The Heart of Advice Spotlight features industry professionals who are helping redefine success in financial planning and advisory.

Marguerita (Rita) Cheng is a Certified Financial Planner™ and the Founder and CEO of Blue Ocean Global Wealth.  Previously, she was a Financial Advisor at Ameriprise Financial and an analyst and editor at Towa Securities in Japan. A columnist for Investopedia and Kiplinger, and former spokesperson for the AARP Financial Freedom Campaign, Rita educates the public, policymakers, and media on the value of ethical financial planning. She also volunteers as a charity runner for Girls on the Run and coaches with 261Fearless, empowering women worldwide through running.

1) What initially inspired you to pursue your career, and what do you find most rewarding about being a woman in your profession?

I believe I was always destined to become a CFP^® professional. I graduated with degrees in East Asian Language and Literature and Finance. My first job in financial services was at Towa Securities in Tokyo, Japan where I worked with the analyst team and created the newsletter for English speaking investors. While this role was fast-paced and allowed me to use many skills, I felt disconnected. I wanted to use concepts from corporate finance and apply them to personal finance. For example, a balance sheet for a corporation is a net worth statement and an income statement is a budget, aka, a spending plan. I believe everyone deserves access to competent ethical financial advice. Quite simply, financial planning transforms lives. I love helping people gain clarity, confidence and control over their financial lives. 

2) What do you see as instrumental in terms of your success as a woman in your field, and how do you see it (or something else) shaping your future?

My dad was born in China and came to the US via Taiwan. My mom’s family is from Ireland, Czech Republic and Slovakia. My greatest strength is my ability to relate and connect with others. As a child, I moved around for my dad’s job as a scientific developer. My superpower is empathy. Empathy helps create a safe, supportive, judgement-free experience for clients. At my core, I believe everyone deserves to feel financially confident, empowered and resilient. I navigated caregiving for my dad. My dad was 80 and diagnosed with Parkinson’s disease and my youngest daughter was eight. So, when I meet with a client, I am not just wearing my CFP^® hat, I am a daughter, sister, wife, mom, caregiver, business owner. Clients value this insight and these perspectives.

3) Looking ahead, what do you see as the most exciting opportunities for women entering the profession today?

Being a CFP^® professional is intellectually stimulating, emotionally gratifying and financially rewarding. Serving as an individual and family’s trusted advisor is a privilege and honor. The positive impact that we have on our clients, our communities and society is both transformational and inspirational. Shifting demographics and evolving client needs create a compelling opportunity for more women to join the financial advice profession and earn CFP^® certification. Women are increasingly the primary decision-makers in household finances. The demand for financial professionals who provide relationship-focused advice that integrates financial planning, emotional intelligence, and a personalized experience aligns with the positive attributes women advisors bring to the profession. I would be remiss if I did not include flexibility: both the ability to serve a particular niche and with women having many life experiences, and the flexibility in being able to address personal and professional responsibilities.

4) What actions can young professionals take to position themselves for success and make the most of these opportunities?

As a INFJ, the concept of networking seemed so overwhelming and intimidating. Once I realized that it is nothing more than conversations and connections, I realized that I could excel at networking. I encourage young professionals to not only join professional and industry associations, but also to assume volunteer positions, which can help with professional development opportunities. Of course, there is the topic of mentors, sponsors, allies and advocates. One of my mentors served as a sponsor and advocate, he invited me to serve on the board of directors of the Financial Planning Association in the National Capital Area (FPA-NCA). Despite only having the CFP^® marks for less than 3 years, he identified me because of my ability to attract and engage members. While I didn’t seek out this board position, I was open to the opportunity.

5) To the young women in this industry who may be facing obstacles to their success, what is the one piece of advice you would give them to help them overcome challenges?

The most important piece of advice I can give to others is not to allow anyone to define success for you.  When I entered the profession, I had a three-year-old daughter and a six-month son, and I didn’t really see anyone who looked like me, not in terms of race and ethnicity, but also stage of life and experience. I transitioned to a career in the financial advice profession without a strong natural market. Several leaders asked me how I could be successful as a career changer with two young children. I remained calm, cool and collected and told myself, “Just because they have not seen anyone like me stay in the profession doesn’t mean that it’s not possible, they just haven’t seen it.” I may not be loudest in room, but that doesn’t mean I’m not strong and bold. I passed 4 exams in 6 weeks (Life & Health, Series 63, Series 65 and Series 7) with two kids under 3!

Read more about women’s growing role in finance in our blog post, Advancing Women in the Financial Services Industry.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

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