Michael Burwell: CFO, Mentor, Finance Pundit
Michael “Mike” J. Burwell is the CFO of Willis Towers Watson, a leading global multinational risk management, insurance brokerage and advisory and solutions company. Burwell heads the Arlington, Virginia location, and the company’s headquarters are in London. Willis Towers Watson (NASDAQ: WLTW) is the merger of Towers Watson and Willis, and it is an 8.6 billion revenue company with 43,000 employees operating in over 100 countries, focusing on offering global advisory, broking and solutions in order to help clients around the world turn risks into a path for growth. According to the company website, the firm “designs and delivers solutions that manage risk, optimize benefits, cultivate talent and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance.” Burwell’s focus is on advising global insurance services provides on all things finance. This is particularly appropriate for this role due to his expertise in realms such as business valuations that is crucial for the insurance process.
With Burwell on board, Willis Towers has started an investment management service called AMX in Europe that they have also debuted in the United States. The firm is currently advising clients on over $120 million in assets, and these services help both small and large money managers reduce the aggregation and compliance processes, which saves both time and money.
Burwell has over three decades of finance and professional services experience that he has acquired at the nation’s leading professional services companies. For the last decade, he has served in senior leadership roles that include being Head of Global Transformation; Chief Operating Officer and CFO in the United States; and Head of Transaction Services in the United States. He also has about 11 years of audit experience as well as 12 years of Transaction Services advisory experience. This includes aiding companies in the pre-merger due diligence and valuation processes. In a recent IdeaMensch interview, Burwell states that his typical day begins at 5am with his habit of making is bed as a means to feel as if he has accomplished something. Next up is a ride on a Peloton bike during which he plans his day, thinking about what has to get done and accomplished by the end of the day. “It keeps me on task and at the beginning of the month I reflect on the month, and at the beginning of the week and so on,” he adds.
A Detroit, Michigan native, Burwell has been married for over three decades. He and his wife have a girl and a boy. Burwell’s rare character combination of being ruthless when it comes to making decisions while at the same time being careful as well as compassionate that this impacts his team in the most possible, invigorating and inspiring way make him a very unique CFO, leader and mentor. He mostly credits his upbringing for his most notable characteristics that have helped him advance his career. Having grown up on a farm in Michigan, it was expected of him during most of his childhood to help out. He had to wake up early to attend to farm animals, and he did not always enjoy that. However, he deems that the experiences have had a lasting effect on him as a leader today.
These days, it is difficult to perceive a business venture – startup, local, corporate, or multinational – as a serious endeavor without a competent CFO at the wheel, directing it where to go while being the driving force behind value creation, strategy development and the good old financial reporting. A good CFO, one can say, goes beyond keeping the business ship afloat. A good CFO directs it where to go on the route to success. And yet this crucial position has only been around for a few decades. The CFO role is traced back to as recently as the 1960s, and it has experienced a major flux in terms of duties and responsibilities ever since. The increased competition as well as access to education and technology and global connectedness all have driven the growth in business demands. With that, the hats worm by the CFO have also increased in number and are now much more dynamic than just managing finances.
What was once a rigid job description revolving around budgeting, book-keeping and tax reporting, the CFO role has evolved into encompassing roles such as a leader, advisor to senior executives, a systems and operations expert, a master negotiator and a technical specialist.
As a CFO, Michael Burwell is glad to be able to contribute to the success of Willis Towers Watson, where he is impressed with the strength of leadership, commitment to clients and collaborative as well as inclusive culture.
Being a CFO is not an easy feat these days, and being a good CFO is undoubtedly tied to a strong ability to manage several things at once or wear several hats at the same time. In other words, be a good juggler. The top CFO’s within any discipline must master each ideal within it as well as diplomatically prioritize between them depending on the context.
Michael Burwell’s proudest career accomplishments, first and foremost, revolve around being an inspiration to others. He states that his proudest achievement is having been a mentor to four individuals whom he has guided and who eventually became partners at the firm where they worked. He was able to build on their different skills sets, personalities and goals and witness them grow, develop and rise in their careers.
Burwell’s proudest career moments are tangential to a report that was published by Michael Page in which he describes the modern-day role of a great CFO and what it entails. According to CFO and Financial Leadership Insights report, there are several broad ideals that top CFOs ought to personify as they take on new-age businesses such as compliance, technological disruption, talent management and cybersecurity. These ideals include that of Coach, Pilot, Scientist and Engineer. Page writes that, “We find, and indeed agree, that the top CFOs must not only rigorously master each ideal, but also diplomatically prioritize between them on a circumstantial basis.”
In the role of the Coach, the CFO ought to project an image of a strong leader and mentor. This is important for motivating his troops. The Pilot, on the other hand, works on aligning policies and strategy so that turbulent markets are navigated as effectively as possible. In terms of the Scientist and the Engineer, the two have slightly varying roles. While the role of the former is to push the organization to its maximum, the focus of the latter ought to be around finding feasible solutions across the business to achieve business goals on all fronts. According to the report, a great CFO is also cognizant of the concept of interconnectedness when identifying as well as tackling top business issues. The concept is exponentiated by the quadfecta who realizes that solutions are fluid and related.
Another one of Michael Burwell’s proudest career moments revolves around having impacted business in a positive way. More specifically, he highlights having had the expertise to increase efficiency at the bottom line. More specifically, he managed a cost reduction of $500 million without having to reduce staff in the process. He highlights that the fact that not having to let go any people in the process meant the most to him. Another proud career move also revolves around making sure his employees are satisfied. He struck a deal with Google to help increase his employees’ experience at work in a way that would make them enjoy what they do and retain them while also attracting new talent.
Retaining good staff and attracting new talent is an important priority to maintain as an effective CFO, particularly today during a time when society faces one of the worst problems, namely ‘information overload.’ This was first coined as a concept by the philosopher Denis Diderot in 1755. Three decades later, this is resonant in statements and thoughts of several of the world’s most notable CFO correspondents. Philippe de Briey (EU CFO, Monsanto), suggests automation as a modus operandi for the time-consuming, transactional aspects of finance and business in general. This would free up resources for strategizing by the Pilot, and soft skills development by the Coach. Ryan Manigold, the CFO of Taylor Wimpey, feels that “the soft skills of the CFO are ultimately more important than the technology,” which is also in alignment with what Burwell believes. The Pilot aspect of a CFO’s role is responsible for negotiating high-level matters while the Coach focuses on nurturing their teams to focus on the same thing. And, of course, none of this would be possible without the support of the Scientist and Engineer aspect. So overall, today’s CFO has an elusive role of aiming to develop granular data streams while encouraging that they be analyzed. All this within a perspective and while prioritizing commercial feasibility and broader business objectives. This undoubtedly revolves around being able to foresee the trends that are ahead and steering business in a way that is ready to take on new challenges.
According to Burwell, the biggest challenge that his team will have to be ready to tackle is the amount of data and information that will be available to their clients. And that, according to him, will only be possible if the company is abreast and using the latest data analytics tools as well as taking advantage of all the data they do and will have. The biggest challenge revolves around being able to leverage the vast amounts of data that, according to Burwell, is prognosticated to double within the next five years or so.
In fact, when asked about what trend excites him the most, Burwell mentions in the IdeaMensch interview that he is really keen on seeing the development of InsurTech and where that trend will go. InsurTechs are essentially technology-led companies that penetrated the insurance realm while taking advantage of new technologies to provide coverage to customers who are a bit more digitally savvy.
This was resonant in Burwell’s comments on The Art of Success podcast, where he was recently featured. The podcast is hosted by Daniel Budzinski, who asked Burwell to comment his next steps and what he believes the future looks like for him. Undoubtedly, Burwell’s answer revolved around the significance of focusing on his teams. More specifically, Burwell believes it is crucial for a business’ success to nurture his staff so that they can create a future that will propagate his vision beyond his tenure there. He also intends to maintain his relationships with his colleagues as they help solve client issues together. Burwell is optimistic and looks forward to expanding his team as he looks for the best talent and also while he continues investments. He mentions being particularly thrilled to see what the next five to seven years will bring in terms of business and community.
When Budzinski asked Burwell about retaining humility during his successes and what cues he uses to remember that life is not all about material values, Burwell’s answer highlights just how people-centered as well as honed in on his team’s success as well as well-being he truly is. Burwell highlights that everyone is important in an organization – at every level from the bottom to the tom – mentioning that he is grateful for everything that everyone does. He also mentions that it is one of his priorities to thank his colleagues for the work they do, regardless of the level at which they operate.
When asked about what he believes makes him successful, Burwell states in the IdeaMensch interview that it is a combination of two things. He deems it important to have a combination of confidence in his abilities as well as the decisions he makes. He also adds that he is diligent, as he elaborates, “I’m relentless, I put the work it takes to get the job done and I feel that they have served me well in my career.” Furthermore, Burwell believes that it is his desire and drive to connect to people, understand their potential and do everything he can to bring out the best in them. Parallel to that, he himself always looks to be as efficient as possible. He understands that people are a crucial part of the business, and as such he spends a good part of his week on talent development. He is always seeking to maximize his day and focus on efforts to develop the best team possible so that he can rely on his colleagues and trust them. In terms of trust, he believes that meeting as well as exceeding expectations are best means by which trust is maintained. In other words, keeping the promises that one makes is crucial in building trust, which is pivotal in a successful business.
Furthermore, Burwell shares that the one strategy that has helped him in his entrepreneurial endeavors is perseverance. “Be positive, be relentless, everyone will tell you why it will not work. I would always celebrate wins with the team and assess why we won and why we lost; we can always get better. As an example, simply ask what one thing could we have done better?” Burwell is also notably practical. When asked about a habit of his that makes him more productive, Burwell discusses his mindset of wondering about how to maximize things, or how to do more with less. He believes that technology helps increase the productivity of already wonderful people even more. He states that he discusses this with others. He loves receiving their thoughts on the apps that make them more productive while sharing with them his tactics.
Burwell is very particular about the advice that he would give to his younger self as he mentions in the IdeaMensch interview. If given the chance, he would highlight the difference between collaboration and consensus and underline that the two are not equal. In fact, he believes that agreement should not always be a priority along with the effort to make everyone happy – although he states that it is not so bad it is the case. Along similar lines, one book that he recommends everyone ought to read is Soft Selling in a Hard World by Jerry Vass as it could help educate the reader about what it truly takes to be successful. Burwell’s favorite quote is one by his daughter, “There is only one place to look for leadership and that is in the mirror.”
Burwell has a bachelor’s degree in business administration from Michigan State University where he shaped his skills in Mergers and Acquisitions, Finance, CPA, Leadership and Portfolio Management. He is a certified public accountant. He was named Michigan State University’s Alumnus of the year in 2010.
For more information on Michael Burwell, please visit www.willistowerwatson.com, LinkedIn and Facebook.
