Phoebe Venable helps people along their financial journeys with more than 30 years of experience guiding her expertise. In 1987, Pheobe began her career in the world of finance, and today, as President and COO of CapWealth, she continues her commitment to working with multi-generational client families and furthering client financial education. Phoebe joined the firm in 2010, was named President and Chief Operating Officer in 2012, and she stepped into the new role in 2013. Her work in the field has earned her a spot on the Financial Times list of Top 100 Women Financial Advisors in America as well as the Nashville Post’s “In Charge” list of top banking and finance professionals, and she was listed as a finalist in the Nashville Business Journal’s Women of Influence awards. As a financial columnist, Phoebe is generous with her advice and favors discussions on behavioral finance and educating the next generation. Learn more about Phoebe’s work in the financial field as and the one financial lesson everyone should learn. Welcome Phoebe Venable as today’s FACE of Nashville.
Tell us about your background.
I have been working with financially successful families for more than three decades. I joined CapWealth about eight years ago and serve as President and Chief Operating Officer. For more than 30 years, I have worked with client families providing advice and oversight regarding all of their financial needs. My professional passion lies in helping families solve complex wealth issues and increase the odds of multi-generational wealth sustainability.
In addition to holding the Chartered Financial Analyst designation, I received a Bachelor of Science in Mathematics and a Master of Business Administration from Murray State University. I am a graduate of the National Graduate Trust School at Northwestern University. In 2014, the Financial Times named me one of the Top 100 Women Financial Advisors.
Walk us through your responsibilities as President and Chief Operating Officer at CapWealth.
In this capacity, I am responsible for the leadership and management of CapWealth’s advisory practice and the delivery of a high-quality client experience in addition to representing CapWealth in civic and industry activities in our community.
What do you bring to CapWealth?
Prior to joining CapWealth, I spent my career working for large institutions where rigid policies and procedures were needed to provide a structure to deliver a consistent client experience. I was able to bring institutional processes to CapWealth that created scale for our business and a consistent client experience. Every member of the CapWealth team has unique skills and experience. My experience and passion for educating the next generation led to the creation of CapWealth Money Camp. For a few days every July, our office fills up with the children and grandchildren of our clients, as we strive to teach them good money management skills, inspire entrepreneurship and help them prepare to be financially independent adults.
You write financial columns on topics including women and wealth, next-generation education, behavioral finance and investing. What are your favorite areas to cover? Why?
My favorite financial topics are behavioral finance and educating the next generation. Behavioral finance is a field of study that explores why people make certain financial choices. I find it fascinating that children raised in the same house, by the same parents with a common set of values can have dramatically different attitudes about money. Everyone can relate to the phenomena of one sibling saving every dollar while the other sibling is a spendthrift. Behavioral finance attempts to explain this phenomenon and many more.
One of the best gifts we can give our children is financial literacy. If we teach our children good financial habits, it is significantly more likely that our children will grow up to be financially independent adults.
What is one financial lesson everyone should learn?
Everyone should learn how to budget. No matter how much wealth or how little wealth a person has, everyone must live within their means. A budget is simply a list of financial priorities. Following a budget ensures that you will have enough money for the things you need as well as the things that are important to you.
What aspect of financial planning is most often overlooked?
Inflation. We have enjoyed a very low rate of inflation for a long time. The last time the rate of inflation was above 4% was in 1991. But even low inflation can have a big impact over time. If your plan is to live off $60,000 per year in retirement and inflation averages 2%, in 20 years your $60,000 will only be worth $40,000. Sound financial plans will adjust your income and expectations for inflation.
What is the best piece of advice you have received, and from whom?
My first professional job was working as an assistant in the trust department of a bank. I supported portfolio managers who were building and maintaining investment portfolios for trust clients. I asked the head of the department how I could move from being an assistant to a portfolio manager. He told me that I needed more education, an MBA. One year later, I resigned from my position and went back to school as a full-time student. When I completed my MBA, I landed a position as a portfolio manager! As hard as it was to be told I didn’t have enough education or the right education, I have always been grateful for his direct advice.
Where can we find you when you aren’t working?
When I’m not working, you will find me spending time with friends and family. My son is a freshman in high school, and I spend a lot of time at ballgames!
What books are on your bedside table?
At the moment, you would find a travel guide for Paris and a travel guide for London. I am planning a vacation!
What are three things (excluding faith, family and friends) you cannot live without?
Music, traveling and tea. Yes, tea. I don’t drink coffee, but I love hot tea and iced tea. I would hate to live without my favorite beverage!
Thank you, Pheobe, for your wise advice. Thanks to Molly Peach Photography for today’s photos!
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