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Susan Moffat
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Aug 4, 2026
Growing Matters walled garden in East Lothian
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13:00Susan MoffatGUEST
These are like a natural beehive and they're created by making a willow, like a willow basket upside down and then it's coated in clay which is taken from the little stream at the back of the garden here and then put it on top of the willow and then you just leave a tiny little hole at the bottom and the bees can find their way in and then they will create their own comb inside we want the honeybees for pollination as much as for honey This is our herb garden.
149. How Elite Private Wealth Managers Operate From "Wirehouses" to RIAs Featuring Susan Moffitt
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67:22Susan MoffittGUEST
If you're still like, "I want to explore and I want to get my hands on a lot of things," JP Morgan is hands down the best training ground there is, and you should do that. And if you get into their analyst training program, whether in the investment bank or the private wealth bank, you probably should do it. And I tell people that every day. So I was lucky that I had that training that other people looked to and believed in just like I did. And so I was able to come back into a different role in a, you know, a, what is a large firm in Los Angeles, but a much smaller firm nationally and not even global, right? So that was important, that I had that experience that I could, could use and I had the resume that I had built to be able to do that. Because I kept those relationships going, when I left, I had stellar recommendations and people that would pick up the phone for me. If you're gonna step out and you think you ever might wanna come back, make sure you've built that rapport and that base and that trust with people that will do that for you later. So I left that time and I was able to come back, and I still didn't quite understand that like, you can do that. Like if you're good, you're a hard worker, you've, you know, made other people's lives better, and you've ma- f- you know, maintained these great relationships, like somebody else will want you, right? 'Cause they're gonna see your value. And then when I left because my boyfriend at the time, but husband now, got hurt, I never thought I would come back. I didn't have a clue what my life was gonna be like, right? And then when I decided like, "Oh my gosh, I love you, but we've spent three and a half years together 24/7. I can't do this anymore. Like I can't be by your side 24/7. I need to go be me," two things: I was able to, you know, call on those relationships to put me in a seat that afforded me the conversation that I had to impress somebody to take a chance on me again, but I also was comfortable taking a step back to take-
5 MINS LATER
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74:22Susan MoffittGUEST
Or corp fin. So i- kind of different roles where in investment banking, you almost become a specialist first, whereas in wealth management, you kind of become a generalist first, right? So you're l- you're, you're learning about all asset classes 'cause we invest client portfolios. We're multi-asset class investors. And so you're gonna learn about all asset classes.And then maybe, it's kinda, it's kind of hard, but there's kind of, like, three different channels. You can go into... If you're gonna be front of house, so think outward facing to clients, your, um, you could be on the advisory side, which is more business development and strategy for a client. So on that channel, you're gonna have to, like, have really strong sales skills. You're gonna have to understand how to network, how to build your own network, how to optimize that network, how to cross-sell to that network. And you're not gonna do that when you're super young. Um, maybe you're not. Maybe you will, right? But you're gonna tr- want to practice all those things and, and watch your senior person, how they do that, so you can kind of think about how you're gonna develop your network, so when you become a grownup banker to go out on your own. But you're gonna handle all the sales stuff. So what does the presentation look like? What does the pitch deck look like? What are the things that matter to this client? Like, you're sitting in meetings. What are the things that matter? We... You don't wanna talk to them about everything all the time, so what are the things that are top of mind for them today? Hone in on that. What are the things that they think are top of mind for them, but what are the things that are the building blocks to getting them there? So let's talk about those things, and let's get them to focus on those things. And you're the more emotional side of it, so you're trying to move this train forward, right, that sometimes can get derailed by whatever their emotions are or whatever they think is most important to them. So it's like, how do you address those things but then also get the train back on the tracks? Estate planning. You... If you're working with clients that have, um, generational wealth, you need to know all of the different tools, tips, tactics for estate planning. You need to know enough tax and understand, you know, where our clients are highest marginal taxpayers wherever they live. And so what does that mean, and what types of investments should you be, uh, employing in their portfolios or recommending to them based on that fact and that fact alone, right? And we have high hurdles because our clients are New York, California, mostly highest tax states-

