Our Two Cents and Backdoor Roths

Welcome to Work & Wallet—a newsletter where finance meets career advice.

Our Two Cents with Erica Birke, Head of Institutional and Asset Management Marketing at Fidelity

We recently chatted with Erica (Steinig) Birke, who gave us some advice on careers, encouraging creativity, and more. Check out what she had to share.

How would you describe the work Fidelity Institutional and Asset Management do for those who might be unfamiliar with them?

To keep it simple, Asset Management makes the investment products and capabilities that people need in their financial portfolios, while Fidelity Institutional distributes those products, with a specific focus on financial intermediaries and institutions. The marketing team I lead works across those businesses. We focus on maintaining and growing relationships with clients and prospects; driving product awareness, adoption, and retention; designing engaging web, social and digital community experiences; and creating a culture that fosters growth, creativity; and smart risk-taking.

What's the best career advice you've received throughout your career?

Own the outcome. When you make a mistake or fall short of an expectation, own up to it and talk about how you’ve learned from it. Humility is one of the most underrated and attractive leadership qualities.

How do you encourage creativity and innovation on your team? 

I talk to my team a lot about delivering what I call “breakthrough creative.” I believe that everyone, in every role, can apply creative problem-solving to the challenges and opportunities they face to reach their intended outcome—whether that’s a fantastic visual story that connects to the intended audience or a unique way to remove steps from a complex process that makes teams more productive. There are many flavors of creativity and innovative thinking to celebrate.

What was your “I made it” moment?

Making it is really about feeling confident in the shoes you’re in. I think most of us have fought imposter syndrome at some point, so being able to quiet the doubt in the moments that matter is a big milestone for every leader. It’s having the grit to show up and deliver consistently, even when you’re secretly nervous. It's such a satisfying feeling, pushing yourself and succeeding.

What hobbies bring you joy outside of work?

I love being with my family and traveling together. We’re on a mission to see the world! Next stop: Costa Rica. I also enjoy giving back to a cause that’s close to my family.

What would you tell your younger self if she could see you now?

I would say: surround yourself with amazing people who believe in you and push you, and tell you the truth, and don’t forget to look back at what you’ve accomplished! Between my incredible family, some of the world’s greatest mentors and sponsors, and finding my way into corporate cultures that support learning and growth, I had so many people that helped me to believe in myself and my potential. All of these people made me who I am and made the journey an incredible one.

What’s something you were scared to do at work but glad you did? Let us know in the comments below!

Is a backdoor Roth right for you?

You’ve probably heard of a traditional IRA and Roth IRA, but what about a backdoor Roth IRA? Basically, it’s the name for a strategy of converting amounts in a traditional IRA to a Roth IRA.

Why use a backdoor?

Maybe you’d like to be saving for retirement in a Roth account, but you earn too much to contribute directly to a Roth IRA. And maybe you don’t have access to a Roth 401(k) plan at work. In that case, a backdoor Roth IRA strategy might make sense for you.

The process behind a backdoor Roth:

• There are no income or age requirements when making a conversion.

• You can contribute nondeductible funds to a traditional IRA and convert the funds to a Roth IRA.

Simple enough, but it’s important to understand that converting to a Roth is a taxable event.

Read more on the specifics and tax implications.

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