Name: Michele McCallion
Title: Private Wealth Advisor and Senior Vice President, Bank of America Merrill Lynch
Age: 53
Experience: 30 years
With three decades of experience in wealth management, Bank of America Merrill Lynch financial advisor Michele McCallion has built a successful business. But she has done it while running from science fairs to parent-teacher conferences, just some of the responsibilities that a parent faces every day. “Working Mother Magazine” recently recognized McCallion’s hard work and ability to balance her two children and bustling business by naming the New Canaan native as one of the top 200 best financial advisory moms in the country. McCallion said it would have been extremely difficult to have a family and work without the accommodating policies and flexible schedule that Bank of America Merrill Lynch afforded her. “Merrill believes that every employee has three families: Your biological family, your community family and your work family,” McCallion told The Commercial Record. “If I’m feeling successful as a parent and in my community, then I’m just going to be a more productive employee. No one ever looked down at me when I was leaving early, because the reality was that men were also leaving early to coach their kid’s sports.” The Commercial Record caught up with McCallion to discuss what it has been like balancing work and the responsibilities of a mother, as well as tips for other working mothers.
Q: What are some of the challenges you faced as a working mother that others may not understand?
A: Many of us think that the mom still has to cook, do laundry, maintain the house and take care of the dogs and kids. While there is less of that stigma today, there is still some of the pressure and guilt about having to accomplish everything. I have found that if you love what you do, you find the time to get things done. You just have to be organized. Sometimes the ball drops, or you forget about the school play. I think we tend to beat ourselves up when things like that happen, but the important thing is to try your hardest and stay focused on the big picture.
In addition to keeping all the balls in the air, there can also be different social dynamics. In my community, especially when the kids were younger, it wasn’t common to be a working mom, so there were times where I found it difficult to connect socially with moms who were not in the workforce.
Q: Did you ever have to go on maternity leave? What was that like and how did you approach work during that time?
A: Bank of America Merrill Lynch has a very generous maternity leave policy – it was 12 weeks at the time I took it and was recently expanded to 16 weeks. When dealing with clients, wealth doesn’t take a vacation. You develop one-on-one relationships with them. You’re really on 24/7. I think it’s very important to set expectations with clients. Back in the day, there were fewer women in financial services and the perception was not always favorable when a woman went out on maternity leave, but at a place like Merrill, there is an understanding that our employees have families.
When I found out that I was pregnant, I sat down with my manager and the team and drew up a plan for my maternity leave. I would be available for certain hours on certain days, but not on others. Having an open dialogue with your clients is important; I believe that clients do business with you because they like and trust you, and they respect the challenges around having a young family. Just make sure to have an open and honest dialogue with your team and clients, and set expectations clearly.
Q: What signs do you look for that a company is willing to support working mothers?
A: I think one thing that is important is knowing that some things are seen and not said. I would recommend that you go to the office and take a look around. See what the demographics are. If you observe that the only women in the workspace are administrative and support staff, you may want to consider how the addition of a new female executive might impact the office culture and how you feel about that.
I would also try to speak with one of the female professionals in the office so you can ask questions, such as “What is it like to work here? What are the hours? Are you often asked to work outside normal hours? How much flexibility is allowed with your hours? Do you participate in your children’s activities?”
Ask about maternity leave and if there are child care facilities on site, or if there are any discounts or programs with local child care agencies. Bank of America Merrill Lynch has a partnership with child care agencies that offer a reduced rate and our health care program allows us to put pretax dollars away for child care. Health care benefits are also very important – Merrill Lynch’s program helps pay for fertility procedures.
McCallion’s Five Tips for Working Mothers:
- Don’t be afraid to be who you are. Clients will do business with you because they like you and they trust you.
- You can do it all! And you can be a role model for the next generation of young women.
- Take care of YOU, whether that is through exercise, diet or community service. A happy mommy is a good mommy.
- Investigate the corporate culture. Find the best fit for you.
- Build a team of help around you, including backup child care and carpooling. Friends will support you and celebrate your efforts to be a great mom and working mom.
