Podcast

Head to Head x Caroline Gundeck: This is a relationship business

An award-winning leader in financial services shares what it takes to be successful in a “relationship business.”

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January 30, 2025 | 35 minute read

About this episode
In a new episode of Head to Head, Caroline Gundeck (Managing Director, Head of Client and Field Engagement, Morgan Stanley Private Wealth Management) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to share how she became one of the industry’s leading community builders, her team’s powerful approach to high-net-worth clients and what it takes to be successful in a “relationship business.”

About Caroline Gundeck

In her role, Caroline is responsible for strategically connecting Financial Advisors and their Ultra High Net Worth (UHNW) clients and prospects to all key areas of the Firm to showcase the strength and depth of the Firm’s vast resources. She proactively focuses on UHNW clients’ needs across all segments and identifies customized and comprehensive solutions to deepen client relationships. Caroline represents the Morgan Stanley brand in the marketplace, and is committed to Morgan Stanley’s focus on Women and Next Gen. She is dedicated to empowering women and millennials who are investors and clients and in the workplace.


Transcript excerpt:

Kirsten Pickens: All right, Caroline, thank you so much for being here on Head to Head. Ryan and I are so excited to have a conversation with you.

Caroline Gundeck: Thank you, I’m loving to have a conversation with both of you. Thank you for being such great partners of ours.


Kirsten Pickens: Thanks for saying that. This is doing me fun because you are always a ball of energy. So, Ryan, and we got to bring our energy levels up.

Here’s where I wanted to start because this industry that we’re in and financial services, it’s so much built around your relationship, equity. And connections and building meaningful connections and networking. Your name is synonymous with all of those things, which we’re going to dive into throughout this conversation. Before we do that, I really just wanted you to take us back. Let’s zoom out. Let’s start from the very beginning here about how you got into the industry, why did you want to get into the industry and just take us through your career trajectory a little bit.

Caroline Gundeck: So interesting because I don’t think financial services was the industry that I said to myself, that’s the one I’m going into. I was in college and I wanted to graduate in three years. So I said, okay, how am I going to do that? So I went to my advisor and I said, can I get college credits for interning somewhere? And he said, well, let me look into that. And he said, yes, you can. And so I said, okay. Where can I do that? And he said, we have a financial services firm that you can intern at and you can get college credits. I said, great, sign me up, I want to do that.

And so my first internship…it was funny because I got on the train, wore my Navy blue suit, ready to go, things have changed today. But it was downtown on Wall Street, and my job that I was given was…I know I’m dating myself, but this is true, okay. My job was to go get the numbers for the firm, the sales numbers, and there was one color copier on Wall Street, and I had to go to the color copier and see…green meant we had a good week. Red meant not so good.

So I sat in an office, probably eight feet by eight feet, that I shared with someone else. And he grilled me because I was an Economics major. He made it his job to grill me to see if my degree is actually legitimate. And all these questions he’d asked me, I’m…what, wait a minute. And then I’d look over to my boss through the room and I saw him in the next office over. All he did all day long was sit—and again dating myself—on an adding machine. And the tape on the adding machine just went down to the floor. And he didn’t speak to anybody. And I’m, whoa, is this my life? No connection to the outside world? And I thought, okay. Like this internship idea. When I went back to my advisor, I said, love the internship idea, but I’d like a little more exposure to people instead of…interaction would be good.

So he said, oh, let me check. He checked with that firm and said, listen, would you like to intern in one of their branches? I said, sure, let’s try it. I got into the branch every day, and went in and loved the interaction with the advisors, with the clients. Before I was about to graduate, they came to me and said to me, Caroline, would you be interested in a job here at this firm? And I said, do I need a resume? He said, no, you don’t. We’ve seen your work. Fine. And I said, okay, I’m going to take the job. And I did.

This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

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Headshot of Kirsten Pickens

Kirsten Pickens

Managing Director, Co-Head of U.S. Distribution

Ryan Robertson

Co-Head of U.S. Distribution

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