This fall, HBS welcomed several generations of alumnae back to campus for the Women’s Leadership Summit. The closing panel for this exciting event brought two leaders together to shed insight on the bedrock of business and economy: money.

Women at large are not historically taught to manage their money. As HBS Professor Kristin Mugford pointedly noted, it was only in the 1970s that women could open bank accounts and credit cards in their own names. As a society, we have progressed several-fold in this arena, to the point where an auditorium full of women reflected on how women can lead in the world of finance.

The panel speakers hailed from different parts of the financial services industry yet had much to share with one another and the audience. Beverly Anderson (MBA 1997) is CEO and President of BECU, the largest community-based credit union in the country, while Mary Erdoes (MBA 1993) is CEO of J.P. Morgan’s Asset & Wealth Management offshoot.

Their range of perspectives offered a nuanced understanding of the state of women and finance—how far women have come and what we have left to achieve. Here are some highlights:

Link money with purpose.

• Both panelists voiced their belief that money must remain coupled with what it represents: essential freedoms, liberties, and agency, especially for historically marginalized people and communities. Anderson works with the Black community in particular, where financial literacy and access to credit have been historically restricted. Community-based financial efforts offer a pathway to demystifying money for women and others who face structural barriers to financial security and wealth.
• Use your HBS education to pay it forward. Many alumnae in the audience were active in financial services and/or managing their family’s personal finances. If that describes you, translate your knowledge to other women and minorities to encourage less fear around wealth-building.
  • Erdoes recommended gifting another woman an entry-level stock portfolio including fractional shares. She argued that with the user-friendliness of today’s investment apps, this kind of gift could be a great way to introduce younger generations of women to active money management and expertise.

Lead with intention.

Once you make a connection between money and purpose, build it into your leadership style.

• Anderson mentioned that purpose and authenticity are the pillars of leadership. If you want to lead in finance, you must maintain that personal connection what money can do for people.
• Show up as yourself. Anderson offered that stifling yourself does not translate into effective, charismatic leadership. A leader should be a whole person, and staying connected to your authentic self will ensure that you stay aligned with your purpose.