In this episode of “How’d You Do It and Why Should I Care?" Laila speaks with Marguerita Cheng, the CEO of Blue Ocean Global Wealth. They discuss how she got into the financial services industry and the value of time and money in today's society, on a personal and institutional level.
In this episode of “How’d You Do It and Why Should I Care?" Laila speaks with Marguerita Cheng, the CEO of Blue Ocean Global Wealth. They discuss how she got into the financial services industry and the value of time and money in today's society, on a personal and institutional level.
Hi, everyone. Welcome to the next episode of the Bay Street Capital Holdings podcast titled, How'd You Do It& Why Should I Care? This series aims to highlight women doing amazing work in various industries. So today, we are so lucky to be joined by Marguerita Cheng, who is Chief Executive Officer of Blue Ocean Global Wealth. Hi, Marguerita, lovely to have you on the show.
Marguerita Cheng:Thank you so much for having me.
Laila Arain:So I guess we could first start off with an introduction as to who you are, and perhaps an answer to the main question of the podcast, which is, how'd you do it and why should I care?
Marguerita Cheng:Well, sure, so my name is Marguerita Maria Cheng, and my dad was born in China, and came to the US by way of Taiwan. And he met my mom in New York, that's very relevant, because not only am I multiracial, but I'm multicultural. And I, my dad, and my mom built their life together in New York. And what I learned is how much we learned when we are younger, we don't realize how much we're taking in, but I am a Certified Financial Planner. And my parents told me one thing that you should never measure your self worth by your net worth. And I thought that was really important, because life is very fast moving in, anything can happen. And when my dad came to America, it was a time of rebuilding and starting his life together with my mom.
Laila Arain:How wonderful. And so what inspired you to join the financial services or the finance industry in general?
Marguerita Cheng:Sure. So I am the eldest of three girls. And growing up, there are some stereotypes here. My dad thought it was very important for everybody, not just girls, not just voice, but for people to know about money. And growing up, I didn't necessarily know about the discipline of personal finance. But I was very aware of the world around me, and money, just like anything else, a tool. But it means different things to different people for some people's security, other people power. But basically, I learned that we should treat time and money as though they're precious meaning it doesn't mean we hoard, but don't squander. And so I decided because I am actually good at math and good at quants and analysis. And in college, I realized that I could use what I learned in accounting. And these concepts we learn also in corporate finance, and apply them to individuals and families, and help them create strong balance sheets, which is really your net worth statements, or better manage their household cash flow, which is really up budget. And I want it to be able to use what I learned in school, and help individuals and families plan for their future and transform lives.
Laila Arain:How wonderful. So you mentioned the school was a big part and a big resource in sort of teaching you the bare bare basics of finance. But what were the other best resources that you use it on your career journey?
Marguerita Cheng:Sure. So one of the things that I think is so important is to ask for help. Asking for help is not a sign of weakness, it actually demonstrates to people that you're curious, and that you're a lifelong learner. So I did ask for help. I didn't necessarily ask for people to hire me. There's nothing wrong with that. But I think all too often, sometimes people are intimidated to ask for help, because that means you're asking somebody for a job. And that's very different from asking somebody for advice. The other thing that I did is I joined professional associations. I cannot emphasize the importance of this enough, because even when you're newer to the profession, we all have gifts and talents that we can share with others. So I would say asking for help. And joining professional associations and building my community. If the word network sounds too intimidating, then don't use the word network, but it's about conversations and connections, which means that you're building your own community.
Laila Arain:Awesome. And that's great to know. And obviously through this community, you probably heard a lot about the finance industry. But I'm curious, were there any lessons that you wish you would have known before joining?
Marguerita Cheng:I think before I joined the Financial Services profession or financial services industry you know, I admit, I was technically sharp, but I may have been intimidated by Salesforce. Horcher. So I wish that I was better prepared for that. I don't have any regrets. But looking back on that, what is one thing that I could have done better is maybe be less intimidated by that process?
Laila Arain:Definitely. And learning from that experience, and probably was definitely one of your proudest moments. But I'm also curious, what was your biggest failure in terms of your career? And what did you learn from it?
Marguerita Cheng:I would say my biggest failure, or the greatest lesson learned is, well, first, I just want to say I'm highly coachable. If you tell me to do something, I'm probably going to listen to you. It's not blind obedience. But I would say, the biggest lesson learned, or we could say the biggest failure is, I was a little bit afraid to be myself. Because my managers told me, I had to follow the script. And this is how I to present the financial plan. And that kind of led me to believe that, you know, the fact that I was kind of quiet, or somewhat of an introvert analytic, that those were liabilities. And so I was trying to do what they told me, because that's what they told me to do. And it did work in the beginning. But after a while, I just hit a wall. But then I realized that you know what, they're right. And I'm right, no one's wrong here. That process and that methodology they used helped them become successful. And it helped me enter the profession and stay in the profession. But if I really wanted to move the world and make a difference, I ultimately needed to be made. And so that was, it took a lot of courage, because the other thing that I think is important to mention is when I started in the profession, it's still true to this day, women are underrepresented, particularly multicultural, multiracial woman. So part of it was a little bit of fear. Like I didn't say anything, buddy, like me, these people are telling me what to do. They're my boss, or my leader, I need to do exactly what they say. And I didn't do what they said. But after a while, I realized that my prospects and my clients liked me, they chose me. And they want to know who I am. It's okay, if I tell them, I have three kids. It's okay, if I tell them that. I enjoy travel, and I read a certain book, people do business with the people, and people do business with people they like and trust. And these connections are important to people.
Laila Arain:Definitely. Thank you for that. And following on from that you'd be dropping some great advice throughout our whole conversation. But what is one piece of advice you would give to somebody who is wanting to pursue a career similar to yours?
Marguerita Cheng:Still, my piece of advice would be this is so the financial advisors profession is an amazing profession, there's a lot of opportunities, because the need for financial advice is greater than ever. I would tell them, definitely join professional associations, right? Seek the help of others where that either mentors, sponsors, or advocates, and invest in yourself. Never stop learning.
Laila Arain:Never stop learning. I definitely agree. And education is never wasted. And following on from that, the financial services industry has been around for quite a while. And I think that a lot of people know a lot about it. But what is one common myth about the industry that you'd like to debunk right here right now?
Marguerita Cheng:Sure. So financial services. I think a lot of people think that it's a lot of maths. And obviously, you do need to understand how investments work. But I think what's really important, I want people to know that this is really a relationship business. It's not like boiler room and on Wall Street. It is about it's called financial services. So it's about serving your clients and you serve your clients when you are relationship oriented.
Laila Arain:Definitely. I would definitely agree. And yeah, I think that's one thing I noticed as well, because I'm looking to go into the finance industry. I realized at the end of the day, you can have your technicals, you know, hammered down to the tee, but you've got to be able to have that relationship with your clients and with people. Absolutely. Awesome. And I'm sure you're very busy, because you're obviously CEO of a company, but what is one thing that you've read or listened to recently that's really inspired you?
Marguerita Cheng:Oh, my goodness, I do read a lot. I love reading and one of the, my daughter, my eldest daughters suggested that I join a next big idea club. It's a book club, and I'm reading a book on conflict Now, I try to read at least two books a month, and I just finished the book on conflict. And I think that's what the takeaway in this book is, is some conflict is good, meaning just a little bit of tension is good. That's when you get the best ideas. But you don't want to have conflict that's unhealthy or toxic.
Laila Arain:Definitely. And following on from that, you mentioned a few people, but who are three people in your life who have been the most influential to you?
Marguerita Cheng:I would say my grandmother's, both of my grandmother's i, because my grandmother on my mom's side, she was very progressive. She actually was one of the first women in the state of New York to get a driver's license.
Laila Arain:Wow, that is so impressive.
Marguerita Cheng:Thank you, my grandma. She I definitely respect and admire her so much. The other thing that I think is super cool about my grandma is well, she was widowed at a young age. And it was very difficult for her. My grandmother was very like entrepreneurial. She was doing Airbnb before there was Airbnb. In other words, she was renting out rooms, to college students, because she wanted to pull up fight, provide them a safe place to stay. And she also could benefit from the extra income. So my grandma on my mom's side. And then of course, my grandma, on my dad's side, she left her hometown, fled to wars, and then came to America to follow her children here. And then last, of course, my parents, but particularly my dad, I can only imagine how traumatic that was to, you know, leave your hometown and never be able to return. So I'm inspired by. And like I said, I know I'm only supposed to pick three, but I kind of put my parents together. But I think that the lessons that they have shared have really helped me become the person I am I lovely.
Laila Arain:And then finally to round off our conversation, what is one piece of advice that you wish you gave yourself at any point in your life?
Marguerita Cheng:Sure, to stop worrying so much about what other people think as long as you don't lie, cheat or steal or harm people. Don't try to be a people pleaser because inevitably someone somewhere along the way is going to suffer and most likely it's going to be you
Laila Arain:Definitely know that thank you for that. I think it's a really useful piece of advice for anyone at any stage of their career. But yeah, that rounds up our conversation Marguerita, absolutely lovely to have this conversation with you and it was truly, truly very engaging.
Marguerita Cheng:Thank you so much later for the opportunity.
Laila Arain:Thank you or then bye bye