Women in Finance Recap

Women in Finance Recap

As part of Women’s History Month, Metropolitan Water Reclamation District Commissioner Eira Corral Sepúlveda celebrated the accomplishments of Women Who Lead by moderating a discussion with women in finance. Commissioner Corral Sepúlveda asked two accomplished leaders to share their career trajectories and advice for the next generation.

First Women’s Bank CEO Marianne Markowitz and Garcia Hamilton & Associates’ Partner and Marketing & Client Services Director Ruby Muñoz Dang detailed their personal histories. Markowitz’s career started in finance and took a detour into politics with the Obama campaign and administration. She was briefly an interim Cabinet member but then returned to the world of finance. She was approached by a group of women who wanted to start First Women’s Bank and heeded the call. She raised money quickly and kicked off the regulatory process–needing at least $28 million dollars. Markowitz and the team raised nearly $40 million in the middle of the pandemic. They also recruited investors. Among their early backers: tennis legend Billie Jean King. Muñoz Dang told her story as the daughter of immigrants whose parents invested in her. She had a penchant for numbers, and a professor steered her toward a career in finance.

Both Markowitz and Muñoz Dang agree: diversity matters in all facets of life–especially in finance. They point out investors need a diversified portfolio to achieve financial success. And a diverse workforce is necessary to bring an array of perspectives. Both leaders head organizations with finances in the billions. Their success is clear.

In addition, Muñoz Dang urges young investors to take risks. “Of the 40 employees we have here, 75% are women, 70% are minorities. We are 100% employee owned. We have 18 partners, of those 18 partners, almost 90% is held by women and minority partners, which is very rare in this industry…It was an incredible honor to be a part of this firm.” She says they just needed a chance. Today, she recognizes it’s necessary to guide the next generation. But she cautions entrepreneurs that projects usually take more money and more time than they expect. Muñoz Dang emphasizes the importance of believing in oneself and being surrounded by people who have the right skills to help fulfill your goals. “The number one thing, make sure your family knows this is going to be a tough journey.”

Meanwhile, Markowitz acknowledges there are other women-owned banks. But First Women’s Bank has a specific mission: to close the gender lending gap on a national level, grow the economy, and elevate the role of women in it. Today, major global corporations and stakeholders are investing in First Women’s Bank. Their strategic advisers include King, Sophia Bush, and Allyson Felix. Now she urges all women to use their money to make an impact. “The women’s economy employs 12 million people, and it produces $2.7 trillion in revenue every year. It’s an important part of our economy. Women have been leading an economic revolution for decades, and as a result, women own 42% of the women’s economy, almost half…with all that growth and power, they’re only capturing 5% of the dollars being lent…Just imagine if we closed that gap.”

Commissioner Eira Corral Sepúlveda details the differences between sponsors, mentors, and coaches. As Commissioner Corral Sepúlveda states, sponsors highlight opportunities for you and are willing to speak out for you. Mentors share their experiences. Coaches talk with you and walk you through different options. They’re all valuable. “I started using the ‘women who lead’ hashtag, and it became kind of a thing.” It helps showcase women’s talents, skills, and achievements. All three say women supporting women leads to everyone’s success.

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