Ask for More, Finance Executives Tell Women

Women starting their careers need to speak up and take more risks, two female executives in the finance industry told students at a NewDay USA Leadership Forum on March 27, 2017, at the University of Maryland’s Robert H. Smith School of Business. “Being great at your job is only the beginning,” said Sallie Krawcheck, author of the recently published "Own It: The Power of Women at Work.” She said that if women make themselves invisible and no one knows they are great at their jobs, they will be overlooked.

Regina Lowrie, the first women chair of the Mortgage Bankers Association, shared the stage with Krawcheck and presented a similar message. “Women should step out of their comfort zones and get involved in relevant organizations and events,” she said.

The event, “Women, Leadership & the Workplace: A New Playbook for Success,” was organized by the Ed Snider Center for Enterprise and Markets as part of Women’s History Month activities. Moderators included Smith School students Bryana Madison, Mimi Verdonk and Danah Bourislee, president of the school’s Women in Business Association.

Krawcheck said risk aversion among young women professionals sometimes shows up in their personal finance decisions. She dared women in the audience to begin investing and to take advantage of 401(k) programs as early as possible in their careers.

“Overbuying and using too much margin are not common mistakes people make — they are mistakes men make,” Krawcheck said. “The most common investing mistake women make is not doing it.” She said women often focus on what they can lose more than what they can gain.

She said this risk averse mentality holds women back from asking for what they want. Overall, she said, only 7 percent of women negotiate their initial job offers compared to 57 percent of men — a disparity that contributes to the gender wage gap.

She advised young women to practice negotiating offers and to apply their skills at every given opportunity. “Ask for the raise,” Krawcheck said. “If you don’t get it, ask for the big project. If you don’t get it, ask for something else.”

Krawcheck and Lowrie stressed that women should not sit on the sidelines but should actively develop meaningful personal and workplace relationships.

However, they cautioned women not to be egocentric in their relationships. They said networking is fundamental in business, but it is not about how many favors you can get out of a person. “Think about what you can do for your network, not the other way around,” Krawcheck said. “Your network will activate for you when you need it.”

Lowrie said that young women need to have the right people in their inner circle to succeed. “They are my unofficial advisory board,” Lowrie said about her close companions. “Surround yourself with people you respect and admire.”

Lowrie is president and CEO of RML Advisors, a financial service advising and consulting firm. She also serves on the NewDay USA Board of Advisors. Previously she served as CEO of Gateway Funding, a company she founded in 1994. She has also served as president of Vision Mortgage Capital, a division of Continental Bank.

Krawcheck is co-founder and CEO of Ellevest, a digital investment platform for women. Previously she served as chairman and CEO of Sanford C. Bernstein, chief financial officer of Citigroup, and wealth management chief of Bank of America.

— Mamayaa Opoku, Smith School communications writer