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Though the national economy might not be as strong as it once was, it is still possible to succeed, according to Scott David, president of retirement services for Fidelity Employer Services Company.
David, an alumnus from Miami University's class of 1988, spoke Tuesday afternoon at Hall Auditorium as a guest speaker in the Farmer School of Business's Executive Speaker Series.
He focused on his experiences in the financial services industry and advised students on how to be successful in their professional and financial lives.
"Many of you might be sitting there thinking, 'I'm just starting my career, how can I be viewed as a leader?' … Your generation, Generation Y, will be the largest portion of the United States workforce in 10 years," David said. "You will be called upon very quickly, faster than any generation before, to provide leadership in your chosen course."
David spoke about Fidelity's "profile" for successful leadership, advising students to be well-rounded in character, expertise and how they perform in their fields.
He said his personal principles include maintaining open dialogues within one's business, being aware of how business is done in its entirety (beyond his own involvement), remaining technically competent and keeping a "brutal focus."
To demonstrate what he meant by such a focus, he related how early in his career he became the top account manager in his organization by meeting all 1,000 of his clients face-to-face.
David also cautioned students that in order to be truly successful, they must learn to manage their money and save it, as opposed to spending until they are deeply in debt. He reported 46.2 percent of all American families carry credit debt, with many of them unable to quickly pay it off.
"Your (financial) future is fundamentally different than your parents or my parents," he said. "Clearly we are a country in crisis as it relates to savings."
So that they can have enough money with which to retire, David said, it is beneficial for students to begin saving money early, as it will accumulate interest over time.
Additionally, he advised investing in stocks and bonds and remaining aware that seemingly insignificant purchases can add up to a sizable amount over time.
Alan Oak, assistant dean of external relations in the Farmer School of Business, said that David's visit was something that all students could enjoy, as it was a chance to gather insight from an upper-level professional.
"It's a unique experience," Oak said. "It enriches the strong academic instances students receive in the classroom."
Oak said he hoped students could recognize David's success and use it as inspiration in their own professional careers.
"We feel it's important students have the opportunity for a first-hand experience with a leader," he said. "Leadership is important for all our students."
Though Fidelity is based in the Boston area, the company has a strong presence in Northern Kentucky and a smaller base in Cincinnati, Oak said.
Fidelity administers its services to more than 16,000 employers, which in turn affect 18 million employees. Its total customer assets exceed $3 trillion, David said.
Given its proximity to the university, Oak said the company has expressed a desire to recruit Miami students more heavily.
"Fidelity is growing quite rapidly nationally and particularly at their campus in Kentucky," Oak said. "They are very interested in enhancing their (recruiting) relationship at Miami University."
Junior Nick Tricarichi, a finance and accounting major, attended the lecture for his business class and said he was pleased to see some of his professor's lessons reiterated by David.
"It was interesting and definitely worthwhile, especially the savings part," Tricarichi said. "Our professor has been preaching that for a while so it was good to hear that from someone within the profession."
