Episode summary
Cary Carbonaro discusses financial literacy, early planning and confidence with money.
Key takeaways
- Early planning can support financial goals.
- The time value of money is a central topic.
- Carbonaro shares practical lessons from her work in wealth advising.
About this episode
In this episode of Rocking Finance, Rock The Street, Wall Street CEO Ashley Leftwich speaks with Cary Carbonaro, wealth advisor and author of Women and Wealth, about the power of financial literacy, early planning and building confidence with money.
Cary shares personal stories and practical advice from her book, showing how students and professionals alike can take control of their finances and plan for the future. From the time value of money to simple ways to build trust, this conversation is packed with insights for anyone looking to grow their financial knowledge.
Background on the Speakers:
Cary Carbonaro
Cary Carbonaro is an award-winning Certified Financial Planner, Managing Wealth Advisor and longtime advocate for women in finance. She is the author of The Money Queen’s Guide and Women and Wealth: A Playbook to Empower Clients and Unlock Their Fortunes. Cary has over 25 years of experience in the industry and has served as a CFP Board Ambassador. Named to Investopedia’s Top 100 Most Influential Financial Advisors, Cary earned Investment News’ DEI Trailblazer of the Year award and was the only woman appointed to the Nasdaq Index Advisory Council in 2024.
Ashley Leftwich
Ashley Leftwich is the CEO of Rock The Street, Wall Street. RTSWS empowers high school and university students by bringing the M in STEM to life through a focus on Financial & Investment fundamentals. The nonprofit provides industry access and guidance to students and alumni, supporting their journey from classrooms to careers while fostering expanded participation in the capital markets. Ashley has a background in mathematics and is committed to helping students gain the skills and confidence to help them succeed in finance and beyond.
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Learn more about Rock The Street, Wall Street and our mission to bring the M in STEM to life: https://rockthestreetwallstreet.com
Disclaimer: All financial and investment information contained in this podcast is merely for educational and informational purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information in this podcast, you do so at your own risk.
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Transcript
Transcript supplied by Riverside; it may contain transcription errors.
speaker-0: Welcome to Rocking Finance, the Rock the Street Wall Street podcast. Real stories, real access, real path into finance. Join us for candid high-impact conversations with industry leaders sharing the insights, experiences, career pivots, and journeys that can help young women advance through the financial industry with great confidence. Rock the Street Wall Street equips high school and university students, especially young women, by bringing the ⁓ and STEM to life through financial and investment fundamentals. We provide direct industry access and guidance supporting students and young professionals on their journeys from classrooms to careers while expanding participation in the capital markets. Through cohort-based learning, mentorship, and individual career connection, we help students build confidence, capabilities, and networks that open doors. Our goal is clear: expand participation in the capital markets and strengthen the future of finance one cohort at a time. Today I'm your host, Ashley Leftwich, CEO of Rockmistry Wall Street. Now let's rock finance. Hi everyone, I'm Ashley Leftwich, CEO of Rock the Street, Wall Street, and I'm so happy to have with me here today Carrie Capanaro. Carrie, you have built such a distinguished career as a CFP professional, an MBA, a managing wealth advisor, and women and wealth ambassador. And you've used that platform to empower clients, especially women, to unlock their fortunes, which is of Powerful message that you share. With over 25 years of experience, you served as a CFP board ambassador, ranked the top five on Investipedia's 100 Most Influential Advisors, won Investment News DEI Trailblazer of the Year Award, and were the sole woman appointed to the NASDAQ Index Advisor Council in twenty twenty four. You are absolutely a role model for our Rock the Street Wall Street students and alum as we work to bring financial and investment fundamentals to life and support young women from classrooms to careers. You're also the author of The Money Queen's Guide, which we have proudly shared with several Rock the Street Wall Street cohorts. And now we're in we're very excited to talk to you about your new book, Women and Wealth of playbook to empower clients and unlock their fortunes. So welcome.
speaker-1: you for having me and actually I am such a big fan of Rock the Street Wall Street and you are actually in the book in for worthy nonprofits helping women so if people want to donate or learn more about Rock the Street it's in the book. So I'm hoping that brings more visibility to your incredible organization.
speaker-0: Well, we are so delighted and proud to have you included. Thank you so much for including us and certainly appreciate your support. So let's go ahead and jump in. You've spent your career serving clients and also helping women gain financial presence. For those that are just starting out, what does learning financial and investment literacy really unlock? How does that knowledge help build women's wealth? And You know, step into leadership around money.
speaker-1: Sure. So well, first of all, I always say money equals power and women need more of both. So it's interesting because women, as I don't know if our audience knows, but women well, they always say that women will inherit the earth, but in literally in this situation, women are going to control two-thirds of the nation's wealth by twenty thirty, which is a short four and a half years away. So we're going from one third of the wealth. To two-thirds of the wealth or $30 trillion, which is literally the same as the GDP of the United States. So we are talking massive numbers. ⁓ it's a lot of convergence of a lot of different things that are happening that is going to make this incredible wealth shift happen. And I don't think the industry is ready for it. ⁓ I don't know if women are ready for it. I'm excited to get them ready for it. ⁓ I think that women in general. They don't talk about money. They don't want to learn about money. They are ⁓ you know, intimidated by it in for the most part. And so in a lot of cases, they think somebody else is gonna take care of it for them. So I believe that step one is just coming into coming into power and learning why you should be responsible for your money is literally step one.
speaker-0: Yeah, we really are up against a cultural issue here. And you're absolutely right about that, the relationship with money. Your new book has such practical and insightful, it's really an insightful guide to the financial professionals and how they can better serve those female clients. So what do you wish more people in financial services industry understood when it comes to working with women and how
speaker-1: So what's interesting is that financial services looks at women definitely as a niche and definitely as really two things: widows and divorced. And that's it. Like as if women are none nothing else but those two things. And as we know, women have a complete life cycle. ⁓ so women have lots of life events, and we're not just divorced or widowed. So first of all, women are not a niche. They are a powerhouse and they are the future. So that's the first thing that I want everybody to know, including women and outside of the industry. So, you know, the book is practical guidelines for how to work with this with this population, right? So what's interesting is my industry, wealth management was built by men for men, and and men have been the primary clients. And so what's worked in the past will not work in the future. Because it's a different clientele. So I am literally giving my industry the playbook to do it right and to how and and how to serve women, you know, the way they want to be served. And so I'm hoping that it changes the industry. That is literally why I wrote the book, because I want women to have a good experience with financial services. And I want more women in the profession and I want women to learn more about money. And I want women to be going to financial planners and have good experiences. So it's like a combination of all these things at once.
speaker-0: So much alignment to what we want as well at Rock the Street Walker Base.
speaker-1: I know.
speaker-0: You write about such actionable strategies as well, back by research. I mean, you didn't just write things down, you really have the research in here as well as real world experience. So can you share one of those practical takeaways from your book that advisors and even our students and other students can start applying right now to better serve women and to really advocate for themselves?
speaker-1: Sure. So it's I feel like that's a two part question. So ⁓ with women, I you know, there's the first thing that women are like turned off by, which is like a simple thing, is to reevaluate your communication with women. Are you resonating with them? Are you speaking their language? They speak a different language. You know, they're not gonna be excited by, you know, beating the S P five hundred and all the sports analogies and you know, all the jargon and all the, you know. impressing them with sharp ratios and alpha betas and all that stuff and their eyes are gonna glaze over and they're gonna be like, what does this mean to me? Like just tell me I'm gonna be okay. So that's number one. Step one is are you communicating with them in a way that they understand? ⁓ the second thing is active listening because and also getting to know her as a person. That is so important to a woman because I always say and obviously I didn't come up with the saying but they don't know how much They don't care how much you know until they know how much you care. Right. And so that's how women are. Like they're not gonna you're not gonna dazzle them with their with your with your jargon and knowledge. They just wanna know that you know them as that you know them and you know them as a person and as a human being. And then they'll listen to your advice of what what to do with their money. You know, so it's it's it's just very different. ⁓ and also, you know, it's all about for for back to the leadership part of of that statement is education and money and knowledge is power. And that's that's it. So the more you have of that, the more money you have, you the more power you have, the more knowledge you have, the more power you have.
speaker-0: Absolutely. And what I really like that you just shared is that piece of really paying attention to what they're saying. I mean, that you're right. I I'm in the Southeast, so we there's sports being talked about all the time, right? What's really interesting that you call out though is that you really need to hear what their goals are. Really really repeat back what it is and and that understanding. And I think that that's so key to building any relationship, right? Especially when in this way. And I also enjoy how you called out for our students and for women overall to really, to really feel confident in that piece of, you know, you have, you can have the education, the knowledge, and all of that really is power. So thank you so much for sharing that.
speaker-1: You're so welcome. And and it's funny because I there's a whole thing in the ch in in the book, but I talk about how confidence is key. And it's it's one of the most important things that you can have as a woman is confidence. I think it's so underrated and it's incredibly important in your career, in your life, in your decision making, in and in all of it.
speaker-0: Couldn't agree more. So between this historic wealth transfer that we know is happening ⁓ and and understar demographics, what should women and families be thinking about, regardless of their current income or wealth? What would you suggest that they really be focusing on? And what's at risk if they don't pay attention?
speaker-1: So what's at risk is saying somebody else is going to take care of this for me. And it's happening, it happens so much I can't even tell you. I mean, because it's what I do for a living. So I get the women calling me when there's a divorce, a death, a disability, a job loss, something that's horrible. And then they come to me. And I always say they come to me when it's raining, not when it's sunshine. And I would love women to come to me when it's sunshining out and everything's great. And then we can go from there and we can learn and teach and grow from that place rather than a place of you know vulnerability and ⁓ crisis. So I feel like my you know, my one of my life's goals is that every woman says, I'm gonna take care of this money thing myself. I'm gonna be responsible for it on my own. ⁓ I'm not gonna let somebody else take care of it, a man, my dad, my husband, my spouse, my friend, my aunt, my uncle, whoever. So not nobody else is taking care of it. It's me. And so that is like the number one thing that I believe in and that I want to practice and teach and preach. ⁓ because guess what? In over 90% of cases, women are gonna be responsible for it themselves anyway. So you might as well learn now. There's no there's no time like today to do it when the sun is shining.
speaker-0: Right. You gotta be a part of the conversation. You gotta know. Yes. ⁓ so you speak it the language of numbers, which we are very much so data people here. Yeah, Rock the Street, Wall Street. With my background, it's actually in mathematics. I
speaker-1: Yes, I know you are.
speaker-0: ⁓ like to secretly call myself a math nerd, but a math lead and all the other pieces. ⁓ so with a background in mathematics, I know how powerful it is when young people understand the value of money and time, ⁓ the time value of money for that matter and what compounding can look like in all those different pieces. If you in your experience, how does financial literacy and seeing the numbers shift behavior?
speaker-1: So it's so incredibly powerful. I always say that compounding interest is literally the eighth wonder of the world. And I can literally show it to you. Like I can I can take an eighteen year old and be like, okay, if you put this away now or this away this much a month or this much a year or this much whatever, this is how much it's gonna be worth when you're sixty-five, or this is gonna and like you know, and blow them away. Like I love doing those numbers for them because it's just, it's, it's literally unbelievable. People d like they cannot even believe it. But it's true. And so what I the other thing I say to people is if what if you could make more money from your assets than you could from your day job? And that's also the power of compounding interest. And people are like, what? And I'm like, 'Cause you know, it's funny, the young young generation on, you know, TikTok or whatever. maybe even Instagram, are, you know, talking about passive income. And I'm like, you don't have any money. How are you going to do passive income? There's you need you need assets to have passive income. So I think it's I think it's kind of funny. But I that's one of my things that I always say, you've made it if you can make more off of your portfolio than you do your day job. And so to show the numbers and how incredible they are, and it as me and you know, it's just math. ⁓ But it is literally incredible.
speaker-0: It is. It's one of those things that I think, ⁓ at the time, whenever I was younger, I thought, ⁓ I can't even spare a single dollar like to put it away. And I absolutely could have. I could have worked. See, that's so there's so much time value, you know, of money that you lose by looking at that.
speaker-1: you a funny story. ⁓ and I I I don't even know if it's in the book or not, but I knew the time value of money at a young age. So here I was twenty two right out of college and all my all my girlfriends were going to ⁓ Mardi Gras in New Orleans and I said, I can't go. And they're like, why not? And I'm like, it's gonna be a thousand dollars. I'm like, that thousand dollars is gonna be worth Two hundred thousand dollars by the time I'm sixty five, I can't justify it. And I didn't go on that vacation. Is that crazy? I mean that's obviously quite extreme, but that's where my head was at.
speaker-0: And it's a great place to be. So we loved the Queen's Money Guide. Our students connected with it. And now this new book builds on that foundation for both rising professionals and those already in the field. So you've shown incredible perseverance throughout your career. What's one lesson that helped you stay true to your values and grow your book business?
speaker-1: Sure. So you know that saying A B C always B closing? Well, I do A B Y always be yourself. And so I think that's the most important thing to do is to be yourself because everybody else has already taken. Be true to yourself. And for me, it's interesting because I have never, every client that I've ever gotten in my entire career. has been self-sourced, meaning organic growth, which is, you know, the the holy grail of financial planning is to is to have organic growth. And every single one of my clients have literally come to me by the law of attraction. So I have never done traditional mo traditional things or ways of getting clients. They have literally all come to me by just holding myself out and and believing in what I do, who I am, speaking my truth and just putting it out in the universe. And that's what's happened. So it's I've been incredibly fortunate.
speaker-0: It's amazing. As we feature your work across our career center and our summer programming, what advice would you offer to young women entering the financial industry today?
speaker-1: Sure, I've got a lot for this. So I would say number one is the be confident. ⁓ be confident in what you know and who you are, and be brave about what you don't. That's really important too. ⁓ always be yourself because why would you be anybody else? Right. find a mentor because this is a difficult profession for women, or at least it was when I was coming up. It hopefully it's gonna get better over time. But We there's lots of great mentorship programs and to be part of be part of them. WLA, which is Women's Leadership Alliance, is one of them that I'm involved with. That's a great mentorship location group. women are the future, so remember that. And so we need you and we want you and you need to stay in the profession because it's going to be, you know, female dominated someday, I believe. ⁓ and then protect your integrity and your reputation because it's the only thing that you have that's yours. And it's really important in this industry. ⁓ say what you know, do what you say and say what you do and you know, just always follow through with ⁓ everything that you're going to do with clients and with anybody ⁓ any other professionals.
speaker-0: That was so interesting what you just shared about keeping your word. Can you give us an example of that?
speaker-1: Sure. So if you tell a client, I'm going to get back with you within 24 hours, you better get back to them within 24 hours. Rich, who works for me for 16 years and I have a rule that our clients we are completely responsive and nobody we have a rule that you will hear from us within 24 hours. Usually it's five minutes, but sometimes it takes us a little bit longer, but it's never more than 24 hours. And we've had clients reach out to us. Who said, We ha I haven't heard back from you and it's more than 24 hours. Something, something must be wrong. And then I say, I didn't get any message from you. And then and then I'm like, where did you send it? And then we find out they sent it to an old email that we don't work at anymore. And I'm like, this is why you didn't hear from us within 24 hours, because we never got the message. So, but my c our clients know that that's how responsive we are and they're never gonna have to wait. And if something is so if they don't hear from us, something is wrong. So it's great that we have that. ⁓ expectation and that clients expect it from us because we do what we say and that's what you always have to do. And and then you can over deliver too, but at least you're gonna do exactly what you say, if not more.
speaker-0: you're how you're really focusing on the fact that that builds integrity, right? And it deepens the relationship with trust. And so yes, that is amazing. And I love the idea of over-delivering and and making that reach out in less than 24 hours if possible. And so that's that's a wonderful practice and something that really does deepen those relationships. Well Carrie, it has been a joy. You are absolutely incredible. We are delighted about your new book. Thank you again for mentioning Rock the Street Wall Street. And we so look forward to continuing our engagements together and involving our students in the lab.
speaker-1: Awesome, thank you so much for having me and I'm such a big supporter of your organization.
speaker-0: Thank you. Thank you for joining the conversation. Visit Rock the Streetwall Street.com to learn more. Make sure to follow and join us for the next episode. Until next time, let's keep rocking finance.
