MS. CALABRESE BAIN: Well, you know, it's interesting, and listening to Christy and listening to Josefina really struck a chord with me because often times what we see is that necessity is the mother of all invention, and women business owners generally speaking do not open their own businesses for the lure of financial success. That's low down on the totem pole for them, it's really about empowerment. Empowerment means different things to different people, whether it's a business owner is Southern Florida and she's opening indoor pools. And so, if you're from Southern Florida you know that indoor pools is not something that exists, but it's the leading cause of death for children. So, she developed indoor pools. And financing for her was not easy out of the gate, right? I also talked to a business owner, a not-for-profit business owner this week who started her own domestic violence association, and she didn't do it for her, she did it for her granddaughter. And so, when you think about why women create businesses, it's not always about themselves. It is about other people. But I think that there is, it is about community and community is not only local, it's national, it's global. You see what these women are doing. And I think we can do anything. So, it's about putting our voice out there, our resources, our network, our support, and really sponsoring versus mentoring. But really taking a stand and pulling people together, and saying, "You know what? No is not the answer for us."

Move over millennials, here comes the IGen! Born between 1995 and 2005 this group of tech savvy natives is the next cohort and are just now entering the workforce. IGen, or Gen Z as they are often referred, have grown up in a world of social media where Youtube, Instagram, and Twitter reign supreme. These kids are a force to be reckoned with and require access to information in ways that are familiar, immediate, and actionable. Our success depends on them because as the IGen goes, so goes the manufacturing industry, the nation, and the world.
Before I started my job, I was more concerned about whether I would find my place here given the image of investment banking in the media over the past few years. But when I joined J.P. Morgan I was surprised by how nice everyone was. The people I work with are really friendly, normal and chilled out, and this is true from the other graduate analysts right through to high-level managing directors who are always willing to take the time to explain things and answer questions. We organise events for analysts and also have lots of networking activities, so it's a very inclusive environment.
Annuities are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and in New York, annuities are issued by Jackson National Life Insurance Company of New York (Home Office: Purchase, New York). Variable products are distributed by Jackson National Life Distributors LLC. May not be available in all states and state variations may apply. These products have limitations and restrictions. Contact the Company for more information.
3. Create an investment plan. Once you have set your goals, you need to create a solid investment plan. First, determine how much money you have to invest, and start thinking about how to make your money work for you to achieve your financial goals. Rather than a set of rules, an investment plan provides guidelines that can help you organize and direct your energies. Financial plans should have continuity and a solid foundation, but at the same time be adaptable to changes that invariably happen in life. For more on financial planning, read Developing a Personal Financial Plan.
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.
Vanessa, who started in a middle office role and worked her way to the front office, advised: ‘Don’t give up! Establish your own vision of success – you’re responsible for your own destiny.’ She continued: ‘Separate what’s in your control and what isn’t. If it didn’t work the first time, ask yourself how you can do it differently next time. Always think of the next step.’ Sophie concluded that you should ‘objectively analyse’ what happened and what you could do next time to bring about a better result. ‘Imagine you were giving advice to someone else; what would you say to them?’  

“Increasing the percent of women will help teams ensure that they have diversity of thought,” Scott said. “When deciding whether or not to proceed with a particular investment, these teams will be better equipped to think about each opportunity from many different angles. If everyone in the room is the same gender and shares similar educations, backgrounds and life experiences, it can be difficult to fully think through the various opportunities and decisions. Diversified teams leads to enhanced company profitability and better investment performance.”

At Ellevest, we’ve found (and research confirms) that women are not so much risk-averse but risk-aware—meaning that they want to thoroughly understand a risk before they take it on. And once they do? A study from the University of California at Berkeley describes women as “rational” investors, meaning that they take on smart risks, and the women in the study outperformed the men, whose overtrading due to overconfidence was a less successful move in the long run.
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).
Nearly seven out of 10 (67 percent) female Millennials, for example, said their parents encouraged them to "save" money, versus just 58 percent of males. Similarly, only 29 percent of females surveyed said their parents "showed (them) ways to grow wealth." By contrast, 37 percent of males said their financial education was focused on wealth-building, the survey found.
2. Make “friends” with risk. Women prefer to preserve wealth even if it means giving up higher returns. Take a 51-year-old attorney (who preferred not to give her name) as an example; she has consistently contributed the maximum allowed by her law firm’s retirement plan. “I know I should be investing in stocks, but I don’t want a repeat of 2008. My money is parked in a money market fund, where I know it’s safe.”
Financial editor and writer LouAnna Lofton, who studied the habits of Warren Buffett and compared them to research about gender and investing, has also found that women match their investments more closely to their goals and remain calmer during market turbulence. During a downturn, she says, female investment portfolios weather the storm far better than male ones.
Our New Year’s resolutions can vary across an endless array of categories—from finding love, making new friends, and moving to a new city to acquiring a new hobby or skill set. Among the most popular resolutions that people make involve job- and career-related goals. However, while making a New Year’s resolution for career change and success can be the beginning of a wonderful new chapter in our lives, it’s really just the first step.
Invest in yourself: Sabbia suggests getting smart on the benefits that your employer might offer as a vehicle for long-term financial security. She mentioned 401(k)s and health savings accounts (HSAs) or other forms of wealth escalators that can start building wealth today for use in the future. Sabbia mentioned that HSAs are portable and controllable ― meaning they can be used to fund qualified health-care costs well through retirement, and cover that potentially bill of $195,000 later in life. Sabbia also suggest investing in professional services. "Consulting with a financial advisor or professional can also play a key role by helping you create – and stick to – a customized investment plan aligned to your unique life priorities, goals and circumstances," she said.
The unique BGV Pitch Competition, of which there are 10 per year, is described on the website as “a crowdfunding meets pitch competition.” Attendees pay admission at the door, selected founders pitch for three minutes, and the audience votes. Winners receive the money raised from admission fees, in addition to other perks like a free consultation with both a lawyer and an accountant and a meeting with an investor.

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.” 

Clearly, the caution signs are there, but the good news is that you can start doing something about it now. If you don’t know much about retirement planning or investing, purchase a beginner’s book, join an investment club, or find a financial advisor that you trust who can teach you more about the topic. It is never too late to start planning and increasing your financial literacy. The statistics concerning women and investing show that we need to do something, and the earlier we start, the better.
MS. TURLINGTON BURNS: You're further ahead than I was. I ran my first marathon in 2011 and we were given ten spots for a very new charitable organization as part of the New York City Marathon. And I thought, "Well, I know some runners, and I can't not run it as the head of this organization." So, I signed up, and immediately when I started training I saw the connection between what we're trying to do, where there is need, and where there is really an intense barrier, which is distance, and how we can connect the dots there. So, I ran the first one and then I thought, "Oh yeah, I have two kids. I think I could do that two times." And then it just started to grow, and it's turned out that there are a lot of runners out there, or people who are just—I think people who are taking care of themselves and are active, healthy people, are more likely to care about the health and wellbeing of others, than your average person. So, we found that it's been a very connective, very community-building type of event, and people go couch to marathon, or they walk, cycle, you know, anything that you do already there's a way that you can contribute that effort towards other people.
For those who doubt that women can be successful investment bankers, there are a few examples such as Marisa Drew, a co-head of Global Markets at Credit Suisse, who has worked in investment banking for over twenty-five years, starting her career as an analyst back in 1986. Another good example is Mary Callahan Erdoes, who has been serving as the chief executive of JPMorgan Asset Management since 2009 where she oversees more than $2 trillion. Ruth Porat also deserves a mention, having worked as chief financial officer and executive vice president of Morgan Stanley between 2010 and 2015, when she decided to leave the bank for Google where she became the tech giant’s first female CFO.
Investment of capital makes the global economy run, every day. The U.S. would have struggled to create a national economy post World War II without money invested by asset management firms to build its highway infrastructure. Renewable energy sources such as solar and wind would not be a reality today, and in certain parts of the developing world, people would still be without clean drinking water if not for investment in water treatment facilities.
Furthermore, the information presented does not take into consideration commissions, tax implications, or other transactional costs, which may significantly affect the economic consequences of a given strategy or investment decision. This information is not intended as a recommendation to invest in any particular asset class or strategy or as a promise of future performance. There is no guarantee that any investment strategy will work under all market conditions or is suitable for all investors. Each investor should evaluate their ability to invest long term, especially during periods of downturn in the market. Investors should not substitute these materials for professional services, and should seek advice from an independent advisor before acting on any information presented. Before investing, please carefully consider your willingness to take on risk and your financial ability to afford investment losses when deciding how much individual security exposure to have in your investment portfolio.
MS. KATZIFF: So, first and foremost, and we've covered this a lot, if you strengthen and support and enable women then what you're doing is strengthening communities and impacting positively the global economy. So, it all comes together, and you know, it's great because some of the efforts just have been great examples, even here the, you know, the last panel who talked about some of our efforts around, you know, Jill talked about the support we provide in via small business loans, our partnership with Tory Burch Foundation, which is providing affordable loans to women-owned businesses, our partnership with Vital Voices of course, and Cherie Blair Foundation, as well as again Jill and Josefina talked about the Supplier Diversity Program, which not only supports women but also supports businesses that are owned by minorities, individuals with disabilities, veterans, and the LGBT community. So, and we also, there's a whole host of things we do, but you know, another great example is we partner with the Institute for Economic Empowerment of Women and it's pieced through business training and mentoring program. And that is a program that helps and supports women entrepreneurs in Rwanda and Afghanistan to support and strengthen their businesses.
Turns out that most of these “girls” were actually young women of 19 and 20 who had just finished up their sophomore years at colleges around the U.S. They were all participants in a Wharton campus-based summer program developed by Girls Who Invest, a nonprofit dedicated to increasing the number of women in portfolio management and executive leadership in the asset management industry. Asset management is the management of clients’ investments by a financial services company, usually an investment bank. Founded by Seema Hingorani, a champion dedicated to getting more women involved in the finance industry, Girls Who Invest trains young women about finance in hopes of getting 30% of the world’s investable capital managed by women by 2030.
MS. SPELLINGS: Well, it was a super fun partnership that was a partnership between President Clinton, President Bush, President H.W. Bush, his center, and the LBJ Library in Austin. So, in that Arkansas/Texas region we have four Presidential, Presidential Libraries. And the idea was to help develop mid-career, civically-engaged leaders, using those four presidencies as case studies in leadership around decision making, around vision and planning, around building coalitions and whatnot, and you all ought to get on the website because it looks like there's some presidential leadership scholar candidates in here. President Bush and President Clinton stewarded this. We were able to raise funds to underwrite this because we need to develop leaders in this space so they can have the skills necessary, particularly in that mid-30s to, you know, mid-50s where you're out of graduate school if you've gone, but there, and you've got plenty of runway. So, how do you become, how do you lead at that level? Who better to do that than two presidents?  

MS. SPELLINGS: Well, in Charlotte you can't say that too much because we have people like Andrea Smith who are leading the Chamber of Commerce, and of course a woman that is the mayor, and the superintendent here is a woman, and one of my board of governors' members I think is here, Anna Nelson, and on and on and on, Ophelia Garmon-Brown who has been so instrumental in the economic mobility work here. But that notwithstanding, there are gaps and, you know, when you, and when you're in a place like Washington there is such a public service mentality and so many opportunities for women, we'll get into some of that, but I am puzzled by that, particularly when most, I mean women are going to college and getting out of college at rates that far exceed, and we need to work on our men obviously, but that exceed women. So, what happens between the time that we're getting out of college, attaining at high levels, and being in those leadership roles? We get lost. Right? Which is why programs like this are so important.

Zachary Cohen is an accomplished finance professional with over 18 years’ experience as an investment banker, project manager and corporate executive with aggregate deal and pitch experience totaling over $2.1 billion USD. Over the course of his career in finance, he has also worked at such firms as Merrill Lynch, ConocoPhillips, CB Richard Ellis, DPFG, InveStellar Corp., and Silver Fern Management. He has advised dozens of companies on a wide range of corporate finance and strategic initiatives.
To be able to be transformational in that sector we need to work on four essential areas; one is policy, mostly dealing with issues of access to land, and to do that the public sector plays a big role. The second issue we try to tackle in the area of agriculture is access to finance. And like Nigest said for the longest time the women have been confined to microfinance and small loans. So, when we look at access to finance we want to look at the broad spectrum of financial instruments, whether it's a guarantee funds, credit lines, private equity, leasing of, you know, agriculture equipment. And all of that we have to do with the private sector. When we talk about access to market, same thing. How do we make sure that these women that we're going to help produce more tomatoes, more mangos, everything else, have access to market? And that access to market can only be achieved through contractual relationship with private sector. So, once UN Women walk away three or four years later from the program that these women are able to continue. And lastly, skills development, exactly what we've been doing this whole week. How do we make sure that these women are productive, they use technology, they have a better use of water? So, as you can see in all of these four pillars in the area of agriculture we cannot do it alone.
Kiva Microfunds is a nonprofit organization and microloan tool allowing people to lend money to others in need around the world, starting at $25. It focuses on low-income entrepreneurs and students in over 80 countries, making it easy to seek out women and invest in their futures. The organization has a 97 percent loan repayment rate and a four-star rating from Charity Navigator. A higher-cost option is SheEO, a company that takes donations in the amount of $1,100 to support early women entrepreneurs and grow their businesses.
Coming in, I expected that my colleagues would be ultra-Type A, all work/no play, super serious folks given the nature of our work. But I’ve been pleasantly surprised by the great relationships and friendships I’ve developed at work and the camaraderie on our floor. I also expected the job to be extremely difficult in terms of the learning curve and was worried about my ability to handle it. It certainly is challenging, but with the support of my colleagues and mentors, I can really map out how much I’ve grown and learned over the past year. Everyone wants each other to succeed.

According to the Boston Consulting Group, between 2010 and 2015 private wealth held by women grew from $34trn to $51trn. Women’s wealth also rose as a share of all private wealth, though less spectacularly, from 28% to 30%. By 2020 they are expected to hold $72trn, 32% of the total. And most of the private wealth that changes hands in the coming decades is likely to go to women.


Top GWI Takeaway: “It’s so incredible to be with a bunch of talented, smart, nice women. These women genuinely want to help and we all want to succeed together. That is something I haven’t encountered before. In general, it’s very competitive with women. We feel that there are only a few spots at the top and we have to take each other down. Here, there are enough opportunities, and if we help each other out it’s better for each individual.”
There’s also a concept I think you should be familiar with. It’s called passive investing. The idea is that it’s smarter to invest across the entire market and then not pay attention to it, than it is to pick stocks or pay someone else to pick stocks. It’s easier and less expensive, and historically it’s been more successful. In fact, Warren Buffett made a $1 million wager that passive investing would beat hedge funds—and he was right. It’s why he advises his heirs to invest passively with their money.
There’s also a concept I think you should be familiar with. It’s called passive investing. The idea is that it’s smarter to invest across the entire market and then not pay attention to it, than it is to pick stocks or pay someone else to pick stocks. It’s easier and less expensive, and historically it’s been more successful. In fact, Warren Buffett made a $1 million wager that passive investing would beat hedge funds—and he was right. It’s why he advises his heirs to invest passively with their money.
“Today’s retirees tell us they are experiencing a very different retirement than non-retirees are envisioning,” said Levine. “With continuing savings challenges and potential economic uncertainties ahead, non-retirees should have a plan in place and regularly revisit it to make sure it still aligns with what’s most important to them for their retirement years.”
It also may make sense to refinance your mortgage, if you can lower the interest rate on your home loan enough for it to be worth the upfront cost and the time suck it can take. Usually it’s only worth exploring if you plan to stay in your house long enough to pay off the fees from the new loan and you can get a rate at least 1% to 2% lower. (Refinancing is something to look into right now, by the way, before interest rates go up again.)
Women Who Lead invests in the stocks of 169 companies, as of December 8, 2017*, including many that you probably interact with on a daily basis. These include Coca-Cola, McDonald’s, IBM, Mastercard, and PepsiCo. The fund also includes shares in the pharmaceutical giant Pfizer, calculator and semiconductor producer Texas Instruments, as well as defense company Lockheed Martin.
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.
This problem may also result from a reluctance to talk about money. Women talk about marriage, kids, college, politics, religion, shopping and sex, but money matters tend to be taboo. “Men have no trouble talking about money, but it’s the one thing that women are hesitant to discuss,” says Zaneilia Harris, a certified financial planner and author of the book Finance ’n Stilettos. “If you won’t initiate that conversation, you’re hurting yourself. Sharing stories about money is a great way to learn.”
As president of the Atlanta Fed, Bostic leads one of the 12 regional Reserve Banks that, with the Board of Governors, make up the Federal Reserve System, the nation’s central bank. The Atlanta Fed is responsible for the Sixth Federal Reserve District, which encompasses Alabama, Florida, and Georgia and portions of Louisiana, Mississippi, and Tennessee. As its key functions, the Atlanta Fed participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payment services to financial institutions and the U.S. government. Bostic has overall responsibility for these functions and represents the Sixth Federal Reserve District at meetings of the Federal Open Market Committee, the policymaking body within the Federal Reserve that sets monetary policy for the nation.

Here’s the bottom line—many folks who are unhappy with their work lives or who are just eager for a fresh start or new challenge take the new year as an opportunity to make a change, and it’s a great time to do so! Because so many people are focused on career changes at the beginning of a new year, many companies and industries ramp up their hiring during this time—and those among us who are serious and dedicated can take full advantage of this reality. If this sounds like you, perhaps now is a great time to move forward—but do so wisely and plan accordingly. Good luck and Happy New Year!
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.

Knowledge shortfall. In truth, women do appear to be less knowledgeable about investing than men are. A 2015 study by Financial Finesse found that 67% of women answered yes when asked whether they have “general investment knowledge regarding stocks, bonds and mutual funds,” compared with 84% of men. And the figures don’t just represent women’s lack of confidence, says Kathie Andrade, president of personal advisory services at TIAA. The financial-services firm asked men and women a series of questions about bonds, asset allocation, inflation and interest rates and found that men scored considerably higher overall.

In your 40s you’re probably thinking about funding your kid’s higher education. If you think you haven’t saved enough for it, consider an Education Loan. This loan gives you tax benefits under Section 80E of the Income Tax Act. If not, loans against property or Fixed Deposit are a better option. These come at a lower interest rate. Never use your retirement savings to fund your child’s education because it will be difficult to rebuild those savings. Once you have used your savings to fund some of your goals, the money you were using to save for these goals should be redirected to your retirement savings. 
Coming in, I expected that my colleagues would be ultra-Type A, all work/no play, super serious folks given the nature of our work. But I’ve been pleasantly surprised by the great relationships and friendships I’ve developed at work and the camaraderie on our floor. I also expected the job to be extremely difficult in terms of the learning curve and was worried about my ability to handle it. It certainly is challenging, but with the support of my colleagues and mentors, I can really map out how much I’ve grown and learned over the past year. Everyone wants each other to succeed.
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