Marianne Caswell is the President of Park Avenue Securities, LLC. Park Avenue Securities is a broker-dealer, registered investment adviser and a direct subsidiary of The Guardian Life Insurance Company of America (Guardian). In her role, Caswell is building a comprehensive wealth management platform to help financial professionals meet the needs of their clients. Caswell joined Guardian Life and Park Avenue Securities in 2013 and has held various leadership roles including Head of Strategic Initiatives in Individual Markets Administration & Wealth Management and Head of Practice Development in Agency Distribution.
Q: With the growing number of women wealth management clients, what is the importance of financial literacy? How can it affect women’s financial futures?
A: Research has shown that now, women are not only earning more towards their household income, but increasingly they are also part of financial decisions, or the sole decision maker, when it comes to spending and investing. But candidly, data also indicates that women don’t always have the desired level of confidence in their knowledge of financial concepts. What's important is that we as financial professionals are working with our women clients to start with the basics and help them understand financial concepts to have open and engaged dialogues about their goals, their preferences, and their options.
Q: You talked about financial confidence being critical – why is this so impactful?
A: We have seen the data show that women, from a young age, have very low levels of financial confidence. Guardian’s study of Financial and Emotional Confidence™ found that having financial confidence – which largely comes from having literacy in financial concepts – ultimately connects to overall emotional wellbeing. They can build financial confidence and emotional wellbeing through planning and working with a financial professional.
Q: Women have more financial responsibility than ever before. How might women’s investment needs differ from men?
A: Men and women don’t necessarily have different investment needs, but they may have different priorities. As I said before, we know women have more financial impact than ever. Part of that is because of an increase in earnings and education, but also partially due to other means like inheritance, divorce, and outliving their spouses. The various roles women may play in their households and families may lead to potentially different priorities, so it is important that we work with them differently to understand what’s important to them.
Q: The Bureau of Labour Statistics reports that women represent roughly one-third of U.S. financial professionals. What is the importance of and benefits for continuing to promote the rise in women financial professionals?
A: It's critical that we promote the rise of female financial professionals in the industry for so many reasons. Female financial professionals have a different viewpoint and, life experiences, and a natural ability to build relationships. Which, in the space of advice, is the most critical component. They naturally build relationships and listen differently. It's imperative that we encourage them to come into this industry and help foster their growth once here. It’s not just about hiring females, anyone can do that, it’s what companies are doing to make sure females who are brought in from both a corporate perspective, as well as financial professionals, have the support they need to continue their careers.
Park Avenue Securities LLC (PAS) is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian). PAS is a registered broker-dealer offering competitive investment products, as well as a registered investment advisor offering financial planning and investment advisory services. PAS is a member of FINRA and SIPC. 2022-145656 (Exp. 10/24)