Representation From The President Insights
From Recognition to Realization
When Juneteenth became a federal holiday in 2021, it marked a long-overdue recognition of a critical chapter in American history. For many of us in leadership, that moment also came with an ongoing responsibility: to move from symbolic acknowledgment to sustained, measurable action.
Now, four years later, we ask not just what we’ve celebrated, but what we’ve changed.
At The American College of Financial Services, we have worked with purpose to advance financial freedom for many years, including through our Four Steps Forward initiative that began in 2020 and focused on: empowering Black women through financial research and education, recruiting and training Black financial services professionals, developing executive leadership programs for Black professionals in financial services, and building collective impact for Black communities through financial education. We began with a focus on Black women, professionals, and communities, and today, these programs have expanded to reach broader populations.
For us, Juneteenth is not only about reflecting on the past and the end of slavery in America; this is an opportunity to honor our country’s history by building a stronger, more inclusive financial future for all.
Since Juneteenth was first recognized in 2021, we’ve taken real steps forward:
- In 2021, the American College Center for Economic Empowerment and Equality (CEEE) produced research called Black Women, Trust, and the Financial Services Industry, which delivered meaningful insights to help financial professionals build better relationships with and better serve this important group. In 2022, WealthManagement.com awarded the research a prestigious Wealthies award.
- In 2022, CEEE introduced the Executive Leadership Program, an innovative development opportunity for Black and DEI-committed professionals. Its success has led us to expand the program’s reach to include more leaders from diverse backgrounds.
- That same year, we rolled out Know Yourself, Grow Your Wealth®, a consumer education program distributed through more than 35 historically Black colleges and universities (HBCUs). It’s now reaching broader audiences across communities. As of the 2024 annual impact report, 15% of participants say they improved their financial knowledge as a result of completing the program, 46% adjusted their credit card use, and 68% increased their savings or began saving for the first time.
- Our Conference for African American Financial Professionals, now in its 19th year, attracted record attendance, most recently drawing nearly 1,000 financial professionals, more than 50 HBCU and affiliate scholars, and 20 corporate sponsors to the 2024 event.
These initiatives are more than checkboxes. They are expressions of our belief that economic empowerment is the next chapter in the story Juneteenth asks us to tell. It’s a story in which opportunity is not merely promised, but delivered.
The College has used its platform to advocate for positive change within our profession and society at large. Today we’ve made representation one of our top three strategic priorities, underscoring our commitment to advancing education, access, and opportunity across the financial services profession.
In the past year alone, I’ve had the privilege of sharing my perspectives on representation and inclusion at industry gatherings such as Future Proof, Tiburon, and the Financial Services Institute, as well as in podcasts and publications. And while those are just some examples of my activities in the past year, they are not isolated or individual. Rather, our work represents a sustained commitment by our executive leadership team, board of trustees, and many strategic philanthropic partners.
Juneteenth is a reminder of resilience and responsibility. In pursuit of The College’s mission to provide applied financial knowledge and education, promote lifelong learning and advocate for ethical standards to benefit society, we have a responsibility to continue opening doors, challenging assumptions, and equipping more people to thrive. We remain dedicated to that work through research, education, and action.
This year’s Conference for African American Financial Professionals in August will center on the theme Pathways to Prosperity. On this Juneteenth, please join me in reflecting on how we can continue forging new pathways from the freedom brought by emancipation to the freedom that comes with financial prosperity.
More From The College
Get to know the Center for Economic Empowerment and Equality
Learn about the Conference for African American Financial Professionals (CAAFP)
Tax Policy Proposals and Impacts
In this episode of the Shares podcast, Eric Ludwig, PhD, CFP®, Retirement Income Certified Professional® (RICP®) Program director at The American College of Financial Services, speaks with Tax Planning Certified Professional™ (TPCP™) Program director Sophia Duffy, JD, CPA, AEP® about the possible tax policy changes contained in the “One Big Beautiful Bill Act” currently making its way through Congress. In addition to making many of the changes put in place in the 2017 Tax Cuts and Jobs Act (TCJA) permanent, they discuss some exciting possibilities for tax-informed financial planning, including new exemptions and deductions for business owners (such as financial advisors!), expanded uses for 529 and HSA accounts, cap changes for state and local taxes, and more.
Sophia Duffy, JD, CPA, AEP® is an associate professor of business planning and program director for the Tax Planning Certified Professional™ (TPCP™) Program at The American College of Financial Services. She teaches classes in estate planning, small business planning, and taxation at the graduate and undergraduate levels.
Duffy has published research on a variety of issues related to financial planning, including discrimination in AI-based insurance underwriting, the vulnerability of aging investors, and award-winning research on Social Security planning for high-income-earning women.
Duffy earned a Juris Doctorate (JD) from the Temple University James E. Beasley School of Law and a Bachelor of Science in Accounting from Rutgers University. She is also a Certified Public Accountant (CPA) and an Accredited Estate Planner® (AEP®).
Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.
More From The College
See how you can incorporate tax-informed planning into your practice with the Tax Planning Certified Professional™ (TPCP™) designation
Get more insights on tax-informed financial planning
Retirement Planning Strategies for a Changing Landscape
In times of uncertainty, it’s vital that advisors can deliver versatile retirement planning strategies to meet the ever-evolving needs of their clients.
According to our 2023 Retirement Income Literacy Survey, individuals who work with advisors often have higher retirement literacy and experience better outcomes than those who don’t. However, the average literacy score was just 31%, revealing a widespread lack of understanding of key retirement topics. This underscores the critical need for expert guidance — especially among those in or nearing retirement.
With today’s uncertain markets and increasing life expectancy unearthing fears of outliving savings or becoming a burden on loved ones, the demand for professional retirement planning is at an all-time high. To help ensure retirement income security for clients in unpredictable times, advisors need retirement planning strategies that are both sound and flexible.
Ensuring Stability Through Smart Adjustments
Market uncertainty can upend traditional retirement longevity planning approaches, demanding quick thinking and flexibility from an industry built on long-term stability. Yet even small shifts in strategy can make all the difference.
In a recent discussion, Retirement Income Certified Professional® (RICP®) Program Director Eric Ludwig, PhD, CFP® and CEO of Bryn Mawr Capital Management Jamie Hopkins, Esq., LLM, CFP®, ChFC®, CLU®, RICP® identified two key strategies for stability in retirement planning.
The first tactic Ludwig and Hopkins discussed was diversifying your clients’ income streams through a “bucketing” approach. Rather than treating assets as a single, unified pool of money, you can categorize them into separate “buckets” based on when they might need the funds. By aligning their assets with time-specific goals, like short-term investments, savings, and growth, you can prevent panic and instead provide peace of mind.
Another powerful strategy they offered was implementing spending guardrails based on market conditions. Rather than sticking to a fixed annual spending amount, you can help clients adjust their spending based on predefined thresholds. If the market performs well and their portfolio grows beyond a certain point, they can increase their spending into an “upper guardrail.” If their investments drop past the “lower guardrail,” then they can reduce their spending accordingly. By focusing on the probability of portfolio adjustment rather than success or failure, this dynamic approach helps preserve retirement income security and longevity without sacrificing lifestyle.
These adaptive approaches ensure your clients’ investments match their time horizon and keep their spending in check, creating a flexible, resilient retirement plan that can weather market volatility.
Getting Ahead of Long-Term Care Costs
As people live longer and healthcare costs climb, the likelihood of needing some form of long-term care grows, making it a crucial element of retirement longevity planning. In a workshop session at Horizons 2025, Director of College Research Kaylee Ranck, PhD, and Managing Director of the American College Center for Special Needs Joellen Meckley, JD, MHS, ChSNC® delved into this topic.
Ranck and Meckley revealed that projections show 70% of people aged 65 or older will at some point require long-term care, and the costs can be substantial and unpredictable.1 Without a plan in place, long-term care costs can drain retirement funds quickly, threatening financial independence and potentially placing an emotional burden on family or caregivers. This possibility causes anxiety among the majority of individuals in or nearing retirement, with 77% saying becoming a burden is their main longevity concern.2
Couple rising longevity with current market uncertainty, and it becomes more and more apparent that proactive planning — rather than waiting for a caregiving-related crisis to hit — is not just a wise decision, but an imperative one. By helping clients plan ahead through long-term care insurance, hybrid life insurance policies, or even Health Savings Accounts (HSAs), you can protect their portfolios from large, sudden losses during market downturns.
Having a long-term care plan in place ensures your clients have greater choice and control over their futures — and in uncertain times, that stability makes all the difference.
Utilizing Historical Context and Behavioral Finance
One of the most effective tools in an advisor’s toolkit is historical context, said Professor of Practice Steve Parrish, JD, RICP®, CLU®, ChFC®, AEP® in a recent Shares episode. Market downturns, while undeniably uncomfortable, are not new. These downturns often trigger strong emotional responses — fear, anxiety, and the impulse to act quickly. Reminding clients of the market’s long history of recovery after major crashes can help combat reactionary decisions that might derail long-term goals.
However, historical perspective alone isn’t enough. According to Hopkins, the quality of client service is critical, especially in uncertain times. Understanding your client’s personal financial journey — their past experiences with economic downturns, job loss, or caregiving responsibilities — adds a layer of behavioral finance insight that purely technical strategies can’t.
Ultimately, the financial services industry is just that: service. During uncertain times, making clients feel heard and understood is more than just a best practice, it’s a fundamental part of building retirement plans that endure.
More on Retirement Income Planning
- See more takeaways from our Retirement Income Literacy Study
- Give your clients the gift of knowledge with a free education program, The Retirement Course™
- Become a retirement expert with our Retirement Income Certified Professional® (RICP®) Program
Learn more about the RICP® program
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Preparing for the CFP Exam
For many financial professionals getting started in the industry, the CFP® certification serves as the first major milestone in their career. With over 100,000 active CFP® professionals in the United States, the credential is one of the most widely recognized symbols of competency among financial planners.1
Earning this respected credential acts as a signpost to potential clients, letting them know that a professional has dedicated themselves to education beyond the basics and has a strong understanding of the core competencies needed to perform the necessary functions of a financial advisor.
However, there are several factors to consider aside from whether or not the CFP® is a good fit for you — and perhaps the most important item that any prospective CFP® professional must plan for is the CFP® exam.
What Does the CFP® Exam Look Like?
The CFP® exam is held three times annually: March, July, and November. Testing consists of an eight-day window during which hopeful CFP® professionals must earn a passing grade to earn the credential.
The exam consists of 170 questions covering a variety of topics broken up into sections. These sections address the following categories:
- professional conduct and regulations
- general financial planning principles
- risk management and insurance planning
- investment planning
- tax planning
- retirement savings and income planning
- estate planning
- psychology of financial planning
The exam is graded on a pass or fail basis and the CFP Board does not disclose the minimum score required to pass the exam. Needless to say, the exam is not easy. According to the results of the latest round of exams, the CFP Board announced a 65% pass rate for first-time test takers. However, with the appropriate preparations, steps can be taken to improve your odds of passing.
Preparing for the CFP® Exam
The first step in preparing for the CFP® exam is registration. Registration for any given exam window typically opens about five months prior and costs $925, with $100 discounts or additional fees possible for those who register during the respective early bird or late windows.
Once registration is complete, the logical next step is to study. When asked about the process of preparing for the exam, our CFP® Certification Education Program Director Chet Bennets, CFP®, ChFC®, CLU®, RICP®, CLF® said, “The CFP® exam is rigorous, and success requires disciplined, strategic preparation. Candidates who consistently perform best typically have a structured study plan, use comprehensive review courses, and engage in frequent practice exams to build both competence and confidence.”
Fortunately, with the CFP® being one of the most commonly held credentials across the financial services industry, there are a variety of resources available to help study for the exam. Practice exams are readily available in a litany of locations across the internet, ranging from the full-length practice exam featured on the CFP Board’s website to smaller tests that give prospective test takers a feel for the type of questions that will be included in each section of the exam.
Education for the CFP® Exam
Additionally, there are many options for more robust study plans. Our CFP® Certification Education Program offers seven courses covering topics critical to the CFP® exam and provides learners with strong context to help them comprehend the materials, resulting in 72% of those who learned with The College passing their exam, well above the national average.2 Similar programs may vary from one institution to another, but they can also offer access to additional practice exams, study groups, and other resources that help those enrolled in the program build confidence about passing the exam and build a strong understanding of the material.
As Bennets states when talking about the best preparation methods, “Understanding not only the material but how it applies practically to client scenarios is key. The goal is to master the content, not just memorize it.”
Ultimately, registering for the CFP® exam is one of the most important steps an early-career financial professional can take. As such, it is critically important to take the necessary steps to prepare for this exam and maximize your chances of passing.
More From The College
Learn more about our CFP® Certification Education Program
About The College From The President Insights
Memorial Day and Military Appreciation Month 2025
Memorial Day calls us to honor those who gave their lives in service to our nation. Military Appreciation Month calls us to honor and support those still serving, those who have served, and their families, helping them build new futures.
These occasions invite moments of solemn gratitude. I want to say a sincere thank you to anyone whose life has been shaped by military service. I appreciate every member of the military community and their family members. My heart goes out to those families who lost loved ones in military service. Surely, many of you share my strong belief that we should remember the service and sacrifice given selflessly to our country.
Even if we haven’t shared military experience ourselves, we can commemorate those who do. The power of remembrance is unifying.
Remembrance — and the feelings of grief, respect, comfort, and shared values it evokes — transcends ideologies, uniting us beyond political and cultural divides. Remembrance calls to mind our shared humanity. To remember is not merely to reflect; it is to gather, to honor, and to celebrate what connects us.
While attending a memorial service earlier this month, I witnessed once again, as I’m sure you have, how heartening it is to see many individuals from all walks of life come together to pay tribute to one beloved person. Together, we shared tears and laughter, because we shared affection for that singular individual, regardless of any differences. We shared in his loss, because we shared in his life. Not everyone has had military experience and not everyone has mourned the loss of a service member. But we can relate to sacrifice and grief. I have felt the experience of losing someone and know it to be among the most impactful moments in life. Often, more memorable than loss is the memory of the person we mourn.
Often unity is one of the gifts that comes from profound loss. Uniting with others in a moment of remembrance gives us hope for the future and assures us that we will be okay.
This month, at memorials, parades, and other gatherings across the country, Americans of all backgrounds stand shoulder to shoulder, remembering together. And often, something transformative happens: appreciation. We begin by honoring the fallen, and we leave with a deeper appreciation for the living. For their families. For their fellow service members. For one another. Each flag placed, each name read, each family comforted is a reminder that we are bound by something greater than ourselves.
Today, more than 1.3 million Americans serve in uniform. Millions more have served or supported a loved one who has. And with every life lost in service, we are reminded that remembrance is more than ceremony. It is an ethical act.
Remembrance and appreciation foster unity. These fibers form the fabric that connects us. The College is proud to convene individuals across generations, industries, and communities to foster shared learning and ethical practices. In the same way, financial services as a profession thrives when it welcomes people of all backgrounds.
In my experience, we are inclined to do more to serve those who have served in the military and their families. This is a personal and collective response sparked by gratitude.
Unity is not only a patriotic ideal; it is a professional imperative. Simply put, it’s the right thing to do. To grow, to innovate, and to serve, our field must continue to include veterans, military spouses, and individuals from every walk of life. These are the leaders and changemakers who will carry forward the legacy of service in the next mission to benefit society.
As a profession built on trust, service, and impact, the financial services industry has a responsibility to lead with respect for military service members, veterans, and their families. But we shouldn’t stop there. So many current and future leaders who belong in financial services are also proud members of the military community. To those who are, I say, thank you. And to everyone else, let’s each take a moment to engage with someone whose life has been shaped by military service. Learn their story. Share our gratitude.
We grieve together. We remember together. We move forward together. And we are stronger together.
To support veterans and military families who are in career transition or preparing to take on their next mission in the financial services profession, please visit the American College Center for Military and Veterans Affairs. Together, we can turn remembrance into action.
More From The College
- Visit the American College Center for Military and Veterans Affairs
- Learn and support The College’s mission