Every week, we collect thought-provoking articles from around the web pertinent to women advisors.
Why aren’t women being promoted?
Do you remember Sallie Krawcheck? She often topped the lists of “most powerful women on Wall Street”—until she was fired last fall from her post as the president of global wealth and investment management at Bank of America Merrill Lynch.
In an upcoming issue of Marie Claire, Krawcheck talks about being one of the few top women on Wall Street and how women aren’t moving upward.
“If you look around Wall Street and corporate America, we’re putting women on diversity councils; we’re putting them in mentoring programs; we’re giving them special leadership training, telling them how to ask for promotions—but we are not promoting them. My goodness, we’re just making women busier.”
On the other hand, Judith von Seldeneck, head of Diversified Search, has a radically different view. She has found the pool of highly qualified women is growing, and that intensified investor pressure on boards to diversify has led companies to hire “more high-potential women who could be CEO.”
Why you should target female clients
Women control $8 trillion in assets in the U.S. and by 2020, are expected to control $22 trillion, according to TD Ameritrade Institutional. Women are also becoming increasingly wealthy, with women accounting for approximately 27% of millionaires worldwide in 2010.
It’s little wonder that women have the attention of the financial industry and are considered the next niche market by advisors.
“We have seen a market change after the downturn, where women recognize they really need to understand more financial concepts and be active participants in how they think about and plan for retirement,” says Joan Khoury, former head of Merrill Lynch Wealth Management.
The global power of mobile banking
The book “BANKRUPT – Why Banking is Broken. How it can be Transformed” by Carol Realini was a decade in the making, started in 2002 while she traveled in Africa.
During her trip, she realized that even while infrastructure was severely lacking, many people still had cell phones. Having just built a technology company, Realini was interested in what else besides basic communications could be done with all these cell phones.
Her goal is for everyone across the globe to have access to banking through mobile phones. It would just mean convenience and lower cost banking for most of us, but for those with limited or no access, it would be transformational.