3 Trends Reshaping Retirement: T. Rowe Price's Belski

And then the last one is we're seeing lower expected returns than we've seen in previous periods for both retirees and investors. We've had a long run of pretty reliable, very strong, expected returns over the last 15 to 20 years. And we're seeing that change. …

There's [also] some [inter]woven gender dynamics that are coming forward that we didn't see in the past for a host of reasons. There are more women in the workforce. There are women making financial decisions more than ever.

There are some new themes like that, but they, too, are still going to need the same three things that I just addressed [in these] larger retirement issues.

Let's discuss your actions as a leader in diversity, equity and inclusion and what you've done to enhance this within the industry. 

As I became more of a member of our executive team, I brought [diversity] forward in a few ways. [One action] is we set up our global women's Business Resource Group a few years ago, and one of the things I did as chair of that was drive engagement from men to be allies [as well]. I want to say there were 1,400 members of that BRG [when I came into it], and when I left [two-plus years later], there were over 4,000 in total membership.

[Also] when I came into it, the membership was predominantly white women, and [I thought], where [are] the other women? It was a lot of work to say we need to invite all women's voices to the table here alongside as allies because if you just keep talking to the same people who already get it and no one else is being brought in, you're really not impacting any movement.

Can you discuss the "Gender Dialogues"?

It was right around the time of coming off of the "Me too" movement and I was paying more attention to no longer tolerating some of the things that happen in the industry. [ I said to] our management committee, "Listen, we have an opportunity to change, to change the conversation, but we're going to have to get uncomfortable. And it has to start at the top."

We'll bring some realness to it. Try to make the conversation uncomfortable to encourage silence to be seen and heard. That was the goal of the "Gender Dialogues."

We brought the most senior members of our organization together, along with a couple from our boards, and had both men and women. We intentionally started with our most senior executives at the firm because if we don't get it, how in the world are we ever going to drive it? It was a small group, like 20 of us, so it was a safe space where you could have real conversations.

[Everyone was] asked two questions by a facilitator and had to write out [their] answers. The question was like, name a time when you felt like because of who you were you were treated differently, or write down a time when you saw something like that happen.

We collected the cards and redistributed them and each person had to read somebody else's card, but they didn't know whose it was. And then they would talk about it. It was such an eye-opener.

And I think everyone left with, "Oh my God, I've done that and now I know that I need to stop doing that because I didn't realize [the impact]."

And that was the point: Let's take something that feels like it's taboo and talk about it. Let's talk about some of the microaggressions and biases and gender dynamics that happen all the time … And the people, sometimes, who are doing it most of the time honestly have no idea they're creating this dynamic.

Let's just bring some awareness and set a light on it. And that was a very bold step for our firm, and it actually established a framework [that] was rolled out throughout the firm.