Ebony Ruffin understands that life insurance is not a popular topic, especially among younger people, but in her Atlanta-based business, Ruffin Consulting Services, the 2005 Harbert finance graduate helps others understand that insurance is a significant component of sound financial planning. As she explains in this podcast, buying life insurance when young is a smart financial move.
Ebony Ruffin understands that life insurance is not a popular topic, especially among younger people, but in her Atlanta-based business, Ruffin Consulting Services, the 2005 Harbert finance graduate helps others understand that insurance is a significant component of sound financial planning. As she explains in this podcast, buying life insurance when young is a smart financial move.
Narrator:
Welcome to the Harbert College of Business podcast with your hosts, Sarah Gascon and Currie Dyess. Today's guest is Ebony Ruffin, owner of Ruffin Consulting Services, an insurance consulting firm in Atlanta, Georgia. She is a 2005 Harbert Finance graduate.
Sarah Gascon:
Ebony Ruffin. War Eagle and welcome to the show. It's such a pleasure having you with us today.
Ebony Ruffin:
War Eagle. It's a pleasure to be here today. Thank you guys.
Sarah:
How did you find your way to Auburn?
Ebony Ruffin:
Great question. I am from Montgomery, Alabama and I am a military brat. I say that proudly. My mom was active duty Army for 20+ years. And my junior year of high school I transitioned from Montgomery, Alabama to East Haven, Connecticut. So you can imagine being in high school, it's your junior year, you have your friends and everything in place and you're just waiting for graduation day. But for me, I made a pivot and this was due to my mom's career being active duty in the Army. So I finished up high school at East Haven High School and I could not wait to get back to Alabama. And of course there was no other school to consider for me other than Auburn University. And it worked well for my parents because I was selecting a school that was in state. And so that's how I made my way to Auburn and I have not looked back and I honestly feel it was the best young adult decision for me that has truly set me up for success in life.
Currie Dyess:
And you were a member of some societies at Auburn, is that correct?
Ebony Ruffin:
Yes. I was a member of Executive Society, which is through the Harbert College of Business. And I found my way to this organization wanting a sense of belonging to an organization that I identified would be instrumental in helping me transition from undergraduate studies into my career field. And so Executive Society really positioned the students to prepare for what the everyday workplace would be like, what does communication look like amongst your peers or your future colleagues? And it gave us a lot of interaction with professionals that returned to the university to share with us what a day in their life looked like. And I had the awesome role to actually host our guests. So I would give them a tour of the College of Business and Executive Society was value added for me as an undergraduate student.
Sarah:
What other activities or jobs did you partake in at Auburn University?
Ebony Ruffin:
At Auburn University, I worked at the bookstore and I was also a peak time teller at a bank. Now I thought this was pretty awesome because back then I was paid $15 an hour and for me I was like, "This is great." Because it was on top of my allowance that I was already receiving. And the agreement with my parents was I could work the job if it did not interfere with school and studies. And of course it did not. And so I was a peak time teller and I would go to the bank and work during what was considered the peak times. So some lunch hours and on some days in the mornings and it was just for a few hours. And this job, beyond the pay, what I really learned is I was given exposure that most students do not have coming out of the College of Business.
There are always a lot of banks that come to the school to recruit, but I had insight of what it would be like to work in a bank. So as a teller, I learned just roles and responsibilities of cash management, also checks and balances in a bank and internal referrals. For example, many of us do not go into a bank now, but I would say during this time period coming into a bank, you would have your regular customers and as a teller, I was responsible for understanding some of the products and services beyond your usual checking and savings account. And this allowed me to connect with customers, understand products and services and be able to recommend other products such as a home equity line of credit. So I really had an opportunity to bridge the gap between maybe what I was learning in a classroom setting and having a hands-on experience and exposure in the banking world.
Currie:
So you had a really great start with that banking job jumping right into your professional career and you stuck in the financial industry, generally speaking, since then, right?
Ebony Ruffin:
Yes.
Currie:
So can you just walk us through some of your first jobs and how Auburn helped impact those and allow you to grow?
Ebony Ruffin:
Absolutely. Auburn was resourceful in helping me with job placement, as I think Auburn has always been with the students. I worked with a team, I don't remember the name of the department during that time period, but there was an office that we could go to that provided hands-on support with helping us prepare our resume and cover letter. And from there we were equipped with the tools needed to attend the career fairs. So from there I decided that I did not want to focus on the banks that recruited on campus, I more so wanted to identify a company that had more of a trainee program that I thought would be best suited for my personality in transitioning from undergrad to full-time employment.
So my first job was actually a controller trainee in Charleston, South Carolina. And this job, it did not start off in the most glamorous way. So as a trainee in a program designed to help you transition into your area of subject matter expertise, you are given exposure in the various departments of an organization. And so here I am with my first job from undergrad and I'm literally starting in a warehouse with steel-toe boots in South Carolina in the summer.
But I can appreciate the opportunity because through this process I learned inventory management, how to keep up with the widgets of a company and actually be prepared for an audit. And so for a few weeks you maintain this role in the warehouse and then I transitioned to what was called the inside counter. So you're able to see products transition from the warehouse to the, I would say, to the sales floor. And now I'm engaging with customers, I am managing a cash register again, training other team members that were part of the training program as well. And from the floor experience you transition to inside sales. So with this company, they are known for consumers are building a home, they come to the showroom floor, they're selecting their Kohler and Moen and Delta products for their home. So now you are transitioning from the warehouse to the counter environment, now to the sales floor where you're interacting with clients, you are working on your communication, you're seeing if you really know the products and services.
And then from there, I ultimately transitioned to the accounting department. Where in the accounting department, I gained exposure to setting up new AR and AP accounts. This was so long ago, so back then I actually attended Dun & Bradstreet meetings. So this was pretty cool because this was a company where there were relationships built throughout the communities. And so if a John Doe was coming to your company and needed to obtain a $50,000 line of credit, not only could you pull the D&B report, but at these monthly meetings you get to engage with other businesses to see if this same John Doe has an account, what the payment history is like. So it was a phenomenal experience and I would definitely recommend to students, if you can find organizations that have programs, it may not seem attractive at first to start in departments that are outside of the area that you will be focusing, but you will greatly appreciate the experience later.
Sarah:
What skills did you learn during that period of time that has propelled you to the success that you have earned today?
Ebony Ruffin:
Skills that I learned during that time is first I would say seeking first to understand. That's very powerful because when you first graduate and you enter into a new position, you more so go into the position like, "Oh my goodness, I want to show you everything that I learned in school and that I am perfect for this position." But it's not necessarily about going to a new company and trying to prove your value or worth. I think it's more so about going to a company and being coachable. And by seeking to understand is what are the goals? What's the mission? What are the expectations of your colleagues, your supervisor, the C-suite executives? And so I would say the first is seeking first to understand. And by having clarity, I understood what my roles and responsibilities were, I understood what was expected of me and I was able to perform with clarity because I asked questions and I showed up and I was coachable.
I also learned that each department in a company, although they're separate, they work close to together. And so in order to get to the accounting department and understand the month end close process and understand audits and inventory management, it was helpful that I did start in the warehouse and understanding the flow of the goods and what it looks like when a shipment comes in. And so when you are in a position to understand how another department functions, then I would say you have empathy for their day-to-day operations and you have a greater understanding specifically from an accounting department's perspective, asking for reports and asking for information that's necessary to close the books. So the two main areas I would say, seeking to understand and also clarity of how departments work close together instead of separate.
Currie:
Those are really great skills to learn in that phase of life. But all of those have accumulated and led you to the point where you've opened your own doors, you have Ruffin Consulting Services. Can you unpack for us a little bit what led you to the decision to start your own thing and what it is?
Ebony Ruffin:
Absolutely. So I would say first, I recognized that I have a great skill for understanding process, procedures, documenting things and creating standard operating procedures. And so I identified with being a consultant. But at a younger age, I'm like, "Well, what do I consult in? How will someone pay me for my knowledge? What am I an expert in?" But I knew that I had the skills. So if you remember the days of Skype, my Skype name was actually MBA to Consultants. So I believe at that time that I had conviction that consulting would be a space that I would go in, but I just was not sure of my journey at that time. So I continued through my corporate career path in accounting and finance and that's when I had an aha moment. I was a director of finance for a law firm in Reston, Virginia. And part of that role and responsibility was the key person life insurance policy, the renewal of that policy and managing it for the key attorneys for the firm.
And I took a liking to this, and I know this is not a popular topic, but I really understood the ins and outs of life insurance and I understood it in a way that I could explain it to others in a simple way and people wanted to take that knowledge and take it serious to make sure that they had the life insurance. So from there, I did look at what the state requirements were. I studied for the exam, I passed the exam and I became licensed and appointed. From there, I transitioned to a phase of I want to be a resource that the market can trust when it comes to understanding what is life insurance, what to look for in an agency or an agent and what questions to ask yourself. How do you know you need life insurance? Should you seek life insurance beyond an employer? So I took this knowledge and information under the house of Ruffin Consulting Services and began to develop tools and also collaborate with other business owners on podcast episodes, blogs to share information about life insurance. And it actually turned into a business for me.
Sarah:
Well, tell us a little bit about life insurance. What is it and why should we have it?
Ebony Ruffin:
Life insurance is a contract between the insured and an insurance company. It's really simple. And life insurance is an integral component to financial planning. It's how we are able to pass wealth from one generation to the next generation and also alleviate leaving a financial hardship for our beneficiaries or our survivors. So most of us are most familiar with life insurance through fringe benefits from our employer. Typically, it's a percentage of our annual income and it's a term life insurance policy. But most times we do not take the conversation beyond our employer to identify that life insurance beyond our employer is important because the life insurance with an employer is only as good as you're employed with the company. But what we do know is insurance rates increase with age and health. So I took the approach of educating the market on why life insurance at a young age is the best time to purchase it. And so life insurance, it just essentially provides you coverage on your life for your beneficiaries when you do pass away. And it's a great component to your estate plan.
Sarah Gascon:
Bringing it back to corporate America, when you worked for corporate America, you climbed the ladder, you were promoted. Could you walk us through some of those steps in that process of how you put yourself in the best position to earn promotions?
Ebony Ruffin:
Yes. When we go into positions, we're thinking, "Oh my goodness, how do I get to the next step? How do I get in my boss's position one day?" And I always like to share with people, "Focus on doing what you are assigned to do really well and identify the roadblocks for your supervisor where you can be proactive. Whether that's provide information, eliminate roadblocks, create efficiencies." And so for me, this goes back to having a great skillset at creating standard operating procedures, seeking first to understand and doing what I do well and doing it consistently. And I truly believe consistency, being proactive in my position, working very well with others. All of these have always led to a promotion in any position that I've held in corporate America. And I think I'm on a verge of a promotion now, I'll find out tomorrow.
But I truly enjoy finance and accounting and it shows up in my daily work. In all of my reviews, I've received positive feedback about taking on the challenges, not just with the positive attitude, but taking on the challenges with the mindset as if I was the owner of the company. I don't look at my role and responsibilities as just a job or just a task, but I do care about how what I'm doing impacts the next department, how it impacts our financials, how it impacts the market that we serve, our consumers, our board of directors. And I'm truly invested in my career. And I believe by being truly invested in my career, it shows up in my promotions, whether I'm seeking a promotion or not.
Currie:
You're all in.
Ebony Ruffin:
Yes, I am. And this is also great dialogue because it shows that you can show up fully in your career and also be just as passionate about something else outside of your career. What I'm passionate about is life insurance and it's not too far from the world of finance and accounting, but I've truly found a love with what I do in corporate as well as what I have committed my time to outside of corporate. And from both perspectives, I am fully invested through continuing education programs, I'm currently enrolled in a Certified Financial Planner program and I really enjoy all things finance and accounting.
Currie:
Well, clearly you are crushing it in both areas. Looking back, is there anything that you would've done differently at any point in your journey?
Ebony Ruffin:
If there's anything I would have done differently, during my time period, I believe that it was really popular to pursue an MBA after you've just finished with undergrad. And it's like, I've just finished undergrad, but next you have to have the letters MBA. And looking back, I think there should have been more dialogue about certifications. Certifications hold just as much power as a master's. A certification allows you to focus on a specific topic, become a subject matter expert and be sought after for your area of expertise.
And so I would say to anyone that's listening to this, especially students, if you're somewhat torn between should I go for my master's program right now, should I focus on a certification? I would definitely say, do your due diligence and homework and entertain the option of a certification first. Oftentimes it is more cost-effective than pursuing a master's program coming right out of school. And it gives you an opportunity to be involved and enrolled in the program while being a full-time employee. So I would definitely say, if there's anything I would do different, maybe I would've dedicated more time to obtaining a certification early on in my career instead of felling the pressure that an MBA was a must within two years completing undergrad.
Sarah:
How do you ensure continuous learning and development for your team?
Ebony Ruffin:
I would say first leading by example, because I am fully invested in continuing education beyond my role in corporate. And the other part of this is when you are managing a team, you're having one-on-ones, you're seeking to understand what's important to your team members, but you also know what's important to the department. And with accounting and finance, it's easy to get, I would say, comfortable in the day-to-day role and responsibilities, the month end process, the quarter end process. But it's important for organizations to have team members that are seeking to understand what are the changes in the rules and regulations. And a way to do that is continuing education and also bringing innovation to the department. I have been responsible for implementing several accounting systems and sales and use tax programs. And this came through seeking to understand, continuing education and connecting with other professionals to identify tools that are used at their organization to make the process efficient.
Currie:
Ebony, you are on Teachable, which I believe you're the only person we've ever met that is on Teachable. So congratulations. That's really impressive that.
Ebony Ruffin:
Thank you.
Currie:
What other books, podcast, other resources would you recommend to someone who's trying to get into the financial services world?
Ebony Ruffin:
Oh, okay. This is a good one. What I would like to recommend doesn't necessarily relate to finance, but I believe that my recommendations will shape the mindset. So the first is Good To Great by Jim Collins and this book was assigned to me during an independent study course at Auburn by Dr. Gary Waters. And I believe the lesson of this book still applies to today. It talks about going from good to great with the life cycle of a business. After reading the book, I think going from good to great, you can also apply it in your personal life. It talks about the Hedgehog Concept as well as five areas of leadership. So definitely Good to Great by Jim Collins.
My favorite book, which I also have flashcards for is The 7 Habits of Highly Effective People. This book is by Stephen R. Covey. So I know the question was more related to those going into the area of finance, but no matter what area you're going into, these two books I believe will help with your mindset, it will help with your growth in your industry. It helps with understanding the peaks and valleys of a business, especially for students that are graduating now or graduated during the 2010 recession. It's all relevant. So in summary, The 7 Habits of Highly Effective People by Stephen R. Covey. Good to Great by Jim Collins. And I would say a bonus, I subscribe to the Money Newsletter. It's one of my favorite newsletters to open in my inbox in the morning. And the other one is Morning Brew.
Currie:
Yeah, I've read Seven Habits a few times and it is great. Dr. Covey, he hit a home run with that one.
Ebony Ruffin:
Yes.
Sarah:
Ebony, what advice do you have for our listeners?
Ebony Ruffin:
I'm just going to speak from a transparent place. I have a note in my phone on purpose. So my answer, I'm going to read from the note that I have in my phone because I believe that it will be like the cherry on top of the cake here. The advice that I have for the listeners today is to focus on what is your purpose. For me, purpose has yielded clarity, grace, direction and it has alleviated the need for me to want to rush and check off accomplishments in life. Purpose has helped me not focus on competition, being in a hurry to check off a goal or people pleasing. Living with purpose for me has allowed for positivity. It's allowed for me to make difficult decisions that sometimes aren't the popular decisions. Having purpose has allowed me to focus on being intentional instead of living up to the expectations of the industry, peers or family.
And for anyone wanting to hone in on their purpose, I definitely would recommend the CliftonStrengths assessment. There is a fee associated with the CliftonStrengths assessment, but when it's time for you to make that investment, you'll know. And there are five questions I would like to lead the audience with when thinking about your purpose and making intentional decisions. The first is, does this decision align with what is at the center or core of your life? Second. Does the decision represent your character? Third. Does the decision align with your mission of your life? Four. Does the decision support or promote community? And five. How does this decision contribute to your life overall? And as a graduate of Auburn University, I think this closely aligns to the Auburn Creed and it allows me to function with purpose, clarity and be fully present in my life.
Currie:
Ebony, that is exceptional advice.
Ebony Ruffin:
Thank you.
Currie:
How can our listeners keep up with your journey, follow your story and possibly contact you if that is okay?
Ebony Ruffin:
Yes, absolutely. So I am available on LinkedIn, Ebony Ruffin and if you want to send me an email, my email address is esruffin@gmail.com. I have been actively involved with serving as a mentor for students at the College of Business, majoring in finance and accounting and have been happy to introduce them to valuable resources in my Rolodex to help with job placement once graduating. And so I'm always happy to help and see the best for our students.
Sarah:
Ebony, thank you so much for your time. It's been an absolute pleasure.
Ebony Ruffin:
Thank you for having me. And War Eagle.
Currie:
War Eagle.
Sarah:
War Eagle.
Narrator:
Harbert. Inspiring Business.