What I think that Cowell meant by the second part – that “getting to the result is harder” – is that the argument she poses is mostly true in theory; studies have indeed shown that diversity of hiring increases welfare, and specific to the asset management industry, portfolio returns. However, we have not seen enough industries and businesses having taken action towards this- which makes it hard to get to the “result”. Moreover, more diversity means more diverse opinions too, which might make it hard to reach decisions. This obstacle is natural, and its difficulty will depend on the temperaments of the people involved as well as the company’s culture.
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.
That’s why it’s important for women to invest in companies that support other women. One example? Pax Ellevate Global Women’s Index Fund (PXWEX). It’s a mutual fund with Sallie Krawcheck, the leader of women’s digital financial advisor Ellevest, serving as chair. Here’s the scoop: It rates companies based on how well they advance gender diversity—like how many women serve on the board or as executive managers—and puts your money towards the ones that come out on top. It’s based on global research that shows having more women at the helm can increase return and lower costs, says Blayney. As for the results? The fund outperformed the MSCI World Index for the three-year period ending September 30, 2017.
“We were then left with a chunk of that cash plus some Unilever share options. That’s the point where Jennie really wasn’t interested,” says Mr Byrne. Initially he invested in a low-cost “tracker” fund that simply mirrored the performance of the FTSE 100 index, but after building up his confidence he put money in funds run by professional managers, which have delivered better returns.
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.
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.
All of the top banks are run by men. A Catalyst study reports that women account for less than 17 percent of senior leaders in investment banking. In private equity, women comprise only 9 percent of senior executives and only 18 percent of total employees, according to a 2017 report by Preqin. At hedge funds and private debt firms, the numbers are similarly low — women hold just 11 percent of leadership roles.
All this will have big implications for asset managers. Take risk-profiling. Surveys show that men’s attitudes to risk are typically more gung-ho, whereas women are more likely to buy and hold, which leads advisers to conclude that men are less risk-averse. And men are more likely to say that they understand financial concepts, which might seem to suggest that they are more financially literate.
The Wells Fargo/Gallup Investor and Retirement Optimism Index was conducted August 5–14, 2016, by telephone. The index includes 1,021 investors randomly selected from across the country with a margin of sampling error of +/- four percentage points. For this study, the American investor is defined as an adult in a household with total savings and investments of $10,000 or more. About two in five American households have at least $10,000 in savings and investments. The sample size is composed of 71 percent nonretirees and 29 percent retirees. Of total respondents, 43 percent reported annual income of less than $90,000; 57 percent reported $90,000 or more.
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.
MS. KATZIFF: Well thank you, we do appreciate the feedback and agree that there's a lot of talented women in our organization. But we have had women's programs, women's development programs for years, decades now. One of the things that we did realize though is there was so many around the globe, in the United States and around the globe that last year we realized that there would be some significant power in pulling that all together. So, we have made significant progress but if we came up with a common core mission. And so we formed an umbrella organization, the Investing in Women's Council, at the beginning of 2016 and I am very lucky to be the Executive Sponsor and Leader of that. And we came up with four additional kind of core common goals for us. One is attracting, hiring, retaining women. One is in addition to broad women we realized we really needed to focus on ethnic diversity as it relates to female leadership, and pulling up ethnic diversity in women to higher levels in our organization. Also, just development programs in general. We had tons of them, probably almost too many, and how to depict the few that were extraordinarily impactful, and then track women along the way after they went through the programs. And the last thing we called out as a focus, Margaret mentioned, which was the advocacy, and how do you bring men and women into the fold to being very strong advocates every single day, and how do you bring that to work? So, those are just some new things we have been doing in the last year, year and a half to push it forward.
As a female, I've been recruiting for IB this year and have been overwhelmingly pleased with the support and steps that firms are taking to improve the workplace for women and attract top talent. GS, MS, JP, BAML, Barclays, RBC, and Evercore each hosted all-day women's events where you can speak to bankers at all levels that have balanced families and banking long-term. Many of my male colleagues have perceived being a female as an advantage in the recruiting process, however, there is definitely a minimum threshold to cross to get an offer. Banking is inherently less appealing to females that are considering families where long hours are difficult to balance, but all of the women I met communicated the culture of respect and equality at their institutions. Feel free to PM me if you want to talk!
Don’t give up if you get a no. Ask for non-money perks: flextime, a new title, pay reevaluation next quarter, or mentorship by or a project with a senior exec. They’re valuable in themselves, but they also get your boss in the habit of saying yes to you, and that will help you get that raise next time. Remember, this is a lifetime gap you’re working to close!
Anyone who wishes to invest in firms that benefit women who are not employees will quickly find that there is as yet no systematic way to measure broader “gender impact”. Even inside firms, data are lacking. “We need to move beyond just counting women and start taking into account culture,” says Barbara Krumsiek of Arabesque, an asset manager that uses data on “ESG”: environmental, social and governance issues. It is urging firms to provide more gender-related data, such as on attrition rates and pay gaps. Just as its “S-Ray” algorithm meant it dropped Volkswagen because the carmaker scored poorly on corporate governance well before its value was hit by the revelation that it was cheating on emissions tests, in future it hopes information about problems such as sexual harassment could help it spot firms with a “toxic” management culture before a scandal hits the share price.
While it is naïve to think that complete gender equality on Wall Street would happen overnight, the bottom line is that women, who have largely stood at the sidelines of investment banking, have potential for being successful in the field and investment banks are increasingly looking to tap that potential. Or to quote the great Bob Dylan, the times, they are a-changin’.
About a third of men and women say an unsupportive or biased corporate culture is the biggest obstacle preventing women from advancing. Having more women in senior positions could help: Nineteen percent of women and 12 percent of men say the biggest obstacle is a lack of female leadership. Fourteen percent of women say their biggest obstacle is a lack of mentorship or sponsorship.
Shelly Bell has lived many lives. She’s a computer scientist, a former high school teacher, a performance poet, a community organizer, a founder, and a CEO. She has two successful apparel printing businesses: MsPrint USA—through which she creates swag for clients like Amazon and Google with a team of women designers and printers—and Made By A Black Woman, which celebrates products made by Black women.
thank you again. i am going to copy and paste that post for future reference and may indeed trouble you further for some guidance in the future so thanks in advance for your generousity. intuitively your comments ring to me. it is probably true in many fields that female coworkers are being accepted more and more, ON THE CONDITION that they are proven to be assets to the team and to prove one's worth, one probably has to come in earlier and leave later to be better prepared and ready to help at any moment and possibly rely on some maternal instincts to be mindful of the big picture. still, it won't hurt to know that generally speaking, the work environment in IB is not so hostile to females that it is uphill battle day in and day out even if one's work speaks competently for oneself. thanks for providing the clarity and reassurances.
After setting up this organization and being a profitable business which makes us sustainable we realized that we were still not changing some habits in these families. Yes, they had a steady income but if the kid said, "I want to drop out of school when I'm 12," the mother said okay, fine, you don't want to go to school? Don't go to school. Or they were having Coca-Cola for breakfast, not that I have anything against Coca-Cola, but if they're suffering from diabetes maybe it's better that they have oranges, that they have orange trees in the backyard.
MS. SMITH: So, you mentioned you went back to school. So, let's just back up a little bit more because I think most people would know you as a model, and on, you know, thousands of covers of magazines. Which is still happening today but in a different way for a different cause. But how did that—tell us about that journey and then how that informed sort of your decisions and your next steps.
So, if you choose, you can direct your money at Ellevest to funds that invest in companies with more women leaders, and with policies that advance women. Companies that provide loans to support women-owned businesses and companies that provide community services — child education, performing arts, housing and care for seniors and people in need. Companies working to meet higher standards for sustainability (which has a greater effect on women) and ethical practices (same).
MS. TURLINGTON BURNS: It's a huge problem, and it's going to get worse. We have done a series of films called "Giving Birth in America" where we look through state-by-state at maternal healthcare. And one of the first films that we did was in Montana and there, you know, we had a family, a Caucasian family, highly educated, lots of kids, but that lived far away, just lived in a large state in a rural part of the state, and so when an emergency happened they were far away. I mean the woman survived, but it was, it was almost as if you could be in Sub-Saharan Africa and have the same problem. If you have a post-partum hemorrhage, you could bleed to death in under two hours if you don't get to care. So, you can see some of the same challenges as you do anywhere. I think what's most important is really having many levels of trained health providers, so community health workers, doulas, midwives, nurses, and doctors when necessary. Sometimes in the United States we have a tendency to over-medicalize birth, and so you might rush to a doctor who you don't necessarily need to see.
Wells Fargo Investment Institute thanks Justin Kreiger, CFA, and John Morton, M.S., Ph.D., of Wells Fargo Wealth and Investment Management Analytics Group for the use of their research on “Gender Differences in Performance at Wells Fargo Advisors”. Wells Fargo Wealth and Investment Management, a division within the Wells Fargo & Company enterprise, provides financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Brokerage products and services offered through Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Bank products are offered through Wells Fargo Bank, N.A.
“The more women manage funds, the more funds get channeled into issues women care about,” says Nathalie Molina Niño, CEO of Brava Investments. “When someone brings on one female fund manager, we’re talking about potentially billions of dollars that get moved in a different direction.” She says that questions like “How many of your fund managers are women?” used to be rare in the industry, but now that more and more people are asking, large institutions are getting nervous—mostly because the answer is often “none” or “few.”
It is definitely doable. I am acquainted with one female at Barclays(some of you might know who I'm talking about) who has managed to wield a massive amount of influence over the company as an associate to where she is more or less a gatekeeper for MBA recruiting. She's very direct, very professional, and very people smart...and she didn't get to where she is by trying to by imitating someone else. She crafted and managed her own unique brand.
However, after talking to more professionals in the finance field and reading articles like this, I have regained my faith in finance and became a co-leader for the finance club at my high school. My biggest concern is the one depicted in this article: the club has an extreme lack of female members (we only had one last year). As you have mentioned, this is unfortunate as diversity fosters more informed decisions. Similarly, Kelly Loeffler of Intercontinental Exchange, who was quoted in the KWHS article titled “Career Insight: Advice from New York Stock Exchange President Stacey Cunningham”, believes that gender should not be a limiting factor for the expression of intellectual curiosity. You mentioned how you felt uneasy in male-dominated classes, and as a male, I never had to go through the same feelings, but I certainly want to change this limiting atmosphere in academic settings. I think your mentioning of Kylie’s Cosmetics is a perfect example of how more female members could allow the male-dominated industry to make more informed and wise investments. Yet even though we recently had a female member take upon a leadership position, many other female classmates I’ve talked told have told me that the finance industry was “disgusting” and filled with greedy, misogynistic men.
Nearly two-thirds of women polled say females are less likely than males to reach leadership roles. Only 56 percent of men and 37 percent of women agree that males and females are equally likely to become leaders in their industry. What's holding women back? Almost no one says the biggest obstacle is women opting out of leadership positions. Rather, it comes down to how quickly employees are promoted. Fewer than half of women (47 percent) felt that “men and women are promoted at an equal rate at their companies," and 26 percent of men also identified this gap.
MS. NELSON: Well, we'll look forward to following your progress. Christine, I wonder about what Bank of America does internally. We've heard so much about what you're doing externally, and obviously I've seen it firsthand. But does that translate internally? What do you do for women employees and to spark women's leadership? I know you're doing something because over the last five years I've had the great opportunity to work with so many women leaders within Bank of America who've served as our global ambassadors, and I'm like, "This company is like made of amazing women. Not just so skilled but wanting to give back." And so, I wonder where does that come from within the company?
1... biggest advice to any female looking to break into finance... drop the feminista thing, it won't get you anywhere. It's ok to be bitchy, and in fact may help you in certain instances, but don't ever, ever pull the feminist card. There's nothing worse than a person who chalks up their own personal failings to an "anti-me" thing. It's nothing more than an excuse for being a slacker.
By contrast, wealth management was long in the shadows – and women quickly made inroads. After all, women frequently control the household purse strings in Asia. Strong ties between generations as well as reliable access to childcare have made it easier for Asia's women to re-enter the workforce after starting a family than for their U.S. and European counterparts.
MS. VERVEER: It's been part of our journeys. But I often think that women may not think about this being a place for them, not just running for office, elective office, which is probably the hardest challenge of all if one looks at any of the data out there today, but certainly service at the national level, at the local level, school boards, town collectives that come together to solve problems. This has obviously been a huge reward in your life. You've demonstrated exceptional leadership skills. Help us understand why this is a real opportunity for women and the rewards of this.
MS. TURLINGTON BURNS: I think we see all ages who are interested, and it might be—obviously, it's not just people who are thinking about motherhood or pregnant themselves. This is again it's an issue that really touches a lot of people. It might be because of their own parent. It might be because, you know, like my 13-year-old, right, it's not lost in me that, you know, at this age of her life it's kind of the perfect time to be learning about these issues, well before she is thinking about whether she wants to or doesn't want to become a mom one day. But now, as she's understanding her body, and is learning about the things that she wants to do and what she wants to be in life. Like, this is like a ripe time. It's a challenging time in almost every country to be able to educate our young people about these things, but it's so important. My team at work, their ages, you know, 22 to I'm 48, so to 48. I mean it's a pretty broad age range, and I think the way that we work as a team has really helped to—like we don't really see age and numbers. It's like we're together sharing this mission and we each can kind of reach our own networks in our own way, in the way that they want to be spoken to or taught. So, we're really trying to think about that and keep an open mind about how people want to, how receptive people are, and how they want to take information in and how they want to be activated.
Women make roughly 70% of household purchases, putting them in a great position to benefit from the strategy that once made Peter Lynch the best-known mutual fund manager on the planet. Lynch, who ran Fidelity Magellan (symbol FMAGX) from 1977 through 1990, said in his book One Up on Wall Street that investors’ best research tools are their own eyes and ears; he got many of his best investment ideas while walking around shopping malls and talking with his friends and family. In fact, Lynch wrote, his wife was responsible for turning him on to what turned out to be one of his best picks ever, Hanes Co., when she told him how much she liked L’eggs panty hose, which Hanes makes.