Staffing & Culture | 09.11.24
Open-Door Leadership: Insights From 2024 BISA Circle of Excellence Honoree Wallace Harris, Jr.
by: BISA Staff
The Circle of Excellence Award, BISA’s highest honor, recognizes exceptional leaders who have made a lasting impact on the profession and the association. Reserved for senior executives with over 20 years in financial services, recipients are celebrated for their vision, innovation and outstanding career achievements. In this interview, we spoke with Wallace Harris Jr., president of BMO Investment Services and one of the 2024 Circle of Excellence honorees.
Reflecting on your time in the financial services industry, are there any pivotal moments or experiences that significantly shaped your professional journey and leadership style?
I was fortunate in my career to have great mentors and opportunities to work for some fantastic organizations. But the moment that shaped my leadership style the most occurred very early in my career. I had joined Continental Bank in Chicago after earning my MBA, and at that time, individuals were onboarded by participating and passing the bank’s commercial credit training program. During one of our sessions, the bank’s CEO, Thomas Theobald, spoke with our cohort about the bank, vision and many other things you might expect. When he ended his talk, he said that he had “an open-door policy” and invited us to feel free to come speak with him at any time.
I took Mr. Theobald at his word and went to his office one day, shortly after completing the credit training program. I was greeted at his office by his assistant who was not open to letting me in to see him, since I had not made an appointment. Fortunately, Mr. Theobald heard our discussion and came out of his office and invited me in to see him. I remember him saying that over his career, he had made the open door comment numerous times, but I was the first person to actually take him up on it. Well, I was embarrassed and proud. Mr. Theobald told me that he was impressed and committed to a quarterly meeting with me where he would share what it meant to be a CEO, our bank vision and strategies, and other parts of his leadership. In turn, he asked me to simply share with him the “truth” about what was happening in the bank and feedback on initiatives, culture, etc.
As you might imagine, Mr. Theobald’s generosity with his time and genuine engagement with me over the next several quarters, had a profound impact on me and my leadership style. So I too adopted the open door policy as well as staying committed to telling the “truth” about our business. I learned to develop strategy to meet the problem and not simply take my old strategies and attempt to apply them in all situations, expecting them to always work. He taught me to occasionally challenge the norm, have a point of view and build a system around the team — not force the team to fit a system.
The Circle of Excellence Award celebrates long-term commitment to the profession and BISA. What does this recognition mean to you personally?
The Circle of Excellence Award was an absolute honor for me. It represents significant acknowledgement of hard work and dedication. It motivates me to strive for excellence in my role, encourages continuous improvement and reinforces the importance of teamwork and collaboration in achieving goals.
What challenges have you faced in driving innovation, and how did you overcome them to achieve success?
The challenge I have faced most consistently is resistance to change from people. Overcoming it required open communication, encouraging feedback and collaboration. Consistency, being visible and providing resources and training helped the team understand the change, its benefits and their role in the change. Talking to others about their role in the change helped to engage everyone in the process. I was sure to celebrate small wins along the way. These actions helped to build support and successfully implement innovative solutions.
Can you share any advice for newer industry professionals who want to leave a lasting impact on the industry?
My advice is simply to treat others with respect, embrace differences, work hard, have a point of view, keep learning and growing and keep showing up.
Looking ahead, what emerging trends or developments in the financial services industry are you most excited about?
I am excited to see how artificial intelligence (AI) impacts this industry. The financial industry is hungry for enhanced efficiency, accuracy and improved customer experience. There is a need for improved automation of routine tasks, more personalized financial advice and greater fraud detection. I think AI has the opportunity for significant advancements that will benefit both businesses and consumers.
Wallace Harris, Jr. is the president of BMO Investment Services, leading a national team of financial advisors who provide customized financial planning and wealth management solutions. Wallace has received many honors as an accomplished executive who has delivered many positive impacts to his businesses over his 30+-year career. He is also involved in the community and has served on many community organization boards. Wallace holds an MBA from the University of Michigan and a bachelor’s degree from the University of Notre Dame.