After serving his country, Scott was unsure which career path to pursue. Although he studied biology, he knew that this career path was not his calling. While Scott was paying down debt, he participated in a financial course for families that he discovered that financial planning was his true calling. However, he was unsure how to begin his journey, so he decided to talk to a financial advisor who worked in the Marine Corp. The financial advisor provided industry knowledge, the career aspect, and which paths were available to pursue financial planning. Therefore, he decided to research which programs were accredited and counted as the education portion for the CFP requirement. Scott shared that “California Lutheran University was one of the best programs out there because CLU was the only program that had the CFP courses embedded into the MBA.” 

While studying for this MBA, Brian mentioned that the behavioral finance course was the most impactful for his career. Although Brian did not appreciate that relationships came first before math and planning, this course was eye-opening to change his perspective. He realized that “building a relationship with a client is important because it helps construct trust and discuss the biases that influence human emotion, leading to financial decision-making.” When taking behavioral finance or any course from the Financial Planning Program, Scott’s advice is to “make sure to engage with the faculty since they are a wonderful resource.”

Although the MBA Financial Planning Program was challenging at times, Scott learned immensely from each course. The real value was seeing every puzzle piece come together for each class. Scott shares that “the pace was very tough especially when balancing work and family. There were times I spent the weekends studying and completing coursework. Also, I spoke with my administration person to schedule my meetings Monday – Thursday to give myself more time to study.”

While serving in the Marine Corps, there were many skills any recruit could learn while serving their country. Some of the skills he learned from the Marine Corp that will help him with his career in financial planning are planning and building flexibility. Scott shares that “the Marine Corp gave me several assignments that involved writing detailed plans that my team and I would share with our general.” Writing detailed plans for clients will come in handy because financial advisors must prepare clear deliverables when presenting to clients. Creating flexibility was another skill he learned in the Marine Corp that came in handy when balancing his life between school, work, and his family. 

The final piece of advice Scott offers to students is “to network and ask lots of questions about financial planning, and specifically ask questions about the difference between RIA, Broker-Dealer, and Independent Firms.” 

About Brian Scott: 

Brian Scott is a student who will soon graduate from California Lutheran University with his MBA in Financial Planning. He plans to start his independent firm or partner with an RIA after graduation. Before deciding his career path, he served as a pilot for the Marine Corps and studied biology.

About the Author: 

Rafael Nieves Rios is a graduate student at California Lutheran University, graduating in 2024. He is studying for an MBA in Financial Planning. 

Megan Duarte’s passion is helping clients with their financial needs while assisting them with their financial goals. While studying for her MS in Financial Planning, Duarte had the opportunity to work with her father at Ameriprise Financial Services, LLC. She spent time advising clients on reaching their financial goals within their specific time horizons. Her father’s influence and support inspired her to pursue today’s career.  

Financial Planning was introduced to Duarte at a very young age by her father, who was running a successful financial management firm. He would tell her that she was his “retirement plan,” meaning that she would someday take over his business once he retires. Duarte will be a 2nd generation planner who will take over the company and continue the legacy from where her father left off. Duarte mentions that being a 2nd generation planner can bring a sense of “pressure to live up to the 1st generation’s knowledge and experience.” Furthermore, she mentioned that “I would like to implement some ideas once I take over the business. Some of those ideas include focusing more on the multigenerational relationship in addition to my current tasks at hand.” Finally, she differentiates herself in the financial service industry by providing “quick response times, accuracy in information, and consistent contact.”

After interning for her father, she decided to pursue her MS in Financial Planning. Her father influenced her career in becoming a financial planner. She grew up around the financial services industry because she spent time with him and the industry. While studying for her MS in Financial Planning, Duarte shared that the tax planning course was necessary for her career because “I was able to plan for myself and look at my tax return while applying the knowledge to my current situation. Also, use this information for future conversations with clients.” Duarte recommends that students who will be taking the tax planning course now or in the future “understand the concepts and the numbers that change and don’t in each client’s tax returns.” Furthermore, “paying attention in class” is crucial to succeeding in this course because there are many regulations and tax rules that future financial practitioners can educate clients with, potentially minimizing tax liabilities.

While she was deciding which career to pursue, her father would exemplify her career choices and explain the career aspects. Her father was very supportive about which career she wanted to pursue. For example, her father will explain what a day in life would be like as a pediatrician and provide examples of the daily demands in the job. Once she decided that financial planning would be the career of her choice, she began to learn the industry from her father. Since then, her father would bring her to the office to learn and observe her father’s responsibilities. Also, her father would share with her the benefits of being a financial practitioner because “the career is about helping people and making sure that clients trust our advice.” Duarte exemplifies that “people need financial help whether they recognize it or not” because clients who need financial help will achieve financial success. 

As a financial advisor, it can be challenging to assist clients who do not implement the advice you offer to them and guide them in the best way possible. Therefore, finding ways to work with them and change interactions can be positive. Duarte has had several experiences with demanding clients and situations during her client meetings, such as “being overconfident in their knowledge or not understanding ramifications of their decisions. Also, clients that do not want to take your advice and do not act upon the advice can be frustrating.” As a result, clients that do not take your advice seriously can be unmotivating to continue offering advice to these clients. Duarte provides solutions for demanding clients to be likable and answer all clients’ questions before giving financial advice. 

Duarte mentions that her next career steps are obtaining her CFP and strengthening her team to create capacity and market themselves better. The final piece of advice Duarte offers to students is, “To pay attention in class. Patience and work on your communication skills because there are different types of people. Learn how to be likable and deliver financial information to clients that can understand what you are saying and make sure that the deliverables you present do not sound rude.” 

About Megan Duarte: 

Megan Duarte is a financial planning professional working with her father in the financial planning business. Duarte and her father serve and advise clients at Ameriprise Financial Services, LLC. She is currently studying to obtain her MS in Financial Planning from California Lutheran University. 

About the Author: 

Rafael Nieves Rios is a graduate student at California Lutheran University, graduating in 2024. He is studying for an MBA in Financial Planning. 

Jennifer Caruso is working at her dream job. Every day she loves meeting and helping others in her financial planning niche of divorce and women in finance as Senior Lead Advisor at Manchester Financial in Westlake Village, California.

Caruso went to Kennesaw State University in Georgia as a non-traditional undergraduate student earning a Bachelor’s degree in Business Administration, Finance, Investment Analysis, and Portfolio Management. She took an interest in finance because she wanted to learn more as she was never taught about personal finance growing up, to her it was a “completely foreign concept.” In between studying she spent the rest of her time looking after her three small children.

After graduating Caruso spent the next five years raising her children and looking after her family. Once her youngest reached the age of starting school, she took the opportunity to start her career at Genworth Financial which is a large annuity and long-term care company as a Retirement Income Specialist. Her job involved working with annuities and helping advisors. She worked there for a year having the realization that she wanted to be on the “other end of the tunnel in financial planning.”

The next ten years of Caruso’s career was spent working in client services. During this period she also relocated back to California. At the time, she wasn’t ready to cross over into financial planning due to looking after her family as she was wary of the traveling and social events that often come with the role. However, she spent a lot of time around financial planning and was familiar with it when she did cross over. In 2015, Caruso became an advisor at Manchester Financial in Westlake Village, California progressing from Associate Financial Advisor to Senior Lead Advisor in just five years. 

California Lutheran University Financial Planning Program 

“When I found the CLU MBA program in conjunction with the CFP® program, it was just the perfect fit,” she said. With not enough time in the day beforehand, Caruso was excited to do her MBA as well as prepare for the CFP® exam, a unique aspect of the Financial Planning Program at California Lutheran University. “I didn’t see other programs like it and that was actually one of my deciding factors,” she said.  

As a non-traditional student, Caruso loves the flexibility of the program being online and an eight-week model. “I’m able to be a working full-time person that can take one class at a time and still knock out five classes a year. That was important for me,” she said.  

“I would highly recommend the program. All of the professors have been available to help with questions or advice whether that be within the school or professionally. They’ve been very, very helpful and it’s a great program!” Caruso said 

The highlight of the program for Caruso was the capstone class. “Being able to accumulate everything that I did within the program and overlap it with what I do in my career, really gave me the visual of what I have learned and what I know. It was a real eye-opener to go through the capstone successfully,” she said. 

With a few classes left and her planning experience completed, Caruso will soon be graduating and taking the CFP® exam this summer due to COVID-19 rescheduling.  

Living Her Dream Job

“I’m doing my dream job!” Caruso said. She genuinely loves what she does every day to help others make financial planning decisions. “Whatever the decision is, I get to actually be part of people’s decision and I love that. I meet different clients and help them in different phases of their lives. I help a lot of divorcing couples and I went through a divorce myself with no help when I went through it. I did my own financials and decisions but didn’t really have a lot of guidance because I didn’t want to use an attorney and mediator. Unfortunately, a lot of people don’t have a knowledge base like I had and make really bad decisions,” she said. 

In the next five years, Caruso is looking for a partnership role potentially at her current team. But she wants to expand and have more independent roles. “This industry is flexible, you could do that on your own or you could do that as part of a firm,” she said. 

Helping Other Women in Financial Planning 

Caruso works in two niches; one is helping divorcing couples and the other is working on the organization Women In Financial Transition otherwise know as WIFT, “It’s an education with a specific focus on empowering women,” she said. 

Women In Financial Transition focuses on helping typically older, married women to understand and have an active role in their finance. Caruso teaches quarterly workshops with a colleague tailored specifically to women. Once a year there is also a large, female professional panel about finances, estate planning, and mindfulness. With more women entering the workforce and an increasing number of divorces, it is important that women, as well as men, understand their finances to be independent. 

Being a Woman in Financial Planning  

“When I first started in the business I thought I would like the asset management part of it, but I didn’t. I preferred the people,” Caruso said. This is why it is so important to try different roles within financial planning to see if you like being in the background or at the front working with clients. Caruso suggests taking an internship and working with PRA planners to try out different areas to see what you like.

Being a female in a male-dominated industry Caruso describes it as a “differentiator” making her stand out as a financial advisor and planner among her competitors. She said typically women are interested in working with her feeling more comfortable compared to working with a male. She receives a lot of positive feedback about being a good listener and her female clients having a positive experience working with her. 

The Importance of Learning From Others

When Caruso first started in the industry the only role models she had were people who were untouchable. “There was no one real in my life for financial planning or wealth management,” she said. 

Caruso thinks it is important to learn from others, including those you work with. Networking can help educate and improve your career. She recommends the Financial Planning Association where you can network with other professionals. 

“If you can learn from someone’s experience and mistakes that’s ideal. You only know what you know and what you experienced. Being able to network with other professionals allows you to learn from their experiences,” she said. 

When Caruso isn’t working or spending time with her family she participates in long-distance running. Entering half and full marathons locally or taking a race-cation. She has a goal to complete a half or full marathon in every state around the country. She is currently a fifth of the way to her goal and hopes to be even further by the end of the year with plans to run in New Mexico, Texas, and Utah later this year. She also has plans to participate in a race in Antarctica in 2022, potentially starting a new goal of running in every continent! 

About the Interviewee:

Jennifer Caruso graduated from Kennesaw State University in Georgia earning a Bachelor’s degree in Business Administration, Finance, Investment Analysis, and Portfolio Management. Since she has worked as a working Retirement Income Specialist with annuities and helping advisors and spent ten years working in client services. In 2015, Caruso became an advisor at Manchester Financial in Westlake Village, California progressing from Associate Financial Advisor to Senior Lead Advisor in just five years. 

About the Author:

Rosie Baker is an undergraduate student at California Lutheran University graduating in May 2021. She is studying Communication with an emphasis in PR and Advertising and has a minor in Creative Writing. In July 2020 she published her first book, Mirrors & Windows: Unlocking a New Framework to Envision Your Success, with New Degree Press. 

Daralee Barbera started her career as a maths teacher in the day and a college professor at night. Fast forward a few decades later to the present day, and she now has a very different career to the one she started with. For the last 34 years, she has worked in financial services, a profession which you may not expect for someone who spent their working day in the classroom. 

But it is not as uncommon as you may think. Quite a few math teachers later work in financial services, according to Daralee and the host of the webinar, Women in Financial Services, Dr. Chia-Li Chien, as both of these careers, have similar skills. “People who are from education are probably ideal candidates to go in this profession because they probably have the patience,” said Daralee 

Daralee spent the first four years working in financial services as a financial advisor. She spent the remainder of the years working as Managing Principal at Waddell & Reed. Her job was to train, develop, retain, and grow financial advisors and the team. She then retired to work on her doctorate at the University of Southern California. However, at this time, she also went back to work to be the EVP of Business Development and VP of Strategic Initiatives at GAMA International. An organization where members who work in financial services develop their leadership skills. According to their website, they are committed “to providing members with research-based, world-class education, and training resources are second to none.” It is a place where leaders build leadership skills. 

Daralee has also written two books; Women Matter: The Why and How of Gender Diversity in Financial Services and What You Can Do When You Can’t: 21 Days to Personal Success. She is currently in the process of writing her third book, Financial Literacy for Women and the Role of Financial Education: An Exploratory Study of Promising Practices. 

Women are a tiny percentage of financial services, in comparison to men. 20% of those who are Certified Financial Planning are women, which has increased 4% since last year. But, shockingly, only 6% of those with the certification are client-facing. Daralee believes the best way to increase the percentage in the workplace is to recruit and retain women. What’s more, all advisors need and deserve support to help professionals grow and practice management, which Daralee thinks is key to retention. 

Considering women control the majority of wealth, make the majority of financial decisions, and male clients like to have female financial advisors as they tend to listen more and build stronger relationships, there is a considerable gap in the market. It is a gap that it seems not many people or even students know about the opportunities within this field. 

The Financial Planning Program here at California Lutheran University works hard to educate others about the work opportunities and our program. Daralee said the best ways to encourage not only more women, but more diversity into the field is to train, provide experience, and create exposure. Not only these points but to also work within the community. With diverse populations and clients, now is the time to create teams that reflect the communities being served. 

“Money means different things to different people. You can’t just come in analytically and do a financial plan and expect the client to execute and implement it. It’s got to feel right and reflect their values,” said Daralee. 

Financial planning is the heartbeat of business said Dr. Chien, the host of the webinar when interviewing Daralee. It is essential to have good communication and good relationships. This is also a key point when picking a company to work with. Pick a company that feels like the right fit for your culture and fits your values. 

Two parts of the webinar stood out to me to not only remember if you are thinking of working in the financial field, but I think they can apply to other aspects of our lives too. 

The first one is a quote from Daralee’s book, “The clearer you are about your intention, the easier it will be to execute them.” This could be applied to the workplace, such as your advisor, employees, or planners, but it also applies to personal goals. When we are clear about what we want and what we expect, we will receive those results.   

At the end of the webinar, Daralee gave three tips of advice to new professionals starting their career in the financial services industry, which again, I think, can be applied to any industry. The first tip was to “know your why”, the second was “know your industry,” and the third was “stay a student.” In a world where every day something is changing, we must be open to forever being a student and learning new things. When we learn, we, in return, grow as people, and our perspectives broaden. 

If you would like to learn more about careers in finance and being a Financial Advisor, reach out to the Financial Planning program here at California Lutheran University. 

About the Speaker:

Daralee Barbera is a professor, professional business coach, consultant, speaker, and author with a Doctorate in Education from the University of Southern California. She is the EVP of Business Development and VP of Strategic Initiatives at GAMA International. For 34 years she was Managing Principal at Waddell & Reed. Daralee has also written two books; Women Matter: The Why and How of Gender Diversity in Financial Services and What You Can Do When You Can’t: 21 Days to Personal Success. She is currently in the process of writing her third book, Financial Literacy for Women and the Role of Financial Education: An Exploratory Study of Promising Practices. 

About the Host:

Dr. Chia-Li Chien is a succession program director at Value Growth Institute, a succession consulting practice dedicated to helping business owners increase the equity value of their firms. Before her private consulting practice, she held several senior management positions in Fortune 500 companies. Dr. Chien is a director of the financial planning program in the School of Management at California Lutheran University. Dr. Chien is a frequent speaker about succession and retirement planning at national conferences and has published three books, including her most recent publication, “Enhancing Retirement Success Rates in the United States.” Dr. Chien serves on the boards of various national financial service associations. She holds a doctorate in financial planning and is a Certified Financial Planner (CFP®) as well as Project Management Professional (PMP®).

About the Author:

Rosie Baker is an undergraduate student at California Lutheran University expecting to graduate in May 2021. She is studying Communication with an emphasis in PR and Advertising and has a minor in Creative Writing. She is currently writing a book, Mirrors and Windows, which is due to be published this summer with New Degree Press. 

“Women look at money as a lake perceiving it as a finite source. Men look at it as a river constantly renewing,” said Linda Clayton quoting Liz Pearl at the beginning of her webinar  Working with Women as Clients.

As someone who knows very little about finances, it was very surprising to learn that there is such a great difference between men and women when it comes to handling money. I liked that she started the webinar with this quote as it set the tone of what to expect from the rest. Women do not think nor do they act in the same way as men which can be troublesome when Certified Financial Planners work with couples. 

As a young woman myself I didn’t realize how many women, in particular those married to men, that don’t take time to learn about their finances and don’t invest. Clayton believes that the reason comes from traditional ideas that women are too busy with motherhood and the man as the provider dominated the more traditional male roles within their lives including the finances. I was particularly surprised when Clayton said that half of marriages end in divorce, but men are providing 80% of the household. This statistic made me very aware that I need to make sure that as a woman I can support myself in case this happens to me later in life. As women we should work towards having financial stability and a plan to support ourselves. 

However, I think this is changing, I believe women are no longer taking the back seat in today’s society when it comes to finances. This can be seen on our campus; there are so many amazing, young women working hard towards their career which in return will financially support them to be independent. 

Clayton ended the talk by saying, “we’re working forward making sure that these women are empowered, educated and no longer fearful about managing money.” I believe it’s important to encourage women to be more involved with their finances and take control of their long term plans. When they begin this journey they don’t need to know everything which I think can be easy to feel like you need  to do. 

About the Speaker: Linda Clayton has an MBA in Financial Planning from California Lutheran University, as well as being an adjunct professor there. She is a Certified Financial Planner and Wealth Advisor in Downtown Los Angeles.

About the Author:Rosie Baker is a undergraduate student at California Lutheran University studying Communications with an emphasis in PR and Advertising. She is also minoring in Creative Writing.

References: 

Linda Clayton. http://www.lindaclaytonadvisory.com/contact 

To watch the archived webinar, click the link below:

Working With Women – Webinar

(March 7, 2019 at 12pm)

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