Inspiring inclusion at the Powerwomen Awards 2024

Date: 20 Mar 2024

Karen Jones

On 6 March, our annual Powerwomen Awards season kicked off with a ceremony in London for our International Powerwomen. A week later, on 14 March, the Awards made it over the pond to New York, where we celebrated our USA Powerwomen for a second year. Read on for further event details and interviews with a few of our winners.

To view the list of winners, click here.

To view the gallery, click here.

Powerwomen International

Our London ceremony took place in the Albemarle Suite of the JW Marriott hotel on Park Lane. Guests were greeted with a champagne reception and time to catch up with their fellow nominees. Citywealth CEO and Editor Karen Jones gave an eloquent and energising speech, drawing attention to copies of Jeanette Winterson’s books placed around the room for guests to take home.

After Karen announced the winners of the special Editor’s Choice and Career Achievement awards, the evening’s host Susan Bookbinder took over the stage. Susan Bookbinder is a highly sought-after MC, voiceover artist, TV presenter and conference facilitator based on a highly successful broadcasting career with BBC, ITV, Channel 4, Reuters and Sky News. Her journalism career has covered two Gulf wars, two Afghanistan conflicts and, more recently, she announced Russia’s “special military operation” in Ukraine to a worldwide audience for BFBS. She shone a light on the parallels between her chosen industry and that of our guests’ and shared candidly her experiences and resulting advice for women working in historically male-dominated industries.

Susan then did the honours of announcing the winners of the rest of the award categories. Canapes circulated and drinks flowed until late into the evening, and we were thrilled to register another successful year of celebrating our International Powerwomen.

Powerwomen USA

48 hours after our International Awards ceremony, Citywealth touched down in the Big Apple ahead of the PWA USA ceremony on the 14th. This year’s ceremony was kindly sponsored by Deutsche Bank and the evening took place at their Centre in Columbus Circle.

Karen Jones took to the stage once again, this time with an unprecedented announcement. Following thorough deliberation with this year’s judging panel, it was felt that submissions from four of the women nominated for ‘Woman of the Year – Career Achievement‘ were simply too strong to determine a winner. Thus, Karen was delighted to present the award to Gail Cohen, Claudia Caffuzzi, Carlyn S. McCaffrey, and Kim Kamin. Alongside the Editor’s Choice and Lifetime Achievement awards, Karen also presented the Silver Award from the International Mentor of the Year category to Joshua Rubenstein of Katten Muchin Rosenman. The Citywealth Powerwomen Awards have always promoted the inclusion of men, to ensure they know about the issues women face and are able to put their energy and skills behind the movement.

The ceremony speaker for New York was Jan Hopkins. President of the Economic Club of New York from 2008-2015, Jan was the anchor of the daily CNN Financial News show “Street Sweep” from the New York Stock Exchange. She worked for WKBN, WLWT, CBS, ABC and CNN before joining Citibank as managing director of client communications. She left Citigroup Private Bank in 2005 to open her own firm, the Jan Hopkins Group, in New York. It is a strategic communications and marketing company specializing in deepening relationships with high-net-worth clients.

Halfway through the announcement of the winners by Jan, representative of Deutsche Bank and Powerwomen Francesca Boschini took over to reveal the bronze, silver and gold winners of the Woman of the Year – USA category.

A relatively new venture, hosting the PWA in the U.S., Citywealth was delighted to spend another year celebrating the success of the incredible women working in the American wealth management industry.

Our winning Powerwomen

Following the event, Citywealth spoke to a few of our winning Powerwomen on the wealth management industry, career advice, and the women who inspire them.

Introducing the interviewees:

Dhana Sabanthan, Michelmores – Outstanding Individual of the Year (Gold, International Awards)

Aida Feriz, Wimmer Family Office – Champion of the Year (Gold, International Awards)

Nataša Williams, Cadro – Career Achievement (International Awards)

Lauren Cramer, McLaughlin & Stern – Woman of the Year – Government, Regulatory and Not-for-Profit Organisations (Gold, USA Awards)

Susan Schoenfeld, Wealth Legacy Advisors LLC – Entrepreneurial Woman of the Year (Gold, USA Awards)

What is a current issue or trend affecting the wealth management industry that you are keeping a keen eye on?

Dhana Sabanthan: “The changes to the non dom regime, the taxation of offshore trusts and the proposed changes to inheritance tax are the technical points affecting the wealth management industry that are essential for me to keep tabs on. Other key issues include the great wealth transfer; I think it’s important to question whether we are sufficiently focused on our relationships and advice to the next generation. There is continued focus on ethical wealth preservation (often linked with asset protection) rather than trying to aggressively grow already significant family wealth. Good family governance has been talked about for many years, but it is a newer concept for some international clients from certain regions. I think it’s incumbent on advisers to share how we are now seeing in practice the protection and value good family governance provides.”

Nataša Williams: “We are on a massive shift to passive investment vehicles.  This gets confused with DIY investing, with no advice or management.  Portfolios of passive instruments also need managing, especially as the choice is vast.”

Aida Feriz: “Increasing demand for SRI (Sustainable and Socially Responsible Investing). As awareness of environmental, social, and governance (ESG) factors grows among investors, there is a significant shift towards aligning investment strategies with personal values and societal impact. Key aspects include:

1. Wealth management firms being under pressure to incorporate ESG considerations into their investment methodologies and provide SRI opportunities to clients. This trend stems from both client demand and regulatory adjustments mandating greater disclosure of the sustainability aspects of investments.

2. Managing SRI portfolios posing specific challenges, such as:
   • Ensuring the availability of dependable ESG data;
   • Establishing effective screening techniques;
   • And balancing financial returns with social impact.

Wealth managers must adeptly navigate these complexities to meet client expectations while maintaining competitive investment performance. Overall, remaining informed about sustainable investing developments, including emerging regulations, advancements in ESG analysis, and evolving client preferences, is essential for wealth management professionals to adjust their strategies and stay relevant in an increasingly socially conscious investment environment.”

Lauren Cramer: “As one firmly situated in the philanthropic sector – both professionally and personally – I am particularly aware of trends in individual and private foundation giving and the intentions of multi-generational donors. Over the past few years, there seems to have been positive momentum with much media play / declarations made about an evolution away from “Donor-centric philanthropy”, towards the emphasis on “Trust-based philanthropy” and the embrace of “Community -centric philanthropy”. But I’m concerned that it these declarations may be more lip service than action. I am keeping tabs on this continued trend… With $85T changing hands over the next 20 years the transfer of wealth to the “next generation” is both an exciting opportunity and a challenge. Will they be open to new ways of governing in their family foundations, to allow for younger, more diverse voices?”

“We need to move away from the idea of restriction and control and really patriarchy or colonial mindsets.  I am continuously seeking out those cases in which the philanthropic sectors provide the capital, and the community decides how it is best used: the communities determine impact, not the funders. The extension of this is getting past the drip drip drip of grantmaking and actually moving large amounts of capital into the hands of these community leaders to invest in their own agenda and solve their own problems. In addition, over the last two years, global impact investing has grown 40% to $1.2T. In response, there is increasing demand (especially in younger wealth holders) for mission-related investing to improve outcomes for our society and planet, so as an industry we will need to be more open to shifting the existing “traditional” mindset and power.  which right now has the power in the hands of an older generation, or one firmly entrenched in the ruling power dynamic, may be more the exception than the rule.”

Susan Schoenfeld: “In today’s turbulent world of ruthless competition in the financial services industry, business can be won or lost on subtle differentiators. Yet too often, wealth management firms approach their prospect and client meetings as nothing more than performance and product reviews, and lead with their pitch books. They are squandering a critical chance to focus on what keeps client families up at night, the human issues of wealth, and often lose those business opportunities to firms who treat clients as families and not just as assets under management.”

Personal or professional, who is a woman you admire and why?

Dhana Sabanthan: “I feel so lucky to be in a profession that has so many impressive women because I do believe having role models (whether they realise they are role models or not!) is important. I probably don’t say it enough, but I really admire my mum, who came to the UK as a nurse and then did a degree as a mature student (whilst raising two young children) to become a successful teacher. Growing up I saw her having to persist in the face of adversity. Seeing her now (together with my dad) enjoying the well-earned fruits of their labour makes me so happy. My dad has always been such a champion of my mum’s success, which undoubtedly impacted both me and my sister (a paediatric neurologist at the Evelina) in a hugely positive way.”

Nataša Williams: “I admire every woman juggling family life with work, especially women on low incomes, for whom childcare is prohibitively expensive.”

Aida Feriz: “Kamala Harris – a woman to admire from various aspects of her personal and professional life, such as:

1. Trailblazing Career: Kamala Harris has broken numerous barriers throughout her career. She was the first woman, first Black person, and first person of South Asian descent to be elected Vice President of the United States. Her ascent to the second-highest office in the country is a testament to her dedication and perseverance.

2. Championing Women’s Rights: As the first female Vice President of the United States, Harris has become a symbol of progress for women’s rights. Throughout her career, she has advocated for women’s issues, including equal pay, reproductive rights, and combating gender-based violence.

3. Representation and Diversity: Harris’s background as a woman of Black and South Asian descent provides representation for communities that have historically been underrepresented in politics. Her presence in the White House serves as a source of inspiration for individuals from diverse backgrounds, showing that anyone can aspire to hold positions of leadership.

4. Resilience and Tenacity: Harris has faced numerous challenges throughout her career but has consistently shown resilience and tenacity in overcoming them. Her ability to persevere in the face of adversity serves as an inspiration to many.

5. Global Engagement: As Vice President, Harris plays a key role in shaping U.S. foreign policy and engaging with leaders and organizations around the world. Her diplomatic efforts help to strengthen international relations and address global challenges such as climate change, economic development, and human rights.”

Lauren Cramer: “This is such a difficult question: There are many women I admire who are well known, but it is my “posse” that truly sustains me in work, life and in my heart.  We are all mothers who have created a strong network of support – everything from professional consultation, to raucous or heartfelt storytelling on the MOTH main stages from emergency child-care to the hand-holding when we are staring into the abyss. I have two off the top: Renee Kaplan & Lisa Wolverton”

“Renee Kaplan: I so admire Renee Kaplan, CEO of Forward Global, an organization working with 400 individuals and families around the world to be more innovative with their philanthropy. Under her visionary leadership, she has spearheaded the mission of Forward Global and re-engaged the international Forward Global Membership and built innovative partnerships to go against the current “status quo” of preserving wealth to more of a deployment strategy given the urgent state of the world’s most pressing problems. I admire Renee as a woman leading change and thinking boldly.  It is inspiring to collaborate with leaders who are pushing beyond linear solutions and who are choosing to work at the speed of trust.” 

“Lisa Wolverton, Wolvertonfoundation.com: I truly admire Lisa Wolverton, President, Forward Global Canada and President of the Wolverton Foundation, Vancouver, Canada. She is one of three owners of the Pacific Investment Corporation, a family – owned real estate holdings and investment company. Lisa is an active philanthropist and impact investor who makes change beyond the Canadian borders on a multi-national level. I met her whilst she was Chair of the Board of Forward Global (USA) (f/k/a The Philanthropy Workshop), and have been inspired by her work. I met her whilst she was Chair of the Board of Forward Global (USA) (f/k/a The Philanthropy Workshop), and have been inspired by her work.  She is an extraordinary woman who advocates for women and children as an activist philanthropist. She has been instrumental in elevating exposure to the arts and facilitating artistic programs for children in Canada. I admire Lisa as a woman leading change through the arts and embracing the best of women and girls… and humankind.”

Susan Schoenfeld: “Ruth Bader Ginsburg, because she was an inspiring advocate for gender equality and women’s rights. Sadly, I believe that she tarnished her heroic legacy by not stepping down when it became clear that it was the time for her to do so.”

What is something you wish you’d known when starting out in your industry that you would pass on to those aiming for the same success in their careers?

Dhana Sabanthan: “Choose people you like to network and collaborate with. Starting out I used to feel out of place at events, but eventually I was able to locate some kindred spirits. I feel lucky to have found real friends in this industry, which helps make it a joy to go to work rather than a chore. Also, it’s ok if it takes a while to find the right workplace for you, and that can change over time. Women and people of colour sometimes have to make more career moves in order to get the recognition they deserve. Whilst that’s frustrating, there are great opportunities that can come from it too. I love hearing about other people’s journeys in this industry. If you are genuine and you are genuinely interested in others, you will always be able to make valuable connections and make progress in your chosen path.”

Nataša Williams: “Wealth management careers have incredible longevity, which make a career in this sector so very appealing and rewarding. Keep learning and investing in your knowledge and ability to advise your clients. Time flies and soon you are the expert in the room with some serious staying power.”

Aida Feriz: “When I reflect on my journey in this industry, there’s one lesson I wish I had known from the start—a lesson that I believe is invaluable for anyone aspiring to succeed in their career. It’s the understanding that passion fuels everything. If you truly love what you do, you’ll find yourself in a state of flow, capable of leveraging the challenges you face and the people you clash with to your advantage, whilst setbacks would merely be temporary detours. Moreover, I’ve come to understand that there’s no predetermined age or timeline for pursuing your passions. Whether you’re just starting or contemplating a career change later in life, the key is to follow your interests and pursue what truly excites you. Success knows no age limit. “

Lauren Cramer: “You can’t be anyone other than yourself – so be authentic. Let your humanity show even when (especially when) you are in a position of power. I am, after all, a lawyer, but more so, a human being.”

Susan Schoenfeld: “When I was a little girl in school, I was told to keep my head down, work hard to get good grades, and that I would be rewarded in the end. When I was a young woman starting out in the business world, I was told to keep my head down, work hard, and that I would be rewarded in the end. I wish that instead I was taught to intentionally manage my career, create meaningful and lasting business relationships, not wait for someone else to reward me, and always look for opportunities to develop new business. I learned this way too late in my career.”