has a five-part prescription for getting more financially engaged.
| Sallie Krawcheck|
photo credit: Jim Tweedie, Wyckoff-Tweedie Photography
Krawcheck, the former BofA Merrill and Citigroup Smith Barney wealth management bigwig who now chairs Ellevate
, delivered the luncheon keynote speech today at the 2015 Morningstar Investment Conference
at Chicago's giant McCormick Place convention center. Krawcheck framed her remarks in the context of the U.S. retirement savings crisis and its disproportionate impact on women. And she offered lots of statistics about what women want, and don't want, from financial services.
Here are the five ways that Krawcheck says that the wealth management industry can increase the financial engagement of women.
- Talk to women, not at them, and avoid too much industry jargon.
- Focus on risk, as "the majority of affluent women have bag-lady syndrome" and are scared of losing it all.
- Give them a holistic view; don't just look at their securities investments.
- Make planning goals-based, instead of talking about beating the index or certain metrics.
- Offer "values-based investing", otherwise known as ESG or SRI.
Krawcheck left after the speech without taking questions.
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