Client Relationship & Service
Rebranding a practice focused on mindfulness and money, with Mary Beth Storjohann

26 MIN PODCAST

Abacus Wealth Partners was founded by two Buddhists in 1996 with the idea to incorporate their religious principles into financial services. Last year, they stepped away from the daily management of the firm, passing the reins to two women co-CEOs.


The money-and-mindfulness ethos remains at the forefront of the firm’s mission and values, says Mary Beth Storjohann, one of those co-CEOs. Like many financial advisors, Abacus seeks to help clients connect money with their life goals. But the firm also aims to help clients experience what it calls a “sense of enough here and now, not just in the future.”


Abacus aims to show that a spiritual focus is not inconsistent with material success. The Southern California-based firm has about $3 billion in assets under management.



Business as a force for good


From its inception, Storjohann says, Abacus has worn its heart on its sleeve. Founded as a B corporation, or benefit corporation, a structure that is designed to meet environmental and social standards as well as economic goals, the firm’s website highlights how much its employees have given to charity, notes the firm’s investments in social impact enterprises and stresses what it believes is the link between advocating for a better world and financial success.


Today, those values also mean the firm takes public stands on topics not typically at the forefront of most financial planning firms’ marketing. “At Abacus, we use our voices to create an impact,” she says. “We talk about what’s going on in the world.”


She says Abacus believes that superior client service goes beyond creating financial plans for individual clients but includes leveraging wealth management to help create a world that is not only prosperous but sustainable, inclusive and kind.


Storjohann says the firm try to be thoughtful and weigh in where they see a relevant economic lens. “We’re actually bringing in the data to talk about the financial impact of these choices,” she explains.


She adds that she knows that Abacus’s advocacy might not sit well with everyone. In fact, last year, several advisors left to found their own firm due to a “values split” about whether financial advisors should be so publicly vocal.


Since the split, Abacus has begun to institutionalize this philosophy into operations. For example, the firm developed an advocacy policy to deputize those who can speak for the company as well as govern the firm’s response to news or other events that it believes its clients care about.


Additionally, Abacus prioritizes efforts to help make the financial services industry more diverse. The firm offers a CFP scholarship for people of color and partners with the BLX Internship Program to host interns.


Using two CEOs to divide and conquer


When Abacus founders Brent Kessel and Spencer Sherman announced they wanted to step away from firm leadership, they had no designated successor. Instead, they invited anyone at the firm, even if not already a partner, to apply. Storjohann, who had been the firm’s chief marketing officer for a year, and Neela Hummel, then chief of advisory services, decided they could leverage their already close collaboration into applying for the CEO role.


It was, and still is, an unusual approach to leadership in financial services and business overall. Still, Storjohann says, the women believed a two-CEO structure would have a multiplier effect, combining each of their specific skill sets into a much more potent whole. Storjohann manages strategic planning, marketing and communication, while Abacus’s chief of advisors and chief of operations report to Hummel.


 “I’m the Italian who talks with my hands quite a bit, and I probably wear my heart on my sleeve, and Neela’s very practical and operationally oriented,” Storjohann says.


Storjohann says they have reimagined the CEO role in a way that promotes work/life balance. Between the two women, they have five children under 10. “It’s nice to be able to say, ‘I’m actually going to take that vacation that we say that leaders need to take,’” Storjohann says. “We’ve got it down to a science now.”


One technique they use is a daily email they’ve nicknamed “Dear Diary,” where the “in-office” CEO keeps notes on what comes up while the other is away, flagging any big-decision items that need addressing. That way the CEO who is out of the office can enjoy her time away without affecting daily firm operations.


Getting to “enough”


Storjohann says that Abacus’s work with clients emphasizes getting to the “why” behind the number that many financial plans are developed around. What is going to be enough, and why? “There’s the numbers side, but there’s the emotional side, too,” she says. “You can say it’s a $5 million number, but what’s going to make you feel fulfilled? It’s not just this checked box; it’s about going deeper and thinking about the life that you truly want to live.”


So Abacus advisors incorporate mindfulness in financial advising, helping clients figure out the forces that drive that number or the impact they want their financial planning to have in their life or the lives of those around them. Money represents a tool that can enhance well-being, she says.


In fact, Abacus co-founder Kessel is now working on what he calls “The Enough Project,” which seeks to understand the role mindfulness plays not only in financial planning, but in a healthy life. This effort focuses on high-net-worth individuals and families to find what is “enough” for each person or family. Once the client’s “surplus” has been agreed upon, Abacus says, it helps them deploy those funds “to make an outsized contribution to tackling the world’s most pressing problems, which paradoxically creates greater personal well-being in the here and now.”


For part two of this conversation, see Using client psychographics to fuel organic growth, with Mary Beth Storjohann




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