Kimberly has been writing for ASecureLife.com since 2013. She is passionate about home security and enjoys learning about the advances in home security and the trend of moving toward more of a do-it-yourself method. She is also an advocate for online safety and strongly believes in the power of strong passwords and identity theft protection for living a more secure life. Since purchasing her first home in 2016, Kimberly has been implementing everything she has learned through her writing at ASecureLife.com in her personal life and home.
MS. TURLINGTON BURNS: Well, my dad smoked. The whole family, everybody smoked. So, that was my first foray really in public health where I started to see that by sharing my story and by learning more and by, you know, using my voice that that felt really good. And it was really healing when I lost my dad. I also learned as a public health advocate for cessation and prevention of tobacco that women's bodies were much more vulnerable and susceptible to a lot of disease related to smoking and tobacco than men. And the first Surgeon General report on women was in the late '90s, which was also kind of shocking. So, that was a first foray, and I think as I became a mom it just felt like a natural progression I guess.
First, you need to have a dream; second an idea of what your goal is and third, passion. Obviously having the skill set and working hard are important, but if you don’t have a dream and a goal, then don’t be surprised when you don’t get there. And if you don’t fill your dream with passion, then you can become disheartened about your career choice during the tough times. And there are always tough times in a cyclical business like finance.
2. Most banker chicks I have met are hardcore nerds. They went to the best high schools in their respective countries. They are top 10% of their class. If they were here for their MBA, they went to top notch undergraduates either in the US or in their home countries. I haven't forgotten about American born Chinese (ABC). All of these banker chicks went to Ivy League.
But anyway, so I think the first thing is we have to say that is our expectation. It's our expectation that, you know, nearly everybody, 70% of the jobs in this state damn near are going to require post-secondary education, not necessarily a baccalaureate degree, but at least two years of education with a credential after high school, an associate's degree, some kind of stackable credential, a skill. Certainly the jobs at this organization are, certainly the jobs that you all are creating as entrepreneurs and leaders require skill and knowledge.
You’ve heard the stats that there are more CEOs named John in the U.S. than there are women CEOs? You don’t want to fall behind the Johns where you work, and that’s what will happen if your company isn’t willing to invest in you. Fortunately, you’re now armed with lots of bragging points and a great sense of the market value of what you do, which will help you seek out the next great opportunity and negotiate your new offers like a pro.
MS. SPELLINGS: Absolutely. Well, to set the table, and probably a lot of people in this room know this, but you know, this city, and Raleigh not, is the worst in the United States of America for economic mobility. Raleigh is a tiny bit better, but not much. And so, the gaps are wide here in North Carolina. Here's the good news about that, is because likewise Wake County and Mecklenburg County are some of the highest educated counties in the nation with, you know, 50% higher education attainment with a statewide average in the low 40s. And so, the gaps are very, very wide, and I think, you know, people used to ask me this all the time, if I could wave a magic wand I would start with higher expectations of our children, all of our children, rural children, black children, brown children, poor children. You know? If half the school lunches served today in school cafeterias were tainted and people got sick we would be outraged, it would lead the news today here in this community or nationally. Half of the kids, poor kids getting out of high school nobody seems to, that doesn't matter that much because that's our expectation that it's okay that those children are left behind, to use an old-fashioned parlance that you might have heard before.
A fiduciary is a company or organization that is legally bound to do the right thing by their clients. Not all brokers or investment firms classify as a fiduciary, so make sure to ask before officially signing with anyone. If you find a great firm that isn’t a fiduciary, just make sure that they put client security and well-being above personal gain.
Investing is not some get-rich-quick scheme and there is always a degree of risk. But those women who are comfortable with that risk should not be deterred by the aggressive macho investor stereotype. The proof of the increasing success of women in the world of investing can be seen in the female-focused investment firms that have sprung up. As Alexander Taussig, the senior vice president for women investors at Fidelity, has said, "The myth that men are better investors is just that -- a myth."
MS. HAILE: Finance being the major constraint, I don't think it's the only one. Of course, we'd have to design strategies that women have access to finance. But again, women entrepeneurs being community caretakers, there's so many obligations in place with playing multiple roles. I believe that the business environment has to be women- friendly, starting from the policy. So, everything has to be there for them to start and to expand their business for those—particularly the young ones, who also want to start new businesses. So, equally important as finance, I believe there are so many constraints that hamper women to expand in business or start a business. The cultural barriers when it comes to my country and in our continent and elsewhere. The access to markets, the information available, disposable at their facilities close to them because of the particular role they're playing. So, I believe we have lots of things to do. And at the moment I'm here now being part of the Global Ambassadors Program I sincerely would like to thank Bank of America. I don't think many do it like this, partnering with institutions like Vital Voices .
"When it comes to thinking about women in powerful positions, we are too often blinded by the daggers of the mind, infected by the malignant mind bugs that mire us in the prejudices of the past," IMF Managing Director Christine Lagarde once famously said. "We need a 21st century mentality for women’s economic participation. We need to flush away the flotsam of ingrained gender inequality."
Consider a male slugger who puts $1,000 each into two speculative stocks versus a female lead-off hitter who invests the same amount in two dividend-paying blue-chip stocks. The high-quality stocks each return 10% over the course of the year, leaving the female investor with $2,200. Meanwhile, the male investor hits a home run with one of his picks, which doubles, but strikes out with the other, which loses 90% of its value. His total after a year is $2,100.
My role involves providing pricing updates, writing market reports, assisting with the execution of transactions and some direct work with clients. It's a busy and demanding environment and I get asked to do plenty of different things during the day. My job involves a lot of multi-tasking, but I have to pay close attention to detail and be able to prioritise urgent requests.
First up, a woman in one of the most male-dominated industries of them all: investment banking. Sure, we've heard the horror stories of 100+ hour workweeks, fraternity-esque hazing of entry-level employees, and of course, rampant sexual harassment. But it's probably not all The Wolf of Wall Street. To get the record straight, we're talking to an entry-level investment banking analyst.
According to a recent article on The Muse, “Those who took meaningful steps to achieve their resolutions—setting step-by-step goals or telling their friends and family, for example—were far more likely to achieve their desires than those who made no specific commitments… So if you really want to see results this year, it’s critical that you set your goals with sincerity, and set yourself up for success.”
Women control $11.2 trillion of investable assets in the United States, according to a study by Sylvia Ann Hewlett and Turner Moffitt at the Center for Talent Innovation. "Where investing is made accessible and approachable for women, women not only invest more but are better investors," said Sallie Krawcheck, the former top Wall Street executive now working on an online financial advisor called Ellevest, aimed at women, which is set to launch this year.
Persist even when it seems like the investing isn't for you. Krawcheck and others have long observed that the male-dominated investment industry isn't particularly welcoming to women. Only about 3 in 10 financial advisors is a woman. For instance, women are thought to be more goal-oriented around the idea of taking care of loved ones and see themselves as savers rather than investors. But the investment industry often focuses its marketing on the idea of returns. In another example, investment company marketing often focuses on what the investment company provides rather than what the client needs.
That’s why I went to London. I did a Masters in finance for a year because I wanted to switch to something that was more in the private sector. Back then I thought I wanted to do consulting. They called it Litigation Consulting. There’s a lot of data analysis so it was very similar to what I did before in research but it’s still the private sector.
So how do women break the investment barrier in ways that can lead to lifelong financial independence? Sabbia has three key suggestions: learn the basics, define your goals, and invest in yourself. For more advanced investors, Sabbia suggests being a mentor that can help break the silence around talking about money. Doing so could accelerate the close of that wealth gap for all women. Let's examine each recommendation in closer detail.
I agree there is some discrimination and it effects women of a certain age the hardest. Generally, it's not going to impact analysts or women over 40. Most often it's going to effect women in their mid/late twenties to early forties. Why? Well, it's sort of obvious. These are the years where professional women are most likely to have kids. Hiring a woman in this age range is much riskier for the employer, because you are probably going to have to endure 1-2 maternity leaves in the best of scenarios or the complete withdrawal from the work force.
Women live, on average, five to seven years longer than men (depending on when they were born). Their money has to stretch longer, and if they are married, it is important to note that some of the biggest health care costs are incurred in the year prior to death, so if they survive their husbands, it is possible that their financial resources may be reduced by medical expenses. Married women tend to suffer significant losses in income when their spouse dies.
It’s great to see this, but the firm and industry as a whole have a long way to go to achieve parity. Being a woman in this industry does have its advantages—I feel like I’m often more noticed and better able to stand out for my accomplishments. However, I’m equally likely to be talked over in a room full of men, and have certainly experienced sexist remarks in the workplace, even if unintentional. For example, I’ve been referred to as “the email girl” by an older white male at a client event just because I handled the logistics…and you tell me if they’d ever a call a guy “the email guy.” I have a name!
“It’s refreshing to see the mindset around retirement evolve, particularly a strong optimism and a goal-oriented approach from younger generations,” said Aron Levine, head of Merrill Edge at Bank of America. “This focus is a great start, but one of the keys to a successful retirement is to ensure savings are prioritized early and often. Year over year, we continue to see today’s non-retirees struggle with the impact short-term spending has on their long-term financial future.”
FAFSA and taxes. Whether a parent or guardian claims you as a dependent or you file taxes on your own determines whose information is required to fill out the Free Application for Federal Student Aid, or FAFSA, and who can claim tax credits and deductions. Discuss your financial status before each school year and address any changes, like a raise or job loss.
Bottom line, don't be something you're not. be firm, but not a real bitch who can't play well with others. Be nice, but don't be a pushover. Don't go into banking with self-doubts because you're a girl. Sure, there are definitely times where it will be awkward (guys who do just 'guy' things, talking about girls, etc) but it's best to just go with the flow in those instances.
One of my favorite African proverbs says that if you want to go fast go it alone, but if you want to go far go together. And that's certainly what we're going to be talking about on this panel today. I'm thrilled to be joined by first Oulimata Sarr. She is a Regional Advisor for economic empowerment of women with UN Women. UN Women is the UN agency responsible for women's, responsible for women's empowerment, economic, political, and otherwise. Next to her is Katerina Cronstedt. She is a serial entrepreneur from Russia. She in my opinion, reading her bio, has led many lives, fit so much in, and she is currently the founder of Bankatering, and we'll hear a little bit more about that in a minute. And finally, you've already met Christine Katziff from Bank of America. She is the Global General Auditor. It's great that you have time to join us, that sounds like a really big job.
Betterment’s research found that in addition to taking a more hands-off approach, female investors were less likely to indulge in what Swift calls “erratic behavior,” meaning less likely to dump all of their stocks and go completely into bonds or vice versa. Although the majority of male investors in the study didn’t behave this way, men were nearly six times more likely than women to make this move.
JPMorgan, for instance, holds ‘Winning Women’ events which offer networking opportunities and guidance for prospective female investment bankers. Morgan Stanley has several diversity initiatives, including a leadership program for newly promoted female managing directors, a six-month leadership program for women vice presidents, as well as a women’s business exchange within the bank’s wealth management unit. On the more practical side, Goldman Sachs for example is accommodating mothers with on-site child care at its New York and New Jersey offices, as well as on-site lactation rooms.
MS. SMITH: No, thank you. And thank you to this panel, thank you to all of you. Thank you to all of our panelists and our amazing speakers. I'm inspired. I'm inspired by everyone, and I wrote down a few things. I mean hammocks, the 5,000 Lowe's hammocks, or the bank in Ethiopia, the small loan is 1.8 million. I mean I think we've got some things we can learn here. I mean the dinner kit to the, sold already and now online catering. I mean the stories are amazing. So, Alyse, thank you for the partnership for the last five years, and thank you to all of our mentees and mentors for being here. we're so excited to be able to do the program in the United States, in our corporate headquarters, which is fantastic. And as Margaret reminded me I'm the only thing standing between all of you and the reception. So, my last comment though is please come to the reception because our mentees will have wears from their businesses, and they'll be able to talk to you about all of the things that they're doing. So--