SAN DIEGO—A mentor will tell it like it is, good and bad, while a sponsor will sing your praises to those who matter, Carla Harris, vice chairman of wealth management, managing director and senior slient advisor at Morgan Stanley, told attendees at an mPower women's networking event during MBA CREF/Multifamily here last week. With 30 years of experience on Wall Street, Harris presented “Maximize Your Success,” offering “Carla's pearls” of wisdom, as well as actionable advice about identifying and owning your own power, being your authentic self, being unapologetic about your accomplishment and taking risks.
Harris spoke about the economy initially and leading through change, saying despite saying that we've never seen the market do what it's doing, we've seen dips in the market every few years. She said Wall Street and Main Street are inextricably related.
Next, she spoke about the two types of currency people in business have: performance currency and relationship currency. Performance currency is earned when you deliver above expectations, and it's valuable for three reasons: 1. Early on in your career, it gets you noticed; 2. You will get paid and promoted; 3. It gets you sponsorship, something on which you need to focus. She pointed out that a sponsor will only tell higher-ups the good things about you and will argue passionately on your behalf, but a mentor is someone who has been in the business for a long time and will tell you the good and the bad about yourself. A mentor is someone you trust to give you tailored advice that you can successfully execute—the real deal, straight, no-chaser feedback, and they must understand your context so you can execute on their advice successfully.
Over time, performance currency has diminishing returns because people come to expect this level of performance from you. That's when you need to move to relationship currency. If you don't, and you rely on your work to speak for you, you will notice that “the work does not speak,” said Harris. Therefore, you must put your work in context via relationships. This takes a frequent but light touch with the businessperson with which you want to develop that relationship: asking them about their weekend, if you can bring them back coffee from your trip to the café, if they'd like to join a group of co-workers for lunch or drinks after work. “Your ability to ascend has to do with someone's judgement of you,” said Harris. “Judgement is influenced by your relationship with that person. It's more important to be known than liked.” Then, that person will speak on your behalf.
Harris said we tend to overinvest in our performance currency, which is fine in the early stages of our career, but later it's about the relationship.
Regarding risk-taking, leaders must be comfortable taking risks. Information is a commodity today, so you must take risks to stand out. “Keeping your head down will not keep you from getting shot” in volatile business situations, said Harris. “Fear has no place in your success equation.”
Also, don't be afraid to be your authentic self. “Nobody can be you the way that you can be you,” said Harris. Most people are not comfortable in their own skin and are drawn to people who are. Bring all your strengths with you to the table because you don't know which one you'll need—your authenticity is at the heart of your power.
In addition, remember that you are responsible for your career, not your supervisors. When someone asks you what you want to do next in our career, always be ready with an answer, said Harris. It doesn't matter if you've never before done the thing you want to do next—you have a track record of successful firsts in everything you did for the first time. “You can still be successful at things you have no experience doing. Build a case based on your current experience. You don't ask, you don't get.”
Lastly, Harris said, power grows when you give it away. When you become a leader, you grow by creating other leaders. You must be intentional: under-promise and over-deliver. And remember that you cannot do it alone.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
