Welcome to Sloanies Talking with Sloanies, a candid conversation with alumni and faculty about the MIT Sloan experience and how it influences what they're doing today. So what does it mean to be a Sloanie ? Over the course of this podcast, you will hear from guests who are making a difference in their community, including our own very important one here at Sloan. I'm your host Christopher Reichart.
Welcome to Sloanies Talking to Sloanies about ideas that matter. I'm Christopher Reichart.
And I'm Stephanie O'Dear.
Welcome everyone to the 10th in our series. So Stephanie, tell us where you work and tell us about the last few years of your life.
Yeah, so I'm currently in Kansas City, Missouri, and I work for Empower Retirement. I'm Vice President of Government Markets.
So, you know, years ago Willie Sutton was asked, why did he rob banks? And he said "well, that's where the money is." Is that sort of why Empower targets the government market?
Um, no, I would say we have a segment called the government market, but overall we're the second largest record-keeper in the country.
And I didn't mean you guys rob...
Thank you for that. But we do retirement plan record keeping for companies in the corporate and public sector.
So you take over that onerous task on behalf of the government clients.
That's right. So plan sponsors who have 401( k)s , 457s, and 403(b)s. We do all the administration, communication, marketing, and then we're broken into segments. So, the government segment is one that we serve exceptionally well.
And so you're a Vice President of Sales Strategy, is that right? Or is that no, that's a previous one. Is it?
That's a previous role that I held at JP Morgan. For about a year now, I've been in the Vice President Government Markets role. So I oversee a team of relationship managers, but I also participate in business strategy and business development. I would say overall thought leadership and then coaching and training my team.
And what year did you graduate from Sloan?
2017. I was part of the Executive MBA.
So two years. Are there still a lot of people who come back for Reunion?
Well not the two year, but the one year we had a great showing and it was an awesome thing to see everybody.
And tell me about that program. It's a two year program?
It was a two year program and about every two to three weeks and we assemble for Friday and a Saturday---full days---in person. There's no online. I got that question a lot, you know... "did you do this online?" Nope. I got on a plane every two to three weeks.
And you came here to Cambridge.
Yes, came here to Cambridge and I'd stay at the Marriott in Cambridge. And I have to say though, I loved being a commuter, if you will, because I think my classmates who were here and were considered locals always struggled with being pulled---if they had a family commitment or something else. But being from out of town, when you were on campus, you were fully immersed in the experience.
And so there was a weekend, you said---like a Friday to a late Sunday?
It was a Friday and Saturday deal. Full-time classes the entire time and just an incredible experience.
And so in between, how did you manage the study load?
It was quite... in fact, I wonder today what I did with all that time. [laughter] Where did it go now that I've graduated? It's just vaporized. I think---first of all, having a supportive company. My company was very excited for me to pursue this. I was self-funded, but they did give me my vacation time off. So they were very supportive and I think that helps . But in addition, I had a great family network of support. They're all in Kansas City. I have three kids.
They're a bit older, but they were wonderfully excited for me.
So they understood what was happening?
They did. They got it. And I felt like I was setting a good example about my full learning and bettering yourself. And this had been a dream of mine for a long time .
Yeah. And you mentioned that you were out of the workforce for 10 years or so?
Yeah, 10 years. I was a stay at home mom for 10 years when my kids were first coming along. That was quite an adventure in and of itself. But you know, as I said, this was really a dream of mine and I don't think I would want to ascribe it to being a "bucket list" item, it was more than that. I wanted to do something that would not only jumpstart my career, but help me leap frog ahead of my peers. I just felt like having an MBA would do that.
But then when I had the audacity of thinking I could get one from MIT, I thought, wow, if I can make this happen, I'm going to find a way.
And how did you choose Sloan? What were the factors?
So, I was accepted to another program that was , um , more regional, shall we say, to Kansas City, Washington University specifically. And I just at the same time was exploring Sloan and I saw that they had an outstanding executive MBA program. It fit the parameters of what I was looking for, the timeframe fit, the way the classes were structured, you know, were very attractive to me. So once I got accepted here, it was not a hard decision.
Right. Yeah. So how many of your classmates do you keep in touch with? Do you you end up were on the alumni board too .
We are on the alumni board together, which I thoroughly enjoy. A couple of classmates there who I am get to see when we convene.
This is like this is your third year, right? Going into third year and we started together. Yes.
Yup . And I'll be leading one of the committees this year so I'm excited about that. I am going to lead the one that aligns with the executive MBA program of course. So it's really going to be great to work with Joe and her team on some accomplishments there. I would say I don't stay in , in as close to touch as I would like to being in Kansas City. There's not a huge draw to this area. So I'm kind of an island in some ways. And so I really do have to work at staying connected.
Like I'm, I'm here in town for work, but I'm going to have breakfast with a classmate in the morning and I have some chat groups that we keep going. And occasionally I'll law by a phone call to somebody randomly. And
yeah, it is, it is difficult. And in fact, I mean , uh, so after this I'm having drinks with one of my classmates who's in towns like I haven't seen for a while . So that's one of the things you fit in.
You do if it's a priority. Right. I think it's that adage, you make time for your priorities.
I noticed you also went to Kellogg school,
you can have education at Kellogg and sales management and a few years ago , and that was probably my first taste, my first dabble of what you can do as an adult learner.
Is that, was that the, when did you come out of, of um , you know, stay at home, stay
about 10 years ago? So I would say close to 2008, 2009
and I see you were a , you wrote a monthly column about spaces magazine. You know, I interviewed somebody from blue origin, but is this the same? It was not that space, but
a magazine. I'm based in Kansas City. It was published by the Kansas City star and I did that for five years. I wrote a monthly column around style and personal brand issues that dabbled in some fashion and things like that. But it was really fun.
That's a topic close to your heart
probably. You know, my hobby, everybody has a hobby. That's probably where I like to spend extra time dabbling in .
And what about the Cosmopolitan Group?
Yeah, so I represented a clothing line , um, many years ago for five years. It was based out in New York and that was really a great entree back into the working world. It was kind of , it was, it was out of my home. I was super successful. I was one of the top sales people in the country.
Top 3%. I see.
Yes. Right , yes. So that was really I think my first chance to prove myself in some business context and that was a great way to parlay into really stepping back into what I would call an office environment.
And that was , um, so I guess there's a sales component, obviously huge sales component that we , you selling to stores. Oh, director this . Okay ,
bye . I like to say I dress the best of Kansas City.
That's excellent. And I see here you were the circle president for lyric opera. We talked to about your , your city background and tell us about [inaudible] .
Yeah, so I'm , I actually went to undergraduate at University of Missouri Degree in journalism , um, which it's well known for and uh , when on a vocal scholarship. So , uh, that was an interesting foray into college and then a semester and I realized I didn't want to major in it, but I was able to keep my scholarship. I participating in the choirs and doing solo performances.
That's excellent. Yeah. We , uh , we, I threatened this thing . Some elders , if you would say, you didn't take me up on that. I used to sing in a choir as well. So it's like, it's interesting. So you have a creative side so that the artistic singing, the writing side of it. Um , and now you're working in retirement solutions. Did you, how did you pick that path? Did I mean, did you,
it kind of picked me, you know, I in, I was in a job , um, being vice president of strategic communications and business development at a different company in Kansas City and I saw an opportunity at JP Morgan that was to oversee strategic communications for a team. And although I didn't know the industry and it was my first foray into financial services, I knew about marketing and journalism and advertising and communications in general and sales.
And so , um, I took a huge leap of faith and I made one phone call to somebody I knew who worked there and got the interview and 11 interviews later I got the job. So grueling. Yeah. And then it, you know, j p Morgan taught me a ton. I loved working for them and then they sold off that line of business to empower. So continuously. I've been there eight years.
So was that, that was in Kansas City. Jayden Morgan's office there. That's great. And how did you, are you from that area originally?
Kansas City, yes. Yes. Raised there. Went to public schools and then University of Missouri friend to Grad School . Yeah.
So is there , um, a favorite Sloan memory that you have? Oh , maybe it's a professor, maybe it was a classmate, was a classmate, maybe it was [inaudible] .
Yeah. Nelson were penning as hard to beat as is a person who sticks out , um, for his impact. You know, what problem are you trying to solve is probably the question that I am now known for asking conference calls. Yes. And other things. It's just such a pertinent question to kind of level the conversation. Um, it also gives pause frequently. I would say my other favorite memories are of the group projects.
You know, we had many occasions to team up and the diversity of those teams was just amazing. And I always learned more from my colleagues and my peers than I felt like I brought to the table. Um, and presenting for idea week. And , uh , we were finalists in that and that was super excited and I got the privilege, if you will, or the curse of being the presenter. So I'm , you know, standing in front of your colleagues, standing in front of other venture capitalists in that panel.
I remember having that adrenaline rush where the papers were almost shaking, you know, and I was seasoned presenter, but it is the caliber of people that you're in front of that just sort of humbles you very quickly. And I of course wanted to represent the team well and , and we did well. So
yeah, that can be, that can be definitely stressful. Is there a do over, did you think about it ? Think about a class you should have taken or should not have taken? Why not?
Oh Wow. Yeah, I do over , um, you know, accounting would be one that I did well in, but I didn't do as well as I could have. And I remember having , um , a conversation with that professor and I said, Gosh, what could I have done? And he said, we've graded on the curve. There was really nothing you could have done. So I was, you know , it put in my place on that. But , um , you know, I don't, I honestly don't feel like there's a do over.
It was such a rich experience and I, like I said, being here as a commuter, I really embraced every moment of it. And , um, I never missed a weekend , um, literally through all the bad weather in Boston and other challenges with travel. Um, I can honestly say I didn't miss a single class and I'm very proud of that.
And so when you would you have classes on Friday night late and then all day Saturday and Friday all day. So you'd arrive Thursday?
I would come, I would travel on Thursdays class all day Friday class all day Saturday, and then I would leave Sunday morning full of homework and yeah, and I, you know, reading case studies on the plane and I'm doing my prereading in between , um , the weeks that we were here and then just building out , I mean, my evenings where I'd work out and then I'd do my homework. And that was just the drill.
And it's , I think once you get acclimated to that kind of routine, it's not so much of an interruption, it's just what you do because you do it for a two year time period. It's more normalized .
And was there during the summer , did you have a break or did you go continuously to pack it in? That's how they get it all in . Right. So do you have any advice for people who are considering the different programs that Sloan offers? Like how would they,
I would say if you are, what would, you know, I think , um, the admissions office talks about mid career professional , you know, as is ideal for the executive MBA. But I would say even if you're looking to change careers, jumpstart your career, like me, you know, I spent a decade taking care of three kids. Um, I don't think there's anybody that shouldn't consider MIT. Now it is rigorous. I will not kid you, it was not a cake walk .
Um, but I think if you have the will, this is a school that can support your dreams and your goals. And for me, it not only gave me tools that I actually use on a day to day basis, but it gave me a network of friends that I'll have for the rest of my life.
That's excellent. Did you , um, see what I mean, what compels you to stay engaged with long ? So you're on the alumni board and all with me,
I couldn't give it up. [inaudible] it gets in your blood and I was just at a point where I said I can't not have a contact with Sloan for a longer period of time than that. And a , so the alumni board opportunity presented itself and I was like, absolutely. If you'll have me, I could, you know, can't wait to serve.
Right. Yeah, no, I feel the same way when I got the call. So what's your definition of success? I mean, you've done, you've done sales for, for , uh , for clothing you've done writing for , uh , for a magazine , um, and now you're doing retirement. So what , what's in all of those things? How do you kind of measure whether you feel successful or not? Or,
you know, I talked to, I talked to my team sometimes about, you know, how does you spend your day or how do you define success? And one of the things I coach them around is where are you at your highest and best use? Have you reached your potential? Have you tapped your potential? Are you, are you , do you even understand your capabilities?
It doesn't mean you're going to , you know , use them every day in every way, but are you aware of the array of possibilities, I guess is how I think about it. And , um, I've been fortunate that I, I have done a wide of things. I have an interesting history to date and you know, I've been able to pivot. And I remember I had a classmate who did a presentation about , he was a pivot here and I always thought that was a great title. [inaudible] pirate of some [inaudible] a pivot here.
And I thought, you know, I, I relate to that. Um, so my definition of success I think is, is really, have I actually realized the things that matter to me? Do I have good relationships with my family? Do I have a good corporate brand? Do I feel that my work has purpose and meaning? And I have to say helping people save for retirement, you know, helping companies run those plans. That gives me great sense of purpose.
Um, and I think , uh, as I look back, my definition of success is absolutely been winning from time to time, but also learning from the losses. So I'm curious like, and asking to her friend here, how much should we save for retirement? That depends, and I can't give you specific advice about that, but what we typically recommend to somebody who's 40 or olders saves between 10 and 15% of their salary.
Is there a dollar figure that you, that you try to get people to shoot for in terms of just, yeah , it depends on when you went. There are so many factors. It depends on when you want to retire. It depends on the kind of lifestyle you want to have. It depends on where you're going to live. It depends on your healthcare costs. Um, you know, all those things factor in. And we have some great tools and resources and empower that help people come to that right number.
Um, but we think of it as a metric of income replacement. How much income do you need in retirement and on a monthly basis. So cause people think of their bills in terms of monthly payments, how do you get people to engage with it? Um, you know, it's not an easy to get people to engage in my retirement cause it seems so far off. But you know, when I talked to people in my age, they're like, oh , this was not that far off , but anymore.
You know, and, and the, the , um, I hate to see people in acts of desperation at that time because they're either taking a huge pay cut to save for retirement and a tax deferred program or , um, they will work a lot longer than they want to. And that's not optimal either. So starting early, you know, I think getting people to understand the value of a dollar, you know, and how that compounds over time and even, you know , de-risking your portfolio, all of that good stuff.
Um, it absolutely goes to the bottom line of what is going to be your definition of happiness in retirement. And it's, it's not always about the money. You know, we see people sometimes who retire and stay mentally, they have higher , um , workers' compensation claims, healthcare costs. They are less productive. There are huge costs to the employer. So you, I think as an employer you want to create a retirement plan that best optimizes somebodies chance to retire with dignity. Right?
So my youngest
daughter is eight. Is it too soon?
Should I set up a four to one? Okay . Yeah. Set up some kind of set. Five 29 [inaudible] all of all of the above. Right. So I want to close on , um , a story that you told us about a topic
10 finisher and Miss America for Miss [inaudible] . Mr [inaudible] ,
Missouri. So tell us, tell us about that process. Yeah, that was an exciting time in my life was Ms Missouri 1992 and I did like the top 10 at Miss America. Um , my talent was singing. Um, and it was an incredible experience. You know, I traveled the state 35,000 miles in one year.
Wow. Um , did appearances of all kinds saying for , um, George Bush the first , um, uh, Special Olympics , um, did speeches all over the state, did a whole bunch of events and just really got to also sit in a Hardee's and sign autographs and the smallest, it's a great saying . That's awesome.
They came to the town all year, you know, and, and so it gave me real sense of perspective because again, I met this wide range of people and humanity and, and just everybody has a struggle, but then you'd meet the little girl who had dreams like I used to have about, you know, what I can accomplish. And you just learn to relate to a , a really wide range of individuals. And then you also get the fun of the clamor and , and onstage, but the real work happens, you know, on the road.
That's excellent. [inaudible] I've always been curious about the sort of feeder system, regional , local, county [inaudible]
yeah. You started at the local level. Yeah . You go to the state and then you have nationals international . Erika competitive the whole way through. It is very competitive. I mean, and I was not a pageant girl at all. I mean I focused on the individual components. I was try , I was a good interviewer. Um , I had done modeling for 20 years.
I had , um, so I was used to a stage and modeling clothes and then , um, my singing work that I had done, it all kind of, you know , came together and this opportunity and it was great scholarship money. So I was, I was in the pageant system for three years only. Um, and then had had the success I had .
And some people stay longer or is it,
oh, there's some people who had been in it, you know, from the minute they were 18 until they aged out at the ripe old age of 23. Is that right? Oh yeah, I'm here . Window. Yeah. Wow . So it was , um, I guess it was 25. Now that I say that I was 23 when I won . So
that's great. So what's next for you? What , uh , you've been empowered for her for a few years now. Where are you when you see with your team or the company or, I love
my company. They are , um, a great company as about 6,000 employees strong headquartered in Denver, but we have about 700 employees in Kansas City and I'm actually the site leader for the Kansas City office. So , um , having been in this job for just a year, I, I just kinda want it continue to be in that, in the learning mode and, and apply the value that I can and, and continue to collaborate with my colleagues and peers. Um, but I would say, you know, I, I'm ambitious.
I have , um , aspirations to continue to be successful, to do more. Um, I would love to do that out in power . But you know, I also have had the , um , probably closet fantasy of being a consultant, that awful word, you know, if working for one of the well known firms and , and we'll just see if what I have to offer is interesting and if the timing's right. But I really love what I do today and I love the people I get to do it with.
That's excellent. Well, thank you very much to Stephanie O'Dear for joining us for Sloanies Talking with Sloanies about ideas that matter.
Thanks for having me.
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