Host: (00:56)
Fidelity Investments manages over $8 trillion in customer assets and serves approximately 30 million investors, making it a significant player in the finance industry. If you've got a 401k, 403b, or other accounts, you're likely one of many customers. Abby Johnson, CEO since 2014 and chairman since 2016, is the third generation of her family to lead this firm. Welcome, Abby.

Abby Johnson: (01:40)
Hi there!

Host: (01:40)
I appreciate you being here. It took a while to arrange this, given your busy schedule and preference for privacy. Thank you for joining us.

Abby Johnson: (01:56)
I'm happy to be here! I enjoy conversations, but my focus often lies in running the business.

Host: (02:09)
Can you tell us about your journey? You've worked at Fidelity since your college days. Was it a given that you'd join the family business?

Abby Johnson: (02:35)
Not at all! I was encouraged to explore various paths in life. My parents instilled in me the belief that hard work could lead to any opportunity. I grew up hearing my father and grandfather discuss the business, which piqued my interest. However, I also considered a variety of career options.

Host: (04:02)
What kind of jobs did you have growing up?

Abby Johnson: (04:07)
I had typical summer jobs like babysitting and working in restaurants. They offered valuable experience in job responsibilities.

Host: (04:25)
Restaurant jobs are often the best training for customer service. What did you take away from those experiences?

Abby Johnson: (04:35)
I learned the importance of reliability, consistency, and collaboration with colleagues. It's crucial to contribute positively to the workplace.

Host: (05:19)
I remember our first meeting when you were an analyst. What insights did that role give you?

Abby Johnson: (05:38)
My analyst experience shaped my thinking and understanding of what makes management teams effective. I learned about common mistakes leaders make, which are often overlooked.

Host: (08:07)
What mistakes stand out to you?

Abby Johnson: (08:07)
Common pitfalls include failing to grasp the details of your business and disregarding market changes. Many companies become complacent and miss opportunities for innovation.

Host: (09:16)
Many listeners may feel intimidated by investing. Is stock picking essential for them?

Abby Johnson: (09:58)
No, stock picking isn't mandatory. The jargon often intimidates people, but it's not as complex as it seems. Understanding basic concepts can ease the learning curve.

Host: (11:56)
People often feel they don't have enough time or money to invest. What would you say to them?

Abby Johnson: (12:26)
It's essential to prioritize investing. You don't need a lot of money to start. Utilize resources like podcasts and engage with financial professionals to build confidence.

Host: (13:45)
With economic shifts, how can individual investors prepare?

Abby Johnson: (14:14)
Investors must understand their risk tolerance. Don't invest beyond your comfort zone, and evaluate how you'll react to various scenarios in the market.

Host: (15:44)
Let's discuss women and investing. You've supported female advancement at Fidelity. Why is this so important?

Abby Johnson: (16:16)
Women are historically underrepresented in finance, leading to unmet needs in the market. Addressing these gaps is crucial for empowerment.

Host: (16:58)
What specific changes have you made?

Abby Johnson: (16:58)
We revamped our office environments and materials to better reflect women's preferences, enhancing comfort and learning styles.

Host: (18:58)
How has that been received?

Abby Johnson: (19:00)
The feedback has been overwhelmingly positive. We recognize the unique challenges women face in financial planning.

Host: (20:17)
What about diversity beyond gender?

Abby Johnson: (21:40)
We're leveraging technology to reduce bias, including using voice recognition software that adapts to various voices.

Host: (23:18)
How are you training your team to be more empathetic?

Abby Johnson: (23:34)
We've implemented virtual reality training that simulates real-life customer interactions, allowing reps to practice empathy and communication skills.

Host: (25:40)
How do you manage stress as a CEO?

Abby Johnson: (28:26)
I prioritize exercise, rest, and maintaining a balanced work-life approach to manage stress effectively.

Host: (30:05)
What advice do you have for women listening to this podcast?

Abby Johnson: (30:05)
Women need to engage with finance confidently. It's not as hard to grasp as it seems, and many women are already successful investors.

Host: (31:31)
Thank you for sharing your insights.

Host: (31:46)
As we close, remember to prioritize your financial education and seek opportunities to learn and grow. Thank you for tuning in.