"Nogales, Arizona, is as far away from New York City as you can get, it seems," says wealth advisor Jane Rojas, who's built a $503 million Tucson advisory practice near the mountainous border town where she grew up.
"My clients are winning in a very complicated world, but they shouldn't have to deal with an advisor who doesn't speak their language, who doesn't speak their lifestyle," the Morgan Stanley advisor continues. "So that's my job: bringing very sophisticated analysis, products and services from New York City to my clients in Nogales—from Wall Street to Main Street."
Rojas' family, which moved to Nogales from Tuscon when Jane was in first grade, has firmly rooted itself in the largely Spanish-speaking community of about 20,000, a hot spot for international trade that moves billions of dollars in goods and fresh produce across the border annually.
Rojas, who's one of Forbes' Top Women Advisors, now thrives by serving the financial needs of her diverse clientele—from women seeking financial guidance to small business owners and entrepreneurs to Latinos in search of bilingual investment expertise.
And having previously served as national chair of Morgan Stanley's diversity council for three years, Rojas champions for diversity in the field.
"If you look at the average FA today, he's 58 years old, white, male. Only 15% of FAs out in the field are women," says Rojas, 62, at a recent Makers conference. "That needs to change—because our client demographics and the communities we come from don't look like that."
Growing up, Rojas spent over a decade working at her family's small hardware store a block from the Mexican border. With a Spanish-speaking father and a Chilean-born mother, Rojas says the ten years helped fine tune her "retail-hardware Spanish"—not quite the "financial advising Spanish" she's since mastered, but the language was a key first step in her 37-year career.
The niche Nogales market, rich in trade and small business, was a tough one to tap into for those unfamiliar with the community. But in 1982, Rojas had both the lay of the land and M.B.A. training that piqued the interest of her family's financial advisor, who also happened to be a regular at their shop. The advisor, who owned a small practice in Tucson, lived in Nogales and envisioned an expansion of his business into the region.
"He'd realized that Nogales, Arizona was going to be a market that he just couldn't really get into, and so he wanted somebody who was from there, who was bilingual, bicultural," Rojas says. "He'd come into the store and say, 'Okay kid, when you're ready, come work for me, and we'll do this together, and it'll be wonderful'... It wasn't my plan, but it just worked out."
Rojas started as a client service associate and receptionist at her family's advisor's firm, opting to learn the business from the inside rather than through a training program, and she quickly moved up to junior partner.
Today she leads a four-person team as senior vice president at Morgan Stanley's The Rojas Group, which counts about 300 families as clients. A product of its Nogales roots, the advisory does a lot of cash management for area business owners, helping with liquidity needs and the flow of business.
For a while, Rojas and her cousin operated a cross-border advisory that they'd formed as a joint partnership. Her cousin did business from the nearby Mexican city of Hermosillo, and Rojas remained in the U.S. Their clients included produce farmers such as tomato growers in Mexico who sold their goods all over the U.S. Her cousin eventually moved and joined a different firm, but Rojas stayed on, now doing business primarily on the domestic side.
Over the decades, Rojas says, during her day-to-day conversations about goals-based investing and retirement planning, she's found herself increasingly encouraging clients to not shy away from making "joyful" decisions as they get older.
"A lot of my original clients really worked hard and were very careful in accumulating their wealth, and there's sometimes guilt about spending it," she says. "But you have to step away and look at life: You worked all of your life to accumulate this, you've built so much wealth for your children, now go and enjoy it too—appreciate it, but enjoy it.'"
About advising, Rojas emphasizes its massive influence, mainly in providing expertise that the average person doesn't have: "It's hugely impactful today, and for generations to come, and the weight of that should be very heavy to advisors." It's a wonderful opportunity, she adds, and it's one she hopes can lure in younger advisors.
As for her own future, Rojas has welcomed her daughter, Selina Rojas, to the team as a junior partner. The younger Rojas joined Morgan Stanley seven years ago as a junior service associate out of California before moving to her mother's practice in 2014.
"I've been in this business so long, and I'm always thinking numbers, jumping ahead and thinking solutions," Rojas says. "And she listens differently than I do," she says of her daughter. "She's tough on me and, having a different set of eyes and ears in meetings and also looking at the practice, it's really moved us forward."