Women in the Workplace

As a female in a modern day workplace, my experiences have been mostly positive, although I am still in shock of things said to me, or how I have been previously treated in professional settings. Since coming to Detterbeck Wealth Management in November I have felt comfortable, respected, like I fit in, but I can’t help but imagine what it was like in the 1960s when women were first entering the workforce. After the feminism movement, and women getting the opportunity to vote, they began to have access to ‘paying work’ in coed environments. At first, they were only allowed to work in poor status or low paid occupations, and earning much less than men doing the same line of work. As the 20th century progressed, the labor market shifted and women moved into longer-term jobs like education, banking and office work that doesn’t require manual labor. And now during the 21st century, labor intensive jobs are populated by both genders! 

Unfortunately, women in the workplace aren’t as equal as some people think. In the finance industry, women make up 15% on the executive level. In 2014, women made up about 33% of the legal profession while men made up 67%, per the American Bar Association. In major technology companies, 70% of the workforce is men, says TheMuse. According to healthline, in 1965, 1 in 10 US medical school students were women, and in 2016 they reported it was up to 51%, as most physicians nowadays are women. But why are these stats important? Because women are pivotal in the workplace! 

One of the biggest advantages women bring to the workplace is communication skills. Women are known to be easier to talk to, listen better, and bounce positive ideas off of coworkers in meetings, therefore boosting brainstorming and morale. Since women usually have more of a nurturing appearance and tone, people are drawn to opening up to them resulting in a comforting bond. This also creates a well-rounded workforce when women use intuition, sensitivity and emotional intelligence to read verbal cues and body language that can help solve problems and make team productivity excel. 

Another advantage of having women in the workplace is that women are recognized to handle their emotions better than men. They can remain calm and keep composure when an unexpected situation makes things tough. Being able to have employees and partners that are not phased when anything goes awry is crucial in maintaining consistency in a workplace. 

Women are also known to be incredible managers from their analytical skills of being detail oriented, which comes in handy for negotiation too, alongside great communication skills. 

Lastly, but certainly not the final reason, women are great in the workplace because of their strong morals and ethics. From the treatment women receive daily, not just in work, women strive to be in environments that are fair and just. Having people on your team that want to do the right thing, and treat people the right way, will reduce unethical business by making appropriate decisions more often. This mindset will have companies taking steps forward constantly, rather than taking avoidable steps back.

As Payscale researched, the gender pay gap difference has shrunk in the last decade, but still remains. In 2019, women made $.79 cents for every dollar men made, and race and job descriptions can still affect that $.79 cents. Women have proven to increase rapport, create positivity in environments and motivate others as they continue to persist themselves. Equal opportunity and perception towards women is essential and can only progress society, the economy, the business world, and is all women want. With the examples above, women create a togetherness in bonds and strong team spirit that no one should miss out on, ever!

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Is “Free” Stock Trading Really Free?

Is “Free” Stock Trading Really Free?

 Press Release: On December 3rd, SC Public Radio Host interviewed Les Detterbeck. This message, that there is no ‘Free Lunch,’ is extremely important.

 Click here to listen to the audio, and or please read the transcript below.

Mike Switzer: Since 1975, when the U.S. Securities and Exchange Commission, SEC, deregulated stock broker commissions, rates have been falling. Recently several major discount firms have announced completely free stock trading, but our next guest says that you should beware of any offer of a free ‘lunch’. Les Detterbeck is a Chartered Financial Analyst in Charleston, South Carolina, and a member of the South Carolina chapter of the CFA society, we have him on the phone! Les, welcome back to the program.

Les Detterbeck: Thank you Mike it’s a pleasure to be here!

Mike Switzer: So let’s just dive right in. Do you have plenty of clients now who are taking advantage of this free lunch?

Les Detterbeck: Many of our clients use Schwab, in fact we use Schwab as our main custodian. The equity trades are now at zero, but Schwab and others have been offering Mutual Fund trades at zero for some time. To make the major announcement about stocks and exchange funds going to zero was a pretty major one in the industry, and we have been using that yes.

Mike Switzer: Are you expecting this to spread industry wide?

Les Detterbeck: Yes, we expect that it will. That’s what has been happening over the last decades as the cost of commissions went down from $50 to $20 dollars, then $10 dollars to $4.95, so it’s not a surprise that this area of income for the brokers for much of their business that the commissions are going to be down to zero.

Mike Switzer: Does this mean then that they are making money in other ways once they have you as a client, or are there hidden fees somewhere that you are paying and don’t realize?

Les Detterbeck: No, I don’t know that there are hidden fees but there are three basic sources of income from the brokerage firms. In the beginning 30, 40, even 50 years ago, the trade commissions were the majority of their income; now it’s a very small amount. The other area has been operating expense ratios that is on Mutual Funds that they trade. There are expenses included in there and there is a portion of that fee that brokers can obtain. The last major item would be in the area of uninvested cash, the cash that’s within brokerage accounts that is not invested in specific securities.

Mike Switzer: And so they are basically able to make enough then to drop trading costs for the consumer to zero?

Les Detterbeck: Yes, that’s exactly right. None of us can begrudge them the opportunity to make a profit. They’re doing a good job, we expect they need to make income, they’re just getting it from other sources these days.

Mike Switzer: So, is this going to stay in the discount broker arena, or spread to the full service brokerage firms?

Les Detterbeck: It’s spreading although it’s going slowly that way, Mike. Obviously the big name full service brokerages have people and have brands that people love causing them to stay with them. So, we have seen some of that but it may still be a while before that changes.

Mike Switzer: Now are the firms that are offering this putting any conditions in place, like you have to have this level of account investment $100,000? 1 Million?

Les Detterbeck: We are not aware that they have that. In fact the general idea, one of the main areas as I’ve mentioned, is the uninvested cash and Schwab, that we know so well, one of their business strategies to collect more deposits, for example. A portion of those deposits will likely be in cash and they can use and invest that cash to make money there, so I think it will be something they will look at obtaining deposits in whatever size those might be.

Mike Switzer: And so Les, it sounds like that managing the cash portion of one’s portfolio might be becoming more important?

Les Detterbeck: Most definitely! Certain people may have cash; 5, 6, 7, or 10% of their portfolios, and that money is not working for them. So if the balance of their portfolio is earning 10% a year for example, but 10% of the portfolio is sitting in cash, their return is 9% under those circumstances. The result should be that investors should look at maintaining a small amount of cash, 1-2%, stay invested, stay with an appropriate asset allocation, and make sure your money is working for you.

Mike Switzer:  Well Les, as always, thank you so much for your time.

Les Detterbeck: Thank you so much, Mike.

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History of Veterans Day

Happy belated Veterans Day! We hope everyone had a nice and safe Holiday! It is always great to bundle up this time of year and spend time reflecting on the sacrifices these men and women have made for us. As we enter the big holiday season, we should stay conscious of our Veterans while we enjoy time off and celebrate with our families.

My name is Penn Boatwright, and I am the new Client Services Associate for DWM Charleston. I recently graduated from Charleston Southern University with a Marketing degree, and feel so blessed to be a member of the Detterbeck team. I spend my free time dancing, teaching dance classes, volunteering and ‘learning’ to cook. I look forward to meeting some of you face-to-face, but today, I will be discussing the history of Veterans Day!

World War I, back then known as ‘The Great War’, ended on June 28, 1919, when the Treaty of Versailles was signed in France. However, the fighting came to a halt months earlier when an armistice (temporary cessation of hostilities) between the Allied Nations and Germany went into action. This happened on the eleventh hour of the eleventh day of the eleventh month, making November 11 the ‘End of the war, to end all wars.’

In November 1919, President Wilson introduced November 11 as the first celebration of Armistice Day with the following quote: “To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country’s service and with gratitude of the victory. Both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations…’

In 1938, Armistice Day became an official legal holiday dedicated to the cause of world peace, escalating from the original concept of parades and celebrations for the soldiers. The holiday was created to honor the veterans of World War I, but after World War II had required the greatest mobilization of military in US history, Congress amended the act and changed it in 1954 to honor all veterans as “Veterans Day!”

Veterans Day continues to be celebrated on November 11, staying true to the significant date that changed the world back in 1918. It is important we always remember that Veterans Day is a celebration to honor America’s veterans for their sacrifices, brave hearts, and willingness to serve. A BIG THANK YOU TO ALL OF OUR VETERANS!

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