How far have women in America come to gaining financial independence? Let's look at the history of where women started and how far we've come.
The First Woman of Finance
Normally our blogs are reserved for topical content – things frequently mentioned in the media or related to the season of life our clients are experiencing. In honor of Women’s History Month and the contributions so many women have had in finance, we wanted to share the story of Muriel Siebert. Have you ever heard of Muriel? Let us tell you about “The First Woman of Finance”.
Who is Muriel Siebert?
Muriel was born in 1928 in Cleveland, Ohio and had a knack for finance. Her drive for knowledge meant she was usually the only woman in her college business classes. While forced to leave school before getting her degree due to her father’s death, she nevertheless landed a job as a researcher for a prestigious brokerage firm at a time when women were limited to being secretaries. After many frustrating years of making less than her male peers, in 1967 Muriel decided that the only way to make what she deserved was to be the first woman to buy a seat on the New York Stock Exchange (NYSE). In 1969 she started Muriel Siebert & Company and was the only woman out of 1,365 men on the NYSE for the next decade.
“You create opportunities by performing, not complaining.”– Muriel Siebert
Muriel’s success and achievements did not go unnoticed. Governor Hugh L. Carey tapped her to help New York during its financial crisis in the mid-1970s. Muriel was appointed as the state’s first female superintendent of banking. She also directed New York City’s Municipal Credit Union, Urban Development Corporation, and Job Development Authority.
Through her success on Wall Street, Muriel became known as “The First Woman of Finance“. She used her platform to help elevate women in the industry and started the Siebert Entrepreneurial Philanthropic Plan in 1990 to help charities. The National Women’s Hall of Fame recognized Muriel for her work and inducted her in 1994.
Men at the top of industry and government should be more willing to risk sharing leadership with women and minority members who are not merely clones of their white male buddies. In these fast-changing times, we need the different viewpoints and experiences, we need the enlarged talent bank. The real risk lies in continuing to do things the way they’ve always been done.– Muriel Siebert
Although Muriel did not have a college degree, she received an honorary doctorate from Wagner College in 2010. During her lifetime she collected a total 17 honorary doctorates! In an industry dominated by men and prestigious diplomas, Muriel proved she was just as good through hard work and grit.
Through her example as an enormously successful businesswoman, public servant, and philanthropist, we are proud to honor Muriel Siebert.
M & A Consulting Group, LLC, doing business as CAM Investor Solutions is an SEC registered investment adviser. As a fee-only firm, we do not receive commissions nor sell any insurance products. We provide financial planning and investment information that we believe to be useful and accurate. However, there cannot be any guarantees.
This blog has been provided solely for informational purposes and does not represent investment advice or provide an opinion regarding fairness of any transaction. It does not constitute an offer, solicitation or a recommendation to buy or sell any particular security or instrument or to adopt any investment strategy.
Past performance is not a guarantee of future results. Diversification does not eliminate the risk of market loss. Tax planning and investment illustrations are provided for educational purposes and should not be considered tax advice or recommendations. Investors should seek additional advice from their financial advisor or tax professional.