Overcoming the Challenge of Self-doubt in the Business World

Jeff McCormack '00 is the co-founder and CEO of Iryss, Inc., a financial service company based in Rochester, New York, that helps people make better informed financial decisions. 

Naz Experience

Having attended Nazareth College from fall 1998 to May 2000, Jeff was a math major with a business management minor. He was also a swimmer, lifeguard, and math tutor. What has led to his affinity for Naz is the sense of community he experienced as a student. While in the broader sense, most students feel a connection to Naz, there is an even stronger connection in micro communities. For Jeff, these micro communities were the swimming and math teams and where he was able to build lasting friendships. Throughout the summers of his junior and senior years, he completed local internships in finance. Those experiences helped shape what he would do post-graduation. 

Journey to Success

After graduating, Jeff followed his then girlfriend (now wife) to NYC. He landed a job at a fairly large asset management firm right in the heart of Manhattan, on Park Avenue. Jeff’s job involved trading, reconciliation, and communicating with clients of the firm. It was the first time he worked extremely hard in his life! Six months into his job, the company recognized his analytical abilities, and he was given his first equity research job. At the age of 22, he started researching small cap value stocks for a portfolio of the management team. This started his career in research in equity and stock picking – becoming a stock picker, and that paved the way to get him where he is now. 

“You need to not always pursue the most glamorous path; it is not always going to get you to your end goal. You gotta put in the effort and the work, and maybe start somewhere where you are uncomfortable and you do not feel it is really testing all of your abilities, but if you do the best you possibly can, then you will be recognized, and if you are not, you are at the wrong place.”

Defining Moments

Some entry-level challenges that Jeff experienced were dealing with extremely large sums of money, which led him to make inevitable mistakes; and also to being so close to Ground Zero during the 9/11 tragedy. The latter is still the most surreal environment he has ever been a part of. His most impactful mid-career experiences were becoming a Chartered Financial Analyst (CFA) in 2007, as well as launching his business, Iryss, Inc., recently. Personally, being a father of 3 and his relationship with his wife have been his greatest accomplishments. 

 

Jeff recently disclosed that for the last 13 years, he has been living with Multiple Sclerosis. He was diagnosed with MS in 2008. It was defining for him because it helped him create empathy for others. Now, he is trying to build others up through his business. Despite his diagnosis, he feels extraordinarily blessed and lucky in this journey to have found a treatment plan that he has been on for the last 8 years, and to be able to live a fairly normal life. 

Highlights of His New Adventure

After working on it for 6 months, Jeff launched Iryss, Inc. in early July. He has employed a wonderful team of advisors and consultants. At the moment, he is the only full-time person. Although daunting, the 4 weeks previous to launching were some of the most fulfilling weeks of his life – professionally. The biggest challenge he has faced at this point is self-doubt. It took him a while not only to convince himself, but also to convince his wife, that this idea was worth taking the risk of leaving his career behind and going out on his own. Despite the challenges, he knows he made the right decision because he is passionate about what he is doing, and the mission and work of his company are getting great reception. 

Jeff McCormack and his wife, Theresa

A Supporting Network

A personal influence in reaching Jeff’s goals is his wife. She has been by far his sounding board for a great deal of the brain ideas he comes up with. On the professional side, one of his many mentors took him under his wing and taught him how to be a successful sales person, as well as some techniques that he employs today. Even though they seem a little “old school,” they truly put a nice touch on that human interaction. The key lesson he learned from that mentorship was to follow-up. When networking, it is important to be thoughtful of the person you are introduced to, and also of the person who facilitates that introduction.

Involvement in the Community

Jeff is passionate about advocating for education and mental health. He believes that everybody is entitled to a quality education, and that certain children and adults do not learn best in a traditional classroom. For this reason, Mary Cariola is, for him, the preeminent institution for children with developmental disabilities and those that are medically fragile. Jeff started off on the finance committee; after 1 year he joined the full board, and he is beginning his 3rd year as Treasurer now. He also volunteers for MEG’s Gift, a non-profit organization whose mission is to positively impact mental health care in the Rochester community.

Advice for Students

The 2 big pieces of advice he tells his children and that apply to Naz students are to “be true to yourself, and do not let others influence what you decide to do. Walk your path, walk your truth, and speak well of yourself and of the people around you. All you can control are your actions and your words, and if you do the best possible you can in those areas, I would be the proudest parent there could be.”