April 17, 2025 • 25 mins
Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Cary Carbonaro.
She is the author of Women and Wealth: A Playbook to Empower Clients and Unlock Their Fortune (Wiley, 2025) is an award-winning Certified Financial Planner™ with over 25 years of experience. She leads a multimillion-dollar financial planning practice, specializing in empowering women to overcome financial challenges and increase their financial literacy.Company Description * N/ATalking Points/Questions *Why “bro-culture” is killing the financial services industry and ignores the fastest growing demographic on every professional's client list - womenHow women’s financial experiences differ from men’s due to societal, structural and emotional factorsGender bias and financial inequality: Why women are more likely to face pay gaps, career breaks, and be ignored or underserved by financial advisorsWhy women leave their financial advisors and what you can do to improve female client retentionAvoiding the “widows and divorcees” stereotypes of female clients and understanding the psychology of female breadwinnersThe importance of empathy, trust-building, and communication in advising women—key areas that are often overlookedHands-on strategies and tools for creating a female-friendly advisory practiceTimely financial news and trends, especially as it relates to women and wealth management.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi.
Speaker 2 (00:00):
I am Rashan McDonald, a host of weekly Money Making
Conversation Masterclass show. The interviews and information that this show
provides are for everyone. It's time to stop reading other
people's success stories and start living your own. If you
want to be a guest on my show, please visit
our website, Moneymakingconversations dot com and click to be a guest.
Button press submit and information will come directly to me. Now,
(00:24):
let's get this show started.
Speaker 1 (00:26):
Before I go.
Speaker 2 (00:26):
Into my first guest, I want to share a card.
I got a thank you card I got from my
pastor Jenkins and Boston. I dropped in surprised him. He
was doing a real estate conference up in Boston a
couple of weekends ago, a couple of weekends ago, and
he sent a card and he asked me to do an
impromptu speech.
Speaker 1 (00:43):
He said, Rishad, you're here, can you talk? Well? You
know I love to talk, so wasn't a hard push.
Speaker 2 (00:47):
He said, thank you Rashaan for the inspiration and practical
wisdom you share your words. If you don't start dreaming
about what you want today, you will not get it tomorrow.
Speaker 1 (01:00):
He said.
Speaker 2 (01:01):
I said that. He said that statement right there. Change
the whole outlook of the weekend. If you don't start
dreaming about what you want today, you will not get
it tomorrow. It reminded everybody and gave him clarity about
if you don't have action in hand, then your dreams
won't come true. And that's what Money Making Conversation is
all about, bringing people on my show to help you
(01:23):
reach your goals. I'm just a storyteller. I bring on
subject matter experts, and my first guess is definitely a
subject matter expert, she said. Winning certified financial planner professional
with over twenty five years of experience, she leads a
multi million dollar financial planning practice specializing in empowering women
(01:44):
to overcome financial challenges and increase their financial literacy. We
will be discussing her career and her new book, Women
and Wealth. Please weapon the Money Making Conversations Masterclass for
the first time.
Speaker 1 (01:56):
Carrie Cabernaro, Hi.
Speaker 3 (01:58):
Dog, carry, Thank you, Rushan. Great.
Speaker 2 (02:02):
We're talking about women on this show today. We're talking
about empowering women, the culture that is out there for women.
Your book, Women and Wealth. Tell us why you wrote
that book, Carrie.
Speaker 3 (02:14):
Sure, so, it's actually my second book, but I wanted
to get out all the experiences I've had in my
twenty five years of working with women. My first book
actually came out about a decade ago, and this is
my second book. And also I wanted to I'm older
and wiser, and I wanted to really share my knowledge
(02:36):
with the world and also with my industry. What's really
interesting in my industry. I'm going to give you some
stats that are going to pretty much blow your mind
and probably blow your audience's mind as well, because most
people don't know it, and certainly the world doesn't know it,
and barely my industry knows it. And it's my industry.
So this is why I wrote the book. So by
(02:58):
twenty thirty, women are going to control two thirds of
the nation's wealth, which is thirty trillion dollars with a T,
which is the same as the GDP of the United States.
That's how much wealth is going to be in the
hands of women. And we are five short years away
from that, and we are not ready for it. My industry, unfortunately,
(03:21):
has been built by men for men, and that's okay
because that's who the clients were. But guess what the
clients are changing the future and the future clients of
wealth management are women, and the industry is not ready
for that. So I want to change the trajectory of
the industry to make it female friendly. And that's why
I wrote this book. And then in addition, it also
(03:44):
has jam packed with advice strategies for women to build
wealth as well in the book. So it's all about that.
Speaker 2 (03:52):
The messager Scarret. You know your financial planner, now, I'm
sure you know. I want to let people know what
you do in your website and all those good things.
What are some of the hands on strategy and tools
that you promote to your clients that would allow people
to understand what the services that you offer are nationwide
(04:13):
and people should at least consider what you're doing at
your practice.
Speaker 3 (04:18):
Sure, Well, you know it's funny when you got on
the call before the first thing you said was the
thank you letter you got talking about dreaming for today.
If you don't dream for today, it won't happen tomorrow. Well,
I say, pretty similar to that, planning today. How can
you get where you're going without a plan if you
fail to plan, if you plan to fail, And it's
(04:43):
the same type of thing planning for today will get
you there tomorrow. So I think everybody on the planet
deserves a financial plan because think about it, if you
don't know what you need to do to get to
your financial freedom goal, whatever that looks like for you,
(05:03):
and everybody's is different because everybody's completely different. So you know,
if ifits you know, retiring at sixty and spending I
don't know, ten thousand dollars a month, and you know,
living in a house in Florida, and you know, having
two cars and going on vacations once a year, whatever
(05:24):
it looks like. Whatever your freedom looks like to you,
whatever that looks like, you have to be able to
know what it takes to get there. So that's where
I come in. So on a what a financial plan
or a certified financial planner does, and let's make aplan.
Dot org is actually where you can find a certified
financial planner. And so what that does is we look
(05:47):
at every single aspect of your financial life. So we
look at risk management, we look at cash flow management,
we look at tax management. Today's tax day, that's one
of our little little spokes. We look at investment planning,
we look at retirement planning, we look at a state planning,
and all of it working together. So it's a complete
(06:09):
circle where you know if you don't know. Let's say,
for example, I see this a lot where somebody does
you know, an insurance something in insurance or risk management
that hurts their either that hurts their cash flow or
hurts their investments, or something that you do in investments
that hurts your taxes, or something that you do in
taxes that hurts your state, or so I see this
(06:31):
all the time, Like I see all this, So when
they're not working in concert or somebody doesn't know how
you're pulling them all together, usually there's mistakes along the way,
and so really you just want to get a roadmap
to create your own financial future of where you want
to go. I mean, everybody on the planet deserves that.
It's funny because I think most people believe that it's
(06:55):
only for the you know, super rich or you know,
but it's not. I don't know where that somehow that
got lost along the way. What happens is wealthy people
hire us because they know how important it is to
preserve and grow and make all the right moves with money.
So it seems like that's what the only people that
(07:17):
we work with. However, the reality is everybody should have one.
Speaker 2 (07:21):
Now, you know your last chapter, I think this chapter
twenty and three is about how do you make the
industry female friendly? You know, I grew up with six sisters,
so I grew up around women. And so when you
make that statement like that, you know most people will
push back, go, what do you mean? Are you trying
to say we live in a chauvinistic society? What are
you saying when you say the industry? What is the industry?
(07:41):
First of all, and then making it female friendly?
Speaker 3 (07:45):
Sure? So the industry is wealth management. Okay, So if
anybody has ever worked with a certified financial planner or
a financial planner, or an insurance salesperson, or a banker
or a broker or you know, anything related to that,
(08:05):
anything related to either selling products, getting advice, something to
build your wealth whatever that means. Right, So that's a
very large industry. And broker dealers, registered investment advisors, certified
financial planners, that whole that is my industry, that whole
(08:27):
kitten koboodle. Right. So making it female friendly is so
again created by men for men. So there's so many
things that we need to change to make it so
that it's welcoming to women. So Another stat I'll give
you is Harvard Business Review came out with a study
in two thousand and nine saying that financial services industry
(08:49):
is the least sympathetic to women and has the most
to gain if they get it right. So we already
know that they're doing it wrong, and then I have
a million other stats of why they're doing it wrong. So,
for example, when a couple of spouse dies, usually it's
the man, because women have longevity. The women live, by
(09:12):
the way, she doesn't to ten years longer than a man.
You know, she's going to be a widow. You know
she's going to outlive you. It's very rare when it
goes the other way. I say that all the time.
I'm like, I'm going to be living forever and my
husband's going to be gone. And he always gets upset
when I say that, and I'm like, honey, there's just
no way it's going to happen. Plus he's older than
me anyway, so it's kind of funny. But anyway, So
(09:36):
what happens is in a couple when the spouse dies,
which is a man, in most cases, the woman who's
left leaves their financial advisor. Eighty percent of the time,
and that's stat has not changed in decades. So the
reason being is she's not heard, she's ignored, she's you know,
(09:59):
lack of personal connection, poor communication, doesn't feel empowered, feels
lost or pressured or pitched to. So there's like a
million reasons why this happens, and it just keeps happening
over and over. So that's a great stat for me
to say, hey, guys, you're not getting it right. Let's
let's figure out what to do to make it right.
Speaker 1 (10:21):
Well, what I hear I talked like this, Carrie.
Speaker 2 (10:23):
You know, women making in roads, and one of the
things that the new administration came in was really chop
on DEI. And we know DEI has been a very
strong empowering tool for women.
Speaker 1 (10:38):
Now is that.
Speaker 2 (10:40):
Part of the bro culture that you're talking about? You know,
this this chopping opportunities for women and not allowing them
to grow when you see people attacking programs like DEI.
Speaker 3 (10:53):
Well, so it's so interesting because I get this question
all the time, and in my opinion, this is actually
not a de and I issue, believe it or not,
It is actually a dollars and cents issue because think
about it, what other industry would you say to them,
here is a trillion dollar opportunity and they don't do
(11:17):
anything about it.
Speaker 2 (11:20):
Kind of interesting, right, Well, I think I think that
people when they when they're when they're rolling down. Like
for instance, we just came off from the space where
there was an all female space.
Speaker 1 (11:32):
I don't know what you call space flight.
Speaker 2 (11:33):
They just go up there for a couple of seconds,
they come back down at you.
Speaker 1 (11:37):
I don't know what that was. I don't know.
Speaker 2 (11:40):
You know, people get nervous. I get nervous I get
on the regular airplane. So I think if I go
out there and I saw what the Earth looked like
on the other side, I think I'd be super nervous
too it, especially if I'm floating. But I think that
we oftentimes on stereotype and glamorizing women, because I would
say this. The one thing I took away from that
was that how the women would just made up, you know,
(12:04):
every every photo they took it seemed like it was glamorized,
where the ones that didn't have all the women were
not so much glamorized, didn't look it looked like they
should be on the cover of Vogue or Essence or
Ale or something like that that I was saying, Uh,
that's interesting how they are approaching this with the with
(12:24):
the female all female crew. Is that the society that
we are living in now that women are gonna always
be even though there are the true You're gonna control
the trillion dollar industry, but stereotypes are gonna keep winning.
Speaker 3 (12:38):
Oh I hope not. But but I have to admit
I I am. I looked at those photos. It's funny.
I didn't even notice the makeup on the on the women.
I just noticed the outfits were blue. That's so funny
from from your perspective.
Speaker 4 (12:50):
Please don't go anywhere. We'll be right back with more
money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow money Making
(13:13):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 3 (13:17):
So, as a woman in this in this world who
is a speaker and a writer and you know, entrepreneur,
I have my own business all that, all of that stuff,
I actually do feel I do feel this is like
not in my book, but I do feel pressure to
look attractive with my hair and makeup done, and my
nails done and all, and my lash is done and
(13:40):
all that stuff. So I guess that is still around,
But I feel like that's more of me succumbing to
that I want to look good rather than a stereotype
that I have to look good.
Speaker 1 (13:51):
Well, you know that's honest stereotype. Now. You know, women
have been have been.
Speaker 2 (13:58):
Hazed on TV by the body shapes, you know, body shamed.
Celebrities have undergone that tremendously because they're on the forefront
of the world. Also, men allowed when they age. It's
called dignified aging. Where women get old they want to like,
can you get somebody younger in there? So there are
(14:20):
so I guess when you say we're not even dealing
with money, women have to deal with this the basic
stereo types of a look. And I'm assuming that when
it comes to dealing with money, the women are also stereotype.
Well can they handle that amount of money or they
qualified to handle that type of money? So you are
financial planner? You certified financial planner, Carrie? How have you
(14:44):
done it for twenty five years? How have you been
able to knock off, you know, open these doors and
be able to let people know that, hey, I'm not
taking this. I am smart, I am an experienced I
am a successful entrepreneur. I run a multi million dollar business.
Speaker 3 (15:00):
Right. Well, it's so interesting because so let me tell
you my story of how I got into this, right So,
because it's definitely not a lot of women in my
industry right now, it's about eighty percent men, twenty percent females,
and actually the exact number of females in the certified
(15:21):
financial planners we are twenty three point nine percent. However,
out of those twenty three point nine not all of
them are business owners and you know CEOs and rain
makers and the ones going out getting the clients some
(15:42):
of them, and a lot of them are in the
back office or in support positions or you know, junior
advisors or customer service professionals or teachers or professors and
so not necessarily in the money making part of the business,
right because it's so difficult, and it's so difficult period,
(16:06):
let alone being a woman. It's even like ten times
more difficult doing this profession as a woman. So what's
interesting is I started to like I was raised by
my dad, who was who worked in the in the
finance business he worked. He was a SVP for JP
Morgan Chase, And so I grew up learning about money
(16:28):
like people learn about you know, sports or whatever, and
so I didn't know that people didn't know about money,
and I didn't know that I was a privileged few
to learn about money at a young age and always
talking about money with my family and my dad and
me and my dad went to foreclosure auctions together and
(16:49):
we went to see you know, speakers about money. We
went to see straight straight talk with the Dolans, which
is way back in the day. And my dad to work.
Oh yeah, my dad took me to work before there
was take your daughter to work day, so in the seventies,
and so I just thought it was super cool and
I just loved what he did and I was very
(17:11):
interested in it, and I learned everything about money. So
by the time I was in college, I was you know, balancing,
I was doing my girlfriend's budgets, and I was like
always just doing money stuff for everybody just because I could,
and I knew it and I loved it and it
was really fun. And I didn't even know it was
a profession back then. I literally had no idea and
then I just fell into it and I said, wow,
(17:34):
I can't believe I get paid to do this, like
I would do this for fun because I love it
so much. And then and then I wound up being
very good at it because I love it so much,
because it's my life's passion and work. And then I
just clients just started women because I knew I wanted
to work with women just started to come to me,
and it just started to balloon over time, and everyone
(17:56):
was like, you know, I didn't do the typical mail
things like seminars and playing golf and you know, advertising,
and just I didn't do any of that stuff. I
just helped myself out as a financial advisor for women.
I spoke, I wrote, I did you know TV interviews
and things like that, and I always just put myself
(18:19):
out of who I am, what I believe in that
I believe women should be financially independent, that women should
control their own destiny, that women need money, that money
equals power, and women need more of both. And then
my practice just evolved over time to become this incredible business.
Speaker 2 (18:39):
My guess is an award winning certified financial planner professional
for twenty five years of experience. She leads a multi
million dollar financial planning practice where she specializes in empowering
women to overcome financial challenges and increase their financial literacy.
She has a second book out. Her first book was
out ten years ago. She put, now there's a new
(19:00):
book out called Women and Wealth.
Speaker 1 (19:03):
Carrie.
Speaker 2 (19:04):
In your book, you talk about AI, and you talk
about how there's a description about a man with long hair.
This description comes out and then you do it a
question with AI about a woman with long hair.
Speaker 3 (19:20):
Well, no, actually, so what it was was we asked
AI give us a picture of a financial planner, and
they okay, I apologize, and then and no, it's okay.
And then they said and then we said, give us
a picture of a financial planner with long hair, and
they gave us a picture of a man with long hair.
So a woman didn't even come into the into the mix.
(19:43):
How do you like that?
Speaker 1 (19:45):
Right? Right? Right right?
Speaker 2 (19:46):
And that's what Because you know, I got the book
today and I wanted to make sure I got as
much information in and because you're such a great read,
and because you had me going back flipping page and
four and forth, I was like, this is this book
really captures because it's a journey for you. You talk
about the bread winner, they talk about you talk about
the behavior.
Speaker 3 (20:06):
You know.
Speaker 2 (20:06):
It's it's a couple of things in your book that
really hit me. It's almost like we're still in the
Leave It to Beaver. If anybody's familiar with that sitcom,
you know what the what the wife comes home, she
has the apron on, and the man comes on, he's
the bread winner. Women are advancing, but they still not
be respected for the advances they are to be made.
(20:26):
Am I correctness saying.
Speaker 3 (20:27):
That, Yeah, oh my gosh, you are so and and
and actually one of the things you just exactly touched
on is what's called the generator of the wealth gap, right,
which everybody knows about the pay wage gap that women make,
you know, eighty two cents on the dollar. But the
wealth gap is exactly what you just described, which is
(20:48):
the woman not not having to carry all the burden
at home. So because the woman is out caregiving for
you know, having children, then caregiving for the children, then
taking care of the parents, they call that the good
daughter spouse penalty. And so that all of that over
her lifetime costs her a million dollars.
Speaker 2 (21:10):
Mmod No, but what is that perception we hear that.
Speaker 1 (21:16):
I have heard that a lot.
Speaker 2 (21:17):
I grew up with six erses, okay, my financial planner,
she's female. So I'm very familiar with a lot of
the trappings of negativity or stereotyping that you are saying
on my show today. The average person go, so, what
what's the big deal when you hear that? How do
you respond to those people? Because those are the people
who are not opening their doors. Those are the people
(21:39):
who feel they I like the way things are, Why
did I Why should I change it? I like my personality.
I don't think I'm chaupinistic. What do you say to
that care.
Speaker 3 (21:48):
Well, I would say I would say to them, what's
going to happen when you die? And what's going to
happen to your to your wife, m h, you're going
to be okay? Or mom or your daughter? Are you
okay with that? Because I so. The other thing is
that ninety percent of women are going to be responsible
(22:10):
at one point in their life for their own financial future.
So why would they do it? And most of the
time it's when something terrible happens, a death, a divorce,
a disability, a job loss, something terrible that rocks their
world is when I get a call from a female client.
So I always say it's they call me when it's
(22:32):
raining for them, like everything is terrible. I want to
I want it to be that a woman calls me
when when it's sonny out and everything's great, and that's
when they come to me. And honestly, that's when the
guys usually hire a financial planner, but it's not when
the women do. The women are under some sort of
you know, life changing, altering situation where they're completely overwhelmed
(22:55):
and they need help, and that's what usually when they
bring somebody in, but they should really bring it in earlier.
And also I just think that every woman should be
responsible for their own financial literacy and their own financial
future and also teach teach the next generation because that's
how we're going to create wealth over time. And also
the other thing is that wealth just gives you choices
(23:18):
in your life. It gives you choices to do what
you want to do. If you want to work or
take a take a lesser paying job, if you want
to stay home, if you want to work from home,
if you want to you know, buy a second house,
if you you know what kind of car you want
to drive, what you want to all, what church you
want to belong to, Where do you want to live,
what house you want to live in? Like, it's what neighborhood,
(23:41):
It's like, it's everything related to wealth gives you the
choices to make these decisions in your life that you
have control over. You know, there's so many things we
can't control in our lives. It's amazing that if you
have this money, you have all these choices. Right, everybody
should have one. Everybody should have a plan, and everybody
(24:01):
should know where they're going, and everybody should be making
all the right moves with money.
Speaker 2 (24:05):
Well, you got a new book out, it's called Women
and Wealth and twenty five years.
Speaker 1 (24:10):
Tell us how we can get in touch with you, Carrie.
Speaker 3 (24:13):
Sure. So I am easy to find because I am
the only carry Corbinaro on the planet. So it's very
easy to find me. C A r y c R
b O n A ro o. My website is Carrycobinaro
dot com, LinkedIn Carriecobinaro, Facebook, Carry Cobinaro, Instagram, carriy Cobinaro
X Carrycobinaro. So I'm very very easy to find and
(24:37):
you can just google my name too and find me
that way.
Speaker 1 (24:39):
She's amazing.
Speaker 2 (24:40):
She leads a multimillion dollar financial planning service specializing and
empowering women to overcome financial challenges and increase their financial literacy,
a new book, Women and Wealth.
Speaker 1 (24:52):
Thank you for compan on Money Making Conversation master Class.
Speaker 3 (24:54):
Carry Thank you so much for having me. It was
a pleasure.
Speaker 1 (24:58):
You're fantastic. Thank you.
Speaker 2 (25:00):
This has been another edition of Moneymaking Conversation Masterclass hosted
by me Rushawn McDonald. Thank you to our guests on
the show today, and thank you for listening to the
audience now. If you want to listen to any episode
I want to be a guest on the show, visit
Moneymakingconversations dot com. Our social media handle is money Making Conversation.
Join us next week and remember to always leave with
(25:21):
your gifts.
Speaker 1 (25:22):
Keep winning.
Hi.
Speaker 2 (00:00):
I am Rashan McDonald, a host of weekly Money Making
Conversation Masterclass show. The interviews and information that this show
provides are for everyone. It's time to stop reading other
people's success stories and start living your own. If you
want to be a guest on my show, please visit
our website, Moneymakingconversations dot com and click to be a guest.
Button press submit and information will come directly to me. Now,
(00:24):
let's get this show started.
Speaker 1 (00:26):
Before I go.
Speaker 2 (00:26):
Into my first guest, I want to share a card.
I got a thank you card I got from my
pastor Jenkins and Boston. I dropped in surprised him. He
was doing a real estate conference up in Boston a
couple of weekends ago, a couple of weekends ago, and
he sent a card and he asked me to do an
impromptu speech.
Speaker 1 (00:43):
He said, Rishad, you're here, can you talk? Well? You
know I love to talk, so wasn't a hard push.
Speaker 2 (00:47):
He said, thank you Rashaan for the inspiration and practical
wisdom you share your words. If you don't start dreaming
about what you want today, you will not get it tomorrow.
Speaker 1 (01:00):
He said.
Speaker 2 (01:01):
I said that. He said that statement right there. Change
the whole outlook of the weekend. If you don't start
dreaming about what you want today, you will not get
it tomorrow. It reminded everybody and gave him clarity about
if you don't have action in hand, then your dreams
won't come true. And that's what Money Making Conversation is
all about, bringing people on my show to help you
(01:23):
reach your goals. I'm just a storyteller. I bring on
subject matter experts, and my first guess is definitely a
subject matter expert, she said. Winning certified financial planner professional
with over twenty five years of experience, she leads a
multi million dollar financial planning practice specializing in empowering women
(01:44):
to overcome financial challenges and increase their financial literacy. We
will be discussing her career and her new book, Women
and Wealth. Please weapon the Money Making Conversations Masterclass for
the first time.
Speaker 1 (01:56):
Carrie Cabernaro, Hi.
Speaker 3 (01:58):
Dog, carry, Thank you, Rushan. Great.
Speaker 2 (02:02):
We're talking about women on this show today. We're talking
about empowering women, the culture that is out there for women.
Your book, Women and Wealth. Tell us why you wrote
that book, Carrie.
Speaker 3 (02:14):
Sure, so, it's actually my second book, but I wanted
to get out all the experiences I've had in my
twenty five years of working with women. My first book
actually came out about a decade ago, and this is
my second book. And also I wanted to I'm older
and wiser, and I wanted to really share my knowledge
(02:36):
with the world and also with my industry. What's really
interesting in my industry. I'm going to give you some
stats that are going to pretty much blow your mind
and probably blow your audience's mind as well, because most
people don't know it, and certainly the world doesn't know it,
and barely my industry knows it. And it's my industry.
So this is why I wrote the book. So by
(02:58):
twenty thirty, women are going to control two thirds of
the nation's wealth, which is thirty trillion dollars with a T,
which is the same as the GDP of the United States.
That's how much wealth is going to be in the
hands of women. And we are five short years away
from that, and we are not ready for it. My industry, unfortunately,
(03:21):
has been built by men for men, and that's okay
because that's who the clients were. But guess what the
clients are changing the future and the future clients of
wealth management are women, and the industry is not ready
for that. So I want to change the trajectory of
the industry to make it female friendly. And that's why
I wrote this book. And then in addition, it also
(03:44):
has jam packed with advice strategies for women to build
wealth as well in the book. So it's all about that.
Speaker 2 (03:52):
The messager Scarret. You know your financial planner, now, I'm
sure you know. I want to let people know what
you do in your website and all those good things.
What are some of the hands on strategy and tools
that you promote to your clients that would allow people
to understand what the services that you offer are nationwide
(04:13):
and people should at least consider what you're doing at
your practice.
Speaker 3 (04:18):
Sure, Well, you know it's funny when you got on
the call before the first thing you said was the
thank you letter you got talking about dreaming for today.
If you don't dream for today, it won't happen tomorrow. Well,
I say, pretty similar to that, planning today. How can
you get where you're going without a plan if you
fail to plan, if you plan to fail, And it's
(04:43):
the same type of thing planning for today will get
you there tomorrow. So I think everybody on the planet
deserves a financial plan because think about it, if you
don't know what you need to do to get to
your financial freedom goal, whatever that looks like for you,
(05:03):
and everybody's is different because everybody's completely different. So you know,
if ifits you know, retiring at sixty and spending I
don't know, ten thousand dollars a month, and you know,
living in a house in Florida, and you know, having
two cars and going on vacations once a year, whatever
(05:24):
it looks like. Whatever your freedom looks like to you,
whatever that looks like, you have to be able to
know what it takes to get there. So that's where
I come in. So on a what a financial plan
or a certified financial planner does, and let's make aplan.
Dot org is actually where you can find a certified
financial planner. And so what that does is we look
(05:47):
at every single aspect of your financial life. So we
look at risk management, we look at cash flow management,
we look at tax management. Today's tax day, that's one
of our little little spokes. We look at investment planning,
we look at retirement planning, we look at a state planning,
and all of it working together. So it's a complete
(06:09):
circle where you know if you don't know. Let's say,
for example, I see this a lot where somebody does
you know, an insurance something in insurance or risk management
that hurts their either that hurts their cash flow or
hurts their investments, or something that you do in investments
that hurts your taxes, or something that you do in
taxes that hurts your state, or so I see this
(06:31):
all the time, Like I see all this, So when
they're not working in concert or somebody doesn't know how
you're pulling them all together, usually there's mistakes along the way,
and so really you just want to get a roadmap
to create your own financial future of where you want
to go. I mean, everybody on the planet deserves that.
It's funny because I think most people believe that it's
(06:55):
only for the you know, super rich or you know,
but it's not. I don't know where that somehow that
got lost along the way. What happens is wealthy people
hire us because they know how important it is to
preserve and grow and make all the right moves with money.
So it seems like that's what the only people that
(07:17):
we work with. However, the reality is everybody should have one.
Speaker 2 (07:21):
Now, you know your last chapter, I think this chapter
twenty and three is about how do you make the
industry female friendly? You know, I grew up with six sisters,
so I grew up around women. And so when you
make that statement like that, you know most people will
push back, go, what do you mean? Are you trying
to say we live in a chauvinistic society? What are
you saying when you say the industry? What is the industry?
(07:41):
First of all, and then making it female friendly?
Speaker 3 (07:45):
Sure? So the industry is wealth management. Okay, So if
anybody has ever worked with a certified financial planner or
a financial planner, or an insurance salesperson, or a banker
or a broker or you know, anything related to that,
(08:05):
anything related to either selling products, getting advice, something to
build your wealth whatever that means. Right, So that's a
very large industry. And broker dealers, registered investment advisors, certified
financial planners, that whole that is my industry, that whole
(08:27):
kitten koboodle. Right. So making it female friendly is so
again created by men for men. So there's so many
things that we need to change to make it so
that it's welcoming to women. So Another stat I'll give
you is Harvard Business Review came out with a study
in two thousand and nine saying that financial services industry
(08:49):
is the least sympathetic to women and has the most
to gain if they get it right. So we already
know that they're doing it wrong, and then I have
a million other stats of why they're doing it wrong. So,
for example, when a couple of spouse dies, usually it's
the man, because women have longevity. The women live, by
(09:12):
the way, she doesn't to ten years longer than a man.
You know, she's going to be a widow. You know
she's going to outlive you. It's very rare when it
goes the other way. I say that all the time.
I'm like, I'm going to be living forever and my
husband's going to be gone. And he always gets upset
when I say that, and I'm like, honey, there's just
no way it's going to happen. Plus he's older than
me anyway, so it's kind of funny. But anyway, So
(09:36):
what happens is in a couple when the spouse dies,
which is a man, in most cases, the woman who's
left leaves their financial advisor. Eighty percent of the time,
and that's stat has not changed in decades. So the
reason being is she's not heard, she's ignored, she's you know,
(09:59):
lack of personal connection, poor communication, doesn't feel empowered, feels
lost or pressured or pitched to. So there's like a
million reasons why this happens, and it just keeps happening
over and over. So that's a great stat for me
to say, hey, guys, you're not getting it right. Let's
let's figure out what to do to make it right.
Speaker 1 (10:21):
Well, what I hear I talked like this, Carrie.
Speaker 2 (10:23):
You know, women making in roads, and one of the
things that the new administration came in was really chop
on DEI. And we know DEI has been a very
strong empowering tool for women.
Speaker 1 (10:38):
Now is that.
Speaker 2 (10:40):
Part of the bro culture that you're talking about? You know,
this this chopping opportunities for women and not allowing them
to grow when you see people attacking programs like DEI.
Speaker 3 (10:53):
Well, so it's so interesting because I get this question
all the time, and in my opinion, this is actually
not a de and I issue, believe it or not,
It is actually a dollars and cents issue because think
about it, what other industry would you say to them,
here is a trillion dollar opportunity and they don't do
(11:17):
anything about it.
Speaker 2 (11:20):
Kind of interesting, right, Well, I think I think that
people when they when they're when they're rolling down. Like
for instance, we just came off from the space where
there was an all female space.
Speaker 1 (11:32):
I don't know what you call space flight.
Speaker 2 (11:33):
They just go up there for a couple of seconds,
they come back down at you.
Speaker 1 (11:37):
I don't know what that was. I don't know.
Speaker 2 (11:40):
You know, people get nervous. I get nervous I get
on the regular airplane. So I think if I go
out there and I saw what the Earth looked like
on the other side, I think I'd be super nervous
too it, especially if I'm floating. But I think that
we oftentimes on stereotype and glamorizing women, because I would
say this. The one thing I took away from that
was that how the women would just made up, you know,
(12:04):
every every photo they took it seemed like it was glamorized,
where the ones that didn't have all the women were
not so much glamorized, didn't look it looked like they
should be on the cover of Vogue or Essence or
Ale or something like that that I was saying, Uh,
that's interesting how they are approaching this with the with
(12:24):
the female all female crew. Is that the society that
we are living in now that women are gonna always
be even though there are the true You're gonna control
the trillion dollar industry, but stereotypes are gonna keep winning.
Speaker 3 (12:38):
Oh I hope not. But but I have to admit
I I am. I looked at those photos. It's funny.
I didn't even notice the makeup on the on the women.
I just noticed the outfits were blue. That's so funny
from from your perspective.
Speaker 4 (12:50):
Please don't go anywhere. We'll be right back with more
money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow money Making
(13:13):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 3 (13:17):
So, as a woman in this in this world who
is a speaker and a writer and you know, entrepreneur,
I have my own business all that, all of that stuff,
I actually do feel I do feel this is like
not in my book, but I do feel pressure to
look attractive with my hair and makeup done, and my
nails done and all, and my lash is done and
(13:40):
all that stuff. So I guess that is still around,
But I feel like that's more of me succumbing to
that I want to look good rather than a stereotype
that I have to look good.
Speaker 1 (13:51):
Well, you know that's honest stereotype. Now. You know, women
have been have been.
Speaker 2 (13:58):
Hazed on TV by the body shapes, you know, body shamed.
Celebrities have undergone that tremendously because they're on the forefront
of the world. Also, men allowed when they age. It's
called dignified aging. Where women get old they want to like,
can you get somebody younger in there? So there are
(14:20):
so I guess when you say we're not even dealing
with money, women have to deal with this the basic
stereo types of a look. And I'm assuming that when
it comes to dealing with money, the women are also stereotype.
Well can they handle that amount of money or they
qualified to handle that type of money? So you are
financial planner? You certified financial planner, Carrie? How have you
(14:44):
done it for twenty five years? How have you been
able to knock off, you know, open these doors and
be able to let people know that, hey, I'm not
taking this. I am smart, I am an experienced I
am a successful entrepreneur. I run a multi million dollar business.
Speaker 3 (15:00):
Right. Well, it's so interesting because so let me tell
you my story of how I got into this, right So,
because it's definitely not a lot of women in my
industry right now, it's about eighty percent men, twenty percent females,
and actually the exact number of females in the certified
(15:21):
financial planners we are twenty three point nine percent. However,
out of those twenty three point nine not all of
them are business owners and you know CEOs and rain
makers and the ones going out getting the clients some
(15:42):
of them, and a lot of them are in the
back office or in support positions or you know, junior
advisors or customer service professionals or teachers or professors and
so not necessarily in the money making part of the business,
right because it's so difficult, and it's so difficult period,
(16:06):
let alone being a woman. It's even like ten times
more difficult doing this profession as a woman. So what's
interesting is I started to like I was raised by
my dad, who was who worked in the in the
finance business he worked. He was a SVP for JP
Morgan Chase, And so I grew up learning about money
(16:28):
like people learn about you know, sports or whatever, and
so I didn't know that people didn't know about money,
and I didn't know that I was a privileged few
to learn about money at a young age and always
talking about money with my family and my dad and
me and my dad went to foreclosure auctions together and
(16:49):
we went to see you know, speakers about money. We
went to see straight straight talk with the Dolans, which
is way back in the day. And my dad to work.
Oh yeah, my dad took me to work before there
was take your daughter to work day, so in the seventies,
and so I just thought it was super cool and
I just loved what he did and I was very
(17:11):
interested in it, and I learned everything about money. So
by the time I was in college, I was you know, balancing,
I was doing my girlfriend's budgets, and I was like
always just doing money stuff for everybody just because I could,
and I knew it and I loved it and it
was really fun. And I didn't even know it was
a profession back then. I literally had no idea and
then I just fell into it and I said, wow,
(17:34):
I can't believe I get paid to do this, like
I would do this for fun because I love it
so much. And then and then I wound up being
very good at it because I love it so much,
because it's my life's passion and work. And then I
just clients just started women because I knew I wanted
to work with women just started to come to me,
and it just started to balloon over time, and everyone
(17:56):
was like, you know, I didn't do the typical mail
things like seminars and playing golf and you know, advertising,
and just I didn't do any of that stuff. I
just helped myself out as a financial advisor for women.
I spoke, I wrote, I did you know TV interviews
and things like that, and I always just put myself
(18:19):
out of who I am, what I believe in that
I believe women should be financially independent, that women should
control their own destiny, that women need money, that money
equals power, and women need more of both. And then
my practice just evolved over time to become this incredible business.
Speaker 2 (18:39):
My guess is an award winning certified financial planner professional
for twenty five years of experience. She leads a multi
million dollar financial planning practice where she specializes in empowering
women to overcome financial challenges and increase their financial literacy.
She has a second book out. Her first book was
out ten years ago. She put, now there's a new
(19:00):
book out called Women and Wealth.
Speaker 1 (19:03):
Carrie.
Speaker 2 (19:04):
In your book, you talk about AI, and you talk
about how there's a description about a man with long hair.
This description comes out and then you do it a
question with AI about a woman with long hair.
Speaker 3 (19:20):
Well, no, actually, so what it was was we asked
AI give us a picture of a financial planner, and
they okay, I apologize, and then and no, it's okay.
And then they said and then we said, give us
a picture of a financial planner with long hair, and
they gave us a picture of a man with long hair.
So a woman didn't even come into the into the mix.
(19:43):
How do you like that?
Speaker 1 (19:45):
Right? Right? Right right?
Speaker 2 (19:46):
And that's what Because you know, I got the book
today and I wanted to make sure I got as
much information in and because you're such a great read,
and because you had me going back flipping page and
four and forth, I was like, this is this book
really captures because it's a journey for you. You talk
about the bread winner, they talk about you talk about
the behavior.
Speaker 3 (20:06):
You know.
Speaker 2 (20:06):
It's it's a couple of things in your book that
really hit me. It's almost like we're still in the
Leave It to Beaver. If anybody's familiar with that sitcom,
you know what the what the wife comes home, she
has the apron on, and the man comes on, he's
the bread winner. Women are advancing, but they still not
be respected for the advances they are to be made.
(20:26):
Am I correctness saying.
Speaker 3 (20:27):
That, Yeah, oh my gosh, you are so and and
and actually one of the things you just exactly touched
on is what's called the generator of the wealth gap, right,
which everybody knows about the pay wage gap that women make,
you know, eighty two cents on the dollar. But the
wealth gap is exactly what you just described, which is
(20:48):
the woman not not having to carry all the burden
at home. So because the woman is out caregiving for
you know, having children, then caregiving for the children, then
taking care of the parents, they call that the good
daughter spouse penalty. And so that all of that over
her lifetime costs her a million dollars.
Speaker 2 (21:10):
Mmod No, but what is that perception we hear that.
Speaker 1 (21:16):
I have heard that a lot.
Speaker 2 (21:17):
I grew up with six erses, okay, my financial planner,
she's female. So I'm very familiar with a lot of
the trappings of negativity or stereotyping that you are saying
on my show today. The average person go, so, what
what's the big deal when you hear that? How do
you respond to those people? Because those are the people
who are not opening their doors. Those are the people
(21:39):
who feel they I like the way things are, Why
did I Why should I change it? I like my personality.
I don't think I'm chaupinistic. What do you say to
that care.
Speaker 3 (21:48):
Well, I would say I would say to them, what's
going to happen when you die? And what's going to
happen to your to your wife, m h, you're going
to be okay? Or mom or your daughter? Are you
okay with that? Because I so. The other thing is
that ninety percent of women are going to be responsible
(22:10):
at one point in their life for their own financial future.
So why would they do it? And most of the
time it's when something terrible happens, a death, a divorce,
a disability, a job loss, something terrible that rocks their
world is when I get a call from a female client.
So I always say it's they call me when it's
(22:32):
raining for them, like everything is terrible. I want to
I want it to be that a woman calls me
when when it's sonny out and everything's great, and that's
when they come to me. And honestly, that's when the
guys usually hire a financial planner, but it's not when
the women do. The women are under some sort of
you know, life changing, altering situation where they're completely overwhelmed
(22:55):
and they need help, and that's what usually when they
bring somebody in, but they should really bring it in earlier.
And also I just think that every woman should be
responsible for their own financial literacy and their own financial
future and also teach teach the next generation because that's
how we're going to create wealth over time. And also
the other thing is that wealth just gives you choices
(23:18):
in your life. It gives you choices to do what
you want to do. If you want to work or
take a take a lesser paying job, if you want
to stay home, if you want to work from home,
if you want to you know, buy a second house,
if you you know what kind of car you want
to drive, what you want to all, what church you
want to belong to, Where do you want to live,
what house you want to live in? Like, it's what neighborhood,
(23:41):
It's like, it's everything related to wealth gives you the
choices to make these decisions in your life that you
have control over. You know, there's so many things we
can't control in our lives. It's amazing that if you
have this money, you have all these choices. Right, everybody
should have one. Everybody should have a plan, and everybody
(24:01):
should know where they're going, and everybody should be making
all the right moves with money.
Speaker 2 (24:05):
Well, you got a new book out, it's called Women
and Wealth and twenty five years.
Speaker 1 (24:10):
Tell us how we can get in touch with you, Carrie.
Speaker 3 (24:13):
Sure. So I am easy to find because I am
the only carry Corbinaro on the planet. So it's very
easy to find me. C A r y c R
b O n A ro o. My website is Carrycobinaro
dot com, LinkedIn Carriecobinaro, Facebook, Carry Cobinaro, Instagram, carriy Cobinaro
X Carrycobinaro. So I'm very very easy to find and
(24:37):
you can just google my name too and find me
that way.
Speaker 1 (24:39):
She's amazing.
Speaker 2 (24:40):
She leads a multimillion dollar financial planning service specializing and
empowering women to overcome financial challenges and increase their financial literacy,
a new book, Women and Wealth.
Speaker 1 (24:52):
Thank you for compan on Money Making Conversation master Class.
Speaker 3 (24:54):
Carry Thank you so much for having me. It was
a pleasure.
Speaker 1 (24:58):
You're fantastic. Thank you.
Speaker 2 (25:00):
This has been another edition of Moneymaking Conversation Masterclass hosted
by me Rushawn McDonald. Thank you to our guests on
the show today, and thank you for listening to the
audience now. If you want to listen to any episode
I want to be a guest on the show, visit
Moneymakingconversations dot com. Our social media handle is money Making Conversation.
Join us next week and remember to always leave with
(25:21):
your gifts.
Speaker 1 (25:22):
Keep winning.
Host
Rushion McDonald
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