Advice
Take 10 with Sanjay Patel
Meet Sanjay Patel, managing director on the Financial Services Investment Banking team. In this edition of our Take 10 series, Sanjay discusses his path from analyst to managing director – all at Raymond James. Continue reading to learn more about Sanjay's growth story and what has kept him at Raymond James throughout his career.
1. You joined Raymond James as a first-year analyst, were you born an investment banker?
If you asked this question to my family, their answer for me probably would suggest I was supposed to be born a doctor or lawyer, as I cannot even count how many Dr. Patel’s are in my family! In all seriousness, I never set out in college to become an investment banker or consultant or follow any of the traditional career paths upon graduation. I did happen to do a brief internship with the team that eventually hired me into the business and what drew me more to the position than anything else was the people I worked with. They took a genuine interest in me and my development, and became true mentors. From there, I grew a deep interest in investment banking, my specific sector and serving our clients. The rest, as they say, is history.
2. What has kept you at Raymond James all these years and what developments on the platform excite you?
When I first joined Raymond James as an analyst, I quickly realized that it was a unique firm – one that truly focuses on doing business the right way. What has impressed me the most is that through our exceptional growth and evolution of leadership over the last 20+ years (both in investment banking and firm-wide), our culture and approach has not changed. I’ve been asked many times why I have only been with one firm throughout my career, and the answer is simple. There is no reason to look elsewhere. We have the products and capabilities that rival any of our peers, the teammates and culture to execute and we continue to evolve and adapt to the changing environment. What excites me about the next 20+ years (well, maybe not that long for me…) is seeing the benefits of our investments not only in our infrastructure and technology, but more importantly our investment in talent and the development of our junior bankers.
3. Tell us a bit about your coverage area and what keeps you committed to the space.
I was hired into the Financial Services Investment Banking Group and since joining in 2000, my core focus all along has been on community banks. When I first started, there were only two senior bankers at the firm calling on banks and as such, our coverage geography was very wide, which is why to this day I am not focused on any one particular region. What I enjoy most about the space is that the philosophy of our clients is very similar to that of mine and Raymond James as a whole – there is a strong focus on service and clients come first. I will say that this alignment is what continues to attract me to the space. Similar to community banks and their clients, we are not focused on any one particular transaction, but rather building long-term relationships – which is something that I truly enjoy.
4. For junior bankers, how would you best describe the path to becoming a managing director?
I would say that for each individual person, it’s different. That is, for some – the realization that they want to make a career out of investment banking may come sooner than for others. So while my path was relatively straight, it could take many twists and turns – including leaving the business and coming back. Of course it’s essential that in order for someone to advance they must be committed, focused and hard working. But in terms of the personal decision-making process, I will say for junior bankers contemplating investment banking as a career that it is critical to focus on what is important to you – and to make your own decisions. Make sure that this is a role that you will enjoy and be fueled by – life is short and you will spend a lot of time at this job, so make sure it aligns with your long term goals and vision for yourself. One of the advantages I had (and continue to have) throughout my career was being surrounded by impactful mentors, who over the last two decades have become close confidants and friends. I have been fortunate enough to have their support and wisdom as I developed my own path which I hope to return to the younger bankers I work with.
5. What has been the most surprising decision of your career?
While I never intended to pursue a medical or law degree, I always valued higher education and did at some point believe I was going to go back to school to obtain an MBA. Our analyst program was, and continues to be, three years long and about half way through I realized that this could be a potential long-term career as I enjoyed the work, the firm, my team and the client aspect of the job. It was unusual at the time to jump from analyst to associate without the higher degree, but I felt supported and confident and decided it was worthwhile to explore, despite concerns from others, both internal and external, regarding the impact of not pursuing an MBA. I remember during my first year as an associate I was reading a textbook on fixed income in my office and someone came by and said jokingly, “See, you should have gone to get your MBA!” I thought to myself – well, at least I’m learning and still getting paid! Deciding to stay at the firm was definitely a turning point in my career and I can say, for me personally, that I would not be in the same position had I left to go back to school.
6. What has been your biggest career challenge and how did you navigate your way through it?
I joined Raymond James in our Chicago office, which has always been considered the center of our Financial Services practice. In 2012 – a few years into being promoted into a calling officer, my wife was offered a compelling job, which required us to move to Atlanta. It was a tough decision, but we had family down there and we decided to explore the opportunity and moved down south. She denies it to this day, but when making the decision, I’m fairly certain she said something along the lines of “I’m moving to Atlanta, you can stay in Chicago or join me if you want,” which didn’t leave me with much of a choice.
Although we had an office there, my direct teammates were all located outside of Atlanta. While that may not seem like a big deal now, teamwork and being in the same office was an integral part of not only my development early on, but the development of other members of the group. It was a particular challenge as no one had heard of Zoom at that time and remote working was non-existent. What I learned early in the process is that in order to maintain relationships and work well with others remotely, communication is essential. It was not always easy, but I knew it was critical to ensure collaboration and inclusion. While we ultimately moved back to Chicago, those lessons learned proved essential as the pandemic hit and we moved into a fully remote working environment.
7. Tell us about your pitch style, what is the Sanjay Patel way?
I believe that the best approach to building a relationship is to focus on listening. Not only does it enable a better understanding of clients and their long-term needs, but it also helps build trust. I rarely start off a new meeting with the sole focus on me or Raymond James’ capabilities, but rather I spend time learning about both the company and their strategy, allowing for an appropriate and tailored follow-up. I have always focused on coming to conclusions and decisions through discussion and collaboration versus pitching the idea of the day.
8. You support investment banking diversity initiatives, why is this important to you?
To me, embracing diversity is an acknowledgment that we can advance – both personally and professionally – from broadening perspectives and ideas. Diversity in the workplace can be a source of learning, innovation and increased problem solving, which not only do I believe is the right thing to focus on, but also is proven to lead to better business outcomes. But we can’t just stop at diversity as inclusion is equally as important. Someone once said that diversity is about headcount, but inclusion is making sure each head counts. So, not only is there the business case for the benefits of diversity and inclusion, I believe it’s also culturally important to foster an inclusive workplace. I was fortunate to serve on our inaugural Diversity & Inclusion council for Global Equities and Investment Banking – and while progress will take time, I am encouraged by the initiatives and leadership commitment at the firm.
9. What’s one piece of advice you’ve received in life that has stuck with you?
As you can imagine, I’ve received a lot of advice over my career, both solicited and not. One that has stuck with me focuses on doing what is right and not what is easy. We are faced with many decisions – some with the temptation of taking the easy way out – but I’ve always kept focused on long-term goals and that is an exercise in patience, no matter the work involved. This has stuck with me in this job – our business is based on relationships and trust and any deviation from doing what’s right risks losing that trust and being considered a true advisor. Frankly this approach may have cost me a piece of business or two over my career, but it’s an approach that I value, is evident firm-wide and one that I am very proud of.
10. Lastly, tell us a few non-career related fun facts about yourself!
My wife and I love to travel. We love immersing ourselves in new cultures and cuisine and have a bucket list of must-see places. Fortunately, our kids have caught the travel bug too and love to go on adventures with us and remind us we have a lot of making up to do given the last few years.
I am the chef in our house and have always enjoyed cooking. The pandemic allowed me to improve my skills and experiment with different recipes and cuisines. Some were more fan favorites than others!
The pandemic also allowed me to rekindle an old hobby – doing puzzles. The kids help, and we are up to about 30 glued puzzles sitting in the closet right now. We started off with 500-piece puzzles and are now doing those that are 2000 pieces. I would go up but don’t think the table is big enough.