“The industry tends to look past women and mostly serve men.”
Sallie Krawcheck, the founder of Ellevest, a virtual financial advisory geared towards women, quickly became one of the most powerful women—and people, period—on Wall Street.
Along her ascent, Krawcheck led Bank of America’s Global Wealth and Investment Management division, CEO of Sanford Bernstein and was CFO of Citigroup, among many other plum roles. (In 2002, Fortune even dubbed her “the last honest analyst.”)
The problem: Women don’t have enough money, in Krawcheck’s view, and shrewd investing is the only solution.
That opportunity became Ellevest, which Krawcheck launched the day before the 2016 election, and currently boasts a user base of three million and $2 billion in assets under management.
Krawcheck told Fortune how she built the firm, why she insists women still need their own platform, and the biggest pitfalls in her career that almost sidelined her.
Read the full interview here: https://lnkd.in/eZtxaHTy
I think my gender was always a factor. There's a reason that I was successful very quickly as a research analyst when I worked hard too. I was very analytical. 3 I took risks, but part of it was I you couldn't forget me. You just couldn't forget me. I'm a Charlestonian. I'm from the South. Those early days when I was younger, things were pretty tight. So I went to the University of North Carolina and I was a journalism major, Poly sci major there. I worked at Fortune 1 summer, didn't get the the full time job, so I went to Wall Street instead. I was in investment banking for a few years. Never anybody ever do this, but I quit my job. I was like, I've had it with investment banking. This is not where I want to be. I wanted to be an equity research. Lastly, sell side research analyst. Research analysts really had two jobs. One job was to write research telling individual and institutional investors to buy low and sell high and the other was to be part time investment bankers and to advise the corporates to issue the stock high and buy it low, which was a direct conflict to each other. At Sanford Bernstein, we too were in those two businesses, but when I had the opportunity to run the business, I took us out of the conflicted investment banking business. The business struggled for a while. But when the Internet bubble burst and it was clear that there was these conflicts, our business did this. And I was on the cover of Fortune magazine as the last honest analyst, which then brought me job offers. I got a call from Sandy Weill, who was then the Titan of Wall Street running city. And the stock was under pressure. And so I got a call. Would you come and turn around our research business? And so I got the opportunity, the first woman to ever have run that company. I was putting on my mascara 1 morning and I came up with the idea for elevator. I came up with the idea. That led to the idea that led to last. The stats are so compelling about how much less wealth women have and about how women's wealth has been going backwards in comparison to men. They're simply has to be something that we can build and do in order to solve this in this big issue. It's a digital advisor. We also have financial planners and our success is really driven by we've got a fantastic team who is willing to build differentiated products and really focus on our clients who are. Women who have been underserved by the industry.
I highly disagree. You expect a woman who works 4 to 8 hours a day to get paid as much as a man who works 10 to 16 hours a day? The financial burden has always been on the men, so women don't need to work that hard that's why they don't want to work most of their life. Also a rich man takes care of poor women but never ever a rich woman looks at a poor man. People like this just want to victimize themself and pretend to be misfortune so they can attract attention
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3moI highly disagree. You expect a woman who works 4 to 8 hours a day to get paid as much as a man who works 10 to 16 hours a day? The financial burden has always been on the men, so women don't need to work that hard that's why they don't want to work most of their life. Also a rich man takes care of poor women but never ever a rich woman looks at a poor man. People like this just want to victimize themself and pretend to be misfortune so they can attract attention