On Thursday, October 8th, we tapped industry-disrupting entrepreneurs and experts for the private U.S. Bank Women and Wealth Summit, a virtual event exclusive to U.S. Bank clients. Inspired by the recently released U.S. Bank Women and Wealth Insights Study, it’s safe to say we didn't hold back on discussing all the important topics around women and wealth, from exploring how women are making their mark on communities through philanthropic giving to diving into the systems that cause the gender wealth gap and how to dismantle them.
The afternoon of thought-provoking conversations was led by noteworthy female founders including Payal Kadakia, the founder and executive chairman of ClassPass; Katia Beauchamp, the co-founder and CEO of Birchbox; Alli Webb, the co-founder of Drybar and Squeeze, and more. Then, Gunjan Kedia, Vice Chair of Wealth Management and Investment Services at U.S. Bank took to the virtual stage with Jaclyn Johnson, founder and CEO of Create & Cultivate to share her story of immigrating to the U.S. to become one of America's Most Powerful Women in Finance, with her division responsible for more than $7 trillion in assets under management or administration.
Although the event was exclusive to the U.S. Bank audience, don't worry, we wrote down all the most quotable moments for you! Read on for the highlights.
Fireside Chat With U.S. Bank's Gunjan Kedia, Vice Chair of Wealth Management and Investment Services
Panelist:
Gunjan Kedia | Vice Chair of Wealth Management and Investment Services, U.S. Bank
Moderator:
Jaclyn Johnson | CEO & Founder, Create & Cultivate
On being a leader…
“Leadership is fundamentally about everyone but you.”
“I very humbly believe that your title comes with your career, but leadership comes with your point of view.”
On entering a successful company in a high-powered role…
“First, seek to understand, then seek to change.”
On being empowered by your finances...
“Being on top of your money affairs is so empowering. It gives you so much confidence that it’s worth investing in.”
On paying it forward by working in the finance industry…
“It is hugely satisfying personally to see someone smile a little bit because you helped them through a difficult decision.”
On managing your money…
“I’m not going to make you believe it’s the most fun thing you do, but I want you to believe it’s not optional.”
On saving, saving, saving…
“‘I save first, and I spend second’ is a mindset that’s very important.”
On getting started…
“You have to invest in educating yourself.”
“Don’t fear making terrible decisions. Just don’t make huge terrible decisions.”
“Think about what $5 a day does for you 30 years from now if invested wisely.”
On making smart money moves during COVID...
“Right now, interest rates have come down very dramatically so if you have debt you should look at it and see if you can restructure it.”
On maintaining your income…
“Income continuity is very important to building wealth.”
On cultivating a healthy mindset around money…
“Money is a way to achieve what you want to do with your life.”
“Know it, manage it, don’t fear it, and don’t let it control you either.”
On switching industries to spend more time with her family…
“If anyone thinks that motherhood doesn’t disrupt a career, I’d have to respectfully disagree.”
On giving advice to working moms…
“Don’t give up, stay in the game.”
“Life works out, but you never plan it.”
Keynote Conversation With Actor and Entrepreneur Tracee Ellis Ross
Panelist: Tracee Ellis Ross | Actress, CEO, and Executive Producer
Moderator: Jaclyn Johnson, Founder and CEO, Create & Cultivate
On becoming an actor..
“Acting gave me access to everything about myself—everything was at play in the world of acting and I felt completely alive and could use all aspects of myself.”
On how the industry has changed…
“There are so many different ways to discover talent, and to have your gift and talent be seen.”
“There is a democracy in the industry now, that people are able to not just be one thing.”
On aging in Hollywood…
“I have always wanted to get older. I am always excited about birthdays. You get wiser, more comfortable in your skin. I am grateful at this age to be able to have at my fingertips what I have at my fingertips because I know what it means to me and what I want to do with it.”
On starting her business, Pattern Beauty…
“It is a task and a half to be a founder and CEO of a company. A successful company is not based on good intentions or even good ideas, it has to be combined with a really good operational process and strategy.”
“I retain majority ownership, I have full creative control, it is my brand, it is my idea and that means I get to run it the way I want.”
“I believe in shared power. I believe in a table filled with voices, I believe in people bringing their whole selves to work.”
“I believe in a business that doesn’t just make money but also gives back to the community.”
On confidence around money…
“I have always been an outspoken individual but I did not know how to negotiate on my behalf and I did not know how to talk about money.”
“Culturally, women are not taught to talk about money. We have been taught that women are not meant to take up space and not rock the boat. We have also been siloed off from each other particularly as Black and Brown people so we don’t share information with each other and you always think you are alone. And when you think you are alone, it is very scary to show up for yourself because you don’t know; you have nothing to compare it to.”
“Don’t be afraid to ask for support and ask for help. You can be transparent. If you go somewhere to ask for support and they make you feel wobbly, try somebody else.”
“I believe in people being paid fairly and equally for the jobs that they do.”
“I strongly believe in women and WOC fighting for equity—for having a stake in what they create.”
On sharing the table with other women…
“My confidence has come from the collective energy of other women. They have taught me how to navigate my life—not on my own as this siloed individual, but with this collective spirit and information of all of us.”
“You want to have people in your circle who are steps ahead of you and steps behind you.”
On advice she’d give her younger self…
“Things take longer than you think they are going to take.”
“Trust the process.”
“The questions are more important than the answers but there is such a sense of fulfillment when you stop looking for that answer and it just appears on your plate.”
Investing With the Heart: Building Thriving Communities by Combining Social Responsibility With Charitable Giving
Panelists:
Ruby Pediangco | Senior Philanthropic Advisor, U.S. Bank Private Wealth Management
Arian Simone | General Partner & Co-Founder, Fearless Fund
Shiza Shahid | Co-Founder, Our Place
Rebecca Minkoff | Co-Founder & Creative Director, Rebecca Minkoff, and Co-Founder, The Female Founder Collective
Moderator:
Sacha Strebe | Editorial Director, Create & Cultivate
On being a woman and a philanthropist…
“We are nurturers. We are givers. We multiply anything that is given to a woman.” - Arian Simone
“It’s no longer a luncheon activity. It is an activity of smart women who want to maximize their capital and do good at the same time.” - Rebecca Minkoff
On being inspired by your upbringing…
“My parents instilled in me the concept of sadaqah jariyah, which is this idea that you should do something in your life that will live long after you’re gone.” - Shiza Shahid
“I’ve learned from my work what happens when you help a woman earn a dollar: She invests 80-90% back for her family and her community. It is typically 30-40% for men.” - Shiza Shahid
On finding new solutions to old problems...
“Anything that puts you out of the status quo gives you a deeper perspective and allows you to be far more creative in solving challenging issues.” - Shiza Shahid
On using life experiences to inspire giving back …
“Working at a nonprofit is very close to my heart, however, I believe that if we’re to solve the most pressing challenges, we need businesses to step up.” - Shiza Shahid
On providing education, access, and connection to the female founder community…
“I was tired of seeing the same few women being asked to speak on panels and then being asked, ‘What's it like to be a female founder?” as if we were polar bears.” - Rebecca Minkoff
“Founders teach founders best. We've been through it.” - Rebecca Minkoff
On influencing positive change in our communities…
“I'm the answer to my problem.” - Arian Simone
“Black women are the most founded, yet the least funded.” - Arian Simone
“We are the first Women of Color fund that is built by us, for us.” - Arian Simone
On investing your wealth into your personal values, ideas, and perspectives…
“It's very rare that I've invested in anything that's been owned and operated by a man because I am putting my money where my mouth is.” - Rebecca Minkoff
“Take the time to do some self-reflection and think, ‘Why am I passionate about education for children?,’ ‘Who influenced me?’ Once you do that reflection, you begin to have a story to tell and it ignites a fire.” - Ruby Pediangco
“It's that laser focus on what's important that really has flourished all of their endeavors.” - Ruby Pediangco
On finding mentors and providing advice to others…
“It's one thing to give somebody capital. It's another thing to equip them with the skills in order to put that capital to work.” - Arian Simone
“Rather than putting it into Google, you are able to talk to another woman and say, ‘Hey, how did you do this?’ and it doesn’t mean it’s high-to-low, it’s side-by-side.” - Rebecca Minkoff
On ensuring your values align with your philanthropic efforts…
“Take a sheet of paper, draw a line down in the center, and think of three things that are important to you other than your family. And on the other side, think of charities that you have given to or wherever you’ve invested your money to. Look at that sheet to see if there is alignment between the two.” - Ruby Pediangco
On encouraging more women entrepreneurs to consider philanthropy…
“It’s absolutely fine if you can’t give today. You can give in the future.” - Ruby Pediangco
On creating connection, impact, and community…
“Women of Color, by nature, bring to the table an element of social impact. By nature, that is just what is happening.” - Arian Simone
On making charitable giving an active part of one’s life…
“I’m not just handing over my money. I am handing over my time.” - Rebecca Minkoff
On finding a thoughtful approach to help build thriving communities…
“There is no trade-off between deep ambition and trying to do the right thing. It’s more and more complimentary.” - Shiza Shahid
“What we have to do, in this moment, is think hard about what we stand for and then be consistent in it. Not just when it’s fashionable.” - Shiza Shahid
“Speak with someone older than you to inform your perspective.” - Ruby Pediangco
Closing the Gender Wealth Gap: A Conversation About the Multibillion-Dollar Disparity
Panelists:
Divya Gugnani | Co-Founder & CEO, Wander Beauty
Katia Beauchamp | Co-Founder & CEO, Birchbox
Alli Webb | Co-Founder, Drybar & Squeeze
Lindsey Boyd | Co-Founder, The Laundress
Moderator:
Beth Lawlor | President of Private Wealth Management, U.S. Bank
On experiencing the gender gap early on…
“The minute I got out of college, I told myself, ‘I don’t want to be financially dependent on anyone but myself.’” - Divya Gugnani
“Early in my career, I was really naive about the gender gap. In my mind, as a young person just starting a career, I thought, ‘But we’re doing the work, we’re closing the gap.’”- Katia Beauchamp
“I wanted to learn and earn that right [of having a voice in the room].” - Katia Beauchamp
On starting a business despite challenges...
“I surrounded myself with people who are smarter in ways I’m not and can help bridge that gap for me.” - Alli Webb
“You have to follow what you’re excited about doing.” - Alli Webb
On finding the right market to thrive in...
“There was a major void in the market for proper cleaning products seventeen years ago.” - Lindsey Boyd
“I was excited about getting out of the house, getting away from my kids, and doing something for me, which turned into, ‘Oh my god, there is a massive hole in the marketplace,’ and, ‘Why isn't anyone doing that?’” - Alli Webb
On raising money and learning about finances through experience...
“We called on people that we knew and believed in us.” - Lindsey Boyd
On investing in female-founded companies…
“We really have to change the entire ecosystem.” - Divya Gugnani
On empowering your employees…
“Allow people to do what they're passionate about within your organization.” - Lindsey Boyd
On simultaneously being an empowered mother and successful entrepreneur…
“Entrepreneurship prepared me to be a stronger mother and motherhood gave me a perspective that is so needed and useful as an entrepreneur.” - Katia Beauchamp
On working hard to create sustainable growth…
“I was always the person that was working a bit too hard and everyone was like, ‘You’re making us all look bad.’ I expected that from everyone else around me.” -Alli Webb
“A good seven, eight years I worked like a dog. I loved it, but I was exhausted.” - Alli Webb
On empowering other women to overcome financial obstacles…
“We had interns that are now in VP positions.” - Lindsey Boyd
“We’ve done classes for our employees to give them the ability to do more than what they went to school for or what they thought they were able to do.” - Lindsey Boyd
“Get smart [about money] and share it with everyone.” - Divya Gugnani
On taking control over your financial future…
“It’s about figuring out how to be financially fluent and become financially literate.” -Divya Gugnani
“We shouldn't be ashamed of what money can do.” Katia Beauchamp
On having money conversations openly...
“Make it an okay thing to talk about at a girl’s dinner.” - Divya Gugnani
“Socializing the conversation around investment needs to happen!” - Divya Gugnani
On being and finding a mentor…
“[Mentorship] is going the change the landscape on every level.” - Lindsey Boyd
“Men help each other and have each other’s backs, and it’s with money.” - Katia Beauchamp
On being money-savvy in male-dominated spaces…
“Come to the table as strong as a man.” - Alli Webb
“We need to see more female investors writing checks.” - Divya Gugnani
“Always come prepared for any review or employee conversation.” - Lindsey Boyd
The Future Is Female: A Conversation on Building Generational Wealth for Women
Panelists:
Jesse Draper | Founding Partner, Halogen
Sarah Kunst | Managing Director, Cleo Capital
Payal Kadakia | Founder & Executive Chairman, ClassPass
Moderator:
Jaclyn Johnson | Founder & CEO, Create & Cultivate
On empowering women to invest with confidence…
“We need more women creating billion-dollar businesses, then investing back into the ecosystem.” - Jesse Draper
On being an angel investor…
“If you can buy a Birken, you can angel invest.” - Sarah Kunst
On taking ownership of your finances...
“Don’t think you can be smarter than the market.” - Sarah Kunst
“You should only invest in things you understand.” - Jesse Draper
“Money is not something that limits you, but energizes you.” - Payal Kadakia
On bridging the generational wealth gap…
“Investing in women solves all of our problems.” - Jesse Draper
“It’s my job to carry the torch forward to help other women succeed as well.” - Payal Kadakia
“The biggest thing I want to be able to invest in is people and to create wealth for other people.” - Payal Kadakia
On finding female founders to invest in…
“You already have a network and you already know who you want to invest in. I promise you do.” - Sarah Kunst
“I literally just slide into their DMs, and I say, ‘I really want to learn more about your business.’” - Sarah Kunst
On taking risks with money…
“It’s about making those trade-offs about what matters and what doesn’t.” - Payal Kadakia
“Women assess risk at a completely different level from men, so you are already derisking your investments, I assure you.” - Jesse Draper
On working toward financial freedom…
“My thought is always, ‘How do I make more money?’ Not, ‘How do I ask someone to give me more money?’” - Sarah Kunst
On creating wealth that improves the lives of future generations...
“There are organizations like the Los Angeles Ballet that wouldn't exist without female philanthropists at all, so I see that as a major component of what I do: Give back to my culture and performing arts.” - Payal Kadakia
“Invest in stuff you can’t afford to not see in this world.” - Sarah Kunst
On growing with the market…
“Your goal is just to keep money in the market and grow as the world generally grows.” - Sarah Kunst
On learning from the mistakes of others…
“I started studying the Vanderbilt House, they were one of the first formative families in America, and they lost all their money. They tried to hold on to it, and that is a risk.” - Jesse Draper
On building wealth with purpose…
“My main conclusion is that it is a lot harder to oppress people with money.” - Sarah Kunst
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