Susan Rees is a financial services representative at MassMutual Financial Group. She’s been in the financial services industry since 1984, joining MassMutual as a sales manager in 1994. In 1998, she became only the third female general agent in company history. No longer in the role of managing the agency, her focus is serving her clients and improving financial literacy for women and girls. She’s part of the MassMutual Women’s Focus Mastermind, which was established by senior female executives to influence the company’s direction in women’s initiatives. Rees formed MassMutual’s first Women’s Advisory Board for Financial Literacy.

She received a degree in education from the University of Illinois and began her career as an elementary school teacher. Rees later earned professional designations such as CLU, ChFC, CLTC, and Registered Investment Advisor. Rees has been active in Women in Management, Women in Leadership of Central Illinois, the National Association of Women Business Owners, the Regional Council for Make-A-Wish Foundation of Illinois, and Kickapoo Council of Girl Scouts. Rees has received numerous awards in recognition of her professional and volunteer efforts.

Rees and her husband, Lem, live in Washington and have two grown children.

Tell us about your background, schools attended, your family, etc.

I come from a large, close family (third in the lineup of seven kids) and was raised for the most part in Moncton, New Brunswick, Canada. My father was a meteorologist for the Canadian government, and my mother was a teacher but became a stay-at-home mom  when she had her first child. My father’s work took us from eastern Canada to Ontario before coming to Illinois on an assignment to train Americans who were to be stationed in northern Canada on the Distant Early Warning (D.E.W.) Line. Four years later, the family returned to Canada—but without my older brother and sister and me because we were attending American universities.

I graduated from the University of Illinois with a degree in education. I married my high school sweetheart, Lem Rees, who also graduated from the University of Illinois. For the next six years, I taught elementary school, and then, like my mother and many women, I left the workforce when our children were born. At the time, we were living on a farm near Grand Ridge, raising corn, soybeans, pigs, chickens, goats, and a huge vegetable garden. Living on the farm, which had been in Lem’s family for more than 100 years, was a wonderful experience not only for our son and daughter, Aaron and Sarah, but for me as well. I think living and working close to Mother Nature builds character.

Lem is now a pastoral counselor, and Aaron and Sarah are young adults with degrees in economics. Aaron has his own business in Downers Grove, and Sarah lives in Colorado. Sarah is the chief operations officer for her brother’s company, Modern Image Studios, and combines working “virtually” from Colorado with quarterly work-related visits to Illinois that provide Lem and me with treasured visits with our granddaughters. We now live in Washington, and since moving to town, I’ve had to substitute a more manageable flower garden for the big vegetable garden I used to have on the farm. For our primary exercise, my husband and I ride a tandem bicycle.

Tell about your career path from an elementary school teacher to financial services.

I first returned to the workforce—on a very limited basis—when the kids were preschool age, teaching preschool part time at the Streator Y. This arrangement was ideal because I could take my children to work with me. Later, when the kids were in first and third grade, Lem was called to the ministry and entered seminary. I needed to work full time but soon realized returning to full-time teaching wasn’t an option. Our local elementary schools were struggling financially and cutting teaching staff. This forced me to look for other options. In a routine visit with our insurance agent, the small talk about what I was up to lately led our agent to suggest that I consider a career in the financial services industry. This seemed like a good “temporary solution” for employment until Lem was through seminary and/or I could get back into teaching. That was 22 years ago. Considering I knew nothing about the business world or insurance and investments, I can only imagine that a higher power was looking over me so Lem could finish seminary. I soon figured out I couldn’t leave the business because people expected me to be around for a long time to help them see their financial dreams turn to reality. How fortunate I was to discover a new career that allowed me to do exactly what I loved to do—teach and serve people—while having the flexibility to build my work schedule around my family priorities.

I spent the first several years in that career building a clientele and credentials. Achieving CLU, CHFC, CLTC, Registered Investment Advisor, and many licenses that allow me to offer a full array of financial products, as well as supervise those who sell these products, provided many opportunities. Aside from the fact I like to learn, I felt it was important to distinguish myself as a “serious player” in a field that’s traditionally been occupied by men. Back then I had no female role models, so it was important to me to have credibility. My dependability and credentials opened many doors for me over the years. I’ve served in several roles—sales manager, agency trainer, assistant general agent—and in 1998, I became the third female in MassMutual’s history to become a general agent, with a 64-county territory. I left that position in 2004 and have come full circle, doing what I started out doing, which is educating and serving people by providing financial services based on client needs. The only difference now is that after all these years of experience, I’m compelled to devote a significant portion of my time to financial education for women.

You left your position as general agent but are part of MassMutual’s Women’s Focus Mastermind. Tell us more about that organization.

The Women’s Focus Mastermind consists of a group of senior-level female executives and selected individuals from the field who’re dedicated to evaluating and influencing MassMutual’s women’s initiatives. Those participating in this group impact policies pertaining to the development of marketing, training, and seminar materials created for women, as well as studying company culture as it relates to recruiting and retaining women.  The Mastermind group promotes dialogue between the home office and the field, as well as provides a connection to the communities we serve through Women’s Advisory Boards for Financial Literacy. Our meeting locations are varied—sometimes in the home office,  sometimes in an agency, or at a conference setting such as the Office Depot Conference, “Success Strategies for Women,” which took place last spring in Hollywood, Fla. Our group invites the 13 chairs of the Women’s Advisory Boards located in our major markets throughout the country. The members of this group have formed quite a bond. It’s a dynamic, energizing, and powerful group of women. It’s truly a pleasure to be a part of an organization where women are at work, shaping the future of the company.

MassMutual’s second vice president, Susan Sweetser, and vice president Diana Ruddick provided me the opportunity to pioneer the first corporate-sponsored Women’s Advisory Board for Financial Literacy. The company and I shared in the investment of bringing a consulting firm (Advisory Link) to Peoria to help me structure the board. We interviewed and selected Sue Herring, retired director of the Peoria Public Library, as chair and selected women leaders from the community to serve on the board. For the first year, the consulting firm worked closely with our board as we formed our mission and determined our priorities.

When talking about the money spent for the consulting firm, notice I use the word investment rather than expense. When we hear the word expense, it usually carries a negative connotation. Any money used to promote the advancement of women and girls is an investment in the future of our worldwide community, and that’s a good thing.

Tell about the purpose for the Women’s Advisory Board for Financial Literacy.

I formed the board so I could glean advice from the most successful women in our community about increasing public awareness of the need for financial literacy for women, identifying areas of need, and how I might be able to provide education, resources, mentorship, and career opportunities to women as a response to the need. Our board formed its mission: “To empower all women and girls to have the independence and self-confidence to make informed financial decisions to enhance their quality of life.” Each woman who’s joined the board has shared her personal story about what it means to serve on the board. A common theme emerged—whether they witnessed this or experienced it personally—that financial despair dramatically affects self-esteem. There’s a shared belief that this dynamic group can play a positive role in preventing financial despair by developing and supporting programs for young girls and women in need of financial education and “fiscal confidence.”

What are some of the typical problems women face regarding finances?

When it comes to the fine art of earning, spending, saving, and distributing money, studies show women lag behind men in confidence and knowledge about finances. Since there are any number of challenging issues a woman may encounter throughout her “financial life cycle,” the lack of confidence and knowledge can further exacerbate a bad situation. For example, we have teen mothers with limited educational and career opportunities and careers interrupted as women go in and out of the workforce due to family obligations such as caring for children or elderly parents. Aside from the immediate loss of income, there’s a significant affect on Social Security benefits. Other issues like divorce, widowhood (average age 56), wage gaps, glass ceilings, and women coping with or leaving domestic violence all limit a woman’s financial potential. In addition, we have social norms and some natural  behaviors that lead women to put others ahead of themselves. This can translate into financial hardship for women simply because they aren’t looking out for their own long-term financial needs.

When financial despair affects self-esteem, other issues surface that affect family and community life. We kid about curing the blues with “retail therapy,” but it can get out of control. It’s tough enough when things are good to deal with all the societal pressures that influence our spending habits, let alone use restraint when feeling depressed. When overspending results in bad credit, you have a whole new world of hurt. If you have serious holes in your financial education and a lack of mentors, you’re not adequately prepared to deal with these stressful issues. So who’s most affected by this? Youth? Minorities? It’s important to realize that even the most business-savvy woman may have missed out on some financial fundamentals. President Ruth Simmons of Smith College has a doctorate from Harvard, yet she says she’s still intimidated by the thought of tackling her own financial management. This is significant because in the end, all decisions women make about money and the emotional views they pass on to their daughters affect our society’s social and economic fabric.

From what backgrounds do the members of your advisory board come?

I’m very proud of the diverse experience and talent represented on our board. I want to name the remarkable women who’ve served or are currently serving on the board. Of course I run the risk of inadvertently omitting someone, but I’d prefer to take that chance, hoping to be forgiven, in order to have the opportunity to publicly recognize and give thanks to the wonderful women who are “true believers” in this cause: Duffy Armstrong, financial services professional, MassMutual, and business owner, I Know You Like a Book; Gail Baldes, corporate finance services manager, Corporate Treasury, Caterpillar Inc.; Joyce Banks, executive director, Community Builders; Patti Bash, health educator, Hult Health Educational Center; Dee Bent, mortgage lender, Busey Bank; Kim Brooks-Miller, former recruiting manager, Affina; Susan Dawson-Tibbits, attorney; Molly Fuller, executive director, Girl Scouts-Kickapoo Council; Barbara Hartnett, executive director, Friendship House; Martha Herm, executive director, Center for Prevention of Abuse; Sue Herring, retired executive director, Peoria Public Library; Becky Hines, executive director, YWCA Bloomington; Jennifer Hunt, education coordinator, U of I Extension Office; Young Kim, former director of Women’s Services, OSF; Jane Linnenburger, executive director, Smith Career Center, Bradley University; Dr. Helen Mamarchev, vice president, Student Affairs, I.S.U.; Judge Mary McDade, Appellate Court judge; Ketra Mytich, estate planning attorney; Cindy Neal, owner, Express Personnel Services and Sassy Lady; Janice Parker, Central Illinois Debt Management and Credit Education, Inc.; Suzanne Richey, former financial services professional with MassMutual; Doris Symonds, retired assistant director, Human Resources, Illinois Central College, author and business owner, T.A.L.K.; Kathryn Timmes, former teacher and project manager, 21st Century Grant, District 150; Janet Varnes, director of advancement, Office of Advancement and Community Relations, U of I College of Medicine, Peoria; Amanda Wozniak, former news director, WHOI-TV; and Linda Wright, executive director, Girl Scouts of Centrillio, Bloomington. If I went on to name all the awards these women have received, we’d fill the whole magazine.

What types of community programs have taken place in the area?

We’ve found a number of ways to interact with the community. Along with the help of the Urban League and the Boys and Girls Club, the board has promoted Mass-Mutual’s LifeBridge Program, which offers free $50,000 life insurance policies—the proceeds of which are to be used for children’s education—for families with household incomes between $10,000 and $40,000. We’ve presented numerous financial seminars designed specifically for women; our agency sponsored the Women’s Lifestyle Show and provided three financial seminars at the event. The Center for Prevention of Abuse was our “charity partner” for items collected at the Women’s Lifestyle Show, and we collaborated with the Center in its financial educational classes for women in transitional housing. We’ve provided informational classes for our own board members as well. Our biggest, locally initiated event was Welcome to the Real World, a joint venture with the U of I Extension Office, presented to seventh- through ninth-grade girls at inPlay. This program is a real-life simulation exercise where girls choose a career and base expenditure decisions on the corresponding salary. At the end of the program, they have the opportunity to evaluate their choices. We provide breakfast and lunch and give the girls “goody bags” and a gift card to conclude their day with playtime at inPlay. By providing this program the past two years we’ve reached more than 170 girls and have involved well over 100 volunteers who claim to have had as much fun as the girls. With the board’s input, I’ve personally supported other events for women and girls and have had many mentoring opportunities. We continue to encourage women to choose a financial services career so they can enjoy the professional growth opportunities the career offers. This effort supports our goal to increase the number of women available to advise women.

What are the plans for the future of the advisory board?

Our big event for 2006 will be a community-wide Financial Education Week for Women, to be held the week of October 9. On Columbus Day we’ll be doing the third annual Welcome to the Real World event for girls. All week long our financial and educational institutions, businesses such as auto dealerships and real estate agencies, professional firms such as accounting and legal, social service agencies, credit counseling companies, and governmental agencies will be presenting a full calendar of financial topics for women. Of course anyone wanting to attend is welcome; no men will be turned away. There are many programs in existence, and hopefully this will help the community become more aware of the help that’s out there. Watch for more information about this in the media. Programs will be occurring all week long throughout the day and evening with some fun perks for attendance.

This Financial Education Week is a first step toward achieving a much larger vision. I ultimately would like to see a Financial Education Center for Women serving our wider community. The Center would be a clearinghouse for financial information and would provide a one-stop, comfortable environment for women to explore and link to the many resources available in the community. Such a center would serve women on all points of the  spectrum—from those who need “just-in-time” or crisis management information, to women seeking advanced solutions for complex financial planning issues. To have such a center would necessitate forming a nonprofit organization so we can receive grants and other types of funding. Over the next several months I’ll prepare a business plan just like any start-up business seeking capital. Sometimes I can’t sleep just thinking of the possibilities and the good it could do for our community. Consider this an open invitation to any interested parties who’d like to share their ideas with me or any of the board members.

How do you encourage women to become financially knowledgeable and independent?

Whenever the opportunity presents itself, whether in front of a group of women or just talking one on one, I welcome the chance to have a meaningful conversation about whatever is important to them about money. It seems to make more sense to talk about what they want money to do for them rather than talk in terms of net worth. Because women are highly relational, their financial goals and motivations come together when they get to the heart of how money can impact those they care for most. Each year most of us spend more time planning a vacation than we do mapping out or reviewing our financial goals. I encourage women to set goals as the first step. If there’s a gap between where she is now and where she’d like to be, she needs to explore options for getting on the right track. Most people are too busy to do it all with self-study, so I encourage them to find a trusted advisor to get them started.

Do you find that women are surprised by how easy—and how empowering—it can be to learn about handling their finances?

Oh, absolutely. Making decisions about money can be daunting, but like any situation where we face the unknown, you’d probably feel better if you felt you had some control. We have to make decisions about money whether we like it or not. When people say, “I just can’t make a decision, so I procrastinate,” they actually have made a decision—the decision to do nothing. Doing nothing has its own set of self-limiting consequences. This avoidance behavior usually stems from fear. The antidote to fear is action. It’s easier to take action when you have a level of knowledge and trust. Once you know why certain options make sense for your particular situation, you can quit second-guessing yourself and relax knowing your choices are founded in sound financial principals. Just having a game plan truly is empowering.

Does this generation of young women better understand finances than their mothers did?

Yes. For example, younger women have grown up with a different vocabulary. Mutual funds, IRAs, and 401(k) plans are common household terms today, but not so a generation ago. Many women are marrying later in life, so they’re learning more as they take sole responsibility for their finances. We also have more young women studying finance and starting businesses of their own. With these opportunities comes a higher level of financial sophistication. In addition, the media attention placed on baby boomers’ lack of preparedness for retirement has created more dialogue among younger people about the need to plan earlier rather than later for retirement. They’re also concerned about the future of Social Security, the lack of company pension plans, and the cost of health insurance. While they’re aware of the need to shore up their personal savings, awareness and action are two different things. We can understand the fiscal facts, but taking proactive steps in response to the facts requires self-confidence, self-discipline, and the necessary resources to get the job done.

Time is on a young person’s side, but so far the data doesn’t show that younger women or men are saving at the rate necessary to provide financial security in retirement. As we continue to live longer, long-term inflation will erode our buying power. There’s a real concern that the majority of people will outlive their savings in retirement, especially when you consider the increasing cost of health care. I’m not alone in my concern that there will be a serious poverty issue for both the current and next generation of retirees. Since women outlive men, this will be a woman’s issue. All women need to be encouraged and mentored along the way to do the very best they can to manage risk, to stick to a systematic savings program, and to avoid the pitfalls of too much credit debt. Even though more young women today “have a clue,” the majority aren’t getting either the formal or common sense education that’s imperative for a financially healthy life. I feel we must do everything possible to bridge the gap.

What’s your biggest financial tip for our readers?

There are so many basic things I could say that fall into the category of the common sense education I referred to earlier that it’s hard to come up with just one thing that will have much substance. But here’s a thought I hope will provide some benefit to everyone, regardless of where you are on your road to financial well-being: think of the management of your personal finances as though you were running a business. You actually are. You’re the CEO and the COO. You get to make the executive decisions and carry out the operations of your financial business. How would an outside analyst view your business? Do you operate from a business plan? Do you have a mission and clearly defined priorities with timelines? Have you made any long-range projections as to where you’ll be if you stay on your current course? Are you critiquing the results of the decisions you’ve made in the past? Are you making “investments” that make good business sense—such as improving your education, taking the necessary steps to advance your career and income potential? Are you making other good business decisions such as courageously protecting time for family, friends, and expression of your faith? Do you have a team of expert advisors who’re giving you professional advice? If your financial choices are influenced by these and similar questions, you can be sure your bottom line will improve.

What would you like our readers to know that hasn’t been asked?

Remember, money isn’t everything, but it does give you options. If you’re at a loss for someone to talk to about your particular situation, you can call me at my office. If I can’t help you, I probably know someone who can. My heartfelt wishes for good fortune go out to all of you. TPW