After 34 years in corporate America, Jayne realized there was a niche she was uniquely suited to fill and has launched a financial coaching business aimed at empowering women financially.
Tell us a little about your background.
I grew up in International Falls, MN (ice box of the nation) in a very outdoorsy family. I was the baby of three and definitely the “girly girl.” We went camping, fishing, and swimming in the summer and snowmobiling and cross-country skiing in the Winter.
Family photo with my mom, dad, sister and brother – I’m the cute baby!
I attended the College of St. Scholastica in Duluth, MN to study Physical Therapy. However, I quickly realized I didn’t really like the sciences, so I switched to Business Management. I also had the opportunity to do a study abroad program in Ireland, where I met relatives and saw the church where my great, great grandparents were married. It will always hold a piece of my heart.
After graduation, I continued to move South, to the Twin Cities. There I met my wonderful husband, Nathan, of 29 years. As he tells the story, I was at his house waiting for him when he came home one night, and the rest was history. Our son, Tyler and his wife Steph, live ten minutes from us. They were high school sweethearts—sort of, well not really—but he won her over in the end. Tyler was an avid hockey player and much of our time while he was growing up was spent in ice arenas all over the state of Minnesota (and Wisconsin, Illinois, and New York). The community and friendships we all formed along the way made this a very special time.
Nathan and I bought a cabin on a small lake near Danbury, Wisconsin, 19 years ago and have treasured the memories we have shared with family and friends. Nathan and I enjoy a long walk most mornings, then I go off to paddleboard or kayak, visiting with the neighbors in the bay as I glide by, getting my social fix. A ride on the pontoon boat or the four-wheeler is typically in the mix as well. Winter consists of a roaring fire, a good book, a puzzle, and cross-country skiing.
On the paddleboard at the cabin with my Grand-dog Oakley
Our vacations typically involve the ocean with some of our favorite spots including Maui, Grand Cayman, the Caribbean, Ireland, Cozumel, and Marco Island. Although I would have to say the ultimate trip was Australia and New Zealand when Tyler did his study abroad in Sydney. Snorkeling at the Great Barrier Reef was spectacular! Did I mention I love to travel?!?!
I had an amazing 34-year career in corporate America, creating wonderful relationships with both colleagues and clients along the way. I started my career in investments working for one of the wealthiest families in the United States, the owners of Cargill, Incorporated. I had never even heard of a family office. But that was where I learned all about investments. It was an incredible experience. It also allowed me to easily establish trust and credibility with clients.
My next stop was with Piper Jaffray, an investment banking firm. There I was a member of a team that built a multi-family office offering working with founders and executives of companies that were going through a liquidity trigger event, like an initial public offering (IPO) or merger and acquisition (M&A) deal.
Finally, I spent 13 years at U.S. Bank as a Managing Director leading a team of Portfolio Managers and working with clients. I personally managed $800 million of assets under management (AUM) and supervised a team managing $5 billion AUM.
All of these experiences gave me the opportunity to work with individuals, families, and foundations as well as with their attorneys, accountants, and other advisors. Taking a holistic approach and considering all aspects of their financial situation provided a wonderful perspective.
Top Women in Finance awards banquet
When did you start to think about making a change?
About seven years ago, a colleague of mine was diagnosed with brain cancer. About a month before he passed away, we were both going to be on vacation in Maui with our families and were hoping to get together. We didn’t connect and afterwards, I asked him how the trip was. He said, “Well it was great, except I had a hard time finding a Wall Street Journal every day.” I responded, “Well it wasn’t a problem for me because I wasn’t looking for one.” He said, “Jayne, you don’t understand, this is my passion.” That was when it hit me like a brick wall. This wasn’t MY passion. I decided it was time to figure out what I wanted to do next.
While still working full-time, I hired a life coach to explore my next move. At the end of our coaching, I told her, “I want to do what you do!” I started taking coaching classes and gained some certifications on that front. I didn’t really know where it was all leading.
Then I noticed a pattern at work. I would meet with my clients, typically husband and wife. Often, not always, the wife would glaze over, as much as I tried to engage her. Down the road, the husband might die or there was a divorce, and the wife would be thrown into a scary situation. She now needed to understand the financial situation urgently. I kept thinking to myself, who can provide the education these women need?
I decided that person needed to be me. I was uniquely qualified, with my financial expertise and coaching credentials. I left the corporate world to start on my new venture.
What is your next act?
I started Ellegant Wealth in April 2019 to “empower women to show up and own their financial journey with Courage, Confidence & Wisdom!” I spent the first six months creating the curriculum I wanted to provide women. I call it the Six Pillars to Financial Empowermenttm. I wanted to make it female-friendly (but not dumbed down), using language that would draw women in rather make them feel excluded. This industry has been very male-dominated and masculine. Built for men by men. I believe that is part of the reason women haven’t found it interesting and haven’t engaged in the conversation.
Women learn collaboratively, so I chose to offer “Ellegance for Women” as a group coaching experience. I bring together 8-12 women in-person to share their stories and ask their questions in a safe space. Seeing the community and the connections between the women and the depth of learning that resulted was absolutely magical! I had just completed my fourth offering of this model when the pandemic hit.
Initial “Ellegance For Women” Group
As a result, I have been creating a new virtual/digital offering, “Financial Wellness for Women,” in two versions. The do-it-yourself version of my program will be available beginning October 1, 2020, complete with videos, handouts/exercises, articles, resources, etc. On October 1, 2020, I will also be launching a hybrid version of this same program that will also include a weekly 60-minute live Zoom session. This will provide the community and connection that was so beautiful with the in-person groups.
I absolutely love the difference I’m making in women’s financial lives. The women who have participated in the groups have had amazing things to say about how this has transformed their relationship with money. They have been motivated to get engaged in the conversations impacting their financial future and to be more intentional about taking control of their money situation.
I am delighted to be on this entrepreneurial adventure and fulfilling what I know is my passion and believe with all my heart is my purpose.
In my home office