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PROTECTING AND PROVIDING FOR YOUR
BUSINESS AND FINANCES
Cache Valley Chamber of Commerce
Women In Business Presentation
June 11, 2013
THE WORLD HAS CHANGED
Breakdown for Graduating Class of 2010
Associate’s Degrees: 167 women for every 100 men
Bachelor’s Degrees: 142 women for every 100 men
Master’s Degrees: 159 women for every 100 men
Professional Degrees: 104 women for every 100 men
Doctoral Degrees: 107 women for every 100 men
*In 1960, women accounted for 6% of all MD’s – In 2008
– 49%
Source: Dept. of Education
WOMEN AND WEALTH
Women business owners employ 35% more people than
all the Fortune 500 companies combined. Women
control 60% of the wealth in the United States, and
make or participate in 80% of financial planning
decisions.
37% of High Net Worth investors are female
7 out of every 10 married women will be widowed
80% of American women will be solely responsible for
their household’s financial decisions at some point in
their lives
Source: Cannon Financial Institute
AND YET… Men are 1.7 times more likely to be approached by a financial advisor than women.
Within a year of her husband’s death, 70% of women change financial advisors.
Within 24 months, 93% have moved their money.
In a recent survey conducted by Boston Consulting Group, out of 15 industries
identified, including cell phone providers, sporting equipment, physicians, various
retail concerns, the bottom of the pile were:
12 – Life Insurance Providers
13 – Banks
14 – Car Dealerships
15 – Investments
Women are not being well-served by our industry.
Women are extremely unhappy with financial services
SO WHAT DO WOMEN WANT?Women are challenged by:
Time
Today’s female client is likely to be pulled in many directions. For many, a full time
career is combined with being a caretaker of growing children, or aging parents
(including in-laws) or both. Their lives are a complex web of relationships, roles, and
responsibilities.
Financial Insecurities
90% of women admitted to feeling financially insecure. Including women earning
$100,000 or more annually.
1/3 of women between the ages of 40 – 69 reported they were unable to estimate
their own retirement needs.
1/3 miscalculated their retirement needs, both overestimating their projected savings
and underestimating their retirement income needs.
Dismissive or Condescending Advisors
Women frequently cite being subjected to financial jargon, overwhelmed by unclear
alternatives, and railroaded into quick solutions.
Ann Reece/Natalie Dollinger
Commercial Relationship Manager
Office Phone: 801.991.2810
Business Cell: 801.300.1921
Email: [email protected]
C O N T A C T I N F O R M A T I O N
Today’s Women Want:
1. An advisor who will take time to understand her priorities
2. Financial solutions tailored to meet her specific needs
3. Clear Communication4. Education about the financial
conditions, situations, decisions and options that affect her family and her business
5. Time to think
SBA LOANSMission Statement
(http://www.sba.gov/content/mission-statement)
“The U.S. Small Business Administration (SBA) was created in
1953 as an independent agency of the federal government to aid,
counsel, assist and protect the interests of small business
concerns, to preserve free competitive enterprise and to
maintain and strengthen the overall economy of our nation. We
recognize that small business is critical to our economic recovery
and strength, to building America's future, and to helping the
United States compete in today's global marketplace. Although
SBA has grown and evolved in the years since it was established
in 1953, the bottom line mission remains the same.”
ZIONS BANK AND SBA
Zions Bank is the #1 SBA lender in Utah & Idaho.
Why? Because we value and support small business in our
communities. You are the engine of our economy and we want
you to succeed.
We participate with SBA to expand our line of products we
offer to small and large businesses
Companies work directly with the financial institution to
request and be approved for a loan or line of credit. The bank
then receives a guarantee from the U.S. Government (SBA) of up
to 90%, depending on the program.
SBA PROGRAMS
7 (a) – the “regular” SBA program• Term loan, fully amortizing• Use for equipment, working capital, real estate, basically any
business purpose.• Maximum loan amount $5MM
7(a) – the Express Program• Term loan or Line of Credit• Maximum Line of $1MM• Used for working capital needs or equipment purchases.
Zions Bank is an active lender of SBA 504 loans
Purpose is to construct, purchase or renovate real estate and
fixed assets
Jacqueline
Croshaw
Service Manager
Utah State University
Financial Center
Ph: 435.755.2706
Jacqueline.Croshaw@zionsb
ank.com
NEW OFFICERS IN CACHE VALLEY
Juana Salazar
Manager
Providence
Financial Center
Ph: 435.752.4427
Juana.Salazar@zionsbank.
com
CONTACT INFORMATION
Raylynn SleightSBA Resource Officer – Northern Utah Region
Office phone: 801.476.7621
Business Cell: 801.648.6866
PAYMENT FRAUD AND
RISK MANAGEMENT
TYPES OF FRAUD
Embezzlement
Check Fraud
Forgery
Identity Theft
Malware/Spyware
Phishing/Email Hacking
Card skimming• Card readers• Employee skimming
https://nevadasmallbusiness.com/fight-fraud-with-fran
k-abagnale/
WHERE IS PAYMENT FRAUD OCCURRING?
334%Wire Transfers
454%ACH Credits
131815%Corporate/commercial purchasing cards
221823%Consumer credit/debit cards
252325%ACH Debits
89%93%93%Checks
Revenues under $1
Billion
Revenues over $1 Billion
All RespondentsPayment Channel
Prevalence of Attempted Fraud in 2010
334%Wire Transfers
454%ACH Credits
131815%Corporate/commercial purchasing cards
221823%Consumer credit/debit cards
252325%ACH Debits
89%93%93%Checks
Revenues under $1
Billion
Revenues over $1 Billion
All RespondentsPayment Channel
Prevalence of Attempted Fraud in 2010
AFP Payments Fraud and Control Survey
CHECK FRAUD STATISTICS
More than 75% of business-to-business transactions are made by
check. (Association of Financial Professionals statistic)
72% of organizations experienced attempted or actual payments
fraud. (AFP Check Fraud Survey)
$18,400 was the average loss of organizations that experienced
payments fraud in 2010. (2011 AFP Payments Fraud and Control Survey)
More than 500 million checks are forged annually in the U.S., with
losses totaling more than $10 billion. (Ernst & Young)
Check fraud ranks second, behind embezzlement, on the list of
crimes that most hurt America's top 1,000 companies. (American Payroll
Association's )
2% imprisonment rate for check fraud. (Department of Justice)
https://nevadasmallbusiness.com/fight-fraud-with-frank-abagnale/
Verizon; U.S. Secret Service
O T H E R F R A U D S TAT I S T I C S
In 2010, 63% of Hacker attacks were on business with 100
or fewer employees. (Verizon; U.S. Secret Service)
285 million records were breached in 2009 (Verizon Business 2009 Data
Breach Investigations Report)
12.6 million adults were victims of identity theft in 2012 (2013
Javelin Strategy & Research)
In 2012, the overall amount of money stolen was $20.9
billion (2013 Javelin Strategy & Research
Out-of-pocket cost due to identity fraud (2013 Javelin Strategy & Research
Internal Controls• Dual Signature/Authorization• Segregation for duties• Secure storage of checks• Reconcile daily
Cyber Security/Malware/Spyware• Antivirus software programs
• Zions Bank offers Trusteer Raport as a free download to customers
• Strong “random” Passwords• Dedicate single computer for online banking
RISK MANAGEMENT
Zions Bank Resources• Positive Pay (Check and ACH)
Gives a business control of what is clearing accounts daily through a checks issued file.
https://nevadasmallbusiness.com/fight-fraud-with-frank-abagnale/
• ACH Blocks and FiltersProtect against unauthorized ACH transactions
posting to accounts• Trusteer Rapport
Protects customer’s banking session from malware on their computer. Alerts the bank to customer security events.
• Sweep and Zero Balance AccountsAllow for cash concentrations.
• Multifactor Authentication - Token
`
RISK MANAGEMENT
Crystal Roedel
Sales Manager, Treasury
Management
Office Phone: 801.844.7115
m
Steve Stacey
Treasury Relationship
Manager
Office Phone: 435.881.6638
m
QUESTIONS?
