The One Big Beautiful Bill Act (OBBBA) was officially signed into law over the Fourth of July weekend, bringing with it major tax law changes that financial professionals must fully understand to effectively advise their clients.

Join industry experts Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA and Ben Birken, CFP®, along with our media partner InvestmentNews for our next exclusive Knowledge Hub+ webcast. In this webcast, Levine and Birkin examine all the impacts of the OBBBA, including which existing provisions the OBBBA extends, changes, introduces, and more. They also discuss tax planning strategies advisors can use with clients in light of these tax law changes.

This on-demand webcast is only available in Knowledge Hub+. Knowledge Hub+ is a robust, just-in-time learning platform delivering over 80 hours of on-demand CFP Board-approved CE by leading academics, practitioners, and thought leaders. Learn more about Knowledge Hub+ and subscribe today! College designees can access Knowledge Hub+ as a benefit of the Professional Recertification Program without having to subscribe via My Learning Hub.

Presenters

Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA
Professor of Practice, The American College of Financial Services
Connect on LinkedIn | Read Bio

Ben Birken, CFP®
Owner and Founder, Pisces Financial Advisors
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In Atlanta, GA on August 11-13, professionals from across the industry came together for the 19th annual Conference of African American Financial Professionals (CAAFP). The event’s theme, “Pathways to Prosperity,” encouraged attendees to consider their ability to make a difference not only in the lives of their clients and community, but also in the future of financial services.

Throughout the three-day event, attendees answered a variety of questions focused on the industry, their professional development, and financial literacy for both themselves and their clients. Their responses revealed valuable perspectives on the financial services industry, the knowledge that fuels professional development, and insights that empower advisors and clients alike.

Day One

What one word describes your view of the industry when you first started?

On the first day of CAAFP 2025, we asked attendees to reflect on their earliest perceptions of the financial services industry. This question wasn’t just about nostalgia — it was about understanding how financial professionals’ first impressions are shaped by broader industry trends, now and in the future.

The responses, captured in a word cloud, offered a nuanced illustration of the industry. On the positive side, words like “opportunity,” “education,” and” rewarding” point to the industry’s longstanding potential to create meaningful careers and lasting client impact. Simultaneously, descriptions such as “intimidating,” “challenging,” “overwhelming,” and “male-dominated” reflect the very real barriers professionals have faced — and continue to navigate — as the industry evolves.

Taken together, these insights suggest that while the financial services profession offers rich opportunities for success, it also demands resilience, continuous learning, and an intentional push towards an inclusive, forwarding thinking industry. They highlight how professional development and advanced education remain central to ensuring the industry continues to grow in ways that serve both financial professionals and their clients.

Day Two

What has helped you most to advance your career?

On the second day, we asked attendees to reflect on the resources that have most supported their professional development and career success: education, mentorship, networking, or performance. Among these, education emerged as the top resource, highlighting the critical role of continuous learning in helping financial professionals stay ahead in a constantly evolving industry.

Mentorship and networking also resonated strongly, with networking just slightly behind in first-place votes. These responses underscore the value of connecting with peers and experts to share insights and build community in the profession.

At The College, we aim to meet these needs by offering educational programs designed not just to impart knowledge, but to provide practical, real-world strategies that learners can apply immediately with their clients. Our enterprise events — like CAAFP or Horizons — create spaces for meaningful networking and peer-to-peer learning, helping professionals exchange ideas, gain diverse perspectives, and build professional relationships that last. Together, these efforts empower learners to advance their careers, strengthen their foundational and specialized knowledge, and contribute to bettering the broader financial services industry.

Day Three

What strategies do you use to help your clients generate retirement income?

On the third day, we asked attendees about the retirement planning strategies they most frequently use with clients. Annuities and delayed Social Security claiming emerged as the top two strategies, reflecting their continued relevance in helping clients secure predictable, reliable income streams and optimize their retirement timing.

These responses underscore the value of a comprehensive approach to retirement planning —  a perspective reinforced in programs like the Retirement Income Certified Professional® (RICP®) Program, which covers these strategies in depth. By combining technical knowledge with practical, client-focused applications, programs like the RICP® help financial professionals confidently guide clients through complex retirement decisions.

In addition to the daily questions, attendees also reflected on financial wellness and literacy during a keynote session with President and CEO of The College George Nichols III, CAP® and First Independence Corp and First Independence Bank CEO Kenneth Kelly.

The questions focused on their own and their clients’ wills and credit scores. The responses revealed that many attendees — and their clients — either did not have a will or were unsure if one existed, while credit scores were more varied, with most attendees rating themselves from “fair” to “exceptional” but often uncertain about their clients’ scores.

"How can I leverage what I know in such a way that others in the community can also benefit from it?"

- Kenneth Kelly

“When you look at the numbers, it's very telling,” said Kelly of the survey results. “As we talk about financial wellness or literacy, the data reveals an opportunity to continue to grow and make some changes culturally, but also individually. As George said, we can't help others if we haven't helped ourselves.”

The findings underscore the importance of ongoing financial education, not just for professionals, but for the clients and communities they serve. By first growing and educating themselves, as Kelly suggests, financial professionals can pass on their knowledge and help create pathways to prosperity for their clients, ultimately strengthening their decision-making, planning, and overall financial wellness.

More From The College

• Learn more about the American College Center for Economic Empowerment and Equality
• Get key insights for uncertainty with our Advising Through Uncertainty Study

At its core, life insurance is about more than a policy: it’s about creating stability, protecting loved ones, and ensuring that financial goals don’t unravel in the face of life’s uncertainties. Despite its importance, millions of Americans remain underprotected.

According to LIMRA, 42% of U.S. adults — more than 100 million people — say they need more life insurance coverage.¹ This illustrates the nation’s growing “coverage gap,” which leaves countless households financially vulnerable in the event of unexpected loss. For many, this gap reflects not a lack of concern, but a lack of understanding, with misconceptions about cost and coverage standing in the way of financial stability.

Misconceptions About Life Insurance

Much of the coverage gap is caused by misconceptions, and the most common one is cost. More research from LIMRA reveals that 72% of U.S. adults overestimate the cost of life insurance, with younger Americans often assuming it costs three times more than it actually does. In fact, healthy adults aged 18 to 30 have been found to overestimate the median cost of life insurance by as much as 10 to 12 times.¹ These misconceptions keep many Americans from pursuing much-needed coverage, even when affordable options are within reach.

Another persistent myth is that life insurance is only necessary for parents or primary breadwinners. It’s important for clients to understand that, in reality, life insurance can serve a variety of purposes, including:

• Protecting dependents like spouses, aging parents, or others
• Covering debts such as mortgages or student loans
• Creating a financial legacy for loved ones

Delaying life insurance in response to these misconceptions can be costly, as premiums typically increase with age and health changes. While it may feel like an uncomfortable or premature decision to clients, purchasing coverage early is one of the most effective ways to build a strong foundation for long-term financial wellness.

Employer-sponsored life insurance adds another layer of complexity. While workplace coverage provides a helpful starting point, relying on it alone often leaves many individuals unprotected. A study conducted by Guardian Life found that almost two-thirds of life insurance owners rely solely on employer-sponsored coverage, and half of those only have one or two times their salary in protection — far less coverage than even the lowest recommended amounts.²

Given these gaps, it’s clear that many Americans need additional guidance to fully understand and secure adequate coverage.

How Financial Literacy Improves Life Insurance Coverage

Findings from The College’s Retirement Income Literacy Study underscore the fundamental gap in financial literacy, including the topic of life insurance. Despite scoring relatively high compared to other financial topics, many individuals still don’t fully understand how life insurance fits into a retirement plan. Without literacy in these areas, families and individuals may continue to underestimate their coverage needs, leaving themselves vulnerable to financial shortfalls.

So, what can you do to close the gap? Guardian Life also found that individuals who work with a financial professional are more likely to both own life insurance and carry higher coverage amounts — resulting in greater protection overall.²

That’s why education matters. In-depth knowledge on the complexities of life insurance solutions, like that provided by the Chartered Life Underwriter® (CLU®) curriculum, equips advisors to address misconceptions and guide clients toward solutions that protect what matters most. By fostering understanding and encouraging proactive planning, advisors can help bridge both the coverage gap and the financial literacy gap.

More on Life Insurance and Risk Management

• Get more insights from the Retirement Income Literacy Study
• Specialize in life insurance planning with the Chartered Life Underwriter® (CLU®) Program

ThinkAdvisor | A Surprisingly Powerful Motivator to Plan for Retirement
July 18, 2025

In this article, Wealth Management Certified Professional® (WMCP®) Program Director Michael Finke, PhD, CFP® explores the theory that client optimism can have a strong impact on a range of financial behaviors and be a powerful motivator for proactive retirement planning.

Golden Isles CEO |  Many Americans are Counting on the Wrong Safety Net for Long-Term Care
July 23, 2025

This article about increasing longevity and the financial strain of long-term care cites recent research conducted by The College and the Nationwide Retirement Institute to illustrate how misunderstood and underused long-term care insurance is.

MSN | Asset Management vs. Wealth Management
July 24, 2025

In this article comparing wealth management and asset management, Michael Finke, PhD, CFP® explains the value of working with an advisor who has credentials that indicate knowledge beyond the foundational elements of planning.

NewsBreak | Social Security, Inheritance, and the Future of Retirement: What You Need to Know Now
July 24, 2025

This article summarizes the key retirement planning takeaways from a session at Horizons 2025, featuring insights from College thought leaders Eric Ludwig, PhD, CFP®, Steve Parrish, JD, RICP®, CLU®, ChFC®, AEP®, Jeff Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA, and Jamie Hopkins, Esq., LLM, CFP®, ChFC®, CLU®, RICP®.

NBC Montana | Applying for Social Security: How and when to do it
July 28, 2025

Wade Pfau, PhD, CFA, RICP® offers advice in this article detailing all the options and steps to take when applying for social security.

ThinkAdvisor | Safe Money Matters with Brad Pistole
July 28, 2025

In this podcast episode, Brad Pistole, RICP®, TPCP®, CFF®, CAS®, IRMAACP™ talks tax management, continuing education, the evolution of the annuity sales process, and more.

Financial Planning | Keep retirees focused on the long view when markets falter
July 30, 2025

In this article, Eric Ludwig, PhD, CFP® examines the benefits of focusing on long-term planning rather than trying to predict the markets, especially when working with retirees amid uncertain markets.

The Adviser Magazine | American College, RISR team up on business succession clients
July 31, 2025

This article dives into The College’s recent partnership with RISR, including the value of specialized knowledge and how RISR will help advisors improve their services for business owners.

EUROPE SAYS | How Much Makes Someone Wealthy, and Why It Can Pay to Delay Social Security
August 2, 2025

In this podcast episode, Michael Finke, PhD, CFP® provides insights on whether or not individuals should consider claiming social security early.

Star Tribune | How to create a reliable paycheck after retirement
August 5, 2025

Michael Finke, PhD, CFP® provides his recommendation for those considering claiming social security early in this article about increasing your retirement income.

MSN | What Is a Retirement Advisor?
August 5, 2025

In this article about what defines a retirement advisor, Eric Ludwig, PhD, CFP® explains that having specialized education, like the knowledge found in the Retirement Income Certified Professional® (RICP®) Program, is key to being considered a retirement advisor.

Financial Advisor | Give Now, Advisors Say, Before New Law Restricts Charitable Deductions Next Year
August 8, 2025

In this article about the impacts on charitable giving caused by the One Big, Beautiful Bill Act, the American College Center for Philanthropy and Social Impact Managing Director Paul M. Caspersen, MS, CFP®, AEP® weighs in.

AInvest | Aging Populations and Financial Literacy Gaps: Implications for Retirement and Longevity-Linked Markets
August 10, 2025

This article about the financial literacy gap among older Americans cites findings from The College’s 2023 Retirement Income Literacy Study.

Kiplinger | Financial Planner vs Investment Manager: Who's the Better Value for You?
August 11, 2025

This article by Chief Marketing and Strategy Officer Jared Trexler explores key findings from the Advising Through Uncertainty Study, which indicate that financial planners are better equipped to navigate market uncertainty for their clients than investment managers.

Bankrate | What to do if you lose your 401(k) employer match
August 11, 2025

In this article about the steps to take in the event of a lost 401(k) match, Steve Parrish, JD, RICP®, CLU®, ChFC®, AEP® shares advice based on various potential financial situations.

MSN | Oh No -- You Might Live to 100! That Could Be Great, but How Will You Not Run Out of Money?
August 17, 2025

The College and the Nationwide Retirement Institute’s recent research on retirement longevity is mentioned in this article about the potential impacts of increasing life expectancy.

MSN | Baby Boomers vs Gen X: How They Approach Retirement Differently
August 19, 2025

In this article about the different retirement planning approaches of Generation X and Baby Boomers, Steve Parrish, JD, RICP®, CLU®, ChFC®, AEP® examines how Generation X is more willing to do their own research.

Barron's | ‘Good’ Mistakes: What Financial Advisors Learned From Their Missteps
August 20, 2025

In this article about the lessons learned from financial advisors’ mistakes, Eric Ludwig, PhD, CFP® speaks on the importance of finding a process you trust and working with clients who trust it, too.