Terance Takyi is now a leading financial advisor at UBS Financial Services. But his rise was no accident — and required him to adjust amid tumult in the financial industry.
Takyi's career was thriving at JPMorgan Chase in 2006. But just as he graduated from the firm's analyst training program, the 2008 financial crisis hit. Everything changed overnight. And he was one of only 13 in his class of 67 that kept their job.
"I decided that the only way I might move up in the organization was to aggressively network," Takyi said. "So I started setting several appointments a day to have coffee with executives at a time when you had to email a request to get onto their calendar."
Opening doors required a strategy. "I described who I was, that I was looking forward to doing something in sales, left my resume, and they all said they'd keep me on their radar," he said. Takyi kept reaching out even though nothing was happening.
Finally, he scored a meeting with "a very senior woman whom I had no business even contacting," he said.
By the time he got back to his desk, he had been copied on an email. She'd sent the message to her seven direct reports, recommending they meet Takyi. "I soon had a job setting appointments for sales reps in the Western states and it was a game-changer for my career," he said.
Continuously Grow Your Skills
Takyi, 40, ultimately became the first Black managing director in private wealth at First Republic Bank.
But his story began in Brooklyn where he was born. His family moved near Boston when he was 11. Takyi's father came from Ghana, West Africa, and was an IBM data analyst for mainframe computers. His mother, from rural North Carolina, held a wide variety of jobs.
Takyi earned a B.S. in economics at the University of North Carolina Greensboro. He applied twice for an MBA. But he kept putting off acceptance because his career kept him so busy. JPMorgan promoted him to associate after three years.
Three years later, however, he realized he probably would not reach his goal of vice president. There were too many others ahead of him for the job. Getting immediate hang-ups when calling clients and saying he wanted to set an appointment for someone else frustrated him, too. "But it thickened my skin, which was valuable for the rest of my career," he said.
Looking To The Next Step
In 2012, Takyi submitted his resume on Microsoft's LinkedIn where recruiters could see it (before it became a place for employers to offer jobs). One recruiter at ING Group, a multinational financial services company, offered Takyi a similar appointment-setting job. But this job reported to a senior leader who would help him learn how to manage a territory.
"I learned more in three years there than all my time at JPMorgan," Takyi said. "And I had a cool boss who became my mentor and told me I had more potential than ING could fulfill, offering to review outside job offers."
Takyi kept looking for more responsibility. "I met the CEO of Piedmont Investment Advisors, a boutique asset manager in North Carolina, and became its senior sales manager for all accounts from Chicago to the West Coast in January 2015," he said.
Learn From Mistakes And Be Willing To Change
Takyi got married in September 2014. He and his wife, a human resources manager, were living in New Jersey. And they realized by mid-2016 that his flying around the country most of the week was not working well for them.
He interviewed with Goldman Sachs in New York. The investment bank hired him to be a private wealth manager and vice president.
"However, I did not fully appreciate what I was taking on when I was assigned to the No. 3 team in New York," he said. His assignment was to recruit and serve clients with a minimum of $25 million in liquidity. These are investors who "could write a check for that amount as needed," Takyi said. "Of course, high net worth individuals and families have had long relationships with other money managers, so trying to win a new deal was always ultra-hard."
But that was not his fundamental problem. "Unless you've grown up inside Goldman's walls, it's a tough culture to adapt to," he recalled. "I never found the kind of sponsor and mentors there like I had at JPMorgan, where I still had many friends."
Seek Opportunities For Innovation
In 2019, one of Takyi's connections at JPMorgan approached him about a new opportunity there. JPMorgan was strong in banking, with a $1.4 trillion balance sheet at the time. But its private wealth management group was too small to advise the enormous number of customers with just checking and savings accounts, Takyi said. The company wanted to hire experts to educate local branches. That way they could refer clients to explain why they should invest more.
"I visited some (bank branches) and while we were at one in New Jersey, an SUV pulled up and out came LL Cool J," Takyi recalled. "I was told he preferred keeping his money at the local bank, which had many other wealthy clients with the same attitude. So I decided right then to seize this opportunity and returned to JPMorgan in October 2019."
But then the pandemic hit five months later. People were doing as much work remotely as possible. Takyi thought this was going to be a disaster for him — as face-to-face relationships are so important in what he was doing. Then he realized he could effectively connect with clients digitally.
Emphasize Your Strengths To Keep Moving Up
Takyi says he never experienced serious racism in the town where he grew up, even though his family was one of only seven Black families there. But in the business world he became aware of how few minorities were in senior positions.
"First Republic Bank told me they understood that I had very good relationships with my clients and they needed advisors who had experience with those who had less than $10 million in liquidity, which most wealth managers wouldn't even bother with," he said. "Their managers were aging out and having someone 37 (years old) take over who would also be their first-ever African American advisor would help them start to diversify and appeal to a broader base of clients."
He joined First Republic in June 2021 as a managing director, overseeing $227 million in assets. By March 2023, he'd built a following with diverse clients. UBS Financial Services recruited him as a wealth manager.
"I can offer strategic advice about market trends and the entire financial picture that is personalized and high-touch as clients' needs evolve," he said. That "resonates with those seeking more than just traditional wealth management."
But Takyi has a bigger life than just managing money. In May 2024, Amref Health Africa appointed him a board member. He helps build long-term strategies to impact health, working with governmental and nongovernment organizations, donors and event organizers.
Takyi also has another job, as djTAO. He plays a mix of jazz, hip hop, R&B and electronic dance music for events. "Each is unique and immersive," he said. "It's about breaking the mold and showing that you can excel in different fields. I've been told that I have inspired others to embrace their talents and pursue their passions without limitation."
Terance Takyi's Keys
- Financial advisor at UBS Financial Services.
- Overcame: Disappointing results after changing firms.
- Lesson: "Continuous learning is the foundation of all success."
