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Sallie Krawcheck
Ellevest co-founder and CEO Sallie Krawcheck

The Biggest Financial Mistakes Made by Women

Sallie Krawcheck’s dos and don’ts for young women, Woodbury Financial adds Tenacity Advisory Group and a Utah financial advisor pleads guilty to fraud.

Ellevest Co-founder and CEO Sallie Krawcheck offered her finance “dos and don’ts” to young women in a recent article by Buzzfeed News. The tips come from a recent question-and-answer session promoting her upcoming book, Own It: The Power of Women at Work. She cites women’s biggest mistakes as rolling over credit card debt and basic overspending, but her discussion delved further than common sensical qualms. Krawcheck said that “women are better investors” because they lack men’s overconfidence and obsession with outperforming the market. “[Men] fall in love with winners, they pay too much, they sell the losers too fast, they overtrade … [women’s] biggest mistake in investing is they don’t do it.” Krawcheck also cites sexism and male focus in the financial advisory industry as an issue plaguing women striving for success. “The financial advisers are 80% male and 60 years old and overwhelmingly white, they’re talking about beating the market and outperforming,” Krawcheck said. “The symbol is a bull, it’s phallic.…There’s not a woman on the planet that watches Jim Cramer.”

Woodbury Financial Adds Tenacity Advisory Group


Woodbury Financial Services, which represents over 1,200 advisors across the U.S., announced a partnership with Tenacity Advisory Group. It’s the 140th advisory group to join Woodbury, which is part of Advisor Group. Green Bay-based TAG, founded in 2010, boasts $2 billion in client assets and 52 advisors in 30 offices across Wisconsin, Michigan, Ohio and Nebraska. “Our decision to join Woodbury was an easy one, based on the strong values the firm demonstrated. During our search process, Woodbury treated us like family, and the relationships that we’ve already built with them are invaluable,” TAG President Mike Savolt said. “TAG is known for servicing clients with a real human touch. Woodbury offers the resources and tools we need to continue doing this, while at the same time positioning us for even greater success in the future.”

Utah Financial Advisor Pleads Guilty to Fraud

Image courtesy of Ken Teegardin

Image courtesy of Ken Teegardin

A financial advisor from St. George, Utah has pleaded guility to tax evasion, securities fraud and wire fraud, according to The Spectrum. Henry Brock, 64, the president of Mutual Benefit International Group, marketed and sold a fraudalent tax scheme called “IRA Exit Strategy” that promised investors a way to avoid paying taxes on IRA withdrawals. The scheme included issuing tax forms to his clients saying they were investors in his business and incurred losses. The losses were used to offset clients’ tax liabilities. As a result, Brock caused his clients to file fraudulent income tax returns claiming $3.8 million in bogus business loans, causing a loss of more than $1.1 million. At the same time, Brock raised more than $10.8 million in investments in the IRA Exit Strategy, using some of that money on personal and business expenses. Brock is scheduled to be sentenced on March 5. He faces maximum prison sentences of five years for tax evasion, 20 years for securities fraud and 20 years for wire fraud.

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