People You Should Know: Richard A. Blankenship
Associate Vice President, Wells Fargo Advisors
JOB DESCRIPTION: I manage the local investment services office of Wells Fargo Advisors. Wells Fargo Advisors is an affiliate of Wells Fargo & Co., founded in 1852. The firm has nearly $1 trillion under management and offers investment services, trust services, private banking and insurance in over 5,000 locations. We specialize in working with accredited investors, pensions, foundations, endowments and nonprofits in comprehensive wealth-management and financial services.
AGE: 53
YEARS LIVED IN COLUMBIA: 23
ORIGINAL HOMETOWN: Sikeston, Missouri
EDUCATION: Bachelor of Arts, University of Missouri; Master of Business Administration, Washington University; Certified Investment Management Analyst, Wharton School of Business
COMMUNITY INVOLVEMENT: Rotary South, Meals on Wheels, Mid-Missouri Alzheimer’s, Rock Bridge High School Booster Club, MU Alumni Association, Tiger Scholarship Member, Jefferson Club Member, Tiger Quarterback Club Member, Beta Theta Pi Fraternity Advisory Committee
PROFESSIONAL BACKGROUND: Soon after graduation, I worked as a chemistry lab technician at a utility company. I later founded a self-insured offshore worker’s compensation captive company for the purpose of insuring Missouri casinos and select transportation companies. Upon graduating from the MBA program, I worked for several New York-based brokerage firms (actually training in the World Trade Center) and focused on clients with high net worth and 401k plans for businesses.
A COLUMBIA BUSINESSPERSON I ADMIRE AND WHY: The person who most exemplifies a successful career is Bill Schulz, owner of Culligan of Mid-Missouri. Bill’s passion for work, dedication to solving clients’ needs, and business networking is nothing short of inspirational.
WHY I’M PASSIONATE ABOUT MY JOB: My mother had a horrible and costly experience after my father’s very premature death. As a consequence, I committed myself to understanding money and finances to help people avoid similar circumstances. I find a great amount of gratitude when I help clients understand the intricacies of investment planning. Interestingly, my client base includes a sizable number of divorced and widowed women.
IF I WEREN’T DOING THIS FOR A LIVING, I WOULD… most likely manage a long/short hedge fund, but where I would really like to work is in the entertainment industry. I would write commercials, country songs and complete a movie script I began when I was in the MBA program.
BIGGEST CAREER OBSTACLE I’VE OVERCOME AND HOW: After my father’s death, the decision to change careers with the intent of being one of the best in the financial field proved to be a real challenge. The time commitment and cost of attending the MBA program at Washington University and the analyst program at Wharton was outrageous. At the same time, I was trying to build the business during two major economic downturns and raise three girls!
A FAVORITE RECENT PROJECT: I serve on an advisory committee for Beta Theta Pi, a fraternity on the MU campus. This group of very competent businessmen is dedicated to enhancing college life for the young men of Beta by crafting a program that promotes character development and the responsibility of maintaining the legacy of that outstanding organization.
WHAT PEOPLE SHOULD KNOW ABOUT THIS PROFESSION: There is a reason that our profession is sometimes referred to as “behavior finance.” There must be a delicate balance between professionally advising clients and addressing their personal fears and concerns. The trust needed to advise must be earned from experience and an honest approach, which includes doing what is in the clients’ best interest.
WHAT I DO FOR FUN: Attend MU sporting events and high school games, go to the Fox Theatre, play golf and take vacations with my family.
FAMILY: My wife Brenda, is a social studies teacher at West Junior High School. My daughter, Kristen (25), works for Merrill Lynch in Chicago; Courtney (23) is a recent MU graduate in elementary education (anybody hiring?); and Jenny (21) is a sophomore in pre-nursing at the University of Kentucky.
FAVORITE PLACE IN COLUMBIA: Having lunch at Booches when my daughters return home.
ACCOMPLISHMENT I’M MOST PROUD OF: Receiving the Certified Investment Manager Analyst designation was a humbling experience. The program was rigorous, yet very educational, and will pay huge dividends with respect to institutional level investment planning.
MOST PEOPLE DON’T KNOW THAT I… was invited to walk on to the MU baseball team – but didn’t. (My quarterbacking skills on a 1-9 high school football team did not allow for any Tiger football opportunities either.)