Women Leading The Finance Industry: Morgan Stanley’s Christina Yuni On The 5 Things You Should Do To Increase Your Financial Literacy

… If your child can use a smartphone, they need to know the value and power of money. These days, teens can order food, get a car service, use a virtual wallet, and purchase items through video games. They need to know that even though most money is “digital” nowadays, it still holds real value and can cause real debt. Just because they aren’t handing over physical bills and coins, the money is just as real. Money makes the world go around, and you must ensure your children don’t get left behind. So, parents, teach your kids the real-world applications and implications of money. Get them a bank account and teach them how to use it. Push for financial literacy classes in their schools. Please give them the tools they need to be successful adults. You can even, like I have, purchase a small amount of stock in a company your kids love to entice them into learning about investments.

We had the pleasure to interview Christina Yuni. Christina is a Certified Financial Planner™ and one of Forbes 2022 Top Women Wealth Advisors and Forbes 2022 Best-in-State Wealth Advisors. Christina serves as an Executive Director at Morgan Stanley’s Silicon Valley Complex in Palo Alto, California, where she leads a four-woman team that focuses on wealth management for high-net-worth clients. Her passion is teaching children and young adults wealth education and financial literacy. She lives in Northern California with her husband and two sons and is a self-proclaimed foodie and SCUBA diving enthusiast.

Please visit their website for more information about Christina Yuni and her all-women team at Morgan Stanley Wealth Management at the Silicon Valley Complex.

Thank you so much for joining us in this interview series Christina! Can you tell us the “backstory” about what brought you to the finance field?

CY: I always wanted to be a banker because my mom was a banker, so I thought finance would be a good field for me. I was a finance major, but I chose to be a financial advisor among a specific set of finance jobs because I enjoy one-on-one relationships with people. I love being a part of my clients’ families.

Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or what you took out of that story?

CY: There are so many stories, and they all have their takeaways, but one particular human condition I’ve witnessed repeatedly, for more than two decades, is that money is emotional. I’ve worked with many successful executives who have poured their time and effort into being the best in their industries but need guidance regarding decision-making for their finances and that of their families. Especially when times get tough. The tough times are the best opportunity to prove your worth to your client.

When the market is up, they wish they had bought more. But on the flip side, when the market is down, they want to rip off the band-aids and sell everything.

There was one time that I’ll never forget! I had a client planning his retirement in 2008, just as the financial crisis began. By February of 2009 — the heart of The Crash — this client was terrified and so concerned that his retirement would get wiped out that he wanted to sell everything in his portfolio. Again, our emotional ties to our wealth can sometimes make us impulsive. It’s my job as an advisor to be the voice of reason.

Are you working on any exciting new projects now? How do you think that will help people?

CY: Financial literacy! That’s my big passion right now. I want parents to think about how they’re teaching their children for the future. I am concerned that people are afraid to talk to their kids about money for fear of worrying them or laying too much “grown-up” stuff on them. But they need to learn about being responsible savers and spenders, too. These days, we all live in a transactional society, even children. As soon as they’re able to buy lunch at school or begin playing games with pay-to-play features, they’re part of our capitalist society. But just because they’re being bombarded with ads from every angle — television, online, in-game — doesn’t mean they have to spend their money impulsively or unwisely. We need to teach our kids about wealth education if we want them to be independent and self-sufficient. We need more school classes to teach them budgeting, saving, and investing. I think parents have to play a significant role in this, but I also think middle school is a great time to start with financial literacy classes. Financial literacy classes in school could significantly impact tweens and young teenagers. That’s when kids are more likely to listen and retain information from a teacher rather than their parents, right?

What do you think makes your company stand out? Can you share a story?

CY: Oh, goodness. I started my career with Morgan Stanley right out of college; I am so happy to be back where it all began 21 years ago! Plus, I love being in the industry here in the Bay Area. And all the friendships I’ve built in my adulthood, so many folks around here work in finance, so I would say it’s threefold: I love this company, I love where I live and work, and I love the people with whom I’m surrounded.

I love the direction Morgan Stanley is going these days as financial planning evolves in the 21st century, but also the longevity of the leadership. Morgan Stanley ensures that we have the resources and current technology to do our jobs and truly help our clients manage their wealth from top to bottom.

Thank you for all that. Let’s now jump to the central core of our interview. Wall Street and Finance used to be an “all-white boys club.” This has changed a lot recently. In your opinion, what caused this change?

CY: Honestly, being a woman is a huge advantage in this business because, in a way, I believe you empathize more with your clients. You can see the more human side of things beyond the numbers themselves. I go into every client meeting thinking about what they talked about the last time, their priorities, and where we can go next. If you can empathize, you can put yourself in somebody’s shoes and understand because money means something different for everybody, right? And understanding what money means to that person is what makes you a

good advisor. Because you can handle it for them when you have a solid idea of where their fears are stored; it’s like going to the doctor, in a way, because you want a doctor who not only knows your history but who can also empathize with what you’re going through, not just look at you, nod, and write a prescription.

Of course, despite the progress, we still have much more work to do to achieve parity. According to this report in CNBC, less than 17% of the senior positions in financial advisement are held by women. In your opinion or experience, what three things can be done by a) individuals, b) companies, and c) society to support this movement going forward?

CY: Wow, that’s a startling number. Individuals, especially parents, can be sure to show their children, regardless of gender, that there’s a diverse array of careers to be had in the financial services industry. Get them interested in how stocks work while they’re young and show them how taxes are calculated. It all comes back to financial literacy. And, of course, the STEM fields. You can’t forget that the M in STEM stands for math. Some people, even young children, are inherent “number people.” They see patterns and make natural analysts. Parents should encourage that.

Where companies are involved, I’d say they should focus on providing women equal opportunities to prove themselves and advance their careers. And society? We must keep making strides towards true equality, including salary parity, and listening to women’s and minority voices in and out of the business environment.

Let’s now turn to a slightly new topic. According to this report in Fortune, nearly two-thirds of Americans can’t pass a basic test of financial literacy. In your opinion or experience, what is the cause of these unfortunate numbers? If you had the power to make a change, what three things would you recommend to improve these numbers?

CY: I think this goes back to the idea of teaching financial literacy at a young age. Don’t be afraid to talk to your kids about budgeting. Even in grade school, my parents kept me on a budget and an allowance, so I could learn to use it wisely. And, again, classes can help in school. Parents can advocate for their schools to add financial literacy courses.

Adults who struggle with their finances, no matter their income, should take advantage of any resources at their disposal. Community center seminars and adult education courses are great options for those learning to manage their finances. A good accountant and financial advisor can make all the difference for those who can afford to hire resources. It’s okay to hire professionals to help us do what we can’t do alone. If you know nothing about plumbing, you hire a plumber, right? You don’t just stand there and watch your bathroom flood. If you’re uncertain about managing your finances, get a professional to help you.

You are a “finance insider.” If you had to advise your adult child about a few non-intuitive things one should do to become more financially literate, what would you say? Can you please give some examples?

CY: I would strongly recommend that they apply for and land a part-time job. There is nothing more remarkable or educational than the actual experience of earning money, paying taxes on it, and either saving it, spending it, or giving it away! Next, I would suggest they work for a non-profit or local charity. I have found that giving my time can be equally as rewarding — and draining! — as donating my money to any type of “cause” — from a soup kitchen to the marine conservation and sustainability non-profits we support yearly.

None of us are able to achieve success without some help along the way. Is there a particular person you are grateful for who helped get you to where you are? Can you share a story about that?

CY: I’ve had the privilege to work with many talented and successful individuals during my 20-plus years in the wealth management industry, so I have a few. One is a gentleman for whom I worked as his very, very junior partner–many moons ago! Twenty-one years later, we’re still close. He taught me so much about the technical side of the market and portfolio management. The other two are my former partners; they both helped shape me into the advisor I am today. Their guidance and insights have always been invaluable. I have an anecdote about one of them that speaks to who he is and what he’s taught me about client relations. In 2008, just as the financial crisis was coming to the forefront, we were in the car on the way to a client meeting in San Jose when my partner got a call from a very angry client.

He listened to the client’s rant. He and I sat there, listening, for over 20 minutes until the guy ran out of steam. The lesson? My colleague never got defensive or tried to stop the angry tirade; he just let the client talk. His Zen was admirable and something to which I’ve since tried to aspire. And while it still is amusing in retrospect, it also taught me a lot about listening and getting to the root of a client’s problem before getting defensive or trying to solve the unsolvable.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

CY: I’ve always been inspired by and try to live by a quote from Eleanor Roosevelt, “Do one thing every day that scares you.” As someone who came to the United States and has built a life here, it’s been relevant since the day I decided to leave my home country for the University of San Francisco and has carried me through my personal and professional life since.

You are a person of significant influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be?

CY: I sound like the proverbial broken record here, but youth wealth education! If your child can use a smartphone, they need to know the value and power of money. These days, teens can order food, get a car service, use a virtual wallet, and purchase items through video games. They need to know that even though most money is “digital” nowadays, it still holds real value and can cause real debt. Just because they aren’t handing over physical bills and coins, the money is just as real.

Money makes the world go around, and you must ensure your children don’t get left behind. So, parents, teach your kids the real-world applications and implications of money. Get them a bank account and teach them how to use it. Push for financial literacy classes in their schools. Please give them the tools they need to be successful adults. You can even, like I have, purchase a small amount of stock in a company your kids love to entice them into learning about investments.

Thank you for the time you spent on this interview. We wish you only continued success.