Thursday's Truth - NOW I get it!

Late last week I had an AHA! moment, as entrepreneur and 85 Broads colleague, Shauna Mei would say. An article entitled Women on Street A Declining Breed appeared in last week's WSJ.

It was brought to my attention by another 85 Broads colleague, Margaret Astolfi of Clear Harbor Asset Management.

According to the Bureau of Labor Statistics, over the past ten years, 141,000 women, or 2.6% of female workers in finance, left the industry. This despite a 4.1% growth in the number of women in the US labor force during the same time period.

In the article, several reasons are cited for this decline, including one by 85 Broads Founder, Janet Hanson, who offered that women are finding "their entrepreneurial groove" , " It's not because Wall Street is not a fascinating place to be, it's just that there are other places that are more fascinating".

I could not agree more. One only need look at the swelling ranks of women entrepreneurs in emerging markets like China where women make up 47% of the workforce, and 20% of all entrepreneurs. Click here for a recent study by Harvard and Rollins College faculty.

But I have another theory as to why female talent has left the financial industry.

It involves authenticity. Most women demand it. And Wall Street has traditionally not fostered a culture of truth.

Another thing women demand, and are willing to fight for, is equality. Despite recent progress, the gap between what women on Wall Street earn compared to their male counterparts is still unacceptably large. Forgetting pay, women account for only 16.8% of executive officers, and only 2.5% of financial company CEO's, according to a recent study by Catalyst, Inc.

The only thing that will reverse this alarming trend is a mutual investment by both men and women in changing the way society views their roles and responsibilities. Click here for a post on this subject by fellow 85 Broads colleague and Wonder Woman, Jacki Zehner.

The truth is, we need more women on Wall Street, not less. But then again, we need more women in all areas of influence and power. We need more Authenticity. Once this has been restored, the women will come.

I, and many others, are looking for ways to help bridge the gap between men and women. Women of Wealth are putting their money where their mouth is, and supporting other women.

And it's finally beginning to pay off!

Thursday's Truths - Truth or Consequencies?

In my last Sunday Sanctuary post I began describing the economic underpinnings of our current financial system. Specifically, I touched upon two types of capitalism that are the predominant ideologies in practice in the free world today - Anglo/US capitalism and stakeholder capitalism.

There is another type that has been emerging ever since the Financial Crisis and the resulting "punishment" of the financial institutions that were allegedly at fault.

It is called "Charitable Capitalism". Many firms, such as Goldman Sachs, have launched new initiatives such as their 10,000 Small Businesses Initiative, a pledge of half a billion dollars to provide access for small businesses to financial capital, mentors, networks, and business education. Since women-owned businesses now account for a significant portion of our economy, this is a great step toward getting money into the right hands so that we may continue to heal our financial condition.

In an op-ed piece around this time last year, my Gal Pal, Jacki Zehner wrote:

" What’s it going to take from Wall Street? How about repentance? Repentance is a theological concept that isn’t normally associated with business practice, but that’s what Main Street needs from Wall Street. Repentance is the first step in healing a broken relationship. Yes, it starts with admitting wrongdoing and expressing sincere regret for it, but it goes far deeper than that. It demonstrates sincerity through definitive and dramatic action in a new direction, signifying a strong commitment to the relationship."

In my opinion, unless the financial system we have created, and the underpinnings of capitalism are reformed to include honest, viable, and effective (socially responsible) institutions, with morally responsible individuals put in place to run them, the consequence will be a global shaking of biblical proportions.

Repentance is the first step toward truth. And the truth will set us all free.

Celebrities, Philanthropies,Charities - Jacki Zehner

I would be remiss in not mentioning the recent change of "virtual venue" by one of my favorite Gal Pals and fellow 85 Broads member, Jacki Zehner.

Coupled with a physical change in venue, Jacki now continues her popular blog as part of her namesake website, jackizehner.com. Her previous blog posts from pursepundit.blogspot.com have been ported over so none of her brilliant insight and true humanity will be lost.

For those of us who have seen Jacki grow into one of the world's most powerful women on Wall Street, this is a very welcome step. Take a look at her latest op-ed piece for a taste of how committed she is to action and not just words. When Jacki speaks, it is with a strong voice calling for Women's Equality.

Few know that Jacki and her husband, an ordained minister, are supporters of many causes through the Zehner Family Foundation. Both of them are retired Goldman Sachs partners, Jacki having been the youngest woman and the first trader to be invited into the partnership.

I know from firsthand experience that with this couple, family comes first. And despite their wealth, they know that stewardship of Time, Talent, and Treasure are the most important lessons to be learned, and the most difficult to live by.

For a great list of upcoming global women's events (maybe you will be lucky enough to catch Jacki at one!) click here.