Having the opportunity to chat with Liz was one of the most unique conversations I have had while interviewing for our Dynamic Women series. Liz’s story is so powerful and unique that our conversation took us into overtime. I couldn’t stop sharing as I was writing this. Her commitment to the industry and lifting up other women along her journey is one of strength and inspiration. Please welcome me as we learn the story behind the beginning of F2 Strategy and Liz’s road to getting there!
– Maree Moscati, CEO
Liz Fritz
Co-Founder
F2 Strategy
Maree: Liz we are so excited to learn more about you and how your journey came about co-founding F2 Strategies. Please share with us how that all came about.
Liz: I love that you are doing this Maree and supporting women is a real passion of mine as well. As co-founder of F2 it is a real focus and priority for me and I’m honored to be given the opportunity to utilize this incredible network to do so.
On April 1st – yes, April Fool’s Day, we turned eight years old. My husband, Doug is the co-founder and an ally for women as well. Together, we try to do our part and move the needle in supporting women. As a matter of fact, I went to an all-girl school, so I had a different education growing up. I was always told I could be whatever I wanted to be and I had a great support system with my parents. My dad was an entrepreneurial father and my mom was a stay at home mom but was a nurse prior to having me. Because of them and my upbringing, I never thought there was a room I couldn’t speak up in – I was taught to raise my hand and share what my thoughts were and that whatever I wanted to do was always within reach. Women, especially in financial services – there’s not as many of us that can say that unfortunately, and I realized once I was out in the real world, my experience was very different. There are undertones of competition and it was a challenge making my way to the top. You can imagine that those experiences were kind of a shock to me.
And so as I grew in my career and built my network, I eventually founded my own company.
I really felt like I owed it to be a champion and for every success I attained, I reached out to a woman on either side of me and pulled her up with me as I paved my way in this industry!
Growing up I actually studied to be a veterinarian (that’s a long story) because I always loved animals. My passion about animal welfare and being involved in things of that nature made me realize quickly that it wasn’t really what I wanted to do. So, I then moved to San Francisco at 22 years old with a group of girlfriends and applied to every job I could. I wound up accepting a position with Wells Fargo Private Bank as an executive assistant. I worked for the Head of Marketing, who today, is still one of my dearest mentors.
He saw the potential in me and my eagerness to learn and told me that if I managed to keep him organized, he would put me on any project I wanted to do. He helped catapult me into this space. I received exposure to all different parts of the wealth management group and really fell in love with that line of work, specifically through the lens of women. We all know that as women, we don’t always talk about finance! Thankfully, we see the change in today’s world. I always felt that it was such noble work to advise and provide pathways for individuals and families to set up their financial legacy. Afterall, what is more mission-driven than someone’s financial security and that of their family?
Being artistic with an analytical brain and having a love for writing, I found my passion being the bridge between marketing and clients. Back then financial services kind of had an icky feeling – ie: you go there to make money for yourself – it felt like a “make more money, grow, grow, grow” mentality. And in reality, what I fell in love with were the stories of the investors. Stories around advisors helping women through a divorce or supporting a family save and plan to send their kids to college. These were the stories I wanted to help tell. So, I came about my calling haphazardly because as a 22-year-old, I honestly had no idea what I wanted to do.
Maree: What an interesting journey with twists and turns Liz! When I first became a financial advisor, I worked with an elderly woman who never handled her finances. We sat for 2 ½ hours just going through her story: married for 42 years, no children and her husband handled everything. She was financially secure but had no idea that she was. So, we decided that the only decision she should make that day was no decision at all. She was still very emotional but was grateful to learn that she can wait some time before we can delve into more of her financial security and what her wishes and goals were. I’ll never forget that that experience helped me realize the fact that I wanted to work with women, because back in the 80s there were plenty of women who grew up the way I did without discussing financial matters.
Liz, please continue on – how was F2 born?
Liz: Fast forward many years, I married my husband, Doug. He actually started F2 first. He realized after being the CTO at First Republic that he wanted to be the consultant he wished he had while on the business-side. At the time, we had 2 young boys, 1 ½ and a 9 month old! We had become the couple that dropped them off as soon as the daycare door opened and picked them up just before they closed.
That’s when Doug decided on the name F2 Strategy – for our 2 Fritz’s. (Love it!) At the time, I decided it might be better if I stayed at my job for a little longer. I wanted to see firsthand what this “entrepreneurial” world looks like. And so, for a few months I saw Doug work in a different way. Mind you this was all before COVID and work from home was not a thing yet.
I saw Doug not only do great work for his clients and friends of ours but being very excited about making cool decisions with industry-leading wealth firms, being innovative and owning his own work schedule. When I realized that he got to spend more time with our boys, I put in my notice and joined him a short four months later. My decision came down to the foundation of family values.
We experienced incredible growth by building a company that empowers people to work hard but also have their own flexibility. I call it work-life fluidity.
Maree: Can you explain work-life fluidity?
Liz: Sometimes when the kids are at soccer or another activity on a Sunday, I can get some good work done but then I might be coaching on a Tuesday so I’m not in the office that afternoon. For me and my family, that fluidity was so powerful and empowering to me as a mom. I had never realized that I could do great work but also be there and be present with my kids until then.
Maree: That is an incredible story Liz and thank you for sharing it with us. My mom always said to me, “regret the things you did, but not the things that you didn’t do.” In other words, go after it – get it done – take the risk! So hearing your story reminds me of her words that still stand so true even today!
So, moving on Liz, please share with us what really excites you about what’s happening right now in the wealth management industry: specifically in your case the wealth management technology space.
Liz: Two-fold. First, in the industry – I’m seeing more women step into this space and I love being part of that journey and love connecting with them. It’s always a fantastic vibe when you are in a room full of women who are talking about their ideas and lifting each other up. It’s quite the difference from when you are in a room filled with men – the collective power of women can be really, really great. About three years ago we started this campaign for Women’s History Month in March. It is about #womeninwealthtechtowatch in our network. It is a simple way to leverage our network to make a change. So every month we spotlight a rockstar woman in our space. It’s my personal mission of connecting and bringing these women together virtually with the hashtag #womeninwealthtechtowatch and I’m proud to say many conferences use that hashtag to search for speakers!
My message to women is we all have this powerful story, right? And we need to have the space to share our stories, because the more we can see it, and say it, then the more we can be it!
So part two – that leads me to the end client experience. F2 Strategy is a financial services technology strategy and implementation consulting firm. We help our clients make better decisions about tech and deliver on that technology. So, the technology we help firms implement helps to alleviate some of the more tedious and time consuming tasks advisors have to do, giving them back more time to spend with their clients and focus on building that human connection. After all, that is what an advisor/end investor truly seeks. For the end investor, they no longer need to go into an office – they can simply have conversations digitally. So, when done well and done in a very strategic way for a segment of investors, financial services can be more accessible and drive financial literacy and empowerment. Technology is the way forward with all of that.
Maree: That is one of the most unique responses I’ve ever heard to that question and powerful! Now let’s switch gears here as I would love to hear your thoughts about how we can make financial services a better place for women.
Liz: I firmly believe that financial services is a mission driven industry that was founded and written in a different light. I would encourage firms and advisors to talk about the values of your business and why those are core to the services you provide. I suggest that we begin by deconstructing the financial services industry and talk more about its mission and its purpose rather than simply wealth and investing. If we do this, I believe more women will be drawn to the industry and those already in it will feel more comfortable speaking up! With the corporate structure of today I believe there’s more of an opportunity to make it more inclusive, not only for women but people of color, different personalities or disabilities – that would be a win-win for everyone.
Maree: Great points Liz. So one last question – Who is your most influential mentor and why?
Liz: So, I think everyone should have their own personal Board of Directors. These are individuals who I’ve collected throughout the years, who are advocates for me, who have reached out a hand to support me and who I make intentional check-ins throughout the year to stay connected with.
I encourage everyone to take some time and think about who your personal Board of Directors are. Reach out quarterly or annually but stay connected. It’s so powerful to simply check in and tell them your story. They are invested in your success and want to follow and support your journey! To name just one I would have to say my first boss at Wells Fargo, Martin Skea. He saw potential in me that I didn’t even see in myself. I’m so grateful to him for providing me with a wealth of knowledge and calling me out when my growth edges appeared. He pushed me to do things I didn’t think I wanted to do or knew how to do! I would say that Martin has been a solid thread through the tapestry of Liz throughout my career.
I would have never been able to be on the path I have been on all these years without having the confidence of my personal Board of Directors along the way.
It’s important that you tell your stories and along your path, lift others up when you see that spark you connect with!
Bio:
Liz is co-founder and former chief commercial officer of F2 Strategy where she led all brand strategy, digital marketing, advertising, social media, content and PR for the organization until the firm’s very recent acquisition of SKY Marketing Consultants. She brings almost 20 years of experience working with some of the most well-known global brands in the HNW and UHNW space such as Wells Fargo Private Bank, Abbott Downing, U.S. Bank and BNP Paribas. Liz is a frequent industry contributor, webinar participant and proud Chief member, the only organization specifically designed for senior women leaders to strengthen their leadership journey. She is particularly passionate about creating a company culture of well-being and supporting other women in the WealthTech and Fintech industries. Liz is the mother to two active boys, wife to an amazing husband (and business partner!), and dog-mom to an Australian labradoodle.