Poached by Wall Street’s ‘most powerful woman’ | Ellevest CEO on investing smarter

Marketing professionals are increasingly calling out "bull spend," a term used to describe advertising budgets that look appealing until scrutinized by financial officers. This discussion leads into a conversation with Sylvia Kwan, CEO of Ellevest, a financial services firm focused on closing the gender wealth gap and empowering women in investing. Kwan, a seasoned investment leader, shares her insights on the unique challenges women face in finance and the importance of a gender-aware approach to investing.

Kwan emphasizes the need for financial strategies that reflect the nonlinear career paths of women, who often experience earlier salary peaks and longer lifespans than men. She introduces Ellevest's gender-aware investing algorithm, designed to cater to women's specific financial needs and life stages. Kwan also highlights the "great wealth transfer," where trillions of dollars are expected to shift to women in the coming decades, and how Ellevest is preparing to support women through this transition.

The conversation touches on the historical male dominance in finance and the cultural shifts that are beginning to take place. Kwan notes that while women may be perceived as more risk-averse, they are often simply more risk-aware, taking the time to understand their investments. As younger generations of women show increased interest in diverse investment opportunities, Kwan believes the financial industry must adapt to meet these evolving needs.

In the face of ongoing market volatility, Kwan advocates for diversification as a key strategy for investors. She encourages women to take control of their finances and invest intentionally, highlighting the emotional aspects of money management and the importance of aligning financial decisions with personal well-being.

Women tend to live longer than men, their salaries often peak earlier, and career breaks can interrupt their earnings.

Yet in a previous Ellevest survey, just 36% of women said they invest, compared with 63% of men. Why? And what does it take to change the way women build wealth?

For Sylvia Kwan, the answer starts with rethinking an industry she’d never planned to join.

With a background in computer science and applied math, Kwan originally intended to become a software engineer.

Today, she’s CEO of Ellevest, a financial firm focused on getting more money into the hands of women. She jumped on board after a cold LinkedIn message from Ellevest founder and Wall Street veteran Sallie Krawcheck — and is now helping reshape traditional approaches to investing.

In this conversation, we dive into:

00:00 - Introduction 01:33 - Jumping from computer science to finance 04:24 - Coming up as a woman in a male-dominated industry 07:39 - The LinkedIn message from Sallie Krawcheck that changed her career 11:02 - Family lessons on women and money 12:54 - The industry's first 'gender-aware' investing algorithm: Designing financial products around the realities of women’s lives 16:26 - What holds women back from investing? 18:09 - Ad 20:48 - How investing habits are changing 23:13 - The "Great Wealth Transfer" 25:32 - How different generations approach investing 26:14 - Inside Ellevest’s all-women financial advisory team 27:48 - Sylvia’s core investing principle amid uncertainty 30:08 - Diversifying your portfolio 34:34 - Balancing cash with long-term investment goals 35:31 - Investing during volatility and building a regular habit 37:26 - Ad 39:36 - Money and wellbeing: Pursuing "wealthcare" and financial success beyond just maximizing returns 42:22 - Carrying on Sallie Krawcheck’s vision 44:05 - How Sylvia never set out to become CEO 47:11 - Unwinding and managing stress 49:33 - The private market opportunity beyond venture capital 51:56 - Sylvia’s market outlook 52:52 - Rapid-fire round

Note: The views and opinions expressed in this episode are for informational purposes only and do not constitute financial, investment or other professional advice.

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Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How did you get started when you practically had no money? Or how do you mentally prep for a big event? In each episode, guests get into it all — and also connects guests with young founders who send in a question. New episodes Thursdays.

About Michelle Toh Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property crunch. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South Ch