Breaking Bro Culture: Preparing for the Shift to Female Financial Power

"I've always felt that being a woman in this industry is a strength, and that's how I've always been. So I've taken my being a female and used it for good in this industry."

Welcome to another episode of WomenShare, where we highlight and celebrate the outstanding contributions of women in the financial services industry. In today’s episode, we’re thrilled to be joined by Cary Carbonaro, a leading Managing Wealth Advisor with Ashton Thomas Private Wealth. Cary isn’t just an advisor; she is a beacon of financial empowerment, especially for women. Her extensive background includes ambassador roles with the CFP Board and an impressive portfolio of leadership positions at top-tier firms like Goldman Sachs. She is also an accomplished author dedicated to advancing financial literacy and empowerment for women.

With women expected to control two-thirds of the nation's wealth by 2030, Cary sheds light on the evolving role of women in finance and the crucial changes needed in the industry to become more inclusive. This episode also explores Cary's personal journey, from her passion for helping women from a young age to using her career setbacks as a catalyst for change.

Our conversation doesn’t just stop at industry dynamics. We address the existing barriers within financial services that women face, discuss misconceptions about female clients, and explore the pervasive bro culture that has steered industry narratives for far too long. Highlighting some key misconceptions that often impede progress, Cary provides insights into how the industry can better serve its increasingly female clientele.

Key takeaways:

1. Future Female Wealth Holders: With an anticipated $30 trillion wealth shift to women by 2030, financial services must evolve to become more female-centric, addressing the unique needs and perspectives of women clients.
2. Barriers and Bias: The industry’s existing framework often overlooks women, marked by unconscious and implicit biases. Addressing these can foster a more inclusive environment welcoming to women, both as clients and industry professionals.
3. Building Emotional Rapport: Developing genuine connections through empathy and understanding is key to gaining the trust of female clients, who often value relational interactions in financial advisory roles.
4. Navigating Bro Culture: Cary shares her insights on overcoming prevailing bro culture and structural biases, drawing from personal experiences, including her transformative time at Goldman Sachs.
5. Actionable Strategies for Inclusion: Through initiatives like the "see it to be it" campaign by the CFP Board, Cary emphasizes the importance of visibility for women in finance. Encouraging women to enter and stay in the financial industry, the initiative aims to make financial advisory a welcoming and lucrative career opportunity.

This episode invites listeners to reflect on their own roles in fostering change and advocates for a collective effort towards a more inclusive industry—because when women are empowered, financial services flourish, and clients thrive.

Join us in this engaging discussion and be part of the journey towards financial empowerment for women. Follow Cary Carbonaro on her social media platforms for further insights, and don’t forget to preorder her impactful new book, "Women and Wealth, a Playbook to Empower Clients and Unlock Their Fortune," which promises to be a valuable resource in navigating the financial landscape as a woman.

Be sure to subscribe to WomenShare for more enlightening episodes as we continue to champion the voices and stories of women reshaping the financial world.