Hartford Business Journal

www.HartfordBusiness.com March 13, 2017 • Hartford Business Journal 3 Power of long-term savings drives Prudential President Marcks By Stan Simpson C hristine Marcks recalls working in her father's pharmacy as a 13-year-old, growing up in Western Massachusetts. The work was minimal. The pay was mini- mum, about $1.60 an hour — and there was one non-negotiable condition. "We were expected to save three-quarters (of what we were paid) towards college,'' said Marcks, the second oldest of her parents' five children. Though she was able to secure scholarships, loans and part-time jobs to pay for undergraduate and graduate work at Assumption and George- town, respectively, the $8,000 in savings from the drug-store job supplemented Marcks' education. Her father had planted a seed about the power of long-term saving, a concept he him- self didn't fully adhere to when it came to his retirement. Establishing a dedicated savings plan and leveraging time against compound- ing interest would eventually become the focus of Marcks' professional life. For the last 10 years, she has been presi- dent of Prudential Retirement, a subsidiary of Prudential Financial Inc. The retirement divi- sion is headquartered in Hartford, employs 2,700 people in Connecticut, Pennsylvania and Iowa — and manages $386 billion in investments. Marcks understands that many of her 4.1 million clients are working-class people or small business owners, such as her dad. The experience working at his pharmacy taught her patience, discipline and how to live below her means. "It just started a pattern where I became very good at figuring out what my basic liv- ing expenses were — and socking away everything else,'' said Marcks, 61. She lives in Bloomfield with her husband, Richard, a retired chief actuary of the state of Connecti- cut. They have two adult children. An exam- ple of her frugality: She drives a 10-year-old four-wheel drive Infinity G25 "and it works just fine,'' she said with a smile. "In our business, we're trying to get people to recognize their own behavior in the way they think about finances, and trying to get them to adopt those good behaviors," Marcks said. Prudential Retirement's strategy is to set up programs that demystify the nuances of investing. It is also working with young people, through a partnership with Junior Achievement, to promote financial literacy. An exercise for many clients is to have them visualize how they see themselves in 30 years. "Living below your means is a really good way to save," Marcks said. "And it gives you more free- dom from financial stress. It gives you more options." The key to the company's growth, however, is not so much its clients, Marcks said, but its employees. "Grow the people and that's what drives success," she said in a Prudential meeting room several stories above Hartford on Trum- bull Street. Shortly after Georgetown, where she earned a master's degree in international eco- nomics, Marcks worked for the U.S. Treasury for eight years. An avid world traveler — she has visited most of Europe and beyond — Marcks is also conversant in French, Spanish and some Russian. In 1987, she landed a job at Aetna, as a cor- porate economist. She worked for 17 years there, elevating to vice president, then serv- ing in a similar capacity at ING. In 2004, Marcks became a vice president at Prudential Retirement and was promoted to president in 2007. "I moved around a lot at a young age and understand that you don't get anywhere without taking some risk," Marcks said. She describes her management style as engaging and inclusive. "I've learned to be a delega- tor," she said, conceding that wasn't always an area of strength. "I have definitely learned the power and freedom of delegating to smart people. I try to focus my time on the things that only I can do and pass along to others [the rest]. It's so interesting to see people rise to the opportunity when you give them a chal- lenge or stretch assignment.'' Her daily routine includes rising at 5:30 a.m, working out and arriving at the office at 7:30 a.m. From there, the day is filled with meetings. An hour each day is slotted for "think time" in Continued 860.871.1111 Toll Free: 800.741.6367 nemsi.com License #'s: E1-104939 • S1-302974 • P1-203519 • F1-10498 • SM1-192 • MC-1134 MECHANICAL • ELECTRICAL • PLUMBING • SHEET METAL • BUILDING AUTOMATION • FACILITIES SERVICES SERVICE SOLUTIONS…ONE SOURCE The company that builds and installs the critical systems in virtually every type of facility is the same company you can rely on to maintain them. For over 50 years, our clients have trusted us to deliver end-to-end facilities solutions, so they can focus on their core business. We are experts in: Facilities Services Preventive Maintenance Programs Onsite Operations & Maintenance Stan Simpson FACES OF BUSINESS Playing the Long Game Christine Marcks said her dad taught her the power of long-term savings, which has become the focus of her professional life at Prudential. P H O T O | S T E V E L A S C H E V E R

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