When asked what the average person can do to help overcome disparities in society, financial powerhouse Morgan Stanley’s managing director and head of the Urban Markets Group, Marilyn F. Booker, said if you keep your character in check, while living by a few guiding principles, the rest will naturally follow.
“I think that what we believe and how we behave are directly tied to our character – who we are innately,” Booker said. “If we are people of good character, our inner compass will always drive us to do the right thing, to make sure that others are judged on the content of their character, and not on what they look like or where they are from.”
As the keynote speaker at Webster University’s Diversity & Inclusion Conference, Feb. 26 to 28, Booker will address the history of the struggle for equality, and what we need to do today to continue to move toward an open society that is blind to differences and supportive of everyone achieving the American Dream.
At Morgan Stanley, Booker empowers people to take control of their financial lives, working in underserved communities, taking services of a world-class firm to many who may not otherwise have access to them. She also teaches financial education to people of all ages to help them make financially wise decisions about their money – no matter how much they make.
In her previous role at Morgan Stanley as head of diversity, Booker’s primary objective was to level the playing field. In her opinion, she said, diversity is not about giving advantage to one group over another. It is about ensuring that the game is the same for all, so that everyone has the exact same equal opportunity to be successful. Once there is a level playing field, then merit rules.
Booker earned a Bachelor of Arts degree from Spelman College, and her Juris Doctor from the Chicago Kent College of Law at the Illinois Institute of Technology. She has been recognized by Savoy magazine as one of the Top 100 Most Influential Blacks in Corporate America, and by Uptown Professional magazine as one of the 100 Top Executives in America. She shared with us some of her insights on diversity, inclusion and working in corporate America.
What are some of the most valuable lessons you learned about business while growing up? I have encountered so many inspirational people – there’s been so many cooks in my kitchen who have made me who I am today. My mom was inspirational, but the real secret sauce was my dad – and my mom agrees! He decided that the way to get ahead was ownership – multiple properties and multiple businesses. My siblings and I worked in all of those businesses. I wanted to hang out with my friends, but in hindsight, that was one of the best experiences for me, because at an early age, it taught me discipline, organization, patience and how to get along with all types of people from all walks of life.
What drew you toward the law? Growing up, I would go to my uncle’s law office in Chicago, and just sit, watch and observe. When I was in high school, he became a judge, so my visits moved to his court chambers. I was his favorite niece, and everyone just assumed I would follow in his footsteps. That was drilled into me at an early age, so that is exactly what I did. I was fortunate in that I excelled academically. I graduated from high school at 16, college at 20, and law school at 23.
What caused you to take a different path after that? When I was in corporate law, I stopped having fun. I had no passion for what I was doing. I moved on and was fortunate to find my passion again at Morgan Stanley.
When did you first became involved in a diversity program and how did you approach it? I left the practice of law in the early ‘90s and began working at a consulting firm in Chicago, James H. Lowry & Associates. My first client, Morgan Stanley, was looking for a firm to help build a diversity program. We put into place several groundbreaking recruiting and development programs, focusing on enhancing the number of women and people of color at Morgan Stanley. We were clear that diversity was the right thing to do, and that it made good business sense. Having different people at the table, giving different perspectives, made for better decisions.
What sort of financial education programs do you do and where? My financial education programs are successful because they are not seminars designed to sign up clients. My goal is to educate – covering the basics on budgeting, credit, investing, types of investments, paying for college, planning for life, planning for retirement and, of course, leaving a legacy. I primarily work with nonprofits that work in the community and educate the people they serve. However, I have also worked with educational institutions and for-profit companies that are seeking to educate their employees.
Is there one thing that you would tell people of all genders and races to keep in mind as we work toward inclusion for all? I make sure that my character is in check by staying true to the principles that I live by: Be willing to give a hand up to those who come after you, regardless of who they are or what they look like; be nice, and treat everyone with dignity and respect; strive for excellence and always be over-prepared; have integrity and ethical behavior – always; do not get distracted by detractors; exercise impeccable judgment.
To register for Webster’s Diversity & Inclusion Conference, click here.
