And I'm thrilled to be joined by some of our past mentees and current mentors for a discussion really about the power of partnership. You know, I think that there's something really profound going on in our world today, and I think that if you look around the world, and it was echoed in all these discussions that we just had, that women are really reaching the highest levels of leadership. And I think they're getting there and they're realizing that, you know, they came a lot further than they anticipated. They have a lot more power, they have a lot more reach than they ever thought would be possible for them in their lives. And the first thing they think is, "How am I going to give back? How am I going to pay this opportunity forward? Engage more people?" And they don't just want to write a check, they really want to give of their time and their resources. They want to open up their networks.
Women are often more cautious than men, a quality which has become highly valued in the post-financial crisis world. Intuition is another valuable ‘female’ quality when it comes to investment decisions. And last but not least, women are often more goal-driven, knowing that they sometimes need to work twice as hard as their male colleagues to get ahead.
MARCH 8th, International Women’s Day, always brings a flood of reports about gender inequalities in everything from health outcomes to pay and promotion. But one gap is gradually narrowing: that in wealth. As money managers seek to attract and serve rich women, and as those women express their values through their portfolios, the impact will be felt within the investment industry and beyond.
You know how the world of finance can sound like it’s full of jargon and its own vernacular? That’s quite intentional. “It’s always been in the industry’s best interest,” says Whitney Morrison, a financial planner at Wealthsimple, an online investment-management service. “If it’s confusing to the point that a regular person couldn’t possibly understand it, then you have to pay someone to navigate that for you, right?” Deliberately obfuscating language is designed to be intimidating, and that intimidation is worse for women largely because male financial advisors greatly outnumber their female colleagues. Also, women who want financial advice “may be confronted with someone who doesn’t fully understand their experience or take factors that primarily concern women—like living longer, taking more career breaks—into consideration,” Morrison says.
Take on less risk. Women are more likely to have their savings allocated in a more age-based allocation of investments than their male counterparts. In fact, looking specifically at Fidelity retirement savings accounts over the last three years, the percentage of women allocated appropriately for their age has increased by approximately 40 percent. Furthermore, fewer women have their savings fully invested in equities than men (which could represent too much risk and not enough diversification); and women are more likely to invest in target date funds, ensuring they are well diversified.
As CEO of the Marketing Zen Group, we work with clients in a variety of industries, finance being one of them. Recently, I was pleasantly surprised to learn that one of our clients, Allegiance Capital Corporation, a premier middle-market investment bank, had launched a proactive initiative to attract more women for business development and investment banker roles. I was very curious to learn more. What compelled them to encourage women in an industry which has historically been known to be a “boys only” club?
These factors, coupled with women’s lower average wages and greater longevity, go a long way toward explaining why men’s poverty rate in retirement is half the poverty rate of women. “My real concern is that the retirement-savings crisis is a gender crisis, and we are not talking about it that way,” says Sallie Krawcheck. “Women can save more and invest more. They have to find a way that works for them and just do it.”
All the women agreed – and their successful banking careers testify – that you don’t have to be masculine to succeed as an investment banker. Nonetheless, Lorraine conceded: ‘You do need to be confident and assertive. However, that could be quietly confident. Ultimately, you will need to be able to find a way to be confident and assertive that reflects your character.’ Sophie agreed: ‘Don’t change yourself – you can’t pretend to be someone else.’
Money Motivation: “Coming from a liberal arts background, I wanted real-world knowledge about finance. My parents aren’t in finance and I don’t have much of a background in finance. With econ as my major and learning theoretical things, it was worrisome to me. Am I going to be way behind everyone else? But [the guest speakers we have met during the program] told us that you learn everything on the job.”
Networking isn't just about meeting people to get career help. It's also about meeting others that you can help. We always remember those who have gone out of their way to be helpful. Also, people move around and you never know where they will land. So make an impression that you are a 'go to' person who can be relied on for help, and you’ll find your kindness repaid in a million ways.
This is a very valid concern. Yes, we are expected to stay as late as the males. I work in SF, and we are told to take taxis home, which can still be dangerous late at night. The world is a much more threatening place for women than men. All I can tell you is to be aware of what is going on during the ride. Also, I usually text the cab's license number to my parents and boyfriend and talk to someone over the phone for however long I am in the cab.

MS. CRONSTEDT: So, a dinner kit or a meal kit company is basically that we deliver groceries with a recipe that you cook at home. So, I wanted to actually improve lives of families, women, to cook quicker, better food for their families, so that's what I was doing. And mentoring opportunities and networks like these, like Global Ambassador's Program, do not exist in Russia. They're just not there. So, having been chosen to participate in this program was a huge confidence booster. It made me, you know, I was part of the team, and secondly, the time that my mentor gave me caring for my business, the insights and some very actionable advice that really worked for my business, that was very forceful. I had never thought that that would be possible. So, coming back from Russia I implemented the changes that Biatta [phonetic], my mentor, suggested, and only now that I can look back two and a half years later, I can really appreciate the amount of impact that made on my business, and actually on my second business which I started six months--

October 14, 2018, JAKARTA –  An important editorial on widening women’s access to financial services by Taimur Baig, Chief Economist of DBS Bank and member of Women’s World Banking’s Southeast Advisory Council, has been published in a special IMF edition of The Jakarta Post. The 2016 Financial Inclusion Survey, carried out by the Financial Service […]


The consensus among most financial professionals is that asset allocation is one of the most important decisions that investors make. In other words, your selection of individual securities is secondary to the way you allocate your investment in stocks, bonds, and cash and equivalents, which will be the principal determinants of your investment results. Figure out your goals and then allocate your assets accordingly.


From 2009 to 2012, Bostic was assistant secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development (HUD). In that Senate-confirmed position, he was a principal adviser to the secretary on policy and research, with the goal of helping the secretary and other principal staff make informed decisions on HUD policies and programs, as well as on budget and legislative proposals.
Break the silence on money. " Our study found that 61% of women would rather discuss details of their own death over money topics ," Sabbia said. "This is impeding women’s financial empowerment and preventing them from taking needed action to build up wealth." Sabbia suggest that women with more advanced knowledge should encourage and lead open discussions with other women about financial and investing goals, concerns and fears.  Discussions could be in and outside of the workplace, by holding "investing 101" events or even more casual and intimate small group coffees or dinners. That sort of venue could help encourage women to share investing success stories, advice and actionable tips for getting started.
Many companies in the financial sector are also guilty of perpetuating a male focus, Mr Tsivrikos adds. “The language and visual aspects of investing are still very male-dominated – even things such as bank notes, which have more images of men on them. The more we have female figures on money and as visual components in the world of finance, the more they will be engaged.

MS. JILL CALABRESE BAIN: Sure, well first I want to say I'm humbled to share the stage with these two women, and all of their tremendous accomplishments. So, ladies, thank you. You know, the state of the state is actually good. There is about ten million small businesses owned by women in the United States. It's actually the fastest growing segment of the small business population, and it represents about a third of all small business owners nationally. We have the privilege of banking about 1.2 of those, 1.2 million of those women today, so it's about 40% of what it is that we do at the bank. And when we looked at the survey the news is actually pretty good. I mean women are fairly confident in the economy today and where they believe the economy will go in the next 12 months. However, there's still some hesitation around revenue growth and long-term economic growth. And so, when we look at that it's about 44% of the women feel really confident, which is good but that's down from about 54% last year. So, we always look at access to capital. Access to capital is something that plagues both men and women. But they tend to look at sources of capital differently, and we see that women, at least in the survey that we just recently completed, only about 7% actually think that they will pursue financing in 2017, which is a little lower than their male counterparts. And sometimes what we see it's the confidence factor. They feel like they need all of the information before they even ask the question, which we know that that's not the case and we want to be able to support those women.
All the women agreed – and their successful banking careers testify – that you don’t have to be masculine to succeed as an investment banker. Nonetheless, Lorraine conceded: ‘You do need to be confident and assertive. However, that could be quietly confident. Ultimately, you will need to be able to find a way to be confident and assertive that reflects your character.’ Sophie agreed: ‘Don’t change yourself – you can’t pretend to be someone else.’
Women have different strengths when it comes to investing. Although they may make less money, they tend to save a bigger percentage of their income – 8.3 percent versus 7.9 percent for men, according to research by Fidelity Investments. And although men may take more risks with investments, women can focus on paying lower fees, making socially conscious investments and shoring up for rainy days. Here are a few targeted tips.
I'm not going to lie, this can be a tough field for women in the long run. You'll feel like you are being passed up on promotions or being let go because of your sex, and in some cases you may very well be correct. I've seen BBs discriminate against women, and personally know women who have settled sexual discrimination cases with BBs for substantial settlements. With that said, the workplace is far more inviting to women than it used to be. Obstacles will always exist no matter where you go, so if IB is really what you want then go for it.
Not even close. We ran some projections based on the wage gap, typical asset allocation strategies, and a gender-specific salary curve. The true cost for the average woman at the time she retires may run two to seven times that amount. Depending on your salary and the market’s performance, the real cost of the investing gap over a 35-year career span could be more than $1 million. Yes, I said a million.
Our culture emphasizes teamwork and collaboration. My coworkers are great—really smart, driven, hard workers with whom I’ve developed several friendships (key to surviving those super late nights) and what I expect will be life-long relationships. Many of the senior folks on our floor also make a great effort to get to know their teams and serve as mentors.
The WII Summit seeks to bring together HBS alumni, industry professionals, and current MBAs for a day of open discussion about the current topics affecting the buy-side community. It is an unparalleled opportunity to meet and network with industry peers and senior women in an open forum and exchange perspectives on how to drive a successful career in investing.
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.
And if you’re new to the table, bring a friend. Murphy has recently criss-crossed the country speaking to groups of women about their money. She notes that one thing that helps reluctant women get involved is to do it with a friend. Events where the invite has said “bring a friend” draw standing room-only crowds, she says. “Women love talking to each other about their experiences and once they get started they do very well. There’s an unwarranted confidence gap that doesn’t play out.”
MS. CRONSTEDT: But it's, it's a field that I'm very, very passionate about, and as we've been talking today, like what does it take for women to be successful or the communities to be prosperous? Well, it takes that you can have a choice. It's all, it's about the choice that you can have, that no mother and no parent/family should be forced to stay at home with their children just because they couldn't afford it. You know? I have three boys in like three years. Like having the money in preschool it would have been so extremely expensive that I maybe and probably wouldn't have been able to take that risk. I wouldn't have the financial means. So, that is a real, it's a very, it's a gap that I'm very interested into looking into very deep, and try to do something about.
MS. SPELLINGS: Well, I think programs like this are a great place to start that are outside the government, outside formal networks, and I think obviously we need to take care of each other, to mentor each other, but not only to mentor each other, to sponsor each other, and that, you know, that distinction between, you know, being someone who is an advocate as a sponsor for that next generation of women. I think obviously higher levels of education, but we need to make sure that our women are paying attention to what the data tells us about where opportunity is. In this state, you know, STEM, whether it's the financial industry or the pharmaceutical industry, the biotech industry, those industries that are driving this state forward we want to make sure that our women and girls get part of that action and so that we're pursuing the disciplines that lead into those pathways.

MS. OULIMATA SARR: Thank you. You know, once a year the Cherie Blair Foundation reaches out to people who want to donate their time, and you know, that year I agreed to spend a year with a mentee across the globe, and I was assigned a young lady in Malaysia who was manufacturing washable pantyliners out of bamboo fiber, and her biggest market was California. And yes, probably the new-age women who don't want to use disposable pantyliners.

Textbooks and school supplies. Course materials could eat up a large chunk of your budget. The average estimated cost of books and supplies for in-state students living on campus at public four-year institutions in 2016-2017 was $1,250, according to the College Board. Also plan for purchases like notebooks, a laptop, a printer and a backpack, and read the do’s and don’ts of back-to-school shopping for money-saving tips.


But it may be more accurate to say that women are more risk-aware and less deluded about their financial competence. A study in 2001 by Brad Barber and Terrance Odean, academics in the field of behavioural finance, showed that women outperformed men in the market by one percentage point a year. The main reason, they argued, was that men were much more likely to be overconfident than women, and hence to carry out unprofitable trades.

This kind of stuff is always interesting though. I can understand a male dominated workplace being very hostile to someone, but commenting on an attractive woman (or even a little rib to one's country...) shouldn't be near enough to constitute a case. From the details in the article? Hopefully Jefferies gets this garbage dismissed- seems like someone who was bored / shitty / entitled and wanted to get some quick cash because they couldn't handle a workplace with any more intensity than what's found on the set of Reading Rainbow.

While parents remain the top source of financial advice for most women, only 20 percent said they felt well prepared by their parents to manage their finances as an adult. Even fewer said they learned about these topics in school. Only 24 percent learned about budgeting and setting financial goals; 14 percent said they learned about investing. Overall, only nine percent of women said their education through high school left them well prepared to manage personal finances as an adult. A slightly better 10 percent said this of their college education9.
Perhaps you’re just not feeling completely happy or fulfilled in your current industry, and something is telling you that perhaps now is the time to make a major change. This could be a good thing—the truth is, job unhappiness is often a major cause of mental and physical distress and could have a wide range of negative effects on our health and well-being.
While anyone can attend the pitch competitions, only women of color can do the pitching. Bell is proud, she says, of “the women we serve and their reaction to the space created for them.” She is also proud of the success many of the entrepreneurs have found after working with BGV. Founders who have participated in pitch competitions have gone on to be accepted into accelerators, receive fellowships, and raise more capital from other resources.
The risk/reward tradeoff is also a factor, as taking a greater level of risk tends to result in greater rewards. Here again, few would argue the point. Clearly, investing in stocks is likely to lead to greater long-term returns than investing in bonds, investing in bonds is likely to yield greater returns than putting the money in a bank account, and putting money a bank account is likely to deliver a better result than putting it under your pillow.
It’s also paramount that you think about which specific skills and competencies your chosen employer is looking for. Teamwork, leadership, a sense of values and citizenship are among those that are typically sought. ‘Then ask yourself, how strong am I in these areas? What are my stand-out strengths?’ advised Lorraine. ‘Think about selling yourself and what makes you special. If you’re strong academically, for instance, it’s okay for that to take up half the page of your CV or covering letter.’
Don't put your investments on long-term autopilot. One of women's strengths as investors is that they are less tempted to buy and sell in the short term, based on classic research by Brad M. Barber and Terrance Odean at the University of California-Berkeley. But at least once a year, you need to become an active investor, checking your asset allocation as you age and your needs change. That means changing your asset allocation when it's required, or hiring an investment advisor or an online investment platform to do it for you. "This was my own mistake in 2008. ... I didn't have cash, and I was fairly close to retirement," said Hounsell.
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