Years as a financial advisor: 3
While it’s not uncommon to see people follow their parents into this industry, Morgan Steele was wary of making that step right away. Although Steele had the option to join his father, Clarke, in the family business, he initially decided to go another route.
“I always thought I would join the business at some point,” he says. “But there is a stigma there – people just assume you’re there for the free ride. I wanted to go out and work independently for other firms and learn as much as I could from other people.”
That decision brought him to New York, where he worked for a hedge fund, pricing analysis on distressed bonds and creating summary sheets on new loan deals. Success there led to a position as an equity research associate with Radin Capital Partners, and eventually a move to IA Clarington Investments, where he served as an analyst for the IA Clarington Strategic Corporate Bond Fund.
It was a steep learning curve, but one that served him well when Steele eventually decided to join his father’s team at Richardson GMP in 2014. Today, he applies his expertise to advise clients on alternative assets, credit and equities; in January, he became a portfolio manager.
“My background is paramount to what I do today, in terms of valuating different alternative investments and different managers, especially in the bond world,” Steele says. “If you aren’t going to invest in a company’s bond, then there’s no way you will touch their equity. Having a background as a bond analyst goes a long way when you are evaluating equities for clients.”