For Bernie Connolly, Executive Director, Financial Adviser at Morgan Stanley, her passion for beekeeping and her dedication to clients have parallels too tempting not to point out. “There’s nothing more rewarding than getting the honey out of the hive and giving it to someone,” she shares, her eyes lighting up. This sentiment, deeply rooted in her personal joy as a beekeeper with three active hives, encapsulates her philosophy for client service: a profound commitment to delivering tangible value and nurturing deep, lasting relationships.
With close to 20 years in financial advice, Bernie’s commercial success is also reflection of her unwavering focus on client service excellence. “I’m deeply motivated by client service excellence and fostering deep relationships,” she explains. This isn’t just a corporate mantra for Bernie; it’s the very core of her professional identity.
Her journey to becoming a trusted adviser wasn’t a straight path. The first half of her career was immersed in the fixed income sell-side, working for major banks like Westpac and Deutsche Bank in London, specialising in emerging markets. After a decade in the UK, a desire for something different led her back to Australia. Westpac rehired her, providing exposure to platforms and high-net-worth strategy, but something was missing. “I had no direct contact with clients and realised I didn’t want to work in strategy and wanted to work with clients and the markets,” she recalls.
This realisation sparked a significant shift. UBS, at the time, offered a lateral hire program for senior professionals to move into client roles, and Bernie seized the opportunity. Building a client book from scratch, however, was no small feat. “Most people inherit something, we inherited nothing,” she states. It took “3-4 years to build that book.” She quickly joined forces with Patrick, who would become her long-standing business partner. “We treated each other as equals and built the business together,” she emphasises.
Their approach to building a client base was both strategic and generous. In 2007, Bernie penned an article on investing principles for not-for-profit organisations. “By giving something to my targets, it opened doors,” she explains, highlighting her “give-first” philosophy. This approach of sharing expertise and knowledge, rather than directly selling, continues to be a cornerstone of her client acquisition strategy. “Never ask for referral, focus on delivering value,” is a guiding principle she lives by. “People have a need, sharing with them something that might be of benefit…Position expertise and knowledge not sales.”
The success of her team, Bernie believes, hinges on strong dynamics and a disciplined operating rhythm. “Team dynamics are key to success,” she asserts. Her team’s structured approach includes a weekly Monday meeting for administrative tasks and client service planning, and a Wednesday review of client portfolios, ensuring each is assessed monthly. “Clients don’t necessarily know we’re having these meetings in that there’s not necessarily an outcome or action, but it’s the discipline of review,” she notes. “Then when we’re proposing portfolio changes, clients know it’s to align to their strategy. We’re not remunerated by portfolio turnover.”
I'm enjoying it more and more. I wish I'd done this earlier. I love the relationship aspect, compared to earlier roles that were transactional.
Looking back, Bernie expresses a newfound joy in her current role. “The last 5 years or so I’m enjoying it more and more. I wish I’d done this earlier. I love the relationship aspect, compared to earlier roles that were transactional.” This deep satisfaction underscores her journey from the institutional trading floor to the personalised world of client advisory.
Her future vision for the team is clear: “Hiring people who have the same values, and that we instil in them the same values. When that’s in place, everything flows.” She prioritises “work ethic and thoughtfulness” and an “absolute integrity – if we ever have to question if it’s the right thing to do, then you know the answer.” Bernie believes that with the right people, “you can relax knowing the day to day stuff is taken care of.”
Bernie’s commitment extends to ensuring no “key person risk,” with clients having multiple trusted contacts within her four-adviser team. High levels of contact and aligning with clients’ interests through Morgan Stanley events are also crucial.
Beyond the world of finance, Bernie’s passion for beekeeping truly shines. “Nothing more rewarding than getting the honey out of the hive and give it someone,” she reiterates, a metaphor for the sweet rewards of truly connecting with and serving her clients. As she navigates the challenges of beekeeping, including the recent Varroa Mite, it’s clear that Bernie Connolly approaches both her hobbies and her profession with an unwavering dedication to nurturing and delivering value.
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Team dynamics are key to success.