WEBVTT - Thasunda Brown Duckett 0:00:03.320 --> 0:00:06.120 To Shanda Brown. Duckett is the president and CEO of 0:00:06.120 --> 0:00:08.200 t I A A, which is one of the largest 0:00:08.200 --> 0:00:11.319 income retirement security firms in the United States. She came 0:00:11.360 --> 0:00:13.440 to this position not long ago if for leading Chase 0:00:13.480 --> 0:00:15.640 Consumer Bank. I sat down with it were recently to 0:00:15.720 --> 0:00:18.320 talk about her focus on retirement and how she wants 0:00:18.320 --> 0:00:20.920 to make certain that those who retire do so with dignity. 0:00:21.160 --> 0:00:23.720 Let me just ask you at the outset for those 0:00:23.760 --> 0:00:27.440 people that are not as knowledgeable as you are, What 0:00:27.720 --> 0:00:31.880 actually is t I A A. What does that stand for? Yeah, 0:00:32.080 --> 0:00:34.520 so it's great to be here. So t I A 0:00:34.520 --> 0:00:41.600 A UH stands for Teachers Insurance Annuity Association UM. But 0:00:41.720 --> 0:00:44.120 given that we're that and so much more, we're simply 0:00:44.320 --> 0:00:46.880 t I A A UH. And when you think about 0:00:46.920 --> 0:00:50.320 what we do, we exist to ensure that millions of 0:00:50.320 --> 0:00:53.920 Americans can have a secure retirement. We were founded by 0:00:54.000 --> 0:00:57.960 Andrew Carnegie over a hundred years ago who saw a 0:00:57.960 --> 0:01:03.000 professor retire and poverty and not with dignity, and so 0:01:03.160 --> 0:01:06.560 from that moment our company was founded UH and we 0:01:06.640 --> 0:01:09.800 are Fortune one company. We return all of our profits, 0:01:10.000 --> 0:01:13.759 share our profits with our participants, and we're very much 0:01:13.800 --> 0:01:16.440 anchored on fulfilling our mission, um even as we stand 0:01:16.440 --> 0:01:18.800 here today. All right, So Andrew Carnegie came up with 0:01:18.840 --> 0:01:22.120 this idea a hundred plus years ago. That's because college 0:01:22.160 --> 0:01:25.720 professors at the time we're retiring and they had no money. Sure, 0:01:26.319 --> 0:01:29.479 and what about people who are not college professors. That's 0:01:29.480 --> 0:01:32.280 suppose they're high school teachers? Were they covered as well? Yeah? 0:01:32.319 --> 0:01:36.080 So over time we started with professors, but over time 0:01:36.560 --> 0:01:40.120 our mission expanded to not just the professors on campus, 0:01:40.160 --> 0:01:45.440 but also the janitors, the staff K through twelve hospitals, 0:01:45.520 --> 0:01:49.600 other nonprofits, and most recently having our product travel into 0:01:49.680 --> 0:01:51.800 the four one K market. And really, when you think 0:01:51.880 --> 0:01:55.040 about our our our mission to make sure that people 0:01:55.080 --> 0:01:58.200 can retire with dignity, we think having access to guaranteed 0:01:58.240 --> 0:02:02.240 income as part of one's reach hirement portfolio is absolutely critical. 0:02:03.200 --> 0:02:06.600 So when people retire now, if they have a t 0:02:06.760 --> 0:02:09.359 I a program, they get a guaranteed income or do 0:02:09.400 --> 0:02:12.960 they get just whatever you can return on your investments. Well, 0:02:13.000 --> 0:02:16.359 clearly our participants have choice, and depending on the plan 0:02:16.440 --> 0:02:20.840 depends on the university or the organization. But what makes 0:02:20.880 --> 0:02:24.040 t I a special is that within their in plan 0:02:24.520 --> 0:02:28.240 portfolio they can have exposure to guaranteed income, and that 0:02:28.280 --> 0:02:31.960 means that in addition to stocks and bonds, you have 0:02:32.040 --> 0:02:35.280 an in plan annuity that provides you that guarantee, that 0:02:35.360 --> 0:02:39.160 insurance that you can feel confident that regardless of the markets, 0:02:39.240 --> 0:02:42.040 it won't go negative, that you won't outlive it, and 0:02:42.080 --> 0:02:46.120 that ultimately it can complement your overall financial allocation as 0:02:46.120 --> 0:02:48.240 you think about your retirement. Okay, so today, what do 0:02:48.280 --> 0:02:51.120 you think of the biggest problem is with respect to 0:02:51.160 --> 0:02:54.120 worrying about investments. Are you worried about the economy? Are 0:02:54.160 --> 0:02:57.560 you worry about the geopolitical situation around the world. What's 0:02:57.560 --> 0:02:59.960 going to most adversely affect your ability to give good 0:03:00.120 --> 0:03:04.200 rates to return to your clients. Well, when I think about, 0:03:04.280 --> 0:03:07.000 you know, how we invest, we're a pretty well positioned 0:03:07.000 --> 0:03:09.280 to navigate any environment. But if I just think about 0:03:09.280 --> 0:03:12.960 the broader economy, clearly inflation is top of mind for 0:03:13.000 --> 0:03:16.919 the FED. Clearly I worry about the war in Ukraine, UM, 0:03:17.080 --> 0:03:20.800 and I also worry about the geopolitical environment. I think 0:03:20.960 --> 0:03:24.200 when it comes to our participants, inflation is top of 0:03:24.240 --> 0:03:27.360 mind because these are individuals that are thinking about retirement 0:03:27.480 --> 0:03:31.160 or in retirement, and the everyday cost UH is what's 0:03:31.160 --> 0:03:33.120 on top of what's top of mind for them. And 0:03:33.120 --> 0:03:35.080 so that's what's top of mind for me. Given how 0:03:35.160 --> 0:03:37.560 high inflation is right now relative to where it was, 0:03:37.680 --> 0:03:39.640 I mean, what can somebody who has to worry about 0:03:39.640 --> 0:03:41.440 being a retirement living on a fixed income, what can 0:03:41.480 --> 0:03:43.520 they really do? I mean, that's the beauty of t 0:03:43.680 --> 0:03:46.000 I A traditional That's what we've been here to do 0:03:46.080 --> 0:03:48.640 for over a hundred years. And so people who are 0:03:48.640 --> 0:03:51.920 thinking about retirement or in retirement that have access to 0:03:51.920 --> 0:03:55.720 guaranteed income, they're able to draw on their Social Security 0:03:55.760 --> 0:03:58.560 and they're also able to draw on their guaranteed income 0:03:58.920 --> 0:04:01.840 while they're navigating evolved to markets and hopefully not having 0:04:01.840 --> 0:04:04.600 to sell too early in the market. And so I think, 0:04:04.720 --> 0:04:07.160 more than ever, this is why it's so important to 0:04:07.160 --> 0:04:11.080 talk about access to guaranteed income, access to and planned annuities. 0:04:11.280 --> 0:04:13.480 Let's suppose you're not a teacher, you're not any of 0:04:13.480 --> 0:04:15.960 the professions that you cover. Let's suppose you're in something 0:04:16.000 --> 0:04:19.799 important like private equity. Right, Um, you might be okay, 0:04:19.960 --> 0:04:22.160 So let's suppose you work in a private equity firm. 0:04:22.240 --> 0:04:24.320 And uh, if you say, i'd like I've heard t 0:04:24.480 --> 0:04:26.640 i A has a good program. I'd like to sign 0:04:26.680 --> 0:04:29.320 up for it. Can you sign up for private equity 0:04:29.320 --> 0:04:31.120 programs as well? And me though, it's do you do 0:04:31.160 --> 0:04:34.359 you cover industries not just normally associated with t I 0:04:34.480 --> 0:04:38.120 A A. Yeah, well we just recently announced um our 0:04:38.160 --> 0:04:42.239 ability to have access to lifetime income solutions guaranteed income 0:04:42.520 --> 0:04:45.400 move into the four one K market and so very 0:04:45.440 --> 0:04:48.599 soon the answer will be yes that within your plan, 0:04:49.400 --> 0:04:51.960 you will have an opportunity if we negotiate that with 0:04:52.000 --> 0:04:54.520 your plan sponsor, to have exposure to t I A 0:04:54.600 --> 0:04:57.400 traditional like product that we that we call the Secure 0:04:57.440 --> 0:05:01.240 income UH product. Suppose I say I like your company 0:05:01.400 --> 0:05:03.839 and i'd like to invest in the company. I just 0:05:04.160 --> 0:05:06.240 want to make a good investment. Can I invest in 0:05:06.240 --> 0:05:09.479 your company? No, we are private UM and so we're 0:05:09.480 --> 0:05:12.920 not a public company. We're private. But the good news 0:05:13.000 --> 0:05:16.039 is if you are a participant, UH, you you get 0:05:16.040 --> 0:05:18.240 to share our profits. And so if you worked at 0:05:18.240 --> 0:05:20.320 a university or a healthcare with t I A, you 0:05:20.360 --> 0:05:22.640 get the benefit and sharing our profits. You ever thought 0:05:22.680 --> 0:05:24.960 about going public and changing all those rules or you 0:05:24.960 --> 0:05:27.800 don't want to do that? No, I'd rather share my 0:05:27.839 --> 0:05:31.159 profits with our participants. So you guarantee people through an 0:05:31.160 --> 0:05:34.280 annuity certain returns when they retire. Is that right? Yeah, 0:05:34.320 --> 0:05:37.960 we guarantee a percentage, and then depending on the performance 0:05:38.000 --> 0:05:40.839 of the company and in our investments, we can credit 0:05:40.880 --> 0:05:44.200 you a higher amount depending on how we're performing. I 0:05:44.240 --> 0:05:46.040 assume that you're able to do that because you put 0:05:46.040 --> 0:05:47.760 a lot of money in private equity, which gets high 0:05:47.800 --> 0:05:51.200 rates or return. Is that right? Well, we're we're able 0:05:51.240 --> 0:05:54.359 to do that because we have a great investment manager 0:05:54.440 --> 0:05:58.840 that's here. But our general account primarily has exposure to 0:05:59.040 --> 0:06:02.440 fixed income, but we also do have exposure to private equity, 0:06:02.800 --> 0:06:05.640 um and alternatives. That allows us to have a high 0:06:05.640 --> 0:06:09.200 triple A rated type insurance company with exposure to equity, 0:06:09.200 --> 0:06:11.719 which gives us the opportunity over the long haul to 0:06:11.800 --> 0:06:14.880 outperform and return or share those profits back to participants. 0:06:14.880 --> 0:06:17.240 T I A A owns New Bene Is that right? 0:06:17.400 --> 0:06:20.360 But Neuvine is your investment arm. Is that right? So 0:06:20.400 --> 0:06:22.640 this is a company you bought a number of years ago, 0:06:22.680 --> 0:06:25.000 and now all of your investments go through new Vine 0:06:25.080 --> 0:06:28.280 Is that right? And New ben was a municipal bond 0:06:28.320 --> 0:06:30.720 specialists at one point, but now they've diversified out of that. 0:06:30.839 --> 0:06:33.520 They have I mean what's been great about the acquisition 0:06:33.560 --> 0:06:36.520 I want to say in fourteen um is exactly they 0:06:36.560 --> 0:06:39.480 were known as a top muni shop, and we still are, 0:06:40.440 --> 0:06:44.760 but through acquisitions and partnerships like Churchill and others, we 0:06:44.839 --> 0:06:47.840 now have a general account that provides exposure to not 0:06:47.920 --> 0:06:51.320 just traditional investments but also alternatives, which has been terrific 0:06:51.360 --> 0:06:54.240 for us. So today, your interest in this is in 0:06:54.360 --> 0:06:57.560 part because you saw when you were a young child, 0:06:57.960 --> 0:07:01.320 your father did not have a retirement programmers that right. Yes, 0:07:01.400 --> 0:07:05.680 So my father worked UH for a company for many years, 0:07:05.720 --> 0:07:09.440 blue collar worker, drove trucks, worked in the warehouse UM 0:07:09.520 --> 0:07:12.800 and he had access to his pension plan, but he 0:07:12.840 --> 0:07:15.200 could have also participated with his four oh one K. 0:07:15.920 --> 0:07:18.680 And it wasn't until I graduated from college and was 0:07:18.720 --> 0:07:21.960 talking to my father Otis Brown and realized that he 0:07:22.120 --> 0:07:24.560 at that time had never contributed to his four oh 0:07:24.600 --> 0:07:27.040 one K. And so to have the daughter look at 0:07:27.040 --> 0:07:29.960 your father and say, Dad, this is not sufficient is 0:07:29.960 --> 0:07:32.960 something that stayed with me because there's so many Otis 0:07:33.000 --> 0:07:36.560 Browns out here that have access to a retirement plan, 0:07:37.000 --> 0:07:39.320 but that plan may not have communicated in a way 0:07:39.320 --> 0:07:41.640 that Otis Brown would say. This is something I need 0:07:41.680 --> 0:07:44.320 to take advantage of and as a result, Uh, there 0:07:44.440 --> 0:07:46.480 was a lot of dollars that were left on the table. 0:07:47.000 --> 0:07:49.239 Let's talk about your background. So where were you born? 0:07:49.520 --> 0:07:52.120 So I was born in Rochester, New York. And you 0:07:52.200 --> 0:07:54.720 saw it. You wanted warmer weather, so you moved to Texas. 0:07:54.920 --> 0:07:57.360 Is that what happened? My dad needed to keep a job, 0:07:57.680 --> 0:08:00.920 That's what happened. Uh. No, at the time, being a 0:08:00.920 --> 0:08:04.040 blue collar worker office or a plant which shut down, 0:08:04.080 --> 0:08:06.920 you would have another option, and at that time, one 0:08:06.960 --> 0:08:09.920 of the options was moving to Texas. And so my parents, 0:08:09.960 --> 0:08:12.840 my mom and my father, me and my two brothers, uh, 0:08:12.880 --> 0:08:15.000 and everything that we owned in a car and we 0:08:15.160 --> 0:08:18.800 drove to Texas. And so we started our lives with 0:08:18.960 --> 0:08:21.120 just the five of us and not much else in 0:08:21.120 --> 0:08:24.080 an apartment. Okay, And so what part of Texas were 0:08:24.080 --> 0:08:26.680 you in? Arlington, Texas? So when you were growing up, 0:08:26.720 --> 0:08:31.480 were you interested in finance? Always? No? Um, what did 0:08:31.520 --> 0:08:33.400 you want to do? I don't know. My dad would 0:08:33.440 --> 0:08:34.760 say I was going to be a lawyer. I guess 0:08:34.760 --> 0:08:37.080 because I would always debate everything in the house. I 0:08:37.120 --> 0:08:40.040 think what I knew at a younger age is whatever 0:08:40.120 --> 0:08:42.440 I would do, I would do it well, um, And 0:08:42.520 --> 0:08:44.600 whatever I would do, I would want to make sure 0:08:44.640 --> 0:08:46.840 that I'm inspiring and making impact. And that's been true 0:08:46.840 --> 0:08:49.120 throughout my career. Now, you were a gifted athlete when 0:08:49.120 --> 0:08:52.280 you were younger? Aren't all athletes saying we were gifted? 0:08:52.320 --> 0:08:54.360 But I was pretty good. I was pretty good in 0:08:54.400 --> 0:08:59.160 basketball and volleyball. Didn't try to play professionally, No, And 0:08:59.200 --> 0:09:01.480 if I tried to in this day and age, I 0:09:01.679 --> 0:09:04.679 might be a water girl at that point. I mean, 0:09:04.720 --> 0:09:07.160 the skills are just incredible today. Where did you go 0:09:07.200 --> 0:09:10.240 to school in Arlington public schools? I did Sam Houston 0:09:10.320 --> 0:09:13.160 High School, Okay? And you like the name Houston, so 0:09:13.200 --> 0:09:15.240 you decided to go to the University of Houston as well? 0:09:15.320 --> 0:09:18.240 That's right. You know there's something special about Houston, so 0:09:18.360 --> 0:09:20.360 I why not mess up the trend? All right? So 0:09:20.480 --> 0:09:23.040 you graduated? What did you study? Their income security or 0:09:23.080 --> 0:09:26.240 something like that? Absolutely right? Now. I graduated from the 0:09:26.320 --> 0:09:30.200 University of Houston with degrees in finance and marketing. Okay. 0:09:30.240 --> 0:09:32.760 And what did you decide you wanted to do after that? Well, 0:09:32.760 --> 0:09:35.600 what's interesting, um, is that there's a program called in 0:09:35.720 --> 0:09:39.840 Roads and UM in roses a program for minorities that 0:09:39.880 --> 0:09:43.120 give you exposure into corporate America. In Rose is my disruptor. 0:09:43.679 --> 0:09:46.480 Um in Roads is what gave me an opportunity to 0:09:46.559 --> 0:09:49.480 even know the word corporate America. And so I interned 0:09:49.480 --> 0:09:51.480 at a company called Fannie May, and that's how I 0:09:51.520 --> 0:09:55.200 got exposure into financial services. Okay, she went to work 0:09:55.240 --> 0:09:57.400 for Fanny May. I did. And did you get an 0:09:57.480 --> 0:09:59.280 m b A as well? At some point I did. 0:09:59.679 --> 0:10:02.400 While I was at Fannie May, I was able to 0:10:02.720 --> 0:10:05.240 work full time and pursue my m b A. And 0:10:05.280 --> 0:10:08.360 I did that at Baylor. So you later joined a 0:10:08.440 --> 0:10:12.520 firm called Chase, Yes, a little bank in uh, New York. 0:10:13.400 --> 0:10:16.280 Who recruited you to Chase? Yeah? So at the time 0:10:16.320 --> 0:10:18.800 it was the CEO of the mortgage company. Um. And 0:10:18.840 --> 0:10:21.160 I was on Fannie May business in New York and 0:10:21.280 --> 0:10:24.880 presented And then afterwards he asked me a question. I 0:10:24.880 --> 0:10:27.079 don't know or remember what it was, but I answered 0:10:27.120 --> 0:10:30.000 it uh. And then he said, I hear you're highly 0:10:30.000 --> 0:10:32.240 regarded at Fanny May. What would it take for you 0:10:32.280 --> 0:10:35.600 to join Chase? And what did you say? Um? I said, 0:10:35.800 --> 0:10:40.680 we can meet for lunch. Okay, Okay, so you ultimately, um, 0:10:40.720 --> 0:10:43.240 I guess convinced him that you should be hired and 0:10:43.280 --> 0:10:45.120 you joined Chase. Is that right? Well, I would say 0:10:45.120 --> 0:10:49.920 he ultimately convinced me. Um. But yeah, so at that time, 0:10:50.040 --> 0:10:53.400 and really what's so interesting about this story is that 0:10:53.480 --> 0:10:56.840 about six months before that meeting, I said to myself, 0:10:56.920 --> 0:10:59.520 no matter how much I love Fanny May, I really 0:10:59.520 --> 0:11:01.880 believed in mission. The mission is our business. The business 0:11:01.920 --> 0:11:04.320 is our mission. Um. I could never get closer to 0:11:04.320 --> 0:11:07.160 the consumer being in the secondary market, and so one 0:11:07.200 --> 0:11:09.640 of my goals was to get closer to the consumer, 0:11:09.760 --> 0:11:11.839 and this opportunity allowed me to do that. So you 0:11:11.960 --> 0:11:15.080 rose up to be the president of Chase Consumer Bank. Yes, 0:11:15.240 --> 0:11:19.080 you oversaw that for how many years? For about three years? 0:11:19.200 --> 0:11:21.640 Three years? Three years? Did you ever have an a 0:11:21.640 --> 0:11:23.360 t M card denied when you were trying to do 0:11:23.559 --> 0:11:25.839 You're the head of that. Never your a t M 0:11:25.920 --> 0:11:28.000 card ever get denied. What do you do if that happens? Well, 0:11:28.040 --> 0:11:29.640 you know what if you do? I say self, no, 0:11:30.040 --> 0:11:32.080 I know who to call within the team to help. 0:11:32.080 --> 0:11:34.400 So I never had my card denied, but we would 0:11:34.400 --> 0:11:36.840 do some testing. I would absolutely pop in a branch 0:11:36.880 --> 0:11:38.480 and I hope they didn't know who I was and 0:11:38.600 --> 0:11:40.600 just asked a few questions, you ever have a credit 0:11:40.600 --> 0:11:43.040 card really denied? I guess, well, I mean it's a 0:11:43.080 --> 0:11:44.840 it's a tough feeling when it's you know, when you 0:11:44.880 --> 0:11:47.360 get denied, but you know they're just doing it. You 0:11:47.360 --> 0:11:49.079 didn't say you know who I am, I'm the head 0:11:49.120 --> 0:11:52.680 of this Yeah, I did not. I just just treat 0:11:52.720 --> 0:11:55.960 it like everyone else. All right. So, UM, how how 0:11:56.000 --> 0:11:59.599 long ago did you get approached by T A T 0:11:59.840 --> 0:12:04.160 I A. Yeah, this happened in Okay and during the 0:12:04.200 --> 0:12:07.360 COVID period of time. Yes, so, um, all right, so 0:12:07.360 --> 0:12:09.079 they approached you and they said, would you like to 0:12:09.120 --> 0:12:13.520 be the president and chief executive officer? And you said, 0:12:13.640 --> 0:12:15.720 let me ask Jamie Diamond. Is that what you said? 0:12:16.800 --> 0:12:20.439 Not exactly? Uh, you know, I think you know. It 0:12:20.480 --> 0:12:24.760 was a long interview process, um, and clearly they were 0:12:24.800 --> 0:12:27.520 able to tell me all the wonderful things about this company, 0:12:27.559 --> 0:12:29.600 and over time I fell in love with the company, 0:12:29.880 --> 0:12:33.000 UM and realized that this definitely was the next best 0:12:33.000 --> 0:12:35.000 move for me in my career. I think this is 0:12:35.040 --> 0:12:38.640 the most amazing job. I get to lead a company, 0:12:38.640 --> 0:12:41.520 a Fortune one hundred company that's anchored in a mission 0:12:42.040 --> 0:12:44.960 to make sure that everyone has access to retirement and 0:12:44.960 --> 0:12:48.280 can retire with dignity. Um. So yeah, this is a 0:12:48.320 --> 0:12:51.240 phenomenal opportunity that get a privileged to lead. So are 0:12:51.240 --> 0:12:53.640 you surprised there only two women? You're one of them 0:12:53.720 --> 0:12:56.079 who is running a Fortune five company today, who is 0:12:56.080 --> 0:12:58.240 an African American woman? Is that surprising to you at 0:12:58.280 --> 0:13:06.160 this time? And it's surprising, um in one sense, but 0:13:06.240 --> 0:13:09.760 not surprising in the other. Surprising in the sense that 0:13:10.120 --> 0:13:14.040 there's so many talented African American women that could absolutely 0:13:14.240 --> 0:13:18.000 lead a Fortune five. It's not surprising because we know 0:13:18.080 --> 0:13:21.560 that there's only ever been three full time for total 0:13:22.120 --> 0:13:24.880 to run a Fortune five Um. And it just says 0:13:24.960 --> 0:13:27.080 that we have a lot more work to do, not 0:13:27.160 --> 0:13:29.280 just in corporate America, but in so many other facets 0:13:29.320 --> 0:13:31.600 of our society. So what are you doing at T 0:13:31.760 --> 0:13:34.880 I A a about diversity and equity and inclusion in 0:13:34.920 --> 0:13:37.920 your management ranks and on your employee ranks. So how 0:13:37.960 --> 0:13:41.199 do you rank in in that area? Now? Well, we're 0:13:41.240 --> 0:13:43.280 at the very top and it starts with the board 0:13:43.320 --> 0:13:46.400 and I'm fortunate enough to have a board of trustees 0:13:46.640 --> 0:13:50.240 that UH, commitment to diversity, equity and inclusion is something 0:13:50.280 --> 0:13:51.760 that's always been a part of who we are at 0:13:51.800 --> 0:13:54.160 t I A. A. Our board is very diverse. My 0:13:54.240 --> 0:13:57.240 management team is probably one of the diverse management teams 0:13:57.240 --> 0:14:00.960 of any Fortune five company. H And when I think 0:14:00.960 --> 0:14:03.920 about our why, you know, it's just saying I want 0:14:03.920 --> 0:14:07.480 the best talent. And if you fundamentally believe that talent 0:14:07.600 --> 0:14:10.440 is created equally, opportunity is not. You'll always ask who's 0:14:10.480 --> 0:14:12.520 not at who's not at the table, who's not in 0:14:12.559 --> 0:14:15.679 the room. And I get to surround myself with people 0:14:15.760 --> 0:14:18.200 that have that same level of resolve. Now, E s 0:14:18.240 --> 0:14:20.240 G is a big thing in the investment world. A 0:14:20.240 --> 0:14:22.880 lot of your clients say they really care about E 0:14:23.040 --> 0:14:25.320 s G performance of your invest in the group you 0:14:25.400 --> 0:14:27.440 invest with, or how do you measure your E s 0:14:27.480 --> 0:14:30.280 G performance at at T I A. Yeah, I mean 0:14:30.440 --> 0:14:33.640 we've always been committed to E s G. And when 0:14:33.640 --> 0:14:36.960 I think about our y, I mean clearly, uh, we 0:14:37.040 --> 0:14:40.240 believe that it's core to long term growth, and it's 0:14:40.280 --> 0:14:43.040 core to understanding and mitigating risk um and we also 0:14:43.120 --> 0:14:45.320 understand you know, the important role that it can play 0:14:45.360 --> 0:14:49.440 in society, and so our participants are very much curious 0:14:49.520 --> 0:14:52.360 about what we're doing in E s G. Navine clearly 0:14:52.760 --> 0:14:54.760 has been a leader in E. S. G UM and 0:14:54.760 --> 0:14:57.080 it's a conversation that we have on campus. It's a 0:14:57.120 --> 0:15:01.040 conversation that we have at universities and hospitals, etcetera. So 0:15:01.080 --> 0:15:04.120 it absolutely is top of mind. So today you must 0:15:04.120 --> 0:15:06.320 be asked to be involved in a lot of nonprofit 0:15:06.400 --> 0:15:09.720 organizations and going nonprofit boards and philanthropic things. How do 0:15:09.760 --> 0:15:13.360 you decide what's the most important priorities for you? Yeah, Well, 0:15:13.360 --> 0:15:15.120 it is important for me to give back, and I 0:15:15.160 --> 0:15:19.000 am pretty well allocated. But I start with where can 0:15:19.040 --> 0:15:21.720 I make impact. I start with things that I care about, 0:15:22.240 --> 0:15:24.160 um and I and I start with things that I 0:15:24.200 --> 0:15:27.240 think ultimately I can learn from. And so whether that's 0:15:27.280 --> 0:15:30.080 having my own foundation, whether that's being on the board 0:15:30.120 --> 0:15:32.480 of Robert F. Kennedy Human Rights or the Economic Club 0:15:32.480 --> 0:15:36.280 of New York, etcetera, they're all areas that I am 0:15:36.360 --> 0:15:39.560 able to hopefully make a difference, as importantly I'm able 0:15:39.640 --> 0:15:42.480 to learn from others. What does your own foundation do? Yeah? 0:15:42.520 --> 0:15:46.320 So the Otis and Rosie Brown Foundation, uh is. It's 0:15:46.360 --> 0:15:49.400 based in Texas, and um, it's giving homage to Otis 0:15:49.400 --> 0:15:52.280 and Rosie Brown everyday people that made an extraordinary impact. 0:15:52.560 --> 0:15:55.240 So the organization is extraordinary is dot org. And what 0:15:55.280 --> 0:15:59.240 we do is we provide scholarships based on character because 0:15:59.240 --> 0:16:01.240 that's how I was east. I rent my title, I 0:16:01.280 --> 0:16:03.440 owned my character, um, and so we want to know 0:16:03.480 --> 0:16:06.480 your story. And then we also provide micro grants too 0:16:06.680 --> 0:16:10.800 small organizations, people that may not be as connected UM, 0:16:10.880 --> 0:16:13.280 people that may have started their organization out of some 0:16:13.400 --> 0:16:17.160 form of loss or trauma. Basically, I want to see 0:16:17.160 --> 0:16:20.480 the unseen and I want to remind people that how 0:16:20.520 --> 0:16:22.480 they're able to make an impact are the things that 0:16:22.520 --> 0:16:25.240 reside within them. Your parents are alive, they are and 0:16:25.280 --> 0:16:27.280 do they call you with advice from time and time 0:16:27.280 --> 0:16:29.400 and say, look, and you're still our girl, and we 0:16:29.440 --> 0:16:31.280 want to tell you what to do. Well, you know 0:16:31.360 --> 0:16:34.120 it's great. Otis and Rosie Brown are my heroes. And 0:16:34.800 --> 0:16:37.600 when they call me, it's not about my rented title. 0:16:38.200 --> 0:16:41.240 You know, they're reminding me about my character. UM, They're 0:16:41.280 --> 0:16:44.320 reminding me to stay humble. They're reminding me to make 0:16:44.360 --> 0:16:47.120 sure that you know, I'm looking out for others and 0:16:47.200 --> 0:16:49.680 making impact. And then Otis Brown is just reminding me 0:16:50.120 --> 0:16:52.760 that he's very proud and he may brag a little 0:16:52.760 --> 0:16:54.480 bit about what I do and how I do it. 0:16:54.520 --> 0:16:57.000 So he's my biggest cheerleader. So one of your concerns 0:16:57.040 --> 0:17:00.920 is making certain there's access to financial security. So what 0:17:01.000 --> 0:17:03.120 have you done at t I A A to make 0:17:03.160 --> 0:17:07.399 certain that people who are underserved actually get a fair break. 0:17:08.040 --> 0:17:10.399 What I'm really proud of UM is that at t 0:17:10.480 --> 0:17:15.120 I A A we just don't focus on the professors. 0:17:15.880 --> 0:17:19.760 We spend a lot of time talking to universities about 0:17:19.800 --> 0:17:22.880 the people that are cleaning the grounds. Uh. We meet 0:17:22.920 --> 0:17:25.200 with them and we will share data and insights to 0:17:25.280 --> 0:17:28.560 say here's who's participating, here's who's not. We have what 0:17:28.600 --> 0:17:30.919 we call a mission metric to see are you on 0:17:31.040 --> 0:17:33.600 track and to be able to talk to a university 0:17:33.720 --> 0:17:35.720 to say, here are those that are on track and 0:17:35.760 --> 0:17:37.680 here those that are not, and how can we work 0:17:37.680 --> 0:17:40.680 together to provide advice, have our wealth advisors meet with them, 0:17:40.960 --> 0:17:44.159 be able to do UM fairs, but also advocate as 0:17:44.200 --> 0:17:46.400 a matter of policy on how do we make things 0:17:46.440 --> 0:17:49.000 easier for all Americans to be able to have access 0:17:49.080 --> 0:17:51.800 to a four one K four three B plan in 0:17:51.840 --> 0:17:55.520 a way that's easy auto enrollment, auto escalation, in a 0:17:55.560 --> 0:17:58.040 way that can make sure that we're bringing education insights 0:17:58.040 --> 0:18:00.639 to them as well. So you're described have this situation. 0:18:00.720 --> 0:18:02.520 Your father he didn't ne really know what a four 0:18:02.560 --> 0:18:04.439 oh one K was or how to apply for it. 0:18:04.800 --> 0:18:07.240 How do you now deal with people in the equivalent position? 0:18:07.720 --> 0:18:09.960 What do you do to educate them? Yeah? I mean 0:18:10.320 --> 0:18:12.560 first we have to meet people where they are um 0:18:12.600 --> 0:18:14.479 and we know that money is emotional and when you're 0:18:14.520 --> 0:18:16.680 a notice Brown, you know trying to do the best 0:18:16.680 --> 0:18:19.160 that you can. It's not enough for companies to say 0:18:19.200 --> 0:18:21.359 that we have it on our website or that we 0:18:21.440 --> 0:18:23.800 put a flyer together. I think what we all have 0:18:23.920 --> 0:18:25.560 to do as leaders is we have to go to 0:18:25.600 --> 0:18:28.320 the warehouse. We have to make sure that we're talking 0:18:28.320 --> 0:18:30.639 in a way that Otis Brown can say this is 0:18:30.680 --> 0:18:32.600 something that I need to do today. And so what 0:18:32.640 --> 0:18:34.680 we're what we are doing at t i A, whether 0:18:34.720 --> 0:18:38.240 that's digital, whether that's through benefits and affairs, were really 0:18:38.280 --> 0:18:41.199 working with our plan sponsors to say, how do we 0:18:41.359 --> 0:18:45.400 reach every faculty and staff at your university if it's 0:18:45.400 --> 0:18:47.760 in a different language, how do we do that. How 0:18:47.760 --> 0:18:49.400 do we make sure that if they need to bring 0:18:49.440 --> 0:18:51.760 their family, we do that. So the point is it's 0:18:51.800 --> 0:18:54.920 not just looking at the overall plan and say yes, 0:18:54.960 --> 0:18:56.960 we have a plan. Yes we have benefits, Yes we 0:18:57.000 --> 0:19:00.320 provide education. We have to look at engagement. Are they 0:19:00.359 --> 0:19:03.000 engaging and then what's happening in terms of the outcome. Now, 0:19:03.080 --> 0:19:06.320 women on average have about a thirty percent lower um 0:19:06.520 --> 0:19:09.600 I guess amount of money saved up for retirement compared 0:19:09.640 --> 0:19:12.000 to men. So what are you doing about that? Yeah, 0:19:12.040 --> 0:19:15.439 so we launched a campaign called Retire Inequality um and 0:19:15.480 --> 0:19:17.880 we do know that women retire with thirty percent less 0:19:17.880 --> 0:19:20.119 women make eight three cents on the dollar. And so 0:19:20.160 --> 0:19:22.320 there's a couple of things that we're doing. One, it's 0:19:22.359 --> 0:19:24.879 having this conversation and making sure that we all are 0:19:24.880 --> 0:19:26.760 aware that there is a gap by the way women 0:19:26.800 --> 0:19:30.760 live longer than men, so longevity risk is a real factor. Secondly, 0:19:30.960 --> 0:19:33.439 it's about making sure that we are talking to women 0:19:33.480 --> 0:19:36.320 about what can you do differently and so whether that's 0:19:36.440 --> 0:19:39.080 negotiating pay and what are some tools that are out there, 0:19:39.119 --> 0:19:41.800 making sure that you take the time to negotiate, because 0:19:41.840 --> 0:19:43.639 we know women do not negotiate as much as men, 0:19:43.720 --> 0:19:46.640 which put you at a disadvantage to start. But then 0:19:46.720 --> 0:19:49.400 also along the way, making sure that women are securing 0:19:49.440 --> 0:19:52.160