The financial services industry has long relied on the Chartered Life Underwriter® (CLU®) designation as the benchmark to determine who has extensive knowledge of life insurance. The CLU® designation is issued by The American College of Financial Services. The CLU® designation is helpful when evaluating the life insurance underwriting and risk management needs of business owners and professionals, and can be an important factor in debt agreements. The CLU® designation is also instrumental in regards to life insurance law within the context of overall risk management and helping clients to address their estate planning needs.

The CLU® designation is a five-course program that studies the practical application of risk management and the ability to manage complex financial services. The program is made up of four core courses, plus one elective. In addition, candidates must pass five 100-question, 2-hour exams (one at the end of each course). Course topics include:

• Fundamentals of Insurance Planning
• Individual Life Insurance
• Life Insurance Law
• Fundamentals of Estate Planning and Planning for Business Owners and Professionals

Other course topics include financial planning, income taxation, group benefits, investments, and retirement planning.

What does the CLU^® designation mean?

A CLU® designation means a financial professional has gained an in-depth understanding of the practical, legal, and ethical aspects of life insurance underwriting and can provide the best solutions to a diverse clientele facing a range of risks and financial situations.. The CLU® designation is a significant designation for U.S. securities entities, as well as the designated business owners for securities companies and securities broker-dealers.

What is the CLU^® pledge?

The CLU® designation requires a pledge to uphold the highest ethical and professional standards of conduct established by The American College of Financial Services:

“I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself.”

In addition, maintaining the designation requires 30 hours of continuing education (CE) credit every two years.

How difficult is the CLU^® designation?

The CLU® designation is usually obtained after a number of years in the insurance business and passing licensing exams. The licensing exams are considered by most to be quite difficult, with thousands of people attempting them each year. The exams are lengthy, with many hours of study time required before taking them. The credential will ensure that you are recognized as a general insurance knowledge specialist. 

What are a CLU^® and a ChFC^®? 

The ChFC® is an acronym for Chartered Financial Consultant®. This certification program is offered by The American College of Financial Services to individuals who have completed an intensive program of study in the area of financial planning. The designation is earned once the financial professional has met all requirements to be recognized as an authoritative practitioner in financial counseling and planning. The designation is also available for individuals who have met specific educational and experience guidelines.

A CLU®, on the other hand, is the designation earned by financial professionals who have studied in-depth the risks involved with certain insurance annuities and policies, such as life insurance.

A CLU® or ChFC® designation indicates that an individual has completed a comprehensive program of study that has been developed and governed by The American College of Financial Services. Although these designations are available to all qualifying candidates, they are especially popular among those who work in financial services businesses.

What is the difference between ChFC^® and CFP^® certification?

The designation Chartered Financial Consultant® (ChFC®) reflects that an individual has completed advanced coursework in personal financial planning and passed comprehensive exams. A CFP® professional has also completed a college degree plus met specific coursework and passed comprehensive exams.

The CFP Board of Standards sets and enforces standards for the CFP® mark in their privacy policy, and ensures that CFP® professionals are held to the highest standard of integrity, ethics, and professionalism. The CFP Board owns the CFP® mark, CERTIFIED FINANCIAL PLANNER™, and federally registered CFP® certification.

ChFC® implies that the applicant possesses expertise in various financial planning processes, similar to the CFP® certification. ChFC® is important for advisors who offer assistance with retirement planning, estate planning, wealth management, and sell life insurance, disability income, or long-term care policies that are regulated by state insurance departments.

More From The College:

See our CFP® Certification Education Program

Learn about our CLU® Program

Get the details of our ChFC® Program

Black women's influence on their families and within their communities is undeniable. Yet, they remain an underserved demographic in the financial services industry. Our first step forward focuses on developing programs that curate the best financial knowledge relevant to Black women to grow their wealth. The more Black women know about the barriers to financial stability, savings strategies, investing, and transferring wealth, the more their families and communities can grow in financial wisdom.

To this end, I'm proud to present the Center for Economic Empowerment and Equality's inaugural research study, Black Women, Trust, and the Financial Services Industry. We surveyed 3,500 middle-income Black women across the nation to create a holistic picture of Black women's perception of financial services and money, their wants and needs, and their role as decision-makers in their households and communities.

With this groundbreaking research, we now have actionable insights that The College plans to use as we work to improve Black Americans' relationship with money and the financial services industry. The Center for Economic Empowerment and Equality is dedicated to bringing Black women into the fold, starting with showing the financial services industry the opportunities available to better connect with Black women and better demonstrate inclusivity, empathy, and understanding.

I invite you to view the research and learn what's needed to become better partners and financial allies with Black women. You, too, can help us in our mission to close the wealth gap.

The WMCP® designation is awarded to financial advisors who have successfully completed the comprehensive certification process. WMCP®s are held to standards of excellence and must adhere to a strict code of ethics. They must also demonstrate their expertise in working with high-net-worth clients in areas like income tax, estate planning, investment management, and insurance.

Financial advisors are charged with many responsibilities, including asset management, insurance, estate planning, retirement planning, wealth management, financial planning, investment, tax, fee-based advice, regulatory compliance, debt negotiation, risk management, compliance, securities trading, and much more. Stand out from your competitors and attain greater credibility, trust, and respect by earning your WMCP® designation!

How do I get a wealth management certificate?

The WMCP® is a certification for wealth managers and investment advisors who have met rigorous requirements and passed a battery of exams. The 6 to 8-month learning experience is built for financial professionals who want to understand the intricacies of the wealth management industry and serve clients with comprehensive financial strategies, knowledge, and expertise.

What certifications do wealth managers need?

In general, wealth managers will have a bachelor's degree from an accredited university in business administration, accounting, finance, economics, or a related field. They must also complete approved graduate studies (e.g., MBA) or have earned a CPA certification. Continuing education is strongly recommended to maintain currency of knowledge—most states require their CPAs to earn 30 hours of CE credit per year.

What is a CPWA certification?

The Certified Private Wealth Advisor (CPWA) is a U.S.-specific certification that aims to set a minimum standard and best practices for professional wealth managers who work with high-net-worth clients in income tax, estate planning, investment management, and insurance.

To earn a CPWA designation, applicants must hold a bachelor's degree from an accredited institution and have one of the following designations: CIMA®, CIMC, CFA, ChFC®, or a CPA license. In addition, applicants must have an acceptable record according to the Investments & Wealth Institute’s Admissions Committee. Lastly, applicants need at least five years of experience in the financial services field.

What certifications do you need to be a wealth manager?   

A wealth manager not only manages a client’s money, but also acts as a financial advisor who helps a client make the right choices in investing, saving, and planning for retirement.

The first step along the path to becoming a certified wealth manager is usually becoming a CFP® professional through the Certified Financial Planner Board of Standards, Inc. The CFP® certification is the most respected personal financial planning accreditation in the world. It has been established to provide the public with the assurance that those who are certified are indeed qualified to provide objective financial planning advice.

In general, in order to work as a wealth manager, you'll need at least a bachelor's degree.In some places, you'll also need to become a Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA), which requires additional education and work experience.

What is certified wealth management?    

Wealth management is an umbrella term for financial advice to high-net-worth clients, including investment planning and portfolio management. As professionals investing on behalf of their clients, a wealth manager’s goal is to help maximize the growth and preservation of clients’ assets over time.

Certified wealth management professionals have completed a set of educational requirements and achieved a status that validates their expertise in the field. Some examples include the CFP® certification, Chartered Financial Analyst (CFA), Wealth Management Certified Professional® (WMCP®), or American Institute of Wealth Management Analyst (AIA). As with most occupations, the more education you have, the more expertise you possess, and the more successful you can become.

Which is better: WMCP^® or CFP^® certification?

The WMCP® designation is a specialized, professional-level designation for wealth managers. It establishes the wealth manager as an expert in his or her field and provides a foundation for financial success.

The CFP® certification is the most recognized financial planning designation in North America. To earn this prestigious professional designation, knowledge and skills must be demonstrated through a comprehensive exam and adherence to stringent ethical standards.

The CFP® certification is recognized as the “gold standard” of financial planning designations. A CFP® professional will usually manage his or her own business, whereas a WMCP® practitioner may be an employee of a firm that manages money.

Invest in your career with a professional designation

To continue providing value to your clients, you have to go well beyond the usual investment advice. Through the Wealth Management Certified Professional® (WMCP®) designation program, you can master behavioral finance and learn the advanced strategies needed to create efficient, individualized portfolios that are attuned to each of your client’s unique needs and values. Offer your clients more.

More From The College:

• See our CFP® Certification Education Program.
• Get the details of our WMCP® Program.

It has been two years since the Business Roundtable’s statement on the purpose of a corporation, which read that companies should be concerned about serving all of their stakeholders, not only their shareholders. This represents a mindset shift in business, consistent with the trends toward “stakeholder capitalism.” It has been especially evident during the global events of the last year and the ongoing pandemic, which have spurred some corporations to step up their philanthropic support and community service.

“Doing well by doing good,” a quote attributed to Benjamin Franklin, is a concept that today articulates how corporations could affect the communities in which they operate, if they run their business with purpose in mind. A related term, “social impact,” describes the intersection between for-profit practices and charitable missions, which can demonstrate measurable positive impact on stakeholders. It is about corporations making the world a better place, helping to improve quality of life while also running their businesses well, and solving big problems while serving humanity in positive ways. In a world that cynically views “business ethics” as an oxymoron, really, what does that look like?  

Grab, Southeast Asia’s ride-hailing company, demonstrates a tangible example of corporate purpose with heart for its stakeholders. In addition to transportation, the company offers food delivery and digital payment services via a mobile app. While the company has had blemishes to grapple with, it is interesting to learn how a focus on social impact led Grab, a transportation tech company, to financial services. They identified and filled a real need for their unbanked and underbanked drivers. The company set up their drivers with bank accounts, thereby, enabling them to receive their paychecks through direct deposit.

Grab’s approach demonstrates a stakeholder-focused program. Why? Because its choice to recognize a stakeholder need and to meet stakeholders where they are illustrates an effort to build trust through affective symmetry. By aligning with its stakeholders’ need, Grab strengthened emotional connection, strengthening trust with their drivers.  At the American College Cary M. Maguire Center for Ethics, our research has also identified that balancing symmetries in relationships is an important element of stakeholder culture within the financial industry. The Relationship Balance Model, developed by our Maguire Fellow in Applied Ethics, Caterina Bulgarella, PhD, helps financial institutions identify trust opportunities and understand how stakeholders use trust as an accountability mechanism in reducing asymmetries and/or creating symmetries in their relationships. When businesses put purpose before profit, they can lead the way in addressing social challenges, while innovating in new products.

For financial institutions, one lesson to learn from Grab’s example is to more proactively identify and act on unmet stakeholder needs. Financial institutions could start by questioning how their actions (or inactions) affect people in their organizations, as well as people impacted by them. This approach flips the typical business case equation, from a traditional view of “what’s in it for the business” to a stakeholder-focused impact analysis, as recently remarked in a commentary for Fortune by Azish Filabi, the Executive Director of the Maguire Center for Ethics.

Client advocacy initiatives that involve working closely with client support teams along with research and analytic teams could improve client experience and provide more value. Through such initiatives, financial institutions may discover first-hand the connection between employee satisfaction and client satisfaction.

Companies can be more stakeholder focused through strategies such as collecting feedback through periodic touchpoints with employees and clients, to learn insights about important elements of the employee and client experience, respectively. For employees, such feedback might raise opportunities for the company to support volunteering in the community or managing life transitions, such as the need for childcare or elder care. As an example of the former, BCG provides employees the opportunity to take a social impact leave of absence for up to 12 months. For clients, listening to experiences highlighted by client support staff and using email to communicate regularly with clients may reveal life changes meriting hardship assistance, such as when a terminal illness affects a family financially. One father shines a light on this crushing financial hardship in his deeply moving guest essay for The New York Times, “I Will Mourn My Daughter Forever. But I Was One of the Lucky Ones.”

While I’m not endorsing any company or their specific approach, I believe financial institutions can use these examples to self-initiate opportunities for purpose-driven innovation. We have all heard the expression, “Be kind – you never know what someone else is going through.” This saying calls forth the intentional practice of empathy. What would society look like if financial institutions operated with a central focus on humanity – unceasingly asking their employees and clients questions such as, “What’s happening in your life right now?” or “What do you need most?” and then audaciously helping to meet those needs. It may be a pipe dream, but I do think financial institutions could act on the insights these types of questions provide to create opportunities that nurture an impact-minded stakeholder culture.

Financial institutions may also consider adopting a framework for connecting their business strategy to quality of life improvements for the betterment of society. Drawing from my own professional experience, what I aspire to in my own research, and that which I’ve helped enable, I suggest considering the spirit of the National Science Foundation’s Broader Impacts (BI) Framework. It is a guide to help social, behavioral, and economic scientists more effectively communicate their projects’ potential benefit to society.  

Leaders in the financial industry might adapt this framework to ask and answer questions such as “Who can our products empower?” “Who benefits from that empowerment?” “What concrete steps can we take to make these broader impacts more likely?”

By thoughtfully considering and articulating the potential broader impacts of financial products and services, the financial industry can advance business and social good. It may also help shift stakeholder mindsets of financial services from an industry perceived as transactional to one that is transformational.

As a financial advisor serving the busy Washington, DC metro area and its suburbs, as well as the Managing Director of his own consulting business—Modern Wealth Strategies, LLC—Gonzalez is constantly traveling to meet new clients and refresh his relationships with long-term ones, as well as keep his practice on top of the latest financial trends and developments. He says he was always fascinated by finance, and investments in particular, and was recruited to the industry in 2009 by a college friend.

Firm Facts: Joshua Gonzalez and Modern Wealth Strategies, LLC

• Independent since 2018
• 13 years in the industry
• Financial planning & investment advisory services for 40-50 clients
• $500,000 average client assets

“I started with a part-time, low-commitment position,” he says. “But I quickly learned that unless I was totally committed to the business and the craft full-time, it wasn’t going to be worthwhile. Signing to be an agent with New York Life in 2014 was a watershed moment when I turned ‘pro’ and really dove into the practice, discipline, and career.”

“Success Leaves Clues”

It was around this time that Gonzalez became aware of The College and its programs, and it sounded immediately like something he wanted in on.

“When you look at the elite top producers in the industry, almost all of them have designations, and many of them are from The College,” he says. “Success leaves clues, and it was obvious to me that this was the kind of service I wanted to be able to provide to clients.”

The first designation Gonzalez earned from The College was the Chartered Life Underwriter® (CLU®)—a program considered the gold standard of life insurance education.

“The CLU® is the unsung hero of this profession,” he says. “Anyone who is licensed for life insurance coverage should make this investment in themselves. The coursework and curriculum is illuminating, and it helps you understand how Social Security, life insurance needs, Medicare/Medicaid, health insurance, annuities, and so many other things work that are key to tailoring advice to specific clients.”

Gonzalez says the program was so transformative that he even found it changing his own financial life outside of his work with clients.

“I didn’t know what umbrella liability was until I read about it in the CLU® program,” he says. “As soon as I was done with that course, I was on the phone getting insurance coverage for everything I could. If bad luck visits you the way it does all of us, it would be a shame not to have protection that affordable and meaningful.”

Building Authentic Relationships      

Gonzalez says the CLU®’s focus on financial plan building, investment advice, estate planning, beneficiary concerns, death benefits, and other features of life insurance policies allow him to speak confidently to many different people.

“My usual clients are 40-60 years old, high-paid professionals or small to medium-business owners with kids at home who want to pay off their house, pay for college, or get out of working for a living. Others may need to handle complex life insurance needs and business concerns,” he says. “The College’s training lets me holistically tie all these things together and help people in almost every major financial consideration of their life.”

While serving clients’ financial needs is a major part of the relationship between advisors and those they work with, Gonzalez says the enjoyment he gets out of his job is the ability to become part of a client’s life story, helping them to make the financial decisions that positively affect the way their life turns out.

“Money may not be everything and it may not be able to buy happiness, but the fact is things get a lot harder when you don’t have money or do the right things with it,” he says. “Most people’s problems come from what happens to their extra money, and some days I feel like a psychologist as well because if you’re doing your job right, you’ve become a friend and confidant to clients rather than just a tool. Not many other professionals can say that.”

To that end, Gonzalez says financial advisors working in today’s market have to take many things into account, including their promotion, presentation, and most importantly, projecting a sense of authenticity.

“I’m the product for clients as much as anything else. They buy me first,” he says. “You can’t change who you are to please your clients because the real you will always come out in the end. When my name pops up on a client’s caller ID, I want them to be excited to hear what I have to say. If they roll their eyes or get a pit in their stomach, I’m probably not for them.”

Cutting Through the Noise    

A big part of conveying these ideas to potential clients, Gonzalez says, is by cutting through the constant noise of social media and advertising that have trained people to become indifferent and tuned out and speak to them in a way that resonates and grabs their attention. But when asked what effective “elevator pitch” strategies might be, he offers a counterpoint.

“I don’t even think there’s time for an elevator pitch anymore,” he says. “In an elevator, you have a captive audience for maybe a couple minutes. On social media, you’re shouting into a void to capture a tiny slice of someone’s attention span while they’re bombarded by a million other things. Like it or not, we live in a sound-byte-driven world, and financial professionals have to be able to articulate their entire planning philosophy and value proposition to consumers in as few words as possible.”

As the average consumer continues to become more complex and gain access to various tools and sources of information online, including life insurance calculators, some may question the need for professional financial planning when they can just do it themselves—but Gonzalez says they need to consider where that information comes from and what financial future they want for themselves and their loved ones first.

“Doing your own research today is difficult because you can find evidence to fit whatever bias you might have. Do you want to have to fit your lifestyle into whatever Social Security will give you when you get older, or do you want to be able to pay yourself in the long term?” he says. “You have to decide whether you want to go it alone or if you’d be better-served finding someone you like and trust who has the knowledge to back you up. That’s the real value financial advisors, designations, and institutions like The College provide.”

Financial professionals need to play offense when combating inflation and clients defense. Offensively, portfolios need to be evaluated to determine if they are adequately diversified and capable of delivering real long-term returns. Meanwhile, clients can benefit from maintaining a defensive position, staying aware of rising prices, and blocking impulsive purchases that can negatively impact their long-term financial planning.

Introducing Your Inflation Field Guide - two resources to help you and your clients navigate inflationary times.

• Helping Clients Navigate Rising Inflation is a white paper for financial professionals providing insight into portfolio strategies and critical considerations for clients in the accumulation and retirement phases.
• A Step-By-Step Guide to Dealing with Rising Inflation is a resource designed to be given to clients to help facilitate conversations about inflation and its portfolio impact.

DOMARINA OSHANA: Tell us about your dissertation. What makes you so passionate about researching investor fraud vulnerability, and why did you put your stake in this particular topic?

CHRISTOPHER RAND: Having been a financial planner for over 25 years, I have unfortunately witnessed way too many cases of fraud and attempted fraud. Whether the fraud is a huge pyramid scheme like the Bernie Madoff Ponzi affair, a telemarketer overseas who swindles a senior citizen out of their retirement account, or a family member looking to take advantage of their parents, investors need to be protected.  Financial planners may spend much of their career helping a family plan for and save up a nice retirement nest egg, only to see it destroyed by unscrupulous actors. While it is common to focus on the financial loss victims of fraud experience, we often forget the emotional toll on a fraud victim. They may experience feelings from discouragement to depression over being victimized. While it may not be possible to eliminate all fraud risk for an individual, it is possible to reduce their susceptibility to being a fraud victim.  Investigating ways to make an individual’s financial plan more secure through reducing fraud risk vulnerability is where my interest came from.

DO: What impact do you anticipate your dissertation will have in the financial services industry and/or the field of financial and retirement planning? In what ways do you think it might inform ethical behavior and/or encourage dialogue on ethics in fraud prevention?

CR: This research informs investors and professionals about some of the risks individuals face as it relates to investment fraud vulnerability. The topic of fraud has become more common in trade publications, helping increase advisor awareness. There also seems to be an increase in training by firms on what advisors need to watch out for on topics from elder abuse to email and wire fraud.

While training and education may be an important tool to reduce fraud vulnerability, the topics taught should be fraud-specific. It is not enough to increase an individual’s education level about investing—the new knowledge should include specific ways to identify and prevent fraud. My research revealed a surprising finding: knowledgeable investors, as well as overconfident investors, tend to have an elevated vulnerability to investment fraud risk through exhibiting behaviors and attitudes common in fraud victims. The research defined a knowledgeable investor as an individual who scored better than average on a 10-question investment quiz, and an overconfident investor as someone whose confidence level in their abilities was above average but scored below average on the same quiz. Employees and advisors in financial services likely have a higher financial knowledge than those outside of the financial services industry, yet that knowledge may not be enough to detect and deter fraud for their clients.

The advisor-client relationship is many times centered around trust as the advisor strives to handle the relationship with honesty and transparency. That trusting relationship may place an overconfident investor at a higher degree of risk if an unethical advisor was to mishandle that trust. The overconfident investor may be more likely to overlook items and less likely to do their research. Advisors can be transparent with these vulnerable investors about ways clients can protect themselves from fraud, like using a third-party custodian to hold client assets and being truthful about their work experience and credentials.        

DO: In your dissertation, you found elevated investment fraud risk for knowledgeable investors is suggestive that traditional financial literacy requires modification to include information about fraud risks. How can advisors best communicate and educate investors about fraud prevention and awareness?

CR: Just because an investor is knowledgeable, you cannot assume they are at a lower risk for fraud.  Knowledgeable investors may be at an even higher risk if they believe their knowledge level to be adequate and ignore fraud signals, which they may have paid attention to had they possessed a lower level of confidence.

People learn differently, so it’s best to communicate with the client through the best medium for them and bring up the fraud topic frequently. Overconfident investors are also at a higher risk of fraud vulnerability, and do not likely know they are overconfident. Advisors and employees of firms may be aware of their client’s overconfidence and, armed with the knowledge that the overconfident investor is more vulnerable, they may be able to act as their guardian and help protect their assets held at the firm. The research found overconfident investors to have a high level of confidence in the effectiveness of U.S. financial market regulation and to have a high level of comfort in making investment decisions. These two attitudes indicate an overconfident investor will assume regulation is there to protect them, make their investment decision, and move on. Advisors and firm employees should be on the lookout for attempted fraud, like an email solicitation for money that came from a fraudster, as opposed to the overconfident client.  

DO: How do you explain your dissertation to someone not in your discipline? Why does it matter, and what is the key takeaway you would like to impress upon them?

CR: Investment fraud continues to rise, and all investors are at risk.  Simply increasing your investment fraud knowledge is not sufficient to reduce your vulnerability to investment fraud. Obtaining fraud-specific education is a must to help protect yourself and reduce your vulnerability. Fraudsters will continue to find new and innovative ways to separate you from your hard-saved money. Take the time to educate yourself and keep up with the latest and most pervasive fraud techniques.  

DO: What plans do you have for future research and/or education in fraud prevention and awareness?

CR: Fraud research continues to be limited. A primary research project focused on actual incidents of fraud would be a great way to build on this research and could explore additional attitudes and behaviors that may be common in those victims. That knowledge could provide additional evidence about the impact knowledge and investor confidence has on someone’s investment fraud vulnerability. I hope to publish my findings in a peer-reviewed journal and plan to make myself available to the media to help get the word out about investment fraud vulnerability. I have a unique background that may be of interest to the media now that I have completed the PhD I have taught financial planning courses at U.C. Berkeley and San Diego State University and have over 25 years of experience working as a financial planner.  That unique background may pique consumer media interest and help provide the platform needed to discuss investment fraud vulnerabilities.

DO: How has The American College of Financial Services prepared you to help individuals and companies be more sensitive to ethical issues and think more critically about solutions for the benefit of society?

CR: The process of obtaining a PhD from The College changed how I approach challenges. I think more critically when working on projects, challenging things I assume to be true. Historically, I may have quickly researched an item with maybe one source, whereas now I will typically use multiple sources to confirm if my understanding is accurate.

Thasunda Brown Duckett
President and Chief Executive Officer, TIAA
 

Thasunda Brown Duckett is President and Chief Executive Officer of TIAA, a Fortune 100 provider of secure retirements and outcome-focused investment solutions to millions of people working in higher education, healthcare, and other mission-driven organizations. Duckett joined TIAA after serving as Chief Executive Officer of Chase Consumer Banking, where she oversaw a banking network with more than $600 billion in deposits and 50,000 employees. Previously, she was the CEO of Chase Auto Finance, one of the leading U.S. providers of auto financing, and National Retail Sales Executive for Chase Mortgage Banking, where she managed 4,000 mortgage bankers. Earlier in her career, she was a Director of Emerging Markets at Fannie Mae, where she led the implementation of national strategies designed to increase homeownership among Black and Hispanic Americans. She also founded the Otis and Rosie Brown Foundation in honor of her parents to recognize and reward people who use ordinary means to empower and uplift their community in extraordinary ways. She is passionate about helping communities of color close achievement gaps in wealth creation, educational outcomes, and career success.

Rosalind Brewer
Chief Executive Officer, Walgreens Boots Alliance, Inc.
 

Rosalind Brewer joined Walgreens Boots Alliance as Chief Executive Officer in March 2021. She also is a Director on WBA’s Board. Brewer most recently served as Chief Operating Officer and Group President at Starbucks from October 2017 to January 2021. Prior to Starbucks, she served as President and Chief Executive Officer of Sam’s Club, a membership-only retail warehouse club and division of Walmart, Inc., from February 2012 to February 2017. Before joining Walmart, she served as President of Global Nonwovens Division for Kimberly-Clark Corporation, a global health and hygiene products company, from 2004 to 2006, and held various management positions at Kimberly-Clark beginning in 1984. She is currently ranked #6 on Fortune’s 50 Most Powerful Women in Business and was named one of the 25 most influential women by the Financial Times in 2021.

Sharon Bowen
Chair of the Board of Directors of the New York Stock Exchange
 

Sharon Bowen joined the Intercontinental Exchange, Inc. Board of Directors in December 2017. She serves as the Chair of the Board of Directors of the New York Stock Exchange, our subsidiary, and serves on the boards of certain NYSE U.S. regulated exchanges. In addition, she co-chairs the NYSE Board Advisory Council. She served as a Commissioner of the U.S. Commodity Futures Trading Commission (CFTC) from 2014 to 2017. During that time, she was a sponsor of the CFTC Market Risk Advisory Committee. She was previously confirmed by the U.S. Senate and appointed by President Obama on February 12, 2010, to serve as Vice-Chair of the Securities Investor Protection Corporation (SIPC). She assumed the role of Acting Chair in March 2012. Prior to her appointment to the CFTC, she was a partner in the New York office of Latham & Watkins LLP.

Mellody Hobson
Chairman of the Board of Trustees, Ariel Investment Trust
Co-CEO & President, Ariel Investments
Chair of the Board, Starbucks Corporation
 

As Co-CEO of Ariel Investments, Mellody Hobson is responsible for the management, strategic planning, and growth for all areas of the company outside of research and portfolio management. Additionally, she serves as Chairman of the Board of Trustees of the Ariel Investment Trust—the company’s publicly traded mutual funds. Prior to being named Co-CEO, she spent nearly two decades as the firm’s President. Outside of Ariel, she is a nationally recognized voice on financial literacy. Her leadership has also been invaluable to corporate boardrooms across the nation. She currently serves as Chair of the Board of Starbucks Corporation, and is also a director of JPMorgan Chase. Her community outreach includes her role as Chairman of After School Matters, a Chicago non-profit that provides area teens with high-quality after-school and summer programs. She is a member of the American Academy of Arts and Sciences, The Rockefeller Foundation Board of Trustees, and serves on the executive committee of the Investment Company Institute. In 2015, Time Magazine named her one of the “100 Most Influential People” in the world.

Roger W. Ferguson, Jr.
Former CEO, TIAA 
Former Vice-Chair of the Federal Reserve
 

Roger W. Ferguson Jr. is an American economist who served as Vice-Chair of the Federal Reserve from 1999 to 2006 and is the former President and Chief Executive Officer of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA). He is currently a member of the Board of Directors of Alphabet, Inc. Between 2008 and 2012, Ferguson served as an economic advisor to President Obama, initially as a member of the President-elect's Transition Economic Advisory Board and subsequently as a member of the President's Economic Recovery Advisory Board and the President's Commission on Jobs and Competitiveness. Ferguson has co-authored, edited, or led study groups or commissions that have produced numerous publications, including monographs, occasional papers, study group reports, and commission reports Alan Greenspan has called Ferguson "one of the most effective Vice Chairmen in the history of the Federal Reserve."

Tyrone Ross, Jr.
CEO and Co-Founder of Onramp Invest
 

Tyrone Ross Jr. is a licensed investment advisor and the CEO and Co-Founder of Onramp Invest. He is a powerful storyteller with a passion for digital assets and their ability to disrupt our current way of life. He was recognized by Investment News 40 under 40 (2019), and WealthManagement.com as a top ten advisor set to change the industry in 2019. FinancialPlanning.com named him as one of 20 people who will change wealth management in 2020. He was also recently named as Investopedia’s Top 100 financial advisors, and Think Advisor’s 2021 IA25: VIP’s Pushing Advisors Forward.

I was introduced to legacy planning when I read a book by an alumnus of The College's Chartered Advisor in Philanthropy® (CAP®) program,  Mark Weber, CAP®. The book, The Legacy Spectrum: Passing Your Wealth With Thought And Meaning, compelled me to think beyond estate planning regarding our legacy. My wife, CJ, and I were introduced to activities that enabled us to have more profound, more meaningful conversations with our adult children on the subject.

Mark's insights and process left a mark on us. So much so that I felt compelled to bring Mark's unique approach to life through The College's technology platform and instructional design capabilities and made a personal commitment to achieving this end.

I'm excited to share that A Spectrum of Legacies is here and available to all - financial professionals and consumers alike!

This free consumer philanthropic education program serves many purposes. First, it helps you strengthen family ties and prepare your children to receive wealth. Next, it facilitates an exploration of incorporating philanthropy into your legacy planning to pass your values to your children and make a lasting difference in the lives of others.

I hope that many will participate in this program, uncovering a deeper meaning for their wealth and a new purpose for their wealth to be shared, positively impacting the future of their families and others. I invite you to enroll in A Spectrum of Legacies, share it with your families, and then introduce it to your clients!