A Lifelong Passion for Financial Literacy
While some children bond with their fathers over sports or hobbies, Cary Carbonaro, Director of Women and Wealth Services at Advisors Capital Management, connected with her father through financial literacy. Her father, a banker at JPMorgan Chase, instilled in her a strong understanding of money management from a young age. Inspired by her father’s career, Carbonaro pursued a path in wealth management, starting her career at JPMorgan Chase after college.
Overcoming Challenges and Pursuing New Goals
Carbonaro’s career journey has been marked by both passion and resilience. She opened her own practice in Florida, only to close it during a challenging divorce. Subsequently, she joined United Capital, which was later acquired by Goldman Sachs. Now at Advisors Capital Management, an independent Registered Investment Advisor (RIA), Carbonaro is dedicated to increasing financial literacy among women and achieving her business goals.
Addressing Gender Disparities in the Financial Industry
Carbonaro highlights the male-dominated nature of the financial advisory industry, noting that women have historically been an afterthought. She points out that women in the United States were not allowed to have their own credit cards or bank accounts until the 1970s. Despite progress, significant gender disparities remain, with women making up only 20% of the financial industry workforce.
Debunking Myths About Women and Money
A significant barrier to women’s financial literacy is the stereotype that they are bad with numbers. Carbonaro emphasizes that financial literacy does not require advanced math skills. “Money does not equal math, and math does not equal money,” she explains, advocating for a clearer understanding that basic financial principles can be grasped without needing to be a math expert.
Pioneering Female-Friendly Financial Services
Carbonaro is committed to making the financial industry more inclusive and supportive of women. She envisions identifying and promoting female-friendly businesses within the industry. Her goal is to bring about substantial change, creating an industry environment where women feel welcomed and empowered. She acknowledges that achieving this will require collective effort and significant cultural shifts within the industry.
Vision for the Future
Carbonaro is optimistic about the future, despite the challenges ahead. She believes that with a collective effort, the financial advisory industry can become more inclusive for women. “I hope we can reach a point where the industry truly caters to women during my lifetime,” she says. Her ambition is to see the industry evolve to support women better and harness their potential, as highlighted by numerous studies from sources like the Harvard Business Review.