Kathleen McQuiggan is Senior Consultant to the Pax World Global Women’s Equality Fund. Ms. McQuiggan is responsible for the gender initiatives at Pax World, including managing the firm’s efforts on gender equality as an investment concept and for leading the sales and marketing efforts of the Global Women’s Equality Fund.
She is President of Catalina Leadership, a strategic advisory organization focused on investing in women. She has 22 years of experience with major investment firms. Prior to working with Pax world, she was a vice-president at Goldman Sachs for 13 years where she served as an Institutional Equity Franchise salesperson in Chicago and Boston.
Kathleen is a long-time activist for women’s issues in business. She has a bachelor’s degree in business administration with a finance concentration from Towson University. Kathleen currently serves on the YWCA Boston Board or Directors, is Co-President of the 85Broads Boston Chapter and is on the advisory board of Investing in Girls. She is currently: Co- President of the Boston Chapter of 85Broads; a supporter and spokesperson for the National Council for Research on Women, Women in Fund Management report; and is a member of the Simmons Women’s Initiative Forum. She has been a guest speaker at numerous conferences on women in finance including: 85Broads, Simmons College and 100 Women in Hedge Funds. Kathleen can be reached at email@example.com.
Tell us why Women are a major economic force?
Women currently represent 53% of new hires in the U.S. and are the breadwinners or co-breadwinner in two-thirds of all American households. Businesses with women-owned majorities make up 40.2 % of all businesses in the U.S.
Are we seeing an increase in Women controlled wealth?
Women are responsible for 83% of all consumer purchases, hold 89% of all U.S. bank accounts and are worth more than $5 trillion in consumer spending power. This is larger than the entire Japanese economy. Women are continuing to increase their control of wealth. In the past decade women went from out-earning their husbands by 18% to 27%, this is a vast gain in a short time.
Is there a different set of financial challenges facing women?
Yes, women tend to be less confident when investing in equities — some even question whether it is a good idea. This is why they want to know and trust their consultants on a personal as well as professional level. Women want to be informed, educated and have access to products that satisfy a sense of purpose. This helps eliminate their sense of worry.
What advice would you give to today’s women?
Women need to talk more about money. As a growing economic force, an increasing larger portion of the future talent pool and inheriting a large portion of the intergeneration wealth transfer that is going to happen, women need to be more confident in being financially savvy. There are a lot of resources and tools to help women be more in control of their financial future — so let’s start talking more about it!
Tell us a bit more about the work you are doing with Pax World?
Absolutely! Pax World is pioneering gender equality as an investment concept. Pax World believes that the status and role of women is also an excellent clue to a company’s growth potential and integrates gender diversity analysis and other gender criteria into their company research process. They are also very engaged shareholders, including withholding votes from, or where possible vote against, all slates of director nominees that do not include women. My role at Pax World includes working with financial advisors in a practice management capacity, helping them work with affluent women, managing the gender equality as an investment concept strategy, engaging investors in discussions on what women add to the bottom line of companies and working with our partners 85 Broad and ION.
Kathleen McQuiggan is not affiliated with Zuraw Financial Advisors LLC.