You can lead the band but you need people to make the music. -Mary Schapiro #womensforum2015
— Abby salameh (@AbbySalameh) June 23, 2015
Ms. Schapiro's conversation with Trisha Miller, executive director of W.P. Carey Inc., a global net-lease REIT, inspired some members of the audience to comment on Twitter.
Thank you Chairman Shapiro for taking the chance without assurances #womensforum2015
— Corethia V E Oates (@CorethiaVEOates) June 23, 2015
Mary Schapiro @ the Investment News conf talking about the shortcomings of Dodd Frank. #Siena wealthadvisorygroup pic.twitter.com/TSxVQwuEhe
— Bret Sanford (@bretsanford) June 23, 2015
Schapiro predicts regulators will become more comfortable w/ tech & data, focused on practices for retirement age investors #WOMENSFORUM15
— Investment Program (@IPADirectInvest) June 23, 2015
Ms. Schapiro, like many of the other speakers at the event, did not focus on a gender divide. She did say, however, that while being the only woman in a room can be intimidating, it should not stop a woman from working hard.
"Sometimes being different is the hardest thing in the world, but sometimes it can be an advantage," Ms. Schapiro said.
There are also no assurances of success, she said. Ms. Schapiro recalled when a white paper that later become the foundation for the Dodd-Frank Act was being drafted, the SEC was originally not mentioned. She got a tip from a friend and was able to get the agency incorporated into the sprawling bill, but she often went home worried that she would be the last SEC chairwoman.
"Get into it and do what you can do," Ms. Schapiro said.
Jaime Desmond, chief operating officer of Ladenburg Thalmann Asset Management in New York, said she was impressed by Ms. Schapiro's candidness about her successes and failures. She was inspired by Ms. Schapiro's comment about being willing to hire someone who will not always agree with you.
#womensforum2015 @IPADirectInvest @eventsfromIN Schapiro: Hire a contrarian who forces you to think in different ways than usual
— Marion Asnes (@marionasnes) June 23, 2015
"I struggle with that as a manager, and I appreciate that she said that," Ms. Desmond said.
Ms. Schapiro sees a lot of industry changes in the next five-to-10 years, including the rise of robo-advisers, less differentiation between advisers and brokers and regulators taking to big data and predictive analytics more.
As far as the SEC's dealings with the fiduciary rule, she said the agency must come out with something specific for people within and outside of the industry to react to — only then will things get going.
"It's just gotten into politics a little too much," she said.
More from Ms. Schapiro on why the SEC has a hard time regulating advisers:
The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.
Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.
Futures indicate stocks will build on Tuesday's rally.
Cost of living still tops concerns about negative impacts on personal finances
Financial advisors remain vital allies even as DIY investing grows
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.