Fairygodboss Radio: Lydia DiClemente, Head of the Advisor Development Program Field, Bank of America

About the Episode

In this episode of Fairygodboss Radio we chat with Lydia DiClemente, Managing Director and Head of the Field Advisor Development Program at Bank of America. Lydia shares her inspiring journey from growing up with immigrant parents who kept savings in a shoebox to finding a passion for financial empowerment, becoming a financial advisor, and transitioning into leadership. 

With 21 years in the industry, including 13 years at Bank of America, she reflects on her experiences as one of the few women in her field early on and emphasizes the importance of mentorship and supporting women in finance. Throughout the conversation, Lydia offers invaluable advice on mentorship, navigating career shifts, and achieving work-life balance.

Fairygodboss is proud to partner with Bank of America. Find a job there today!

About the Guest

Lydia DiClemente is Head of the Advisor Development Program Field for Merrill Wealth Management. In this role she is responsible for leading the advisor trainee program. Lydia oversees the hiring, on-boarding and development of trainees as they advance on a defined path to becoming an experienced advisor within Merrill. Her team of Division ADP Executives are aligned to each Merrill division, and they work closely with the Consumer Investment Organization to deliver a diverse trainee population. The program currently consists of approximately 2,500 trainees across the nation.

Prior to the launch of the Advisor Development Program in 2021, Lydia led the Academy for Consumer Investments and Enterprise Licensing & Professional Designations, where she focused on the strategic planning and growth of the advisor population in the Financial Centers and Consumer Investments contact centers. 

Lydia joined Bank of America in 2011 as a regional executive for the Northeast Division, responsible for the management and performance of field-based advisors in the Financial Centers. She partnered with Financial Center associates, the Merrill Edge Advisory Center, and Mortgage Loan Officers to support clients in achieving their financial goals. Before joining Bank of America, she spent 10 years at other financial institutions in roles ranging from strategy and project management to managing advisors across the Northeast. She began her career as a Financial Advisor in New York. 

She holds a Bachelor of Science in Business from Miami University in Ohio. She resides in New York with her husband, Matthew, and two children, Lucas and Christian. 

Episode Transcript

Gabi Carachilo: Hello and welcome. Today on Fairygodboss Radio, I'm talking with Lydia DiClemente, Managing Director and Head of the Field Advisor Development Program at Bank of America. Lydia, welcome to the show. 

Lydia DiClemente: Thank you. Thank you for having me. I'm really excited for it.

Gabi Carachilo: We're excited to have you. I'd love to begin by talking a bit about your career journey. How did you get to where you are today?

Lydia DiClemente: Sure. So when I look at my journey, I go way back. My parents were both immigrants, not from the US and when we talked about financial planning or saving for my college education or we talked about their retirement planning, it basically consisted of cash in a shoebox that they would hide in their closet. And I know that sounds cliche, but I'm serious. That is literally what they did. No credit cards, savings accounts, you know, they really did not have that education. So from an early age, I really wanted to not only get the knowledge to help my family, but also to be able to help others.

So I started my career as a financial advisor, received all the licenses that I needed to, and through meeting with clients and being able to help them and understand what their planning needs were, I was able to then move past that and say, you know what? While I love the daily interaction of working with clients, the idea to be able to help more trainees and advisors like I was one day, was really what led me to wanting to go into management and development.

So I then transitioned to leading and managing a team of financial advisors, which I am super passionate about and loved being able to help either early on trainees and advisors and well established advisors and being able to help the clients that we serve on a daily basis. So today I am responsible for around 2,000 trainees at Merrill that meet with clients on a daily basis and help them through their planning and savings needs. And it's just, it's super rewarding. Super rewarding.

Gabi Carachilo: Wow. That is remarkable. And how many years have you been with the organization now?

Lydia DiClemente: So I've been with Bank of America now for 13 years. Prior to that, I was at a competitor also managing financial advisors. And then prior to that I was a financial advisor. So in the industry now for 21 years at the bank for 13.

Gabi Carachilo: That's amazing. 13 year tenure is fantastic. And a testament to your contributions and also the organization as well. I love hearing those success stories and I appreciate you sharing your journey with us. And as we take a moment to reflect on your career, were there any pivotal turning points along the way? Any moments that especially stand out? 

Lydia DiClemente: I think that moment from when I went to sales and sitting in the chair to deciding that I wanted to shift to becoming a manager and a leader, that's, that's a big shift for anyone. And it, you know, there's risk involved, right? When you're doing something and you're doing it well, to decide that you wanna make a career shift like that was definitely a turning point for me. And thankfully it worked out. And again, I'm very happy with where I am today, but looking back, I would have to say making that decision and the conversations that I had with other leaders across the organization, with my family on making that decision was probably one of the biggest turning points I made.

Gabi Carachilo: Well, that's fantastic. And what I'm hearing is that you took a bold move and it paid off, and I think that's great feedback for all of the folks in our audience, even those that may not be in the financial industry, but we want to see more women progressing into leadership and management opportunities. We need more of that, especially in underrepresented markets. And so I appreciate you sharing your journey and forging that path for the women who will come next. 

Certainly you have a role in that as a leader in your organization, and I'd love to spend more time talking about that. Your role of mentoring and championing and supporting other women within your company. How do you view that piece of your position?

Lydia DiClemente: Gabi, you called it out perfectly when I was a financial advisor and I saw the other advisors within my office. I was one of two females in an office of 70 or so. And so being able to transition to leadership for me was, I could probably impact that and maybe change that, you know, from a inspiring other females to a come into the industry and just seeing how rewarding being an financial advisor could be for them and trying to ensure that their concerns about maybe the industry or the role specific were removed by being able to, again, impact at a more broader scope than I was when I was just in a sole contributor role. So that's exactly right. And in my role today, I'm proud to say when I look at my leadership table, I have 70% of my direct leaders are females. And that isn't because they're necessarily females, it's because they were the right people for the roles, which is very exciting.

And to get them there, it's about making sure that we're educating, starting in college, making sure that students understand what the career path in the financial industry looks like and that there are plenty of opportunities for them here. And I think, again, it's a matter of A, ensuring that we're educating and then B, ensuring that we're being mentors. So I not only spend a lot of time mentoring females across the bank, and again, Bank of America has Merrill the investment arm, but we also have small business, we also have marketing, we also have the private bank, we also have consumers. So there's a number of areas where I spend a lot of time working with females specifically and talking to them about the path of becoming a financial advisor and going into the investment industry path. I also encourage a lot of my leaders and other leaders across my organization to do the same.

I met with an individual last week that specifically said to me, but yeah, I love my role. I love my job. I'm doing really well as a financial advisor. Can you please find other successful female advisors that I can reach out to and work with? And I said, yes, it hit me because I felt that exact same way 20 years ago. And fast forward 20 years later and we're still hitting up against those same, you know, as I like to call them barriers. So being sure that A, we're the mentors for our early career financial advisors, and B, that we're inspiring other strong, talented leaders, females, specifically to be mentors to other females in the industry is important.

Gabi Carachilo: It is important. And thank you for all the hard work that you are doing in that space. We appreciate it here at Fairygodboss as well. It's very much our social mission. I made note of all of the areas of Bank of America. And one thing I'd also love to learn more about is the Field Advisor Development Program. Could you shine some more light on that for us please?

Lydia DiClemente: Sure. I've always been very passionate about being a financial advisor. And as I shared earlier, I started my career as a financial advisor, was given a phone book once I was licensed and was told to go call and you know, try to build relationships with people that you really didn't know. I didn't have a center of influence. As I mentioned, my parents were immigrants and you know, we didn't have a huge network of individuals that I could start working with and building a book of business with. And so my passion over the last 20 years was not only to help other early career advisors, but create a program that could help other individuals that were in that similar situation. So in our program now, if you're, let's say, licensed to start, we have you come into our financial centers and within our financial centers, you begin to build on your experience by working with clients that come in every day.

And those clients that come in have questions around banking, have questions around investing, and now you're able to work with them in person and start building relationships early on. And that's post going through the training that we have here at the academy. And that's post going through your licensing. After your experience in the financial center, you then become a Merrill Financial Solutions Advisor at our Merrill offices. And once you're in that role, you are now calling bank clients that were given to by our consumer partners. And you're proactively reaching out, not necessarily looking to sell something, but you're calling these clients looking to see if they have any questions, see if they have any concerns, see if there's anything we can help them with. Right. And as you're building those relationships through the conversations that you're having, you're, you know, you're starting to build your book of business internally, right, through clients that we already have here at the bank.

And then once you get to a certain point of clients, households and assets, you then transition to the final phase of our Development Program, which is the Advisor Development Program, Financial Solutions Advisor. And once you are there, you are able to now start self sourcing, working with networking, working with other financial advisors in the office, start to partner and really expand on the clients that you already have today in addition to other clients that you're able to bring in. So it's a phased approach that builds upon skills over the different stages of the program versus here's a book, good luck, you'll do it.

Gabi Carachilo: It sounds like there was a whole lot more structure and support than there was maybe 10, 20 years ago. So that is phenomenal to hear. You also touched on a really important theme about building relationships. And that theme resonates regardless of the industry or the role or maybe the team dynamic that a person may be in. And you've certainly been very successful in building strong professional relationships. What strategies, Lydia, have you found work best for you or are most effective?

Lydia DiClemente: Building relationships is key in, you know, any organization, you have to have individuals that support you, that have faith in you, that are passionate about even sponsoring you when it comes to helping you navigate through your career. At the same time, you have to have peers at the table that aren't exactly like you and have a diverse thinking, right? So if we're all the same at that table saying the same thing, you're not gonna be able to get anywhere because there's not going to be a healthy debate around, you know, diversity and thought. So when I look at, you know, for example, my leadership table,  I'm looking for individuals that are strong-minded, that are opinionated, but also understand the importance of collaborating and working closely with the same end goal, right? So for example, within my program, our end goal is making sure that we're creating successful financial advisors at the end of the day.

And you know, that is everyone's mission on the team. And how we navigate through that by the partners that we work with, as I mentioned earlier, within the financial center leadership team, with the consumer leadership team, right within our Merrill leadership team, all making sure that we're collectively working together cohesively is really key. Something that, you know, really excites me is that when you do get something right, then it's a full team effort, right? It was everyone's involvement and engagement that got it right versus, you know, I just did something on my own. So that's what brings me the most excitement and joy around working with just such a large team that is all striving for the same thing.

Gabi Carachilo: Collaboration can really be contagious, right? When you're all chasing after one shared goal, it makes coming to work pretty fun. And it sounds like you've created that kind of culture and environment on your team, which is really great. I wanted to pivot a bit to a topic that we hear a lot about at Fairygodboss, and we hear from our users that they're struggling with prioritizing or maybe juggling all of the responsibilities of work life, you name it. I wanted to hear from you what your work life integration looks like and how you juggle it all.

Lydia DiClemente: Very carefully. I juggle everything very carefully. Work-life balance is brought up a lot. And I have to say, I don't necessarily think that there's an, you know, a perfect answer on how you've accomplished work-life balance. You know, for me personally, and I think it's different for everyone, right? So for me, I have two children, 15 and 13, my husband works, my work is at home and my home is at work. So there isn't a line between the two. And that's what works for me, right? For others, work shuts down when they leave the office, when they come in in the morning, the personal life is kind of on the side, but for me, I have to blend the two. They literally bleed together to make it work for me. And it has up to this point, knock on wood, you know, if I remember early on commuting two hours to work each way on the train, nine months pregnant and having to figure out how I was gonna make it to a presentation at 7:30 AM it's just always been the way I had to operate with trying to manage both the career and personal life. And that drives a lot of people too, being able to successfully juggle it, which again, successful is, you know, a word used loosely here, but again, for me, they bleed together and I like it this way.

Gabi Carachilo: I really like that take, that it's what works for you. And that might be different for each person, but articulating what those needs are and then finding a workplace that can meet you where you're at and can support whatever that mix may be is so helpful and so important. And it sounds like you found that perfect match with your current role and team. So, I appreciate you sharing that.

Lydia DiClemente: And you just said it, you have to respect what works for everyone else too, right? Right. And what needs other people may specifically have around that. And again, things come up, right, whether it be an illness or an emergency and ensuring that as a leader, you're respecting that and you're supporting that. And that's one of the things that Bank of America does phenomenally well in making sure that everyone feels that support, but being able to bring it down to your specific team and their specific team and their specific team, I just think it's very, very important. And so, like I said, what works for me, works for me, doesn't necessarily have to work for everyone else, but as long as everyone understands that and respects that, that's the key. That's the key.

Gabi Carachilo: That's a great point, great point. Alright, at this point in the conversation, we're going to transition to what we'd like to call our fast five questions. Are you ready?

Lydia DiClemente: Sure. How fast? I'm a fast talker if you haven't noticed. So how fast?

Gabi Carachilo: Real fast. Real short and sweet.

Lydia DiClemente: Okay.

Gabi Carachilo: What is your favorite karaoke song?

Lydia DiClemente: Oh, so for the viewers that can't see me, I have a microphone in front of me and I'm terrified of saying my favorite song because then you're gonna make me sing it. 

Gabi Carachilo: <laugh> I will not. I will not.

Lydia DiClemente: Favorite karaoke song. I will say Gangster's Paradise would be my favorite karaoke song. You're making a face…

Gabi Carachilo: No, I love it. I love it. 

Lydia DiClemente: That yes, yes, yes, yes. I think that's a good one.

Gabi Carachilo: That is awesome. My next question is, what is your favorite way to practice self-care?

Lydia DiClemente: Favorite way to practice self-care is it has to be running. I'd love to say I do it every day. Unfortunately, I don't have time to do it every day, but when I do 30 minutes of being outside listening to music and being able to clear my head before I even start my day is just the best way.

Gabi Carachilo: I love it. Who is one celebrity that you would like to have dinner with?

Lydia DiClemente: I love laughing, so I would have to say, it would have to be a comedian. Let's say Jimmy Fallon. I'd be guaranteed to laugh and yes, Jimmy Fallon,

Gabi Carachilo: Sign me up. What book or podcast would you recommend to our audience?

Lydia DiClemente: Well, podcast has to be Fairygodboss Radio, right?

Gabi Carachilo: Love the plug. Thank you. 

Lydia DiClemente: That's gotta be the podcast. I love to read. Unfortunately, I don't get to read as much as I used to as I'm traveling a lot. Whenever I'm traveling, I'm reading more around work spreadsheets and presentations. But I have to say a book that sticks out to me that I really enjoyed and would recommend for all of you to read if you haven't already, is Brave Not Perfect by Reshma Saujani. It's just fantastic. So many great takeaways from it, quotes that you'll literally live by after reading it, so I highly recommend that one.

Gabi Carachilo: Wonderful. And at Fairygodboss, we believe that women can sometimes be disadvantaged because we're not always great at taking credit for our accomplishments, personal and professional, and we can only get better if we practice. So I'm going to put you on the spot, Lydia, and I'm going to ask for you to brag for us right now. Could you share an accomplishment with us?

Lydia DiClemente: That is a great question, and it is so true. II see that every day. It is so hard for us to be bragging and sharing successes that we have because then it makes you seem like you're coming off as arrogant. So I truly appreciate the question and the opportunity to be able to brag a little. I have to say, when I look at my career and I go back 22 years as a financial advisor trainee, and knowing that that was something I was so passionate about, to fast forward 20 years later and be able to say that I'm responsible for a training program at Merrill at the size and scope it is, that is just something that I pinch myself when I wake up in the morning and say, wow, I'm just so proud to be able to do this every single day. And that is an accomplishment that I wish I could brag about more. So thank you for the opportunity to do so here.

Gabi Carachilo: Well, thank you for bragging for us. It is absolutely a great accomplishment and I appreciate you sharing that with us. My final question is, what would be the number one piece of advice that you would like to leave our audience with?

Lydia DiClemente: One piece of advice, I could give you 20, but if I have to, let me go down. How about three? I'll give you three. Like we'll take quick points real quick. <laugh>. Um, first one I would say really be sure to surround yourself with the right people. We talked about that a little bit earlier on, but making sure you're with the people that balance you out, right? Diversity of thought is super important. The second one, I would say never settle, the sky's the limit and just continue to drive and drive yourself and drive the people around you to never settle. And then last but not least, I'll just say that we really are our worst enemies at times. So do not be your own worst enemy. It's not going to help you in being productive. And so just avoid that and just realize that you're wonderful, you're fantastic, and you can do whatever you put your mind to. Just continue to focus on it and work hard on it and you'll get there.

Gabi Carachilo: That's great advice. That is fantastic advice that I believe will resonate with every member of our audience. So thank you. Thank you. We appreciate you sharing your incredible journey with us and all of the valuable insights that you've shared during today's discussion. Thank you so much for joining us on this episode of the podcast.

Lydia DiClemente: Thank you for having me.

Gabi Carachilo: Thank you. And thank you to our audience for joining us. Please stay tuned for more inspiring stories and practical advice in our upcoming episodes.