Sallie Krawcheck, CEO and co-founder of Ellevest, joins Cheddar News' Closing Bell, where she explains how her firm is meeting the demand of women in the workplace who are looking to make and save more money. 

Closing Bell

Ellevest Raises $53 Million to Help Power Female Founders

Elvis has one simple mission get more money in the hands of women. The financial company was built by women for women and is providing solutions for all stages of women's financial lives L. A vest just raised 53 million in a series B round and joining me now Sallie Krawcheck co founder and Ceo at LMS sally, it's great to see you. Congratulations. This is a lot of funding. How are you going to put this to use towards your goal? Yeah. Well you know, kristen you remember I was here a few years ago and L. A. Vest was a digital advisor or a robo advisor for women. That's all we did. And during the pandemic and the time after we started to get more demand from women of appreciate the investing. We want more, we want financial advisors, private wealth advisors as we become wealthier. We want certified financial planners. We want career coaches who would have thought um but we I want you to help us make more money at work, save more money, invest more money. And always as you said with a mission of getting more money in the hands of women. So we're going to expand along those parameters as well as well. We'll see what else is yet to come. Um I'd love to see this women taking control of their lives with LFs to help sally, I'm just curious as someone who is actively engaged with your client base on social media for instance, have women's own priorities changed at all during the pandemic. Do they find that perhaps saving for an emergency fund is more important than another goal? That's just an example? Have you found that those priorities have changed? Well what we found is there is no hiding the fact that as the sociologist Jessica clark, oh said you know what we learned in the pandemic is other countries have social safety nets and the U. S. Has women. And I don't have to tell you women went backwards financially and economically during the pandemic. Whether that was losing their job opposite a greater rate or for those who are fortunate to work in the home, not getting promotions is a greater rate. So we really focus on Elvis on the gender wealth gap. A lot of attention to the pay gap which is important, 82 cents to a white man's dollar? But how much she has and keeps is just 32 cents to a white man's dollar. For black women it's a penny. And that's been going backwards. And so there is this recognition. You can't miss it. You know, Prince charming is not showing up. Um What a good way to put it there. So take control, right, empower yourself to take control and l a vest again, a keen option to do that. So when it comes to the long term career sally is a lot of people, I think I've been thinking about long term changes. Should I move? Should I switch careers? How should I try to set myself up for success in this pandemic and post pandemic? What is the data that you're looking at? That shows when a woman's salary peaks and how she should plan for that for the long term. Well this is this is one of the foundational elements of L. A. Vest which is recognizing that women tend to earn less than men. That to your point. Their salaries speak sooner. They take more career breaks and they live longer. And so if they're investing in the same way as a man is they risk running amount of money. And so are investing algorithm is gender based. And we spent, you know, there's two years working with women doing deep research and what would motivate them to invest and get involved with their money. And the issue was so important one because of this macro issue, they're going backwards but related to that money is the number one source of stress and is making more than 50% of millennial women ill like physically ill according to L. A. Best research. Taking action is the number one driver of their confidence in the future. So beginning to dig in, have a community to go to because of the sense of loneliness and isolation around money with an L. A. Vest. And beginning to take action that's really tailored to them. Bespoke investment portfolios, highly tailored to them can be a driver of confidence. And as you begin to make money which the markets have helped you do in the past, you've got the money to quit that job you hate and you've got the money to live to leave that partner, you're not so crazy about anymore. You get to live a fuller life, which we don't often talk about how money really can lead to that fuller life. And women today have fewer options than men do because of that Sallie Krawcheck. I commend what you're doing, congratulations on the round. I look forward to joining again. Sally is, of course, the founder, co founder and Ceo of L. A Vest.