Ethics In Financial Services On-Demand Webcasts
Rethinking Strategic Support for the Workplace of the Future
The financial services industry is undergoing a major transition: veteran advisors are approaching retirement while Gen Z individuals are just entering the field with a slew of their own expectations. To navigate these changing workplace realities and foster trust, engagement, and long-term commitment in your practice, it’s crucial to understand Gen Z’s motivations and identify any gaps in early-career procedures.
This webcast provides an exploration and examination of Gen Z’s career motivations, financial advisor reflections on early career ethics and cultural gaps, implications for building a better future for the financial advisory profession, and more.
Viewers will come away from this webcast with a better understanding of new advisors’ expectations and communication strategies to strengthen trust across career stages.
Practice Management Insights
Why Employee Financial Literacy is Good for Business
Whether you’re a financial professional trying to counsel business owner clients, a firm owner looking to maximize benefits for your workforce, or a major company seeking to improve corporate culture, guiding employees toward financial wellness can seem daunting — but the good news is that not only are there free tools and programs that can provide a starting point into increasing financial knowledge, but the process itself has enormous upside potential to your business’s bottom line. Let’s examine what those benefits are…and where you can find programs that meet both your employees’ unique needs and your business goals.
Why Is Employee Financial Literacy Important?
According to recent research, members of Gen Z see financial services as the #1 most desirable field to work in1; and while there are many reasons for this, it is also true that many members of the rising generation want more out of a job than just a paycheck. They want to feel good about the job they’re doing, secure in their position, and work for a business that appreciates them as an individual and wants them to do well.
That said, money can very often be one of the top stressors in people’s lives, and many are not properly educated to handle issues like credit, debt, retirement, and other vital financial matters on their own in an increasingly complex financial system. A 2024 study by the TIAA Institute showed a cross-section of U.S. adults failed to even score 50% on average on a quiz of basic financial literacy and knowledge2; and our own 2023 Retirement Income Literacy Study demonstrated that retirement is an area of special urgency, with quiz-takers averaging a dismal 31% on a test of basic retirement planning knowledge.3
Clearly, financial education is a problem that needs to be addressed — and it goes without saying that employees who are better educated about financial matters are more inclined to make better financial decisions. Increased financial literacy can boost morale among your employees, as well as improving job satisfaction. Furthermore, being able to tell prospective employees that your company offers complimentary financial wellness programs can help bring top talent to your table, as well as keep the talent you do have for longer.4
But, you may ask, what’s in it for me? Let’s explain the benefits from a business standpoint.
How Employee Financial Literacy Boosts Your Business
When discussing the benefits of investing in employee financial literacy for a business, increased recruitment is an obvious benefit, as noted above; however, an even more valuable benefit may be the increased retention of the experienced and talented employees already present. With many statistics pointing to a problematic retirement and attrition “cliff” in financial services, anything that improves retention can cut down on the need to spend time and money hiring and training new employees, thus directly benefiting the bottom line.
Speaking of which, more educated employees are, generally speaking, happier and more productive employees: studies show 54% of employees facing financial difficulties may suffer from distraction, low production, and chronic absenteeism — all of which can negatively affect your business and your customer experience. Furthermore, less financial stress can also lead to better health, and in turn, lower disability and healthcare costs for your firm. Organizations with high employee morale and engagement tend to see 21% higher profitability across the board.4
Want to really get down to brass tacks? Instituting financial literacy programs also has regulatory and data benefits; certain types of programs can boost a company’s community impact scores while still delivering real value to employees, and the data the company gets from whatever financial wellness program they partner with or run can provide real-time insights into the issues employees are facing — as well as what the company can do about it.4
Where You Can Find Employee Financial Literacy Programs
Now that you’ve seen the very real benefits employee financial literacy programs can bring, the next question is: how do you find one? Of course, one could always build a program through a company intranet portal, standalone webinars, or small group coaching; some important points to remember when setting up such a program include using a universal assessment to identify employee pain points, meeting employees where they are on a diverse array of financial needs, scaling your software to deliver the program effectively en masse, and regular promotion.5
But let’s be honest: you’re here because you’re seeking a quick and easy solution to your most pressing needs on employee financial literacy for either yourself or your clients. And as a nonprofit institution dedicated to serving the financial services profession and society for nearly 100 years, The College is here to partner with you and make it happen. Our consumer financial education offerings include:
- A Spectrum of Legacies: A program focused on philanthropic goals and legacy planning, best for financial professionals and clients to work through together.
- Resilient Finances — Thriving With Disability: For those newly on disability or dealing with life-altering circumstances, this program offers invaluable insights on how to manage healthcare planning and expenses, disability benefits, and more.
- Know Yourself, Grow Your Wealth®: Available in English and Spanish, this trailblazing financial education and empowerment program invites your employees into a series of modules that will increase their knowledge of all the cornerstones of financial wellness including credit, debt, housing, taxation, investing, and more.
- The Retirement Course™: For employees who may be looking for reassurance on their retirement strategies, this program focuses on finding purpose and meaning in retirement, retirement strategy and psychology, long-term care considerations, and how to ensure their money lasts as long as they do.
All our programs are free and open to the public — so if you or anyone you know is interested in partnering with us on one or more of these employee financial literacy opportunities and licensing versions specific to individual goals, contact us today and see how The College can help you enhance financial wellness and business outcomes.
Ethics In Financial Services Insights
Center for Ethics Launches Responsible AI Program
The Responsible AI Program centers on a series of invite-only online roundtables that bring together leaders across financial services. These sessions emphasize peer-to-peer education, offering participants a space to share strategies, explore practical approaches to responsible AI development, and discuss implementation challenges. The goal is to equip financial leaders, particularly those in risk management functions such as privacy, compliance, ethics, legal, and enterprise risk, with the tools and insights necessary to make informed, responsible choices around AI deployment.
Leading this program is Jill Heinze, the Center’s new Responsible AI program director. Heinze is a digital product strategist and responsible AI advocate with two decades of experience conducting user and market research to create user-informed products and services. Over the past twelve years, she has worked with academic institutions and digital agencies to implement responsible digital technologies, most recently developing responsible AI evaluation frameworks and governance practices for Fortune 500 clients in high-risk industries. She is deeply committed to advancing responsible AI practices and supporting professionals in applying them to their everyday work.
Building on the foundation of work developed by the Center’s AI Ethics Strategy Fellow, Andrea Bonime-Blanc JD/PhD, Jill will lead the implementation as the Center continues to foster education and provide a resource for shared learning and guidance on strategies to develop and deploy AI responsibly, with trust at its core.
More on AI Ethics
Stay informed about our latest AI research and initiatives — follow us on LinkedIn for updates and insights.
Learn more about becoming a corporate supporter of our Alliance for Ethics in Financial Services to unlock exclusive invites to events and gain first access to our research.
Learn more about our work on AI in financial services by exploring our publications on this topic, including Adaptable Artificial Intelligence, AI Ethics and Life Insurance: Balancing Innovation with Access, and Five Key Questions for Ensuring Responsible AI in Financial Services. For additional insights on AI in financial services, visit the Center for Ethics’ News and Research page.
Robert Bradley Alderfer
JD, CFP®, CLU®, ChFC®, MSFS, RICP®, WMCP®, CAP®, ChSNC®, CRPS®, QPFC, CEPA®, CAIA®, TPCP®
Practice Management Insights
Getting Started in Financial Services
Is Financial Advising Right for Me?
In this series of articles, we will be exploring all the necessary information a professional needs to consider as part of running their own practice. The first leg of this journey is looking at the financial advising profession and helping a person consider whether or not this career is appropriate for them.
To determine whether or not this profession is appropriate, a person should evaluate the following factors:
- What exactly does a financial advisor do?
- What are the barriers to entry in the financial advising profession?
- How can I prove my credibility as a financial advisor?
These are not the only questions one needs to consider when looking at a career in financial services, but they serve as a good starting point that allows someone to consider whether or not this profession is really a good fit for them.
What Does a Financial Advisor Do?
This is a fairly broad question and the honest answer is that it depends on the situation. However, to address the heart of this question, it would generally be correct to say that a financial advisor helps an individual or entity manage their money. There are many nuances to the specifics of the relationship between an advisor and their client that can affect this answer, but overall, managing money and helping clients meet their financial goals is at the heart of financial advising.
There are multiple different types of financial advisors though, and this can change what functions they serve to their clients. For example, some advisors specialize in retirement planning, others assist with charitable giving, some offer investment plans, and others offer clients comprehensive financial plans that include all of the above and more.
As you research the financial advising profession, you may come across an important term that can greatly affect the role a financial advisor plays. This term refers to an advisor and calls them what is known as a “fiduciary.” According to Forbes, “a fiduciary financial advisor is a professional bound by legal and ethical standards who always acts in your best interest.”1
Financial advisors that also have a fiduciary responsibility are legally required to consider what’s best for their clients’ financial situations when offering them advice. This may seem like a given, but as a formalized legal and ethical obligation, whether or not an advisor is classified as a fiduciary should not be taken lightly.
How Do I Become a Financial Advisor?
One of the benefits of the financial advising profession is that there is no strict criteria for what an individual needs to become a financial advisor. This places financial advising as an option for professionals from a variety of backgrounds. However, one will likely find a greater level of success breaking into the field with either some form of finance experience or a college degree relating to business or finance.
Once these initial criteria have been met, there are a number of other factors to consider. Many financial services professionals pursue additional licenses and education that allow them to serve additional roles and validate them as qualified financial advisors.
For example, the Financial Industry Regulation Authority (FINRA) offers several licenses, including the popular Series 7 and Series 66. According to FINRA’s website, an individual who passes the Series 7 exam is “qualified for the solicitation, purchase and/or sale of all securities products, including corporate securities, municipal fund securities, options, direct participation programs, investment company products and variable contracts.”2 The Series 66 exam, “qualifies individuals in two capacities, as a representative of both a broker-dealer and an investment adviser.”3
Unlike other titles, the Series 7 and Series 66 are licenses and are required to perform certain functions. Though these licenses are not required to act as a financial advisor, they are qualifications those looking at the financial services field may want to consider.
How Do I Prove My Credibility as a Financial Advisor?
For many advisors, breaking into the field is not the final step. Some advisors may look to pursue additional education as a way to establish their capabilities. In some other cases, firms may require new hires to pursue one of these designations. However, if someone is new to the field, the number of options and the meaning behind the letters may be confusing or overwhelming.
Like many of the questions above, there is not a single right answer when trying to determine which, if any, credential is the right choice when attempting to prove your credibility as a financial professional. The financial services profession does not have any formalized requirements for financial advisors, but the closest thing to an industry standard is likely the Certified Financial Planner® (CFP®) certification. As one of the most prevalent titles in the industry with over 106,000 certification holders worldwide4, the CFP® certification offers a recognizable mark of credibility that tells clients an individual has demonstrated competence in several core areas of financial planning.
However, the CFP® mark has several prerequisites that may prohibit some from pursuing it. Those who wish to earn the title of CFP® professional must hold a bachelor’s degree. For some, this may be a prohibiting factor, as according to the U.S. Census Bureau, 62.3% of Americans, or roughly five out of every eight Americans, do not have one.5
Fortunately, a similar designation, the Chartered Financial Consultant® (ChFC®), demonstrates the same core competencies while not requiring a bachelor’s degree. For those who pursue a financial services career through a non-traditional path, this may signify the ChFC® as the appropriate choice for them.
Each of these designations serves as an indicator of a financial professional’s capability in the field, but they are not the only options. Specialized designations are also offered to advisors who wish to perform a specific function, such as the Retirement Income Certified Professional® (RICP®) for those seeking to perform retirement planning.
In any case, those pursuing a career in financial services have many questions to consider before determining whether the career is right for them. As with many major decisions, the choice should not be taken lightly. Research and education are your friend in making this decision. The American College of Financial Services offers both of these things and can help you on your path as you look to a career as a financial professional.
More on Practice Management
About The College Press
Center for Special Needs hosts virtual symposium
KING OF PRUSSIA, Pa. — September 16, 2025 - The American College of Financial Services Center for Special Needs will host its Virtual Advanced Special Needs Planning Symposium, a two-part online event designed to equip financial professionals with specialized knowledge in serving individuals and families with special needs. The sessions will take place October 14 and November 5, 2025, and are powered by the College’s Knowledge Hub+ platform.
The event builds on the success of the College’s inaugural Advanced Special Needs Planning Symposium in 2023 and its follow-up in 2024. With the in-person symposium scheduled to return in spring 2026, this year’s virtual format allows a broader audience to benefit from specialized education without geographic barriers.
“We are committed to ensuring that professionals have access to meaningful, practical education that makes a difference in their work with clients and families,” said Joellen Meckley, JD, associate vice president of Centers strategy and operations and managing director of the Center. “The Virtual Advanced Special Needs Planning Symposium is about more than continuing education. It’s about opening doors to specialization, providing resources and valuable insights while leveraging the online format to broaden our reach.”
Day 1, October 14, will introduce the key components of financial planning for families with special needs. Designed as “Special Needs Planning 101,” the session will help planners identify client issues, help support staff expand their knowledge, and introduce professionals to the Chartered Special Needs Consultant® (ChSNC®) designation.
Day 2, November 5, will feature advanced sessions led by industry experts, offering deeper insights into legal, financial, and legislative developments affecting special needs planning. This live event is exclusive to Knowledge Hub+ subscribers and members of The College’s Professional Recertification Program.
Highlights of Day 2 include sessions on:
- Divorce and the Special Needs Family: Legal and Financial Challenges for the Modern Advisor
- Critical Legislative Changes Impacting Disability and Special Needs Planning
- Fixing a Flawed Estate Plan: Protecting Special Needs Beneficiaries
The College remains committed to providing programs and continuing education in this highly specialized area, ensuring that practitioners have access to the resources they need to serve clients with care and expertise.
For more information and registration details, visit:
https://events.theamericancollege.edu/advanced-special-needs-planning-symposium/
About The American College of Financial Services
The American College of Financial Services is the nation’s largest nonprofit and accredited educational institution devoted to financial services professionals. Nearly one in five advisors or agents is an alum of The College. The College offers a learning platform that includes professional designation, certification, and degree programs and encompasses early-career foundational knowledge as well as deep, specialized education in tax, retirement income, philanthropy, risk management, and more with the highest-quality combination of rigor and relevance. The College’s faculty represents the foremost thought leaders in the financial services industry. Its educational programs, research, and events offer professionals the opportunity to accelerate through knowledge, grow through connections, and uplift through community.
Visit TheAmericanCollege.edu to discover all the ways you can expand your opportunities with The College.