YouSaid · the spoken record

Sallie Krawcheck

lines on the record: 76
first: 2016-08-08
most recent: 2016-08-08
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“After they've had the chance to go through the experience. Kara, I'm not getting for, you know, hey, what's the feedback? I'm not getting two lines or I'm not getting ignored. I'm getting paragraphs. I mean, I was on the way over here, 12 paragraphs from a woman, because they understand this gap under this investing gap. They understand what's out there doesn't work for them. And they truly want to be part of something that can make things better for themselves and for other women. It's really remarkable what's happening if you're open to it.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“And so I actually spent real money. For a user journey that would help them identify their emotional blockages and get through them. And you know what the women did in the hundreds of hours of research we did, but it only took a few to figure this out. They flipped me the bird. And they said, I might have emotional issues around money, but I am so not interested in exploring this. What I want you to do is get me to the goal. And so we had an outside firm we were working with, we fired them, we just said, okay, keep on. And we really let the women lead us to it. And what's so interesting, Kara, I email personally everybody who registers.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“You know, I went into this with embedded views of what women wanted that were built up over time by spending lots of time with men. And so, an example is that I touched on this earlier. I really thought that women's blockages for investing was the fact that they had emotional things they had to work through. I mean, how mad does this, how male does this sound?”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“You've got two or three in you at best as an entrepreneur, and I always say we're trying to create something out of dirt, right? Out of dirt”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Being an entrepreneur is harder than running Merrillynch. Only I can say that. The only time in my career I've lost sleep, wake up three thirty in the morning and you know you're not going back to sleep is when I've been an entrepreneur, even in the financial crisis, even in the financial crisis because I had such a team around me. You just felt like all of us together are going to figure this out. You know, as an entrepreneur, you put your reputation on the line, you put your standard of living on the line, you put your family on the line, you put it on the line. And whereas I could make plenty of mistakes running Merrill Lynch. I mean, hell, we had a couple billion dollars of cash flow.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Oh, honey. Honey. Well, look at the jeans right here. I know, I know. No, no, no, you still have the place. Well, actually, because I have a meeting in Midtown, that is the only... Right, okay.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“And we were actively preparing for when China imploded, it would be XYZ. You know, by definition, these crises, almost by definition, are something you don't see coming. Otherwise, you'd be prepared for it. This time it was not Brexit. It doesn't appear. But next time it will be something like that. And so, therefore, having these large institutions have more capital is really the only answer. And they're still pretty highly leveraged.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I know. Sorry about that. I asked this actually to everybody I worked with during the crisis. The truth is, we may or may not be setting ourselves up for another crisis and we'll never see it coming. Those, you know, there's this concept called creeping determinism, which is, gosh, the crisis was so obvious. I was there, it wasn't so obvious that it was occurring in subprime. In fact, I can tell you the company at which I worked, we thought there was a bubble and it was China.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“It's hard because the benefits of trade are spread out amongst all of us and it's dollars. But if you are that individual who lost their job because of a trade agreement, it's your whole life. And so the fact that you go to buy something at the store and it costs you a few dollars less, you don't really feel that. If that is reversed, of course, that will be a big break on the economy, a very negative on the economy. But it's hard to get as whipped up about the few bucks you're saving as it is about the guy who's lost his job.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“But it is. When you think about it, the retirement issues going forward as the baby boomers age, it's really the great enormous group of baby boomers. What else? Trade. Right now, trade is in the... Nobody's for trade anymore.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Because we live longer than men, 80% of nursing home residents are women, or eighty five percent, and we retire with two thirds the money of men. And so once we begin to look at the crisis in that way, the solutions are less about tax increases and entitlement cuts and things like, as we've talked about today, closing the gender investing gap, but also such things as having a mandated parental leave, that if we do that for women, they tend to return to work more quickly, saves companies' money in the first year research is now showing, and it has a save more in social security in four hundred one K for retirement. So, you know, I've started to really think about there's some solutions to intractable problems if we look at them in a different way.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I did not. There are a few people say son of a gun these days. Son of a bitch. I enjoy it. In case my parents listen to this, but son of a bitch, the retirement savings crisis is a woman's crisis.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“So security certainly is. Oh my god, it's going to be gone at some point. And I had this insight a couple years ago, I was putting on some mascara one morning. I said, son of a gun, there were times you savings.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“You know, it's interesting because through these businesses that I'm involved in, I keep hearing how bad the economy is. And there are swaths of people who've been dislocated by changes in the economy. And we need as a country to retrain these folks and get these folks back involved in the economy. I'll tell you on a day-to-day basis, the economy doesn't feel as bad from what I'm seeing through my businesses as what I see on CNBC. People are doing business today. I think we do have something that's looming for us as a country that I think about a lot, and to get back to the gender angle, we have this retirement savings crisis, which is $13 trillion in size, which is going to bear down on us at some point. And part of the reason that I've gotten involved in... Explain that.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“But are we good for retirement? And he said, well, you know, and then large cap value. So she's like, Oh, I'll friggin do this too. Right. Right. Do it themselves. You know, that if it's a language that we can all understand. So it tends to be mostly women so far, but we certainly, we've got some smart guys.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“You're dead. But at one point, you know, we said, well, maybe we shouldn't just be for women. And then we said, wait, wait, wait, wait, wait, wait. We're happy to be for everybody. But without meaning to the whole industry is talking to him, we should be the ones who are talking to her. And if she brings him along, and we had in testing, it was pretty funny, we had in testing that moment, right, where someone's testing like, honey, you know, are we good for retirement? He says, oh, I'm watching Kramer and we're going to short this and we're long this. And she's like, okay.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Yes, they can. And when they do and they put in that they're a man Kara, we have them die sooner and we have them earn more.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“And we're seeing that. We're absolutely seeing that. We've got responsive design in building the site, so at any point I look in and, oh, look, it's more people on mobile. Nope. Now here comes the iPad. It's coming in strong. Nope. People on their desktops. I've hypothesized and we're seeing this when they're putting together their full financial plan. They typically are sitting at home giving it real thought Saturday afternoon types of things. But we're seeing them check in on it from all kinds of places at all kinds of times.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“So, when you're thinking about where investment is going, you've got to be thinking about how it's delivered. So, right now, you have it over the website. Obviously, you need to have a mobile experience. How do you imagine the millennials thinking about this? Because it is a mentality of using everything, again, from Uber to Tinder to, there's nothing to digital.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“If we combined sort of the financial services, the financial service experience, I say grandchild cosmery's been around for so long, but a more modern view of that, with a woman's aesthetic, a woman's eye”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“It's a phallic symbol. Not a single woman has ever said to me, you know, Sally, that brand just speaks to me. You know, I see the bull and I think investing. They see the bull, they think lots of things. It's not investing. And so we really are the ones in what's your symbol.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“And they do that up until we say we take into account your longer life. We take into account the fact that your salary peaks earlier. I mean, these things matter tremendously. You do these things wrong. You're out of money. And what we're also doing on the site is we're talking to them in their own language. The industry talks them again through a lot of jargon and a lot of complexity and has a goal for them of picking this investment. And the women, they try to watch CNBC and they're like, you know, it's a freaking sports channel. They look at the brand of the industry, Kara. It's a”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“A lot of social, a lot of content, some PR, women hearing about it, a lot of referrals, women talking to their friends about things. The women, it's early days for us, they tend to be women who have agency over their own money. So this is not the older woman who's inherited a lot of money. But women are sort of, frankly, badasses in most parts of their lives but haven't figured out the investing thing. But married and single. So women who are married but who've got their own money are coming to Elevest as well as those single professionals.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Want everything online at the point in time when they want them delivered to them in a way that really speaks their language, but their parents aren't dying for it yet. The parents still have the money.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“You know, you've then got to bring in the millennials who don't who have money but not a ton of money, and we hope bring women in too. So you really need to bring in these new client bases to take over from the existing client base of the industry.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“So some of the stuff is going to move more slowly because if you're an existing, we talked about this a little bit earlier. If you're an existing client of a wealth, an established wealth management firm, and you're a 60-year-old guy and you've got plenty of money, why? Right. Why would you change it? You're playing golf with your buddy. Things are going well. You're feeling pretty well taken care of. I mentioned earlier the attrition rate's less than 2%. That's going to have to die off. It's going to die off. I actually was with the CEO of One Wealth Management Firm. It wasn't one of the huge ones, but it was a big one who said they have more financial advisors over the age of 80 than under the age of 30. So that business is going to slowly sort of ebb away.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“You know, it's an interesting question, Kara. Yes and no. Yes and no. I was there for a long time. We never went and said, let's make this super complicated for everybody. But I think we all sort of like being the smart one, right? Did doctors really like pre-WebMD when they were the expert? I think people like being the experts. And so the combination of being the experts, being able to charge some good money for it, and maybe not having to work all night and all weekend was not Really bad thing”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah. So I just think it's amazing what's happening and what's occurring that so many of these companies are approaching different parts of the business with a goal of bringing down pricing. Using technology to bring that down and give the benefits of that to the clients and customers, clarifying what had been opaque business practices, sales processes, jargon, et cetera.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“And so these are things she can control. And so what we're seeing, they tell us they need a person until they get in, and then we see them go through, make these trade offs. We're seeing a pop in traffic night and on weekends, what the industry is not open nights and on the weekends. When she's got the glass of chardonnay and saying, what if I do this? What if I change this? So it's early days, but this whole idea of I need a person is based on how the industry was, not where it was going.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“To get to your goals are better in 70% of markets. The only thing you care or have to do is do you want a house that's more or less expensive and win? Do you want to have two kids? I mean, you know, do you want to retire here?”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“When instead we said to her, That's our job. We're a fiduciary. We will choose the right investment for you. We have this experience doing it, decades, I'm sorry to tell you, because that means I'm old and my chief investor.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I'm so glad you asked because not only did everybody say women in particular need face-to-face, the women told us they needed face-to-face. Now keep in mind what's out there isn't working for them right now. There's a gender investing gap. What we're finding is they were using the old model of what investing is. So women, men will invest through jargon and complexity. Women will not. And so the women are going and thinking, all right, you're going to use the word basis point. We're going to talk about alpha, right? You're going to ask me to choose between a large cap value mutual fund and a small cap growth ETF. I need a person.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“We then track you there, and if you fall off track, you didn't make the monthly deposit, the market cracked more than we thought it would. We reach out to you and say, Kara, you're off track for your retirement goal. Invest another thousand dollars, or retire six months later, or whatever those things are.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Whose target is to get you to that goal or better in seventy percent of market environments? Why not a hundred percent? Because that's saving, not investing.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“It is all online, it really is an experience that we take her through in which she tells us a bit about herself. My name is Kara. I'm 32 years old. I make 80-5,000 dollars a year, live in this zip code. I have a college degree or whatever. And then you tell us, here's what I want to achieve. I want to buy a house. I want to start a business. I want to retire well. I want to have a baby. We calculate what we forecast are the cost of doing those things. You take a look at that and you say, that's very interesting. You know what? I'll buy the house later because I want to have the baby sooner. I will retire a little bit later with less money because I want to, whatever. You make these trade-offs very powerful technology that enables you to do that. The earliest set of digital advisors would say, now pick one of five managed ETF portfolios. We put together a customized, completely customized investment portfolio.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“That's right management. They are. And I think these have a long, long way to go. I think it's a better way of investing.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Again, it's the career break, the financial cost of having a child, for example. Now, what was interesting is that when folks go into it, some people say fantastic, love the four women idea, some people say how dare you How dare you dumb this down? What's interesting so far is nobody said, you know what? I'll bet this is smarter. And we believe we've got the smartest financial planning and investing algorithm out there right now. And so we're sort of aiming to change the way people think about the gender issue.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“So it's really Kara a fundamentally different way of approaching investing in addition to content and advice around issues of the street overall or the investing industry overall.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“That I live longer than men? Ooh, that matters in an investing plan, that my salary peaks sooner than men's, ooh, hate that matters too, and that my risk awareness is such that I want you to get me to where I'm going in the majority of markets.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“I ran Merrill Lynch. I got this But some of my presuppositions, was that a word, my expectations going in were wrong. For example, I thought women must have emotional blockages around money, gender bias alert, no. What women told us is we don't tend to think the way Wall Street thinks, this idea of earning investing money to have more money leaves me cold, outperforming the market leaves me cold, picking the best manager that really what I want my money to do for me helped me figure out how much my goals are going to cost and then help me invest to get there. That's what I want to do. Talk to me also about things like the fact that my career break can cost me more than a million dollars. I think it's a couple hundred thousand. But a couple year career break has an ongoing drag through the course of your life. Other things that are super important. Take into account in my investing and my planning.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Online the product. So think of it. You can think of it as a wealth front or betterment targeted to workers. There's all these.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“In a way, I was sort of like, that's incorrect. That's inaccurate. Gotta got it correct. Got it. I'm pretty okay on the cup. But it was really interesting. But how do you differentiate them when you're doing investing? So it's an online product online the product.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Is there, it's interesting, I agree with you. I have some financial advisors that were lecturing me about tech recently. I know. I just let them do it. That's called mansplaying care. No, they were trying to be smart. They were very nice.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Or more, women say the industry doesn't speak to them, can be condescending to them, doesn't understand their needs, women say, you know, women are sitting back in their chairs and it's costing them a fortune.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Well, first of all, because what's out there isn't working. Now, one hypothesis as to why it's not working is go back to my old industry, the advisors who worked for me, Merrill Lynch, Smith Barney, 85% male. If the advisor and the client, the male client, don't die in any given year, the attrition rate's less than 2% in the year after the husband's death, the woman's attrition rate is 70% or more.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Both of these are important and the gender investing gap costs some women more. And it can cost women if you're making $85,000 a year, putting aside 20% a year in the bank instead of investing it, it can cost you a million and a half, two and a half million or more over the course of your life. These numbers are big.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Well, they have less of it, but you know what? A lot of folks will say until we solve the gender pay gap, forget about the gender investigative gap. That's like saying I broke my arm and I broke my leg until I can fix my leg, I'll let my arm dangle.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“There's a gender investing gap in this country. Women don't invest to the same extent that men do. This can cost women. Some women”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“And network and what our results are showing is that women tend to get ahead when they have this strong network. L of Sort of Well, Sally, we don't need one of those. Look at all these other digital screens. And then we sometimes hear how dare you patronize me. Women don't need their own thing. Well,”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT
“Each other on, and there's a correlation between testosterone and risk taking. So bringing women in can settle things down just by the way, if you have too many women that bringing some guys in can rev things up a bit. Diversity is the goal.”
2016-08-08 · Decoder with Nilay Patel · Recode Decode: Sallie Krawcheck, CEO, Ellevest · IDENTIFIED FROM THE TRANSCRIPT