This Advisor Puts Community First When Managing Nearly $200 Million For Clients At New York Life

Name: Melanie White Terry

Firm: New York Life

Location: Columbia, MD

AUM: $166 million

Forbes Rankings: America’s Top Financial Security Professionals, Top Financial Security Professionals Best-In-State

Background: Melanie White Terry grew up in Columbia, Maryland, where she now works and gives back to the community. She first joined an investing club at age 16, along with her mother and a few other women and their daughters from the same church group. “This was back when we had to go to the library, research companies and plot out graphs by hand,” she recalls. The club’s track record turned out to be a huge success and they won statewide recognition. When she began studying at the University of Virginia, White Terry thought she might ultimately go into sports medicine. But by her second year, she had decided to focus on economics instead, thanks to her experience with the investing club. After graduation, she spent several years working for Wells Fargo
WFC
at a desk job—though she quickly realized it wasn’t her calling. In 2000, she joined what is now Ameriprise Financial
AMP
as an advisor. “I loved it—there was never a dull moment and I enjoyed taking on a new challenge every day,” she recalls. Two years later, she joined New York Life where she has worked ever since, now mainly focusing on helping clients within the community she grew up in.

Competitive Edge: White Terry prides herself on taking very meticulous notes and constantly checking in with clients, either reminding them of their goals or asking if anything has changed with their financial plans. “A lot of times that means constantly explaining, reassuring and going over the plan, not to mention regular review meetings,” she says.

Lessons Learned: “The biggest lesson I’ve learned is to always put the client first—don’t try to figure out a solution before going through all of the options and make sure to involve them in that process,” says White Terry. “It helps me sleep at night that my clients know I’m a trusted resource.”

Investment Philosophy/Strategy: “My main mission is to help clients crystallize their objectives and put a plan into place,” says White Terry. “Often I’ll start off with a bit of education, staying mindful of risk tolerance but also how things are taxed and what kinds of opportunities are available.” For clients who are retired or retiring soon, she designates a certain portion of their dollars for a guaranteed income bucket, which may include anything from a lifetime income annuity to a pension plan or social security. For younger clients, she takes a similar approach but using different tools, paying particular attention to creating a tax-free bucket of assets. “Most folks don’t understand how life insurance can be used as a tool for planning purposes, so that is a constant area of reassurance to re-explain what this is and how it works,” she says.

Investment Outlook: “There’s no crystal ball when it comes to markets so I think it’s important to maintain diversification across various lines to make sure that despite uncertainty there’s a way to pivot and be okay,” says White Terry. This means maintaining diversification not just on risk tolerance, safe liquid assets or longer term equities, but also being mindful of inflation and taxation, she says. “If we have money well positioned across various strategies there’s not much that can derail a client’s plan.”

Favorite Movie/Activity: White Terry loves to be active in and give back to her community—she’s been involved with the same church since she was just six years old. She often attends different events like retirement fairs or workshops and also works with different municipalities. Her favorite movie is Coming To America, starring Eddie Murphy.