And this program, the Global Ambassador's Program was really founded on that core belief. It started as a partnership between Vital Voices, a nonprofit organization, nongovernmental organization, and Bank of America of course, major multinational corporation. And one of the things that I think was so profound is that right from the beginning it was about an equal partnership, that we each have something to bring to the table, even though one entity was a lot smaller than the other. But I think what was so incredible about the launch of that was just this idea that we're going to not only look at how we tap into so many great leaders, women leaders in the bank, but also how do we leverage so many other leaders in other organizations? And I think that takes a lot of insight from a company to understand that, that partnership is not just about you and someone in another sector, it could be about even partnering with some of your competitors to ultimately, you know, make a difference in the long run.
MS. VERVEER: One of the other things I've been in this learning experience about the region, the area, the state, and I understand the disparities between economic mobility, economic and equality, not peculiar here by any stretch but obviously significantly disparities, and maybe you can explain why. But we deal with that across the country, we deal with it all over the world. And we're here really focusing on entrepreneurship, and Bank of America has been a leader in enabling women to grow their entrepreneurial skills because we know what that can do to grow economies and provide the kind of wind at the back of economies.
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.
Bourke also understands the importance of relationship-building in investment banking. “Because our business is one that values both results and relationships, and because wisdom typically surfaces when like-minded people are challenged by new and different thinking, both Allegiance and our clients resoundingly believe that a diverse workforce will always outperform one that is overly homogenous.”
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.
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As an analyst, I'm also part of an employee networking group called Junior Women Connect, which organises a range of networking and career events. Last year we organised an event called "Power Dressing 101", which consisted of an evening in an L.K. Bennett store hosted by a professional stylist who advised us on how to dress for work and the impact of our image on people's perceptions of us.
If conditions out in the job market seem great, then plan for your next steps—polish up your resume and cover letter, make sure your interview clothes still fit, and get out there! However, if you’re seeing some warning signs that right now might not be the best time to jump ship, then bide your time and plan accordingly. Don’t forget, you can do some subtle and covert planning for your next job while you’re at your current one so when the iron is hot you’ll be prepared to strike!
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.
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?
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.”
From what I've seen as a dude, the women who are most successful are the ones who are competent, confident, and drama-free. The biggest mistake I've seen is women trying to imitate men. It's a mistake, because what a lot of people think "men" act like is usually not how the most successful men act. You've almost certainly got a massively better ability to read people than your male peers, better soft persuasion skills, and you look better. Be pleasant, be professional, and most of the younger guys wont' care. Can't speak for the older ones.
While millennials are taking a goal-oriented approach toward their retirement, they align with Americans overall in thinking they could be more proactive. Nearly half (48 percent) of Americans say they are most insecure about some aspect of their finances (financial future, retirement savings or income), with retirement savings (21 percent) being one of their top insecurities, ahead of their personal relationships (10 percent), judgment of others (6 percent) and career path (4 percent).
So, we decided that we needed something else to really complement what we were doing from generating this stream of income to then educate them in how to improve their living conditions. Especially my hope is that I can change—and I think we are changing—the lives of the next generation that is their children. So, with the foundation we're working, bringing students from universities in the U.S. and Europe to work with these families on literacy, on preventive health. We run a mentorship program as well—that's my way of paying back what I'm receiving here this week—where we motivate these teenagers to study an undergrad degree, to understand importance of education, to lift them out of poverty and generate opportunities not only for themselves but for their communities.
Imagine how much easier it would be to manage your finances if change were not an ever-present dynamic. Of course, change is a fact of life – and life would be pretty boring without it! But change can certainly make long-term financial management difficult. Without insight into the future and what might transpire, planning presents plenty of challenges.
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.
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.”
Says Bourke, “In the first part of 2014, we completed four oil and gas deals totaling $350 million. We found, even in the heart of the oil patch, traditionally known as a male dominated industry, it is more the exception than the rule that both the decision to sell as well as the selection of the most appropriate buyer was a joint decision involving a central female stakeholder. It makes business sense to direct deliberate attention to building an investment banking firm that leverages the talent and experience of the female workforce.”
Note that even the reported numbers (which are sobering as P. Brown has stated above) appear to generously overstate the actual number of women in investment roles. This is due to lack of transparency and confusing websites on the part of private investment firms. If one were to further breakout non-investment professionals who are often listed on the investment team pages, the result would likely show ~0% to 5% of senior "investment professionals", defined as those making investment decisions, in the field of private equity are women. *For example, Blackstone includes women on the investment team pages who are serve in administrative and portfolio operations functions (i.e., women who don't make investment decisions) such as Chief Administrative Officer. Counting the number of women in the Private Equity department on the investment team without Administrative or Portfolio Operations roles, Blackstone's Private Equity (www.blackstone.com/the-firm/our-people -> Private Equity, Tactical Opportunities, Infrastructure) teams' female representation appears closer to 0% to 3%. Professor Lietz's study includes data on the largest Private Equity funds' female representation: