Born and raised in Latvia, Karīna saw first-hand the impact that a lack of financial literacy can have on a population. After regaining its independence from the USSR in 1991, Latvia transitioned from a communist to a capitalist economy. In the following decades, the population’s wealth grew. However, there was not enough financial literacy. In 2008, Latvia disproportionately suffered from an economic and political crisis, which stemmed from the 2008 global financial crisis and an easy credit market, among other factors. Between 2008 and 2009 the GDP in Latvia fell by one-third, and the unemployment rate rose to over 21%.
This experience was pivotal for Karīna, who is helping to create the first wealth advisory firm in Latvia, Renaissance Wealth Advisors Global. She explained, “I understand the power financial planning and literacy can have and that is a big reason why I have pursued this career path. I want to help educate and provide my clients with the ability to build and maintain wealth to reach their financial goals. The financial advice industry is new in Latvia; there are not many resources available for people, so there is a huge opportunity to educate and provide those services.”
Karīna is well on her way to being that resource for her clients as a graduate of the Riga International School of Economics and Business Administration and the KEDGE Business School in Bordeaux, France. She is currently working towards her MBA as well as the Certified Private Wealth Advisor® (CPWA®) certification. “The CPWA® will be important for me and my firm as it covers all the bases, providing a full breadth of skill in addition to greater credibility. Credibility is critical to clients. As a young professional woman in finance, the CPWA certification will be an immediate differentiation and help to demonstrate my knowledge, skills, and ability,” said Karīna. “I am so excited to have the opportunity to pursue the CPWA certification. The scholarship expands my ability to pursue this education and grow my knowledge and practice.” Adding, “Latvian culture is very patriarchal, and as a woman having the credentials to back up my expertise and skillset just expands my opportunities.”
Karīna explained she has been lucky to have a mentor who has helped her hone and expand her skills. She decided to pursue the CPWA certification after considering a variety of credentials. “The CPWAcertification made the most sense for our practice because it will challenge me to become the best advisor I can be for my clients.” Explaining she also wanted a community of colleagues, and like-minded professionals, which she gets with the Institute. She adds, “being a recipient of a Foundation scholarship is exciting. Coming from outside the U.S., it means a lot to me, making it easier to attain a credential. The Institute and Foundation are supporting female advisors in a meaningful way. It means a lot.”
Karīna has a unique perspective as an international member of the Institute. She pointed out that some of the specific U.S. tax code portions of the CPWA will not be directly applicable to her non-U.S.-based clients; however, there remains great value in this knowledge. These concepts carry over to the European Union’s code. In addition, this knowledge will be extremely important for helping cross-border clients.
Karīna also shared her advice for other young professionals, which aligns with the “life-long learning” mantra of the Institute. “View every opportunity as an opportunity to learn. Investing in yourself to learn as much as possible helps not just you, but your clients as well.”
Karina is an investment specialist with Renaissance Wealth Advisors, LLC and co-founder and managing partner of SIA Renaissance Wealth Advisors Global. Her past work experience includes Deloitte Latvia and leading the customer service team for Norwegian Airlines out of its Riga office. Karina enjoys spending her free time traveling with her family and doing sports such as running, hiking, skiing, and ice skating.
“The CPWA certification will give me the knowledge and skillset to provide value to clients as well as the opportunity to network and learn from other professionals within the Institute and the greater advisory community.”
