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Magazine
From
Forensics
to Fiction
A CONVERSATION WITH BEST-SELLING AUTHOR
AND ‘BONES’ CREATOR KATHY REICHS
Fall 2020
CONTENTS
1 L E T T E R 14 F AMILY
A Letter to Our Readers The Future of Home Life:
A Conversation with Eve Rodsky
2 F E AT U RE and Brigid Schulte
From Forensics to Fiction:
A Conversation with Best-Selling Author 18 F IV E QUE S T IONS W IT H...
and ‘Bones’ Creator Kathy Reichs Jeannie Infante Sager, Director,
Women's Philanthropy Institute
8 B Y T H E NUMB E RS
COVID-19: The Impact on Women 20 S POT LIG H T
Inside BBH
10 P H I L A NT H ROP Y & W E ALT H PL ANNING
2 2020 U.S. Election: A Look at the
Democratic Tax Plan
8 10 8
Magazine
CONTRIBUTORS
Kathryn George
Adrienne Penta
14
Kaitlin Barbour
Maddy Pellow
Ross Bruch
18
Jeannie Infante Sager
EXECUTIVE EDITOR
Adrienne Penta
EDITORS
Kaitlin Barbour
Jennifer Gilbert
20 DESIGN
BBH Creative Services
| LETTER
A LETTER TO OUR READERS
We hope this fall issue of Women & Wealth Magazine finds you and your family safe and well. In this
edition, we look at one woman’s career journey from forensics to fiction, explore COVID-19’s dramatic
impact on all aspects of women’s lives and cover the Democratic party’s tax proposal as we near the
November election.
In our feature article, we speak with forensic scientist, best-selling author and “Bones” creator Kathy
Reichs. During our conversation, we cover Reichs’ journey to crime fiction writing, how she continues
to find inspiration 20 books later and the difference between writing for TV and writing a novel. Reichs
Kathryn George
also provides her best advice to aspiring authors. Chairwoman
COVID-19 has greatly impacted all of our lives in 2020, and in our “By the Numbers” infographic, we
touch on the enormous effect it has had on women on the frontlines, at home and in the office, as
well as highlight a few silver linings to come out of the pandemic.
The line between work and home has blurred during the pandemic, and more than ever, many work-
ing parents are struggling to balance all of the responsibilities that come with having a career and
managing a household. We speak with Eve Rodsky, best-selling author of “Fair Play: A Game-Changing
Solution for When You Have Too Much to Do (and More Life to Live),” and Brigid Schulte, best-selling
author, Pulitzer Prize-winning reporter and director of the Better Life Lab at New America, to discuss Adrienne Penta
how families can live and work together with less tension, fairer division of labor and more leisure time. Executive Director
Also in this issue, as the November U.S. presidential election draws closer, Senior Wealth Planner
Ross Bruch covers the Democratic party’s tax plan and discusses planning opportunities to consider
before year-end.
Finally, in “Five Questions,” Jeannie Infante Sager, the director of the Women’s Philanthropy Institute,
discusses the importance of women’s giving, how women philanthropists have responded to COVID-
19 and shifts she has seen in methods of giving during the pandemic. The CW&W supports women
in the creation and manage-
We hope you enjoy this issue. As we enter the fall and reflect on 2020 thus far, we are more grateful ment of wealth. We seek to
than ever for our Center for Women & Wealth (CW&W) community. If there is anything we can do to create a dynamic and inclusive
support you during this time, or if you would like to be more involved in the CW&W, please do not environment where women
hesitate to contact us at CW&W@bbh.com. can engage in conversations
about wealth, family and
values.
Kathryn George Adrienne M. Penta
We are committed to helping
Chairwoman Executive Director
women business owners
and those with substantial
wealth achieve their financial
goals throughout the cycle
of wealth creation, transition
and preservation. BBH Private
Banking serves female clients
and their families through
three integrated products
and services: Private Wealth
Management, Corporate
Advisory & Banking and
Private Equity.
Fall 2020 | 1
| FEATURE
From
Forensics
to Fiction
A CONVERSATION WITH BEST-SELLING AUTHOR
AND ‘BONES’ CREATOR KATHY REICHS
By Adrienne Penta, Executive Director,
Center for Women & Wealth
2 | Women & Wealth Magazine
K athy Reichs has had quite the journey. After starting off
her career in bioarchaeology, Reichs fell in love with foren-
sic science – a field that would eventually lead to the inspiration
behind her hugely popular Temperance Brennan crime fiction
series and the TV series “Bones.” We recently spoke with Reichs
about her journey to crime fiction writing, how she continues to
find inspiration 20 books later and the difference between writing
for TV and writing a novel.
Fall 2020 | 3
| FEATURE
You started your How did I transition to writing? I just decided
career as a foren- to write a book like the ones I like to read,
sic anthropolo- which are dark, gritty thrillers. It also made
gist. That is a niche sense because I was working in a combined
field. How did you medicolegal and crime lab, so I had experts
end up in that around me that could help. I saw all of these
space? forensic cases on my own, and then there
were other cases going on around me, so I
I t was not my had a lot to work from.
original plan. My
doctorate is in You have authored 20 books in the Tem-
bioarchaeology, perance Brennan series. How do you con-
and I was focused tinue to come up with new ideas?
on ancient ruins –
archaeologically I do what every author does – I draw on
recovered skele- what I see going on around me. I will take
tal remains. I was a nugget from a case I am working on, one
doing that very that I see at the lab or hear about from a
happily, when the colleague or that I read about in a profes-
Charlotte Police sional publication and ask myself, “What if
Department asked this or that happened?” Then, I spin it off
me to help them into fiction.
with a child homi-
cide case they were How do you communicate the science so
working on. While that it is understandable?
I hadn’t envisioned
my career going There are three rules to this. First, keep it
down that path, brief. Second, keep it jargon-free – you can’t
once I started work- use the special terminology that experts
ing on forensic use. Third, keep it entertaining. You can’t
Reichs in Montreal at the Laboratoire de Sciences cases, I really liked it. Archaeology is fasci- just do a narrative dump of science. You
Judiciaires et de Médecine Légale.
nating, and I love it when I end up getting have to work it into a conversation or into
a case that turns out to be historic or pre- observations – and you have to keep doing
historic, but what I liked about the forensic that in new and different ways.
cases was their relevance. When you identify
a missing family member or testify in court, It’s a little bit like talking to a jury when you
you are going to impact someone’s life – have a complicated piece of information to
you have to be right. Eventually, I retrained, convey. You don’t want to dumb it down,
took my boards and shifted to forensics. but you also don’t want to lose their interest.
You have to keep it interesting, jargon-free,
At some point, you moved to writing crime understandable and as brief as possible.
novels. How did you make that transition?
You’ve also branched out into a series of
I’m a classic example of how you have to young adult novels. How did you make
be flexible in your career. I started out as the decision to write for the younger
an academic focused on bioarchaeology, audience?
then moved into forensics, then to writing
commercial fiction and eventually to writing My son is the one who proposed the idea,
television. and I agreed to do the series with him. I had
readers of my adult series asking if their chil-
dren could read my books, because kids are
interested in forensic science, and they were
really not appropriate for the young audi-
ence. We especially wanted to encourage
interest among girls, so our main charac-
ter is Temperance Brennan’s 14-year-old
great-niece.
4 | Women & Wealth Magazine
“ When you identify a
What was the experience like writing
with your son?
We were a great team. He was better at
some parts, and I was better at others.
We would mark up each other’s work
missing
family member
with a red pen, and then we would
have editorial meetings to discuss any or testify in court,
differences in opinion. We were able to
take off our mother-son hats and put
on our co-author hats. We did six books
you are going to impact
together in total.
Becoming a writer is about more than
someone’s life − you have
writing. It’s also about being able to
sell a book. Tell us about how you got
into the business of books.
to be right.”
I didn’t follow the path I would tell other
people to follow. I wrote “Deja Dead,” and
I didn’t really tell anyone I was writing it. If
you’re in an English department and you and sent it up to a senior editor. They What’s your advice to other aspiring
write fiction, you’re a hero. If you’re in a bought it within two weeks. authors? What’s the right order of
science department and you write fic- events?
tion, you’re a bit suspect. The only people I didn’t have an agent. The publishing
who knew I was writing was my family. house told me I should, but I didn’t know I strongly recommend having an agent.
It took me two years, so when I finished, how to get one. They had someone call I’ve had publishers tell me they don’t
I wasn’t sure what to do, because I had me, and within a day, this woman read even look at material not submitted by
no experience with commercial fiction, the manuscript, flew down and visited an agent. In addition, when my publish-
only with writing textbooks. me in Charlotte and ended up being my ing house made an offer to me, it was
agent for almost all of my books. way more than the minimum amount I
My daughter had a friend of a friend had set in my head, and my agent qua-
who was a junior editor at a publishing So, I never went through the process drupled that. She also put in place all
house. I wrote a cover letter and mailed of getting an agent, and I never really of these different rights that I probably
off my manuscript to her. I later learned went through the process of finding a would have signed away.
that she took two or three chapters publisher. I would not recommend this
home with her, drove back to the office, approach to anyone trying to break into
got the rest of the manuscript, read it publishing today!
Reichs and colleagues on set at Fox Studios during the filming of "Bones."
Fall 2020 | 5
| FEATURE
“ I strongly recommend having
an
agent. I’ve had publishers
tell me they don’t even look
at material not submitted by
an agent.”
6 | Women & Wealth Magazine
It sounds like you’ve had a pretty smooth In TV writing, you have to answer to a lot of
journey. What has been the biggest chal- bosses, so after you have your initial out-
lenge for you? line, you pitch it to the showrunner. After
that outline is approved, you write a very
My biggest challenge has been finding detailed outline. Only after that is approved
time. When I wrote the first book, I was do you actually write the script – and it usu-
teaching full time at UNC Charlotte, so ally changes a lot once you submit it. It’s
trying to fit that in on weekends, while very condensed – when you write a screen-
on vacation and during the summer was play, you don’t have to put any descriptions
difficult. After the second book, I went on in there, because the viewer sees those. It
leave, and have been on leave ever since, boils down largely to dialogue.
so that freed up part of the time pressure.
There came a point several years ago, where What do you tell young people who are
I wrote a young adult book, a screenplay thinking about a career in science?
for “Bones,” an adult book and some short
stories every year. It was just too much – Do it, but be serious about it. Study hard;
something had to give. I’m now focused on get into a good university. In many fields,
full-time novel writing. you need an advanced degree or doctorate
to sit for your board certification exam. In
I’ve read that you need perfect quiet to addition, don’t just take a degree in forensic
be able to write. How has your routine or science – I see a lot of these programs, and
your cadence of writing changed while students learn about forensic science, but
we’ve been in this COVID-19 experience? they don’t acquire a skill that they can use
Have you found it easier or more difficult? in a lab. It’s an exciting field to be in, though,
and I encourage anyone who is interested
Until recently, I was at my beach house in to pursue it.
isolation with my two daughters and four of
my grandchildren. I had to finish my upcom-
ing book, and I would go up into my office
and close the door, and they would respect
that. What was hard is that my office over-
looked the beach, so I would look out the
window and see them having a good time.
Having the discipline to stay at the keyboard
was a challenge for me.
What are the challenges of writing for
television vs. writing books?
My role as a producer on “Bones” was pri-
marily to work with the writers, and then I
wrote episodes later on. In some ways, it’s
similar to writing a book. The structure is
similar in that you have your main story,
your secondary story and your third story.
It’s also different in so many ways. You do
what is called “breaking the story,” where
you go into the writers’ room with the bare
minimum of an idea for an episode, and you
brainstorm. You have a big white board and
shout out ideas, and by the end of it, about
two weeks later, you have your outline for
all of that episode’s stories. I’m used to sit-
ting at my keyboard all alone writing, so the
change in process was exhilarating.
Fall 2020 | 7| BY THE NUMBERS 8 | Women & Wealth Magazine
Fall 2020 | 9
| PHIL ANTHROP Y & WEALTH PL ANNING
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10 | Women & Wealth MagazineFormer Vice President and Democratic presidential nominee Joe
Biden recently released his corporate and individual tax plan. Biden’s
proposed plan aims to raise approximately $3.2 trillion in new and
increased taxes over a 10-year period, with most of the burden falling
on large corporations and high-net-worth individuals. While there
are many uncertainties in the legislative path forward, it is important
that taxpayers work with their advisors to examine their current tax
situation and prepare for a range of planning scenarios through the
end of 2020 and into 2021.
Biden’s Tax Proposal With those influences in mind, some of Biden’s key policy
ideas include:
Biden’s plan appears to be largely influenced by three
primary factors. First, as a long-time deficit hawk, he seeks
• Increase the corporate tax to 28% (up from 21% under
to address the significant increase in the deficit’s size over
TCJA, but lower than the 35% rate in effect prior to
the past four years (which has been further exacerbat-
TCJA).
ed by the COVID-19 pandemic). Second, Biden hopes
to roll back several tax cuts and rate reductions enacted • Repeal the 20% pass-through deduction of qualified
under the 2017 Tax Cuts and Jobs Act (TCJA). Third, pos- business income for taxpayers with over $400,000 in
sibly to capture a greater percentage of voters on the income. This deduction was enacted under TCJA and
far left, Biden seems to be open to tax ideas previously is currently set to expire in 2026.
monopolized by far more progressive candidates. (He
• Impose a minimum book tax equal to 15% on global fi-
has, however, stopped short of endorsing some of the
nancial statement profits for companies with over $100
most extreme ideas, such as a wealth tax and a financial
million in annual income that otherwise pay zero or
transaction tax.)
negative federal income taxes for the year.
Fall 2020 | 11| PHI L ANTHROP Y & WEALTH PL ANNING
• Double the global intangible low tax income on certain tax laws with better knowledge of how policy changes
unrepatriated low-tax earnings to 21%. will affect their income and wealth. Unfortunately, due to
the pandemic, the current planning situation is highly un-
• Repeal like-kind exchange deferrals for real estate.
predictable. A new administration may try to apply new
• Institute a 12.4% Social Security payroll tax, to be split taxes retroactively to January 3, 2021 (the first day of the
between employers and employees, on income earned 117th Congress), even if they are drafted and approved
in excess of $400,000. (Wages between $137,000 – the later in the calendar year. This is not completely unprec-
current cap – and $400,000 are not taxed.) edented. On rare occasions, retroactive taxes have been
enacted and deemed constitutionally permissible. There
• Raise the top tax bracket for individuals from 37% to
are several limits on when tax rates may be raised retroac-
39.6% (the top rate prior to TCJA) for taxable income
tively (yet “new” taxes may never be created retroactively),
above $400,000. The top tax rate is currently set to re-
though the nuance of these limits is beyond the scope of
vert to 39.6% in 2026 without legislative intervention.
this article. It is far safer to plan around the assumption
• Eliminate a preferential capital gains rate on income that if taxes go up, they will do so as of January 3, 2021.
above $1 million.
Planning Opportunities
• Abolish the basis step-up at death for inherited assets.
Although every planning situation is different, if Biden is
• Restore the pre-TCJA limitation on itemized deductions
elected, some of the most important planning ideas to
for taxable income above $400,000.
consider before year-end are as follows:
• Return the gift and estate tax exemption and rate to
their “historical norms.” Use remaining estate tax and generation-skipping
transfer (GST) tax exemptions
Uncertainties Abound The current federal estate tax exemption amount ($11.58
The odds that many of these ideas are enacted exactly million per person) is scheduled to sunset to its pre-TCJA
as Biden has proposed them are low. Although Biden amount (adjusted for inflation) in 2026. Biden’s proposal
currently leads in the polls, this could easily change. suggests returning this amount to its “historical norm.”
There are also impediments that could alter or block What Biden means by historical norm in this context is un-
Biden’s proposal even if he is elected president. To control clear, but some tax experts believe he may aim to reduce
Congress, Democrats need to both retain their majority the exemption amount to the $3.5 million exemption
in the House of Representatives and pick up at least three proposed by the Obama administration in 2014. The same
Senate seats. Even with those three seats, the Democrats may be true for the GST tax – an essential component
will have no margin for error due to a 50-50 divide in the in dynastic estate planning – which has an equivalent
Senate (assuming both independent senators vote in line but separate exemption amount that Biden could also
with Democrats) and will need to rely on a vice president propose to reduce.
tiebreaker vote. Additionally, some Democratic sena-
tors may not welcome the idea of instituting tax reform Taxpayers with adequate assets that wish to make direct
during an economic crisis and with the 2022 midterm gifts to their descendants or fund multigenerational trusts
elections just a short time away. Memories of the Tea Party should be able to use their remaining exemptions easily.
movement that grew in response to the Obama adminis- Before making these gifts, taxpayers may want to confirm
tration’s tax hikes in 2009 may still be fresh in the minds that they have sufficient access to assets for their own
of some. However, if 2020 turns out to be another “blue lifetime spending needs and that they are funding the
wave” year (like 2018) in which Democrats outperform in gift with the most advantageous assets.
the elections and pick up more than three Senate seats,
they will have a greater margin for error, and the question Using up exemption is slightly more complicated for
will quickly turn from “if” taxes will go up to “how much” taxpayers who are not yet prepared to pass on assets
they will rise. to descendants in 2020. There are several tools planners
can use to work around these concerns, including spou-
It is also important to note that it is unclear when new tax sal lifetime access trusts (SLATs) for married couples and
policies could be enacted. If elected, a new administration domestic asset protection trusts (DAPTs), which are avail-
will be inaugurated on January 20, 2021. Typically, tax able to nonmarried individuals but are more limited in
legislation goes into effect the following tax year, thereby application due to the fact that they must be governed
allowing taxpayers the opportunity to plan around future by one of 19 states that permits their use.
12 | Women & Wealth MagazineBoth SLATs and DAPTs allow donors to contribute funds
to trusts that qualify as “completed gifts” and thus use
some or all of a taxpayer’s remaining exemption; however,
each of these trusts allow some level of family access,
either through a spouse (via a SLAT) or possibly the
donor him or herself (via a DAPT), should they require Although an account owner pays
additional funds for future spending needs.
tax on the funds transferred in the
Convert an individual retirement account (IRA) to a
Roth IRA
year of the conversion, this may
A Roth conversion is a way to convert funds from a still be an attractive planning tool
traditional IRA to a Roth IRA. A Roth IRA is a powerful
retirement savings tool that, like a traditional IRA, allows if the account owner believes he
assets to grow tax free. Unlike distributions from tradi-
tional IRAs, however, those from Roth IRAs are not taxed. or she is subject to a lower tax
Additionally, Roth IRAs do not have required minimum
distributions that slowly deplete the account once the rate now than will be the case in
taxpayer reaches a certain age. Although an account
owner pays tax on the funds transferred in the year of
the future.”
the conversion, this may still be an attractive planning
tool if the account owner believes he or she is subject to
a lower tax rate now than will be the case in the future. income deferral transactions. Corporations may want
to consider paying dividends in 2020 rather than future
Recognize long-term capital gains years. Employers could also consider paying year-end
bonuses to high-income employees in 2020 rather than
If Biden eliminates the preferential long-term capital gains
waiting until after the new year.
rate on income above $1 million, it may be advantageous
for some taxpayers to recognize capital gains now to en-
Partnerships, sole proprietorships, S-corporations and real
sure they are taxed at 20% rather than their much higher
estate investment trusts that have taken advantage of
ordinary income tax rate. However, due to numerous fac-
the Section 199A 20% deductions should consider ways
tors involved in the evaluation process, this should be
to take advantage of them while they are still available.
approached with careful consideration.
A Note on Timing
Make charitable contributions early
Perhaps the most important takeaway from this analy-
If the pre-TCJA limitation on itemized deductions for tax-
sis is that it is impossible to predict November’s election
able income above $400,000 is reinstated, 2020 may be
outcome and what tax policies will look like in the com-
the last year to make large or unlimited charitable contri-
ing years. However, it is also clear that major changes
butions. Taxpayers should evaluate planned giving over
could occur as soon as next year, and it is important that
the next several years and consider making those gifts in
taxpayers are prepared to address a variety of planning
2020 to maximize the tax benefits of their philanthropic
situations. In addition, if the 2021 election warrants year-
goals. If a taxpayer is unwilling to make a large gift directly
end tax planning, there will be an overwhelming rush
to charities this year, he or she could instead establish a
to plan, and attorneys and accountants will not be able
donor-advised fund or private foundation, which may
to keep up with demand. The best approach is to begin
permit the taxpayer to take a larger deduction for 2020
working with advisors now to map out complete gifting
and distribute the funds to charities over time.
and tax strategies under various election and legislative
scenarios. This may involve drafting trusts that may sit idle
Time transactions appropriately
until Election Day, or possibly forever, but it will afford the
Corporations may wish to consider ways to accelerate luxury of making strategic and thoughtful tax decisions
income in advance of a possible corporate tax rate in- without the added pressures that the end of the year may
crease. Corporate sellers will have an incentive to close bring. A BBH wealth planner would be happy to speak
transactions before 2021 and may want to reconsider with you about your options.
Fall 2020 | 13| FAMILY
The Future of Home Life
A Conversation with Eve Rodsky and Brigid Schulte
By Adrienne Penta,
Executive Director, Center for Women & Wealth
14 | Women & Wealth MagazineThe line between work and home has blurred due to the COVID-19 pandemic,
and more than ever, many working parents are struggling to balance all of the
responsibilities that come with having a career and managing a household. We
recently sat down virtually with Eve Rodsky, best-selling author of “Fair Play: A
Game-Changing Solution for When You Have Too Much to Do (and More Life
to Live),” and Brigid Schulte, best-selling author, Pulitzer Prize-winning reporter
and director of the Better Life Lab at New America, to discuss how to live and
work together with less tension, fairer division of labor and more leisure time.
Eve, what is “fair play,” and how did you come up with this concept?
Eve Rodsky: I came up with the concept of “fair play” eight years ago during a
time when the space-time continuum felt like it was collapsing on me – some-
thing many are feeling today. It started with a text from my husband saying,
“I’m surprised you didn’t get blueberries.” I pulled over and started sobbing. I
had just left my job to start my own business and was struggling to manage
my two children and everything in my home life. I was thinking, “I used to
be able to manage employee teams, and now I am at a place where I am so
overwhelmed that I can’t even manage a grocery list.” More importantly, this
was not the career-marriage combo I thought I was going to have. I had vowed
from an early age that I would have an equal partner in life. How did I end up
being the default – or the “she-fault” – for every household responsibility?
As it turns out, what was happening to me was happening to other women
as well. In heterosexual couples, two-thirds or more of what it takes to run
a household or family falls on women. This work is often called emotional
labor, the mental load or invisible work. It comes down to how we as a society
view women’s time. We value and guard men’s time yet view women’s time
as if it is infinite, like sand. There’s a different expectation of how women are
supposed to use their time.
The value of time – what time people have and how they use it – is import-
ant. Brigid, tell us about the data you’ve found in your work linked to this.
Brigid Schulte: We do tend to think of men’s time as precious and finite and
women’s time as infinite. I spent a lot of time looking at time use research,
and a lot of this comes down to perception.
First of all, women have always worked. For much of human history, the pop-
ulation lived in an agricultural community – all of these women were working
mothers! The notion that a woman should work inside the home happened
during the Industrial Revolution, when work moved outside of the home, and
men took that over. Then, the women’s movement in the 1970s and 1980s
opened up opportunities. However, you also have to look at economic trends
– wages started stagnating, so families needed that second worker.
Women’s lives changed. What did not change were workplaces, public policies
and men’s behavior and use of time. If you look at time diary data today, even
though a majority of women work and the majority of children are being raised
in families where all available parents are working, the societal structures
haven’t changed to accommodate this. Women are spending twice as much
time doing housework and childcare, and once you get into higher-income
categories, working mothers are spending more time with their children than
stay-at-home moms did in the 1960s. To continue to prioritize children and
families, women have given up their leisure time, including time for sleep,
personal care and adult relationships.
Fall 2020 | 15| FAMILY
We have structural issues that we need to solve, but one thing to prioritize women taking leave after having a baby; however,
we can do to help in the meantime is to shift that mental mind- while more companies are offering paid paternity leave, men
set. Women have been conditioned to think they need to earn aren’t using it as much.
leisure time or time to themselves, and the only way to earn it
is to get to the end of a long to-do list. A little pocket of time What is interesting is that many men are saying they want to be
opens up, and we instantly jump to the next item on our list. active caretakers. In our recent nationally representative survey
This creates a vicious cycle and leads to burnout at work and on men and care, when we asked people if they anticipated
home. Give yourself permission to recognize that you don’t taking time off to give care, the same percentage of men and
need to earn time off or leisure. women said they expected to need to; the difference is that
men didn’t do it. Men being involved at home is one of the
Eve, you talk about we can establish fairness in our home key pieces on the final frontier of gender equality. If you want
by setting up certain structures. Tell us how we can do this. gender equality at work, you need it at home. In addition, in
countries where men are encouraged to take time for care,
ER: A lot of it comes with granting ourselves permission. I that involvement lasts a lifetime. The outcomes are incredible
remember being at a breast cancer march with a group of for family stability and child development.
friends, and for three hours one morning, we gave ourselves
permission to be present for that cause. All of a sudden, ques- The time-space continuum right now has collapsed; every-
tions started pouring in from our husbands – in total, there thing we do is centered in the home. How do we find leisure
were 30 calls and 46 texts for 10 women in 30 minutes. They time during this strange moment we are in?
were asking us everything from, “When are you coming home?”
to “Where is the soccer bag?” to “Do the kids need to eat?” ER: I call this “unicorn space.” It’s about making your leisure
Originally, we planned to go to lunch that day, but instead, time nutritious and is an active pursuit of what makes you,
we looked at each other, said maybe we left our partners too you, which impacts your longevity and overall health. The only
much to do and went home to do our tasks. way you are going to reclaim this is by balancing the gender
equity in your household.
We are all overwhelmed with decision fatigue in the home.
We don’t treat our home as our most important organization. Getting this balance requires three things. The first is boundar-
We’re deciding who is setting the table when it’s late and we’re ies. We need to feel we deserve permission to be unavailable.
already hangry. We would never walk into our boss’s office and The next is systems. Then, the most important thing is how we
say, “Hey, what should I be doing today? I will wait here until communicate. We need to start investing in communication
you tell me what to do.” But this is often the dynamic in our and treat it as a practice that we do every day.
homes, and that needs to change. Men have just as much cog-
nitive function as we do, but we don’t value the labor at home.
It’s not about a 50-50 split – it’s about ownership. I call
it the life-changing magic of mustard. Someone has to
know your son likes yellow mustard – this is the concep-
tion step. Then, someone has to monitor that mustard
when it is running low and put it on the grocery list
– this is the planning phase. Then, someone has to
go to the store to purchase mustard – this is the
execution. In heterosexual relationships, men are
stepping in at execution. The concept around
fair play is that whoever is pushing the gro-
cery cart is owning the entire process.
BS: I can relate to the process of finding sys-
tems that feel fair in marriage. I hit a point
where I was so angry that I was doing every-
thing. In a moment of calm, my husband
and I took a long walk, and I interviewed him
to figure out what had happened. While we
started out as partners and shared responsibili-
ties, we realized things changed the minute we
brought a child home. That is the turning point
for almost every couple. Our systems are set up
16 | Women & Wealth MagazineThen, the most important thing is how we communicate. We need
to start investing in communication and treat it as a practice that
we do every day.”
– Eve Rodsky
Brigid, looking at the use of our work time, how do we think ER: When I wrote “Fair Play,” one of my goals was to make invis-
about working smarter, better and not necessarily longer? ible work visible. This pandemic has done that. On the positive
side, men are doing more watching of the children and helping
BS: The first thing goes back to what Eve said, and that is with more meals, but there’s still a lot of other things they are
boundaries. We have people who are overwhelmed all day not doing. We need to get men to take over full tasks from
right now – they start working early in the morning, have start to execution.
interrupted days and work late at night to make up for it. The
first thing to do is give yourself an enormous break. This is not
normal remote and flexible work; this is survival. Any company
looking at this time to make decisions about remote work is
looking at the wrong metrics.
Ratchet down your expectations, and focus on communicating
with your colleagues and managers. Be clear about the work
you are doing and what is most important. We need clear com- This is not normal remote and
munication to help us prioritize and manage expectations.
flexible work; this is survival.”
Once you have your priorities and boundaries, focus on inten-
tional scheduling. Put that time for a big project on your calen- – Brigid Schulte
dar before it gets filled with meetings. We tend to think that a
busy calendar makes us productive and busy. Instead we need
to think of our time and schedule like an art gallery, where we
choose deliberately which things we are going to put on the How does invisible work manifest in professional work?
wall. The other thing I encourage you to do is create slack on
your calendar – give yourself some breathing room. ER: Just as there is invisible work at home, there is invisible
labor that is often gendered at work. For example, women
If this unintended national experiment of working from are often the ones who plan the office parties, take notes and
home leads to a more permanent extension, does that help create office culture. It is important for everyone to recognize
matters? that the invisible labor both at home and work is a drag on
women’s time and ability to think. Men spend the same amount
BS: This is one of the most exciting things happening right now of time at work, but they don’t have the mental load women
and could lead to changing the way we work, more gender have when it comes to dealing with the home. I’m hopeful
equity and more balance. It is time to think of different mea- that if we can all focus on fair play and alleviating some of this
sures for good work other than facetime or hours worked. There mental load, that can change.
is evidence that during this time, men are helping and doing
more work at home. Couples are seeing the imbalances and
sharing more responsibilities because it is so obvious. There is
a recalibration at both work and home that could potentially
be exciting and life-changing.
Fall 2020 | 17| FIVE QUESTIONS WITH...
Jeannie Infante
Jeannie Infante Sager is the director
of the Women's Philanthropy Institute ➊ What is your earliest memory ➋Why is women’s giving so
of philanthropy? important?
at the Indiana University Lilly Family
School of Philanthropy. As a child of immigrants, my earliest mem- At the Women’s Philanthropy Institute
ories of philanthropy are of my parents (WPI) at the Indiana University Lilly
supporting family in the Philippines – Family School of Philanthropy, our
helping nieces and nephews with their research shows that women are more
education, sending clothes and shoes likely to give and that women give
that my brother and I had outgrown differently. Women around the world are
and providing small loans to family and more influential than ever before and are
friends. This type of generosity might be using their influence to catalyze social
considered informal in the philanthropic change. Philanthropy is complex and
vernacular, but these actions are what I influenced by many factors, including
first understood as giving and a common income, wealth and education. Today
philanthropic memory shared by most women have more of all three – fur-
first-generation Americans. ther empowering them to exert change
through their giving. Philanthropy is not
gender-neutral; greater understanding
of how gender influences giving will
help unlock a new era of generosity and
ultimately drive more giving by all.
18 | Women & Wealth MagazineSager
“
➌ How have women philanthropists
responded to COVID-19?
The pandemic has upended every aspect
of our lives, philanthropy included. Women
in particular may be feeling the effects of Collective giving networks have also been actively
COVID-19 on their giving. As WPI research
has shown, women are typically more sharing lessons and experiences with each other,
likely to give than men. It appears that
the circumstances of this crisis – which
such as encouraging fast-tracking grant timelines,
disproportionately affect women econom-
ically and disrupt the ability to network
launching local response funds, supporting members
and connect – may be putting a strain on within their networks and adopting the trust-based
their giving. Nonetheless, women have
responded both in traditional, as well as philanthropy pledge."
new and expansive, ways.
Early in the pandemic, high-profile public
personalities stepped up. Rihanna’s chari-
➍ What shifts have you seen in meth- ➎ What advice would you give to your
ods of giving during the pandemic? younger self?
table organization, the Clara Lionel Foun-
WPI’s latest report, “COVID-19, Generosity, On my desk is a personalized sign that says:
dation, committed $5 million to support
and Gender: How Giving Changed During “It’s not about your happiness” – J. Sager.
the global fight against the novel corona-
the Early Months of a Global Pandemic,” This irreverent parting gift was given to
virus. Dolly Parton made a $1 million gift to
indicates that generosity is alive, well me by my former team, but the quote isn’t
Vanderbilt University to fund research on a
and evolving in the face of a crisis. This complete. It should read: “It’s not about
cure for the virus and encouraged others
report signals a new kind of generosity as your happiness; it’s about your resilience.”
to join her in making donations.
people give back to their communities in I offered this advice during a challenging
more imaginative ways, despite facing tre- time for our organization as we attempted
At WPI, we know that women like to give
mendous challenges. This type of indirect to build the plane while flying it. As you
together, as demonstrated by the prolif-
giving is in line with a broader reimagining can see from their gift, the first half of the
eration of giving circles and giving net-
of philanthropy that was underway prior quote is what got their attention, but it was
works for women in the U.S. and around
to COVID-19. Examples include ordering the second half of the quote that became
the world. Giving circles in particular have
takeout or buying a gift card to support a our mantra for the year. Embracing, learn-
been frontline responders in addressing
local restaurant or continuing to pay indi- ing and understanding resilience early on
the pandemic in their local communi-
viduals and businesses for services they will help you face the many trials, big and
ties. For example, the New York Women’s
could not render. little, personal and professional, that you
Foundation gave $1 million for women
will encounter throughout life.
and families impacted by COVID-19
Moreover, as our entire lives moved online,
through its 2020 Resilience-NYC: COVID-
technology became the main driver for
19 Response and Recovery Fund. Collective
philanthropy. People came together dig-
giving networks have also been actively If you want to learn more about the
itally to support virtual fundraisers, and
sharing lessons and experiences with each research of the Women’s Philanthropy
organizations pivoted to online giving and
other, such as encouraging fast-tracking Institute, including WPI’s latest report,
donor visits on Zoom. This pandemic has
grant timelines, launching local response “COVID-19, Generosity, and Gender:
demonstrated the importance of digital
funds, supporting members within their How Giving Changed During the
platforms and social media to find creative
networks and adopting the trust-based Early Months of a Global Pandemic,” visit
ways of building trust in this unique envi-
philanthropy pledge. https://philanthropy.iupui.edu/wpi.
ronment. These developments embrace
a broader definition of philanthropy and
foster community in innovative ways.
Fall 2020 | 19| SPOTLIGHT INSIDE BBH Sustainable BBH’s Inaugural Stewardship Report After 200 years of operating our business ethically and responsibly, It is inspiring to think of the collective effect we will have by join- always in the spirit of putting clients first and giving back to our com- ing forces with clients, employees and industry partners who share munities, we are pleased to share our inaugural Stewardship Report. common areas of interest and concern. We want to become leaders in At the time of this report’s release, concerns for our environment, a addressing the areas our stakeholders care about most. We will only global health crisis and issues of social equity are changing the expecta- get better with your feedback, and we welcome a dialogue on any of tions and definitions of corporate citizenship. We have always operated these issues. We are listening. at the intersection of our business and our values and are committed to contributing to positive change. We believe that now more than ever is a time to lean into our values and do the right thing. This report comes after a two-year effort to set goals for the most material areas where BBH can contribute to the long-term well-being of our clients, our people and our communities. We are proud of the progress we have made, still recognizing this is a long-term effort that will evolve for years to come. In the spirit of transparency, we want to share with you the progress we made in 2019. The report can be found on our website. Our commitment to sustainability is one that we share with many of our clients. Some of our clients lead businesses that are on sustain- ability journeys themselves, and we have been inspired by clients and industry partners who have been working on environment, social and governance issues and publicly reporting their progress for years. Some of our clients are asking us how they can better align their investments to their values, and we are pleased to help through our Sustainable Investing practice, which is detailed in this report along with our approach to ESG integration in our investment process. BBH Participates in Better Life Lab’s Podcast and Welcome to the 'World Wealth Report 2020' LinkedIn Live Adrienne Penta, executive director of the Center for Women & Wealth, recently joined Brigid Schulte, director of the Better Life Lab at New America, on New America’s Better Life Lab’s podcast. In the episode, “Crisis Conversations: Women and Leadership,” guests discussed how women leaders are rising to the occasion during the recent crises and what still needs to improve to enable female leaders to thrive. Penta also recently participated in a live conversation on the state of the wealth management industry, particularly when it comes to serving women, co-hosted by Capgemini and the Rudin Group. This two-hour event marked the launch of the “World Wealth Report 2020” and featured the report’s key findings. It also explored further insights from some of the world’s most influential innovators in the wealth management space on steering their organizations through a time of extraordinary uncertainty and unprecedented opportunity. 20 | Women & Wealth Magazine
UN GLOBAL COMPACT
2019 HIGHLIGHTS BBH completes due
diligence and commits
to join in 2020
NEW GOVERNANCE INVESTMENT MANAGEMENT
ESG OVERSIGHT
ESG EVALUATION
COMMITEE
BBH Investment Management formalizes
ESG oversight and accountability
PRINCIPLES FOR
RESPONSIBLE
INVESTING PRI 100
BBH completes due diligence and
expects to become a signatory in 2020
%
of BBH Investment Management
investments evaluated with ESG criteria
3,000
INVESTMENT MANAGERS WITH SUSTAINABILITY EVENTS NEW FUNCTION
82
ESG POLICY STATEMENTS
% ATTENDEES
ENTERPRISE
across multiple events by BBH INCIDENT MANAGEMENT
of BBH Private Banking AUM Private Banking on topics such as women consolidates business continuity and cyber
managed by investment managers in finance, values-based financial planning, incident management to improve business
with an ESG policy statement and sustainable investing. risk reconnaissance and response
63 18.5
NEW GOVERNANCE RENEWABLE ENERGY PAPER CONSUMPTION REDUCTION
SUPPLIER
CODE OF % %
CONDUCT
establishes a code compliance process, along of total global kWh consumption
with ESG and sustainability screening sourced from renewable energy or offsets based on total sheets of paper consumed
8,500 200
COMMUNITY GIVING
VOLUNTEER
HOURS
$3.925Mthrough employee campaigns
and firm contributions
VOLUNTEER &
CHARITABLE PARTNERS
JOINED
CORPORATE EQUALITY INDEX
CEO ACTION “BEST IMPROVED
FOR DIVERSITY PLACE CAREGIVER &
AND INCLUSION
TO WORK” FAMILY BENEFITS
BBH’s Managing Partner pledges “to act on BBH earns a 100% rating in the Human Rights BBH expands coverage for caregiver
supporting a more inclusive workplace” Campaign Foundation’s annual index leave, adoption, and surrogacy
MANAGER ASSESSMENT EMPLOYEE OPINION SURVEY WELL-BEING PLATFORM
4,600 83 56
PARTICIPATION PARTICIPATION
PARTICIPANTS
% %
BBH pilots a new performance
assessment, offering managers of employees submitting their input of employees using the online
structured input from their direct reports through the annual survey strategies, tools, and resources Fall 2020 | 21bbh.com/womenandwealth | @AdriennePenta | BBH Center for Women and Wealth | CW&W@bbh.com | facebook.com/bbhcww
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