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Growing up as a Puerto Rican in a lower middle class New Jersey neighborhood that was predominately white in the 1960s, James Cotto tried to fit in and assimilate. That continued as he entered the financial services industry in 1988 and even when he climbed the corporate ladder.
“I got the blue suit, white shirt, and tie; kept my hair short and my face clean shaven,” Cotto says. “I assimilated, did the job, and people didn’t know my nationality. I showed up and got a modicum of success, which I attribute to grit, hard work, and my passion for helping others.”
Even prior to his career, when people assumed Cotto was Italian, he did not correct them. That was until he met other successful Latino leaders who inspired him to embrace his Puerto Rican roots.
“I met a friend of mine who became a mentor that was a CEO on three or four different continents. Then, I met another leader who introduced me to many successful people,” he says. “It was this whole world of educated, sophisticated, driven, and entrepreneurial-spirited Hispanics. It gave me a tremendous amount of pride and led me to embrace my Hispanic ethnicity.
“Although the problems and issues I’ve faced as a leader have gotten more difficult and sophisticated throughout my career,” he continues, “it’s easier because as time went on, the more authentic I could be.”
“Although the problems and issues I’ve faced as a leader have gotten more difficult and sophisticated throughout my career, it’s easier because as time went on, the more authentic I could be.”
James Cotto
Today, Cotto is proud to show up as an authentic leader for his clients and colleagues at Morgan Stanley. As managing director of Wealth Management and a wealth adviser, Cotto and his predominantly Hispanic team help American Latinos pursue financial independence and financial sustainability. He says, “My career at Morgan Stanley has been a blessing.”
“We work with entrepreneurial-spirited individuals, corporation[s], nonprofits, endowments—and it’s been great. It’s one of the things we do and we’re passionate about it,” he says. “That’s because there’s some core commonalities between us and our Latino clients. As a community, we’re all about family, faith, the flag, and giving back.”
His success has freed him up to share his expertise with his community. He is a distinguished member of several groups, such as Maestro Cares Foundation, the National Association of Hispanic Real Estate Professionals (NAHREP), and the Hispanic Association on Corporate Responsibility (HACR). He also participates in the Latino U Scholars program, the Hispanic Scholarship Fund, and more.
His involvement in organizations like these stems from internal conversations he’s had with himself about what his legacy will be when it’s all said and done.
“How do you want to be thought of as a father, husband, uncle, and business leader? What is your value system? I thought about these questions first. Then, I said to myself that I wanted to be a good provider, a productive part of society, and someone who gave back to the Latino community,” he shares. “You can’t be what you can’t see. If you’re not putting yourself out there, people don’t have anything to aspire towards. That’s especially true in the financial services industry, where there’s not an abundance of successful financial advisers. I just feel like being out there and making myself visible, giving back, being approachable, and being helpful is important.”
That’s how Cotto approaches shaping not only his legacy but also his team. He believes in “sharing the stage and understanding that people make mistakes.”
“My leadership style is about effort, loyalty, not being the smartest person in the room, but understanding what the smartest person is saying when they speak,” he says. “Being someone that’s moldable.”
“If you do the right thing, take a minute to think about what’s truly important and focus on that, I believe you can be proud of who you are.”
James Cotto
Prior to Morgan Stanley, Cotto worked for the First Albany Corporation, Merrill Lynch, and Wachovia Securities. Throughout his fifteen-year tenure at Morgan Stanley, Cotto has earned several designations and titles including as family wealth director, global sports and entertainment director, corporate client director, portfolio management director, international client advisor, and workplace advisor of equity compensation.
He wouldn’t trade his profession or where he works for the world.
“What’s great about our industry is that you’re judged by how driven and successful you can be, the quality of advice you can provide to your clients, and the revenue you produce that benefits the firm,” he says. “That fits into my DNA. It’s actually a results-oriented mentality. If you wake up, suit up, and never give up, you can provide a nice life for your family.”
Cotto has a wealth of knowledge to offer young people wanting to enter financial services and wealth management. Some of it has to do with the kind of traits a person needs to succeed in his field.
“If you can deal with failure, adversity, disappointment, have good multitasking skills, are organized, and want to help people, this is a great job,” he advises. “It’s different every day and allows you to help people in need.”
If you need decide to pursue the profession, be authentic, Cotto urges. “If you do the right thing, take a minute to think about what’s truly important and focus on that, I believe you can be proud of who you are.”