that I was leaving, I happened to be going to this networking event that one of the one of the PR agencies was putting on in New York City. And, you know, it was kind of big news at the time. Oh my God, nobody thought you would ever leave, and blah, blah, blah. And I got my first client at that networking event, and I said, okay, maybe this thing can really work. So it's now almost 6 years since I started my firm, I learn something new every day. I love kind of learning and helping to solve problems within individual firms and help them figure out better ways to, to do business and, and serve financial advisors. So it's been wonderful, and I have some amazing clients and I'm working on some pretty cool projects right now.

You mentioned how you got your first client in that That seemed to happen quite quickly, but before that happened, in that narrow window of time, were you scared?

Was I scared? That's a great question. I think I was optimistic that I could make it work, and I am an optimist, so I think I always knew that I would figure it out, but I didn't know what it would look like. Know that there was this really interesting piece of my career. You know, at the Barron's Independent Summit that happened in March, there was a great speaker that talked about the various chapters within your life and in your career. And, you know, InvestmentNews was such a big piece to it that, that I didn't know if I would have that same excitement or success, quite frankly, after that. And this has been, you know, exceeding all of my expectations. So I would say I was a little apprehensive, but I'm an optimist at heart and just was like, I'm a problem solver and figured I was going to figure it out somehow.

And based on your reaction, it sounds as if once you got that client quickly, there was a big weight off your shoulder and you probably were like, ah, this is going to be okay.

Exactly, exactly. And going back to the comment that I made earlier about the importance of networking and relationship building and going to events in our industry and learning about people and legitimately being interested in what they do, that helped me so much. And I wasn't, you know, doing that for 20-something years with the end goal of launching my own consulting firm and, and hoping that these people that I met were were going to give me business. It wasn't that at all, obviously. But it was, you know, going back to your question, were you scared? I was a little nervous now that I didn't have a platform like InvestmentNews behind me. Were people still gonna take my calls? Were people still going to respond the way that they did when I was the publisher and CEO? And the answer was, 99.9% of the time, yes. And that was— that's a really important lesson for anyone that's doing business, no matter what you're doing, is to make sure that you have those connections in place, be authentically interested in what you're doing and passionate about it, because that will help you no matter what you do later in life.

Yeah. And I would say that— let's just say this— you didn't have a corporate umbrella or identity, but in a way the brand is you.

Exactly. And I will also say, like, you have to be good at what you do. Like, people weren't like calling me to, to, to do business with me because they liked me. I mean, that helps, of course, but you have to also have a reputation for being a good executor and someone that has the ability to get things done. And it was, it was honestly one of the most pivotal points in my life and my career, and you were spot on. It was InvestmentNews and then going from that to Suzanne Syracuse, the brand. And I was always pretty much out in front in the— when I was at InvestmentNews, which helped, but I didn't have that platform to rely on anymore. So it's really a— you're taking a chance, you're taking a risk. And I think with anything in life, You do need to take some risks in order to get ahead or in order to get where you're supposed to be.

So let's now talk about some of the initiatives that you're involved with. There are a number of things.

Take the floor. Yeah, sure. So as I mentioned, I work with a variety of different types of clients, right, where they're, they're looking to do a go-to-market strategy or a marketing strategy to to work with financial advisors. And, but I also have a couple of initiatives that are, I would say, not passion projects, but they go beyond a traditional business relationship. One of them is, and they all are projects that I think will be for the greater good of this profession. And that is, that became an increasingly important piece to my legacy and to what drives me. And I'm not alone, right? There's a lot of financial advisors and a lot of industry executives that I talk to all the time that are at a place where they've been successful and now they want to pay it forward somehow, and whether that's to their team, to their clients, to the industry. But they know that there's more than just a successful P&L or getting to the top of the totem pole or the food chain in their companies, right? So what I would say is that has led me to be selective in some of the companies and projects that I work on. So you guys have reported on this a lot. The— there's, you know, McKinsey data, Cerulli data about the talent shortage coming in the financial planning profession. And everybody's kind of like throwing their hands up. What do we do? And nobody can solve for it, etc. Well, I got introduced to a financial advisor named Hannah Moore. She had started this program called the externship. With the FPA back in 2020 during COVID And it was really a— it's an online program, an 8-week program about, you know, everything you wanted to know about becoming a financial advisor, essentially. And it was done as a replacement for in-person internships during COVID when that was nonexistent. And it has grown significantly since that time period. Not as a replacement to internships, but really as an extension of getting knowledge around whether this is a career for you. So, I've been working with her for the last 4 years now. We have the next— the program starts, it goes from June to August, as I mentioned, 8-week intensive program, close to 2,000 people on the waiting list already for this next year. Wow. And it's a mix of students and career changers that are exploring a career in financial planning. And the makeup of those externs is much more reflective of the investor demographic and the demographic of our country than maybe the current makeup of the financial planning and wealth management ecosystem now.

Yeah, I, I've always been a fan of that. I thought it was kind of brilliant. And in a way, self— once you see it, you're like, yeah, totally makes sense. I mean, especially with COVID And it's kind of, again, the idea of meeting people where they are. Well, people are online, and a lot of them are at home. And, you know, it's quite a commitment to do that, especially if you're not sure and you're testing the waters. It seems kind of binary. You're in or you're not. And I think this is a great way for people who are curious to learn something, and if they ultimately decide it's not for them, they at least learn something in the process. And many of them will be like, yeah, this is great. So I think it's an excellent bridge for bringing in more people, younger people, and more diverse population, et cetera. Yeah, seems great. So I'm not surprised, and it's also a great thing to hear that it's doing so well.

It's, it's doing wonderful. And we have support from the CFP Board and Schwab and eMoney, and technology is a big part of the program. So I encourage listeners to this podcast that are looking for ways to not just get talent from one firm to another, but actually encourage more people to come into this industry. This is a great program. The other thing that I'm working on that I absolutely love is something that was launched in late October of last— of 2024, and it's called the Net Positive Consortium in Wealth Management. And basically the premise is how do industry leaders, RIAs, independent advisors, etc., come together to leave the profession and the world in a better place than where they found it. And it was originally spearheaded by Michael Nathanson, who we all know, who was reading a book called Net Positive. And, you know, how do we— how do firms and industry leaders incorporate some net positive attributes into their overall business strategy. So it really focuses in on, you know, giving back to your communities, being mindful of the planet, creating a culture where your team thrives, your clients thrive, and also the industry. What are you doing to give back to the industry? So we've created a resource and you can go to netpositivewealth.com. We have about 20 firms that are members with more lining up every day, and it's really sharing best practices within each of those 5 pillars that I mentioned on how you and your firm can leave the profession and the world in a better place than where you found it.

And I looked at the website and there appear to be a number of firms affiliated or involved with this.

Oh, yes. We have, you know, anywhere from Mariner where, you know, they, they talk about some of the things that they're doing around the environment and their benefit programs that go beyond traditional benefits. We've got Brighton Jones, who is doing amazing things around philanthropic and charitable community service, et cetera, et cetera. We have Westcott. They are actually a certified B Corporation, which is incredibly impressive and hard to do. So we've got so many We have so many firms that are actually contacting us through the website that want to learn more. Mike Lamina from Wells Spire, Art Amborek from Paragon. So again, lots of interesting best practices that are coming out of these firms really sharing what they're doing internally so that it inspires others to do something similar. It's really a powerful movement, I would say.

Excellent. You also are involved with Savvy Ladies.

Yes. Tell me about that. Yeah, sure. So again, started by financial advisor Stacy Francis. Savvy Ladies started out— it's a nonprofit. I'm on the board. Started out as a 24-hour helpline, which was really to serve women in crisis situations, meaning they were in a unstable or a nonproductive marriage. They were looking to get out. They didn't have the resources or the financial means to do that. So there were volunteer CFPs, CPAs, and others that would answer questions and help those women free of charge so that they could have the resources they needed to make the correct decision for them. Now it's moved, and especially again during COVID to financial education, information for just women in general that are looking to really be empowered to manage their own financial independence. And it's been unbelievable. We had a grant from the NASDAQ that allowed us to create an app. We are doing workshops and webinars and award programs and just producing a ton of content for women that are looking to really get as much information as they can on their financial, you know, managing their financials.

And correct me if I'm wrong, but you have meetups as well, right? Like, I know in New York you had one, I think, last year, right?

Yes, in fact, Amy Stone was at a couple of them, which was great because it gets, it really helps when the media attend some of these events. But yes, we have another one. We have them throughout the year, and the gala is always in late October, November. But yes, there's meetups. There's— we're looking, always looking for CFPs that would like to volunteer and help on that helpline, answer questions. It's a great way to use the skill set that financial advisors have. They're inherently great at— you can, you can donate an hour of your time a month. Just that, just that little bit to help is just makes so much of a difference to someone that really is looking for that guidance. The things that financial advisors maybe even take for granted that they know are things that are really going to empower and elevate women and their financial acumen.

We're nearing the end of the interview, but we have a little time to talk about a few other things we may not have touched on, or if you want to expand on anything we've talked about, be it legacy or other things advisors might want to do in terms of thinking about that?

Yeah, I, I do think that as you move through the various chapters in your career and in your life, I would say don't wait till you're in your, you know, 50s and 60s to start thinking about how you can give back. And I do think that this next generation, that's becoming much more of an important factor in the types of employers that they choose to work for and how they live their life. That— so I would say make sure that you're thinking about what you want to be known for and how you can use your natural skill sets to give back and leave, you know, a lasting impact more than even just your individual success at any particular firm or how you define success yourself. I think that piece of making sure that you're giving back in some way, paying it forward. This has been a wonderful profession and career for so many. So, what is that little thing that you can do to give back and to really make a difference in someone else's life?

Excellent. And on a personal note, I saw on your Twitter/X, in your bio, you mentioned animal lover, Beatles fanatic, or something like that. Do you want to talk about either and/or both of those topics?

Well, you know, it's funny, I, at an early age, so I'm, if I, one day my husband and I have said that we want to follow Jon Stewart's footsteps and launch an animal sanctuary in New York somewhere. I've always been very passionate about giving voice to those that don't have it, or singling out, or looking at, or helping to fix something that doesn't seem just. So the whole, you know, making sure that there's humane treatment of animals has always been something that has been important to me. So we do a lot of volunteer work around that area. And I think we were talking earlier about, you know, what would you do if you didn't go into the line of work that you're in? And I would say one of my biggest regrets regarding that was I took piano for 8 years of my life. And I'm a social person, and I stopped playing when I reached high school because I, you know, wanted to go socialize, right? And it's one of my biggest regrets because I think in, in my next life, I'd love to come back as some kind of musician.

Well, can you at least reinvent yourself from here and, you know, maybe do a lesson once a week or get your feet wet?

You know what, you— I— we have a portable keyboard that we just broke out of the box that it was in for the last 10 years, and we are— both my husband and I, we— he also played the piano— we are gonna start doing that. And now you're You're motivating me to do that, like, as soon as I get back to New York City.

I hope that works out, and I'll be checking in periodically to see how you're doing.

I was just gonna say, I'm gonna give—

Send me some sound files, how's it going?

I know, I'll invite you to the next recital that we do.

Awesome. Well, thank you for joining us, appreciate it.

This was great, and again, thank you for all you guys are doing at Barron's, and just one last note I would say to the people that are listening, please support your, media organizations that are reporting on news that are featuring new companies and stories that are really important to the advisors and the investors that you serve. So again, thank you for having me on and keep up the great work.

Oh, thanks so much. My guest has been Suzanne Syracuse. For more podcasts and the latest wealth management news, visit barons.com/advisor and be sure to check out The Way Forward: Next Generation, a new podcast— that puts the spotlight on emerging leaders who are shaping the future of financial advice. For The Way Forward, I'm Greg Bartolis.

This podcast was brought to you by Wells Fargo Advisors. Looking for a firm your clients can't outgrow? Wells Fargo Advisors offers financial advisors full balance sheet solutions with wealth planning, investment products, banking, and lending that meet the needs of affluent to ultra-high net worth clients. Build your practice your way and on your schedule with independent and employee model options designed to meet your needs today and tomorrow. Learn more at joinwfadvisors.com.