Calla Gorman
PLANADVISER: How did you end up in the retirement advisory industry?
Gorman: I got my start as a wealth adviser for a major wirehouse. At 26, when I started my career in the finance industry, I was struggling to get clients to trust that I could manage their assets. Working for a large team, one of the advisers asked if I wanted to help out during a 401(k) education meeting. I said, “Sure, but I know nothing about 401(k) plans, besides the little bit that was on the Series 7.” At my first education meeting, I was watching my colleague present and was shocked to see how many people in the room didn’t know much about a retirement plan or investing. Many of them were a lot more senior than I was. After that, I decided I wanted to learn more about retirement plans and start doing these education meetings and helping individuals start saving for retirement. During those meetings, I could see the veil lifting for some and the understanding that this wasn’t some out-of-reach vehicle that was only built for high-income earners. I remember leaving those education meetings feeling a sense of accomplishment, because if even just one person in that room took action and started saving or increased their contribution, maybe I would never see that result, but I knew that it would have made a difference in their life at some point down the road. After a few months of learning more about retirement plans, I knew this was what I wanted to do from there on out.
PLANADVISER: What steps do you think will help improve the retirement industry and participant outcomes in the future (particularly ways in which your firm can help with that progress)?
Gorman: One step that I think will help improve the retirement industry and participant outcomes in the future is continuing to engage a more diverse group of people to become advisers and make this their career path. Continuing to bring diversity of background and thought will not only help push the innovation of ideas, but the “how” we do business, and change the traditional way of thinking. Innovation is happening everywhere, but the slowest change I’ve seen is that there are still a majority of white men leading the way. When you look at census data, they are becoming the minority in the workplace. We need to make sure that when someone is giving an education meeting to blue collar workers, teachers, startup companies, etc., that the person they are hearing this from is relatable, and not just a “stereotypical adviser”. Innovation in our industry is no longer happening at the top, mega-market space; with all the lawsuits, those size plans are scared to do something that will get them named in a class action. I believe innovation is happening in the mid-market space now, from retirement income and lifetime income products, managed accounts, HSAs and the SECURE 2.0 Act . We are seeing the mid-market become more engaged than ever. Continuing to bring in young, diverse talent to our industry could help bring new perspectives, enhance company culture and offer better market understanding.
PLANADVISER: What are you most passionate about outside of the office?
Gorman: Running. Through running, I have the ability to connect with myself, my community and my surroundings. Running allows me to connect with myself. On the days I’m stressed, tired, happy, confused—whatever the emotion might be—it’s an outlet for the day. Through the moments of silence, I am about to connect with myself and check in with little distractions. It gives me gratitude for the ability to move my body and sometimes push past boundaries. Running allows me the ability to explore places I may not have seen before. Whether I’m visiting a new city or just visiting a new neighborhood in my hometown, it’s a great way to explore. Lastly, the ability to connect with so many people over a shared passion is one of the most rewarding experiences. People whom I may normally not have crossed paths with can come together for either a race or a community fun run, and we get to meet and connect over this shared passion.