How tech is changing the C-suite ladder

Technology has not only disrupted the wealth management industry but it's also changing the traditional C-suite structure — and how firms attract tech talent. 

There's no longer just one chief technology officer or chief information officer overseeing a firm's entire tech program. Nowadays, it's not unusual for different C-suite officers to lead certain tech implementations or for the firm to create new positions to attract talent and growth. 

But for some leading innovators in wealth management, this change in the C-suite landscape has been a welcome challenge. Innovators tend to be creatives who end up creating their own position when the traditional executive ladder doesn't quite fit their role. They also tend to be risk takers, considering developing new technology is full of unknowns, so they look for challenging positions.

"For me, I have always been an optimist and willing to take risks and bet on myself. So I don't really fear the unknown. I see that as an opportunity," said Brooke Juniper, a former Blackrock executive who became CEO of TIFIN's AI investment platform Sage in March. "I have a quote that's been on my whiteboard for years. It says, 'Life begins where your comfort zone ends.' I'm always looking for that challenge that will drive some growth."

Reflecting on titles, how roles fit within a firm and whether they attract individual leaders is critical in an industry that is facing a headcount problem. Research and consulting firm Cerulli Associates found in its latest headcount study that 38% of financial advisors said they will retire in the next decade, with 26% having no succession plan.

"As the industry grapples with such a low success rate for new advisors entering the industry, firms must grow their talent pipeline and better communicate the role and training timeline of a financial advisor," the firm said this January, when it released the 2023 report. 

That also means there are existing roles that can be developed into new positions that help leaders climb the ranks. 

Tech leader Dani Fava became Carson Group's chief strategy officer in April — a pivot, she said, from a career path in which she had created her own product innovation titles at firms including TD Ameritrade and Envestnet. Her recent move came because she wanted to fill an existing executive role more focused on management and leadership. 

"This is the first time I've said this, and I've done it differently now. I kept finding myself meeting a company, and I'd convince them to create a role for me. And they would bring me in under that new role and it was successful," she said. "But there was always something sort of missing from that."

Fava said she realized that because she was seen as "different" among a leadership team, "people were more comfortable giving me a new role that didn't exist before" rather than an existing role in the more traditional C-suite. 

"Eventually, I was like, 'Wait a second, why do I have to keep creating a new role for myself?' I'm fully capable of filling a seat and inheriting an organization," Fava said about one of the reasons she joined Carson Group. "So now I've solved that problem for myself, and I'm happy."

READ MORE: Carson Group's Dani Fava on data strategy, AI bias and disconnecting from your desktop

For firms trying to attract top talent, Rick Rummage, CEO of career consultant The Rummage Group, said it works better when the posted job openings online are traditional titles and not creative or new to the industry. 

"If you come up with a creative title, [candidates] may never find your job. So old-school titles are the ones that work the best," he said. "If you're looking for an operations manager, call it an operations manager. If you're looking for a compliance officer, call it a compliance officer."

From an employee perspective, Juniper said if the title is newly created or self-proposed, it's also wise to have a "sponsor" of that role in the executive leadership team who can help make sure goals are aligned with the company.

"You need someone there whose success is tied to your success. And that they will invest resources on your behalf and care about the results that they want you to drive," she said. 

Juniper said much of her career advancement during her 16 years at BlackRock started by growing or developing new strategies within existing management roles. 

"I jumped into filling that role and fulfilling that business need. And the importance was understood," she said. 

But she also warned that it's easy to get fixated on climbing the ladder to reach a certain title without weighing whether the tasks in that role would be enjoyable. 

"For the first 15 years of my career, I was focused on getting to a particular title. …  I didn't actually enjoy the work," she said. "I need to be passionate in order to be productive. …And I've tried to make sure that I work with people who have a vision as well. That's been really important to me: finding people who are visionaries."