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Sallie Krawcheck: 'Companies Should Do Better'

The Ellevest founder discusses how advisors fail their female clients, the lack of gender diversity in financial services, and why firms should be working to close the gender pay gap.

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Our guest on the podcast today been called one of the most powerful women in finance. Sallie Krawcheck started her career as an equity analyst at Sanford C. Bernstein, where her reputation for impartial advice and criticism of conflicts of advice in the financial-services sector prompted Fortune magazine to call her the last honest analyst. She later moved to Citigroup, where she served as CEO of the firm's Smith Barney unit, Citi's chief financial officer, and CEO of Citi's, Wealth Management Business. In the latter role, she was an early advocate of a fiduciary standard for the brokerage industry. She went on to Bank of America where she served as president of the firm's wealth management unit. Sallie is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She is also owner and chair of Ellevate Network, a global network of women committed to promoting gender equality in the workplace.

In the spirit of full disclosure, Morningstar Inc. invested in Ellevest in 2015 and 2019, and Morningstar Investment Management LLC, a subsidiary of Morningstar Inc. provides consulting services to Ellevest for their core portfolios.


Sallie Krawcheck bio 


Ellevate Network 

In Search of the Last Honest Analyst,” by David Rynecki, Fortune, June 10, 2002. 

BofA’s Krawcheck Backs a Fiduciary Standard,” InvestmentNews, April 20, 2010. 

When Citi Lost Sallie,” by Geraldine Fabrikant, The New York Times, Nov. 15, 2008. 

Sallie Krawcheck Wants to Take Women to the Top of Business,” by Abigail Jones, Newsweek, Dec. 23, 2014. 

Gender Pay Gap/Lifetime Earnings

The Narrowing, But Persistent, Gender Gap in Pay,” by Nikki Graf, Anna Brown, and Eileen Patten, Pew Research Center, March 20, 2019. 

How a Common Interview Question Hurts Women,” by Claire Cain Miller, The New York Times, May 1, 2018. 

Salary History Bans: A Running List of States and Localities That Have Outlawed Pay History Questions,, 2020.

Unlocking the Full Potential of Women in the U.S. Economy,” McKinsey & Company, 2011. 

Education and Lifetime Earnings, Social Security Administration. 

Women and Caregiving, Facts and Figures, Family Caregiver Alliance. 

The Trickle-Down Effect of Caregiving on Women,” by Kathleen Fitfield,, Nov. 29, 2018. 

Older Women Workers and Economic Security,” U.S. Department of Labor Issue Brief. 

How to Stand Up for Paid Family Leave,”, May 14, 2018.

How to Afford Parental Leave and Some Time Off,” by Sallie Krawcheck,, Oct. 10, 2016.

Diversity in the Workplace/Gender Lens Investing

Gender lens investing definition 

Gender and Diversity Funds: Intentional Or Not?,” by Madison Sargis,, April 15, 2019.

"2 Options for Gender-Lens Investing," by Jon Hale,, March 2, 2017. 

Pax Ellevate Global Women’s Leadership Fund 

Why Diverse Teams Are Smarter,” by David Rock and Heidi Grant, Harvard Business Review, Nov. 4, 2016. 

Diverse Teams Feel Less Comfortable—And That’s Why They Perform Better,” by David Rock, Heidi Grant, and Jacqui Gray, Harvard Business Review, Sept. 22, 2016. 

New Research: Diversity + Inclusion = Better Decision-Making at Work,” by Erik Larson, Sept. 21, 2017. 

Women and Investing

Why Women Invest 40 Percent Less Than Men (and How We Can Change It),” by Jean Chatzky,, Sept. 25, 2018. 

Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrence Odean, The Quarterly Journal of Economics, February 2001.  

What Does It Mean to Invest Intentionally?” by Sallie Krawcheck,, Nov. 19, 2019.

Women Reach Their Peak Salaries 10 Years Sooner Than Men,” by Patricia Nilsson and Hannah Murphy, Financial Times, Sept. 19, 2018. 

Benefits Planner/Life Expectancy, Social Security Adminstration. 

Do Women Take As Many Risks As Men?,” by Doug Sundheim, Harvard Business Review, Feb. 27, 2013.

"Sallie Krawcheck: The Retirement Crisis Is a Gender Crisis, Too,", July 11, 2015.

For Some Widows, Breaking Up with An Advisor Is Easy to Do,” by Ilana Polyak, Oct. 11, 2014. 

Women Put Financial Security at Risk by Deferring Long-Term Financial Decisions to Spouses, UBS Research Reveals,” 

What Women Want in  a Financial Advisor,” by Kerry Hannon,, May 13, 2018. 

Female Fund Manager Performance: What Does Gender Have to Do with It?” by Madison Sargis and Kathryn Wing,, March 8, 2018. 

Fund Managers By Gender: The Global Landscape,” Morningstar. 

Fiduciary definition 

Let’s Demand Better from the Financial Services Industry,” by Sallie Krawcheck,, Sept. 20, 2019. 

How Wall Street Keeps #MeToo Claims Out of the Spotlight,” by Rob Copeland, Liz Hoffman, and Rachel Louise Ensign, The Wall Street Journal, Jan. 19. 2018. 

Wall Street Has Been Unscathed by MeToo. Until Now,” by David Gelles, The New York Times, March 16, 2019. 

My Best Career Advice ... Isn’t Career Advice,” by Sallie Krawcheck,, Nov. 12, 2019.