Furthering My Commitment to Philanthropy as a CAP®
For those unfamiliar with the CAP® Program, it provides professionals with the knowledge and skills needed to help others realize their philanthropic goals for themselves, their families, and society. The program delivers a shared body of knowledge in the arts and sciences of philanthropic planning for philanthropists, fundraising coordinators, and financial advisors, increasing their ability to collaborate effectively and realize philanthropic intent.
Philanthropy and giving have been a part of my life for as long as I can remember. When CJ and I were first married, long before we had dollars to give, we were committed to serving others by donating our time. Philanthropy has always been our passion.
When I came to The College, I knew I wanted to advance my knowledge by enrolling in one of The College's specialized programs. Coupling my interest in philanthropy with the excitement I heard from CAP® alums about how the courses had significantly expanded their knowledge and impacted their careers, I enrolled.
While my intention was there, accountability to commit the time was lacking. I kept saying to myself, "I have to start. I have to start." I needed an accountability partner in this pursuit, so I decided to add the completion of the CAP® Program to my 2022 goals and objectives, which I submitted to The College's Board of Trustees. Now I had an accountability partner, which I am a strong proponent of in most purposeful endeavors.
The second course was the most challenging because it focused on charitable tax strategies and implications. When you stop and think about it, there is not one financial product or service that doesn't have some tax implications, yet, the lack of tax knowledge is a known issue in the industry. It wasn't long before I realized, from a personal standpoint, that my philanthropy lacked efficiency and I was disappointed that our financial advisors did not possess this knowledge.
The depth of knowledge I learned from completing the CAP® Program has given me a whole new perspective on what we could have been doing. As a CAP®, I have also grown in my understanding of fundraising and appreciation for philanthropic sacrifices.
When we think of philanthropy, we tend to envision someone writing a million-dollar check, yet we overlook people's daily sacrifices. Today someone donated to their child's school; another purchased groceries to feed a family; and another visited an elderly neighbor to make needed household repairs — all philanthropy. Our philanthropy should not be celebrated for the number but rather for the sacrifice.
It reminds me of a congregation in Kentucky with well over twenty thousand members. Years ago, they had a fundraising campaign with the slogan, "Equal sacrifice, unequal giving." If all I have is $5 and I give $1, and you have $1 million and give $200,000, we have made an equal sacrifice. As a CAP®, my respect for the sacrifices made by everyday people is more profound, as is my admiration for my fellow CAP® alums, those who care deeply about ensuring philanthropic intent is maximized, no matter the sacrifice.
I hope my recent accomplishment inspires you to pursue your next lifelong learning goal. The need for specialized knowledge and skill in financial services is significant, and The College offers many avenues to expand your opportunities. I encourage you to find an accountability partner — maybe your spouse, partner, or a peer — and get to work on your next learning goal this year.
Diversity, Equity & Inclusion Insights
Introducing the 2023 Women Working in Wealth<sup>SM</sup> Award Winners
The Women Working in WealthSM Award was created to showcase and celebrate women who have rolled up their sleeves to advance women in financial services through mentorship, sponsorship, and advocacy. Each award winner documented concrete examples of how she removed obstacles, created allies, and executed novel solutions to gender parity.
The Women Working in WealthSM Awards are presented each year to a group of mission-driven and passionate female professionals who are making a significant impact in financial services. The 2023 group of award recipients includes:
- Natalie Baires, WMCP®, JPMorgan Chase
- Lauren Oschman, CFP®, CDFA®, Vestia Personal Wealth Advisors
- Sahar Pouyanrad, EMBA, CTFA, AEP®, CEP®, ChSNC®, PFP®, JPMorgan Chase Bank
- Raquel Tennant, CFP®, 2050 Wealth Partners
- Andi Madden Wrenn, AFC®, Zeiders
Nominations for next year’s Women Working in WealthSM Awards open in October!
5 Steps to Handling High Inflation
While the pace of inflation has slowed, it remains uncomfortably high (see Figure 1). Consumer prices continue to rise, and persistent inflation is eroding the value of savings and – combined with rising interest rates and struggling markets – hurting investors.
The good news is that there are practical steps you can take to reduce the impact of inflation on your family, budget, and portfolio.
Step 1: Do Not Panic
While inflation can be a source of stress, it is important to maintain perspective. Although prices are high and still rising, most households have a surprisingly robust capacity to adjust to high inflation and there are many things you can do to protect yourselves and your family.
So, do not allow yourself to become overly stressed – instead, focus on what you can do to thrive despite high inflation.
Step 2: Review Your Income
If you are currently employed, consider the impact inflation has had on your income. Has your salary kept pace, or have you accepted a stealth pay cut as inflation eats away at the value of your paycheck?
Remember, despite some easing, labor markets remain tight, with the labor force participation rate – which measures the proportion of Americans that are either employed or seeking employment – still well below pre-pandemic levels (see Figure 2). If your income has not kept up with inflation, it may be time to consider a new job.
For those in retirement who are worried about their income, there was some good news on the Social Security front – Social Security checks were increased by 8.7% for 2023 to account for higher inflation.
However, if you are drawing an income from your retirement savings, talk to your financial advisor. You may need to increase your drawdown rates to cover today’s higher cost of living but this may pose a risk to your long-term plans. Your advisor can help you balance your need for higher income against the need for capital preservation.
Step 3: Review Your Expenses
As prices rise, it makes sense to review your spending and budget. Some products and services have seen more significant price spikes than others, so adjusting your activities to reduce your exposure to especially expensive items can improve your personal inflation rate (see Figure 3).
For example, you could plan a vacation within driving distance to avoid high airfares or use an air fryer rather than a gas stove to prepare your meals.
Step 4: Review Your Debt
To fight inflation, the US Federal Reserve has been steadily raising interest rates, which are now at their highest level since 2007 (see Figure 4).
As rates rise, payments on variable-rate debt rise, and this could be putting a squeeze on your budget. If possible, therefore, it makes sense to pay down variable-rate debt or to consolidate it into a low-rate or fixed-rate pool.
Step 5: Check Your Portfolio
The key to financial well-being is generating inflation-beating returns. But after the painful contraction in asset prices over the last two years, you may feel that this goal is unachievable.
However, by making sure you have a balanced and diversified portfolio, you can set yourself up for long-term success. Review your portfolio and make sure you include allocations to assets that have traditionally served as a hedge against inflation, such as real estate, Treasury Inflation-Protected Securities (TIPS), or gold. This, combined with risk-appropriate allocations to equities and bonds, will help you outperform inflation in the long term.
More From The College:
Get specialized retirement planning knowledge with our RICP® Program.
Get the details of our WMCP® Program.
Diversity, Equity & Inclusion Insights
2023 Women Working in Wealth<sup>SM</sup> Summit
Over 180 women and their allies from across financial services attended the event in New York City on International Women’s Day. Presentations and discussions covered a variety of topics, ranging from education, changing perspectives, and self-care to rising interest rates and economics.
“You don’t necessarily have to be the subject matter expert. You need to have great leadership skills that are transferable.”
— Kristin Lemkau, CEO of J.P. Morgan Wealth Management
Speaking to a packed room of leaders and practitioners, CEO of J.P. Morgan Wealth Management Kristin Lemkau emphasized that employees and clients are critical to an organization’s success. “I think a person is a sum of their parts,” she said, and “you have to care about the whole person.” She also spoke about team building and stressed the importance of starting with the right people. Lemkau advised aspiring female leaders in the audience that acquiring leadership skills and focusing on organizational growth is critical to career advancement.
Our CEO, @KLemkau closed out the 2nd Annual Women Working in Wealth Summit to discuss her career and driving growth at J.P. Morgan Wealth Management. @TheAmerCol pic.twitter.com/Ms0Ehrz9h5
— J.P. Morgan Wealth Management (@JPMWealth) March 16, 2023
Informed industry experts discussed the future of financial services
Presentations covered a range of topics, with insights including:
- As part of the practitioner breakout: “Catching the Philanthropy Wave with your Clients Estate Planning Essentials,” Dien Yuen, JD/LLM, CAP®, AEP®, executive director, Center for Philanthropy & Social Impact at The American College of Financial Services, reminded the audience to ask the question about philanthropy to everyone, and often, and ask business owners what’s going to happen to their business when they aren’t here. Figure out what the client is trying to do, and then figure out the tools in order to do it. These important questions all need to be addressed. She stated you can gain access via greater education and applied knowledge, and then become a “lifelong learner.”
In the practitioner breakout: “Alternative Investments Post-FTX,” panelists stated that the average individual has no access to an immediate money transfer while explaining that it’s expensive to be poor. There are still secrets around money and investments, along with deep historical roots, and panelists believe access is what drives people to gravitate toward crypto markets.
Tyrone Ross, Jr., CEO/co-founder of Turnqey Labs, urged advisors to “meet clients where they are” to guide their journey forward. He mentioned that portfolios were first derived in the 1940s and they weren’t informed by research, which can further fracture a client’s knowledge base and experience with investing. This requires making financial services accessible to more people in order to change the lens and perspective of wealth management.
Kelly Ann Winget, founder, Alternative Wealth Partners, believes it only takes one person to make a difference, and eventually mindsets shift while you uplift and mentor the next cohort of women on your heels. She challenged those in the audience to be someone to stand up in the room for what they believe. “You are here saying you want to support women, but are you a “way” maker? You have to be willing to change the narrative. When you have the power to anoint a woman to put her in power, you have to do it.” Her message was to “be the little flame within the organization” and make a way while serving as a beacon for others.
In her leadership breakout: “How to Get Ahead of Burnout, Read the Signs, and Assess the Risk,” author and burnout expert Cait Donovan conveyed that companies are now changing their corporate culture in as few as 3 years, immersing employees in cycles of constant change. She highlighted workplace risk factors for burnout as: workload, lack of community, lack of control/autonomy, lack of fairness, lack of recognition, and values mismatches.
Donovan emphasized that the best companies out there are practicing psychological safety, are aware of burnout risk factors, and support team members in need while she acknowledged the importance of advocating for and advancing women in the industry.
Wonderful start to the day hearing from @TheAmerColPrez and Kristi Rodriguez at the @TheAmerCol Women Working in Wealth Summit. pic.twitter.com/YUvbI34e5n
— Mary Kate Gulick (@MaryKateGulick) March 8, 2023
Staying in the struggle and the state of progress
The American College of Financial Services President and CEO George Nichols III, CAP®, addressed the audience by invoking Frederick Douglass’s quote, “If there is no struggle, there is no progress.” He acknowledged the progress already achieved and left the audience with compelling questions: “How do we stay in the struggle and advance the progress? And how do we determine the voids we’re trying to fill?”
Nichols invited everyone to engage with the Center for Women in Financial Services to define the voids and meet those needs. By doing so, advisors can better focus on their clients. He believes “it cannot be about ‘what you sell,’ but rather, it has to be about ‘what they need.’”
Women Working in WealthSM Walk advocates for pay equity
Director and Chair Lindsey Lewis, MBA, ChFC®, CFP®, of the American College Center for Women in Financial Services kicked off the annual event by leading a brisk morning walk to the “Fearless Girl” statue on Wall Street. The walkers struck their best power poses with “Fearless Girl” while a placard reminded everyone why the meeting was so important, reading: We won’t overcome pay inequality for 300 years unless we do something now.
Five Women Working in WealthSM honored for uplifting women
The Center for Women in Financial Services announced a list of accomplished and dedicated women in the profession honored as this year’s Women Working in WealthSM Award recipients. Created to showcase and celebrate women who have rolled up their sleeves to advance women in financial services through mentorship, sponsorship, and advocacy, each award winner documented concrete examples of how they removed obstacles, aligned with allies, and executed novel solutions to improve gender parity. The 2023 group of award recipients includes:
- Natalie Baires, WMCP®, JPMorgan Chase
- Lauren Oschman, CFP®, CDFA®, Vestia Personal Wealth Advisors
- Sahar Pouyanrad, EMBA, CTFA, AEP®, CEP®, ChSNC®, PFP®, JPMorgan Chase Bank
- Raquel Tennant, CFP®, 2050 Wealth Partners
- Andi Madden Wrenn, AFC®, Zeiders
Speaking at the inaugural @TheAmerCol’s Women Working in Wealth Summit and Awards Ceremony last year was a POWERFUL experience. This year, I hope you'll join me, my @2050WPs & colleagues from across the country to celebrate #FinServ women! #WWW2023https://t.co/f4Rc7IcGng pic.twitter.com/ZCMG2oVA5K
— Lazetta Rainey Braxton, MBA, CFP® (she/her/hers) (@lazettabraxton) February 20, 2023
Great to be taking a deep dive into economic challenges during the closing panel at the American College’s WOMEN WORKING IN WEALTH SUMMIT, 4/7-8, NYC with Sitara Sundar and Carly Doshi, managing director, Wealth Planning @jpmorgan. @FAmagazine https://t.co/SDv3hjSB4U
— Tracey Longo (@TraceyFAMag) March 6, 2023
“Today is such a good day to change the world.”
— Hillary Fiorella, Executive Director, Center for Women in Financial Services
As a proud leader, Hillary Fiorella, executive director for the American College Center for Women in Financial Services, exuded excitement for all the women in the room working in financial services, along with their allies who play an essential role in advocating for and advancing women.
She also reminded everyone that the work is still unfinished because it “takes 30% longer for women to get promoted to the C-suite.” She pointed everyone to the Center’s research to help determine if it is more effective to stay in the same firm or to move around to different firms to receive promotions.
CFP Board Director of Diversity & Inclusion Dawn Harris connected w/ CFP Board volunteers at the #WomenWorkinginWealth Summit! From left to right, Diversity Advisory Group Member Rianka Dorsainvil, CFP® (@Rianka_D), Dawn, & Women’s Initiative Council Member Angela Ribuffo, CFP®. pic.twitter.com/YkEFuux9Qo
— CFP Board (@CFPBoard) March 8, 2023
During the Women Working in Wealth Summit held by @TheAmerCol, recruiting experts discussed how as women prefer remote work, firms need to learn how to adapt to create a more inclusive and diverse workplace. #diversity #women @ericacarnevalli https://t.co/uhjllqRsGm
— Financial Planning (@finplan) March 10, 2023
See the recap video from our event:
A New Team Spirit
For The American College of Financial Services, these events were a litmus test for a culture change already underway. While that growth is ongoing, The College has significantly strengthened its bonds with employees.
Since 2015, The College has utilized internal surveys to measure employee engagement and take the temperature of its faculty and staff. The results of the first survey conducted during President and CEO George Nichols III’s tenure in 2019 showed low engagement and uncertainty, so College leadership committed to addressing areas of concern.
College leaders immediately implemented a three-point plan for cultural change. First, they shared the survey results with the entire College to ensure greater accountability and transparency. Next, they began the process of forming a Culture Committee with representation from non-supervisory faculty and professional staff, including an HR representative with facilitation from an external consultant, to recommend improvements in the workplace environment. Lastly, they solidified cultural improvement as an ongoing strategic initiative for The College, making building a better culture one of its highest priorities.
The results were seen quickly – and as Deborah Eskridge Glenn, MA, MSM, SPHR, SHRM-SCP, Vice President of Administration, and Chief Human Resources Officer attested, they spoke for themselves. “In 2020, our engagement score with employees improved by 38%, and since then, we’ve continued to perform above local and national engagement rates,” she said. “Due to our elevation of cultural change as a strategic initiative, employees at The College now use words like ‘inclusive,’ ‘evolving,’ ‘engaging,’ ‘transparent,’ and ‘positive’ to describe our culture.”
When compared to its peer organizations, The College can now be found in the top 5% of surveyed employers in the Philadelphia area in terms of work-life balance and clued-in employees. It also ranks in the top 25% when looking at qualities such as supportive managers, trusted leadership, strong values, open-mindedness, innovation, employee appreciation, and company direction. The most visible effect of The College’s cultural shift, however, has been its identification as a Top Workplace in the region by The Philadelphia Inquirer – not once, but twice – in 2021 and 2022.
While the recognition has shown The College’s focus on culture works, those involved in the change are not resting on their laurels, and many initiatives to continue cultural change are ongoing. In 2022, The College conducted its first Diversity, Equity, and Inclusion (DE&I) survey for faculty and professional staff, the results of which were used to develop a formal Diversity, Equity, Inclusion, and Belonging Committee and program dedicated to allowing employees to bring their whole self to the workplace.
Karen Cerino, a Senior Video Editor in the Marketing and Communications Department and a member of the Culture Committee, says there are three primary areas the group has focused on in terms of improvement. “In the past year, we’ve worked to develop problem statements and identify areas where we can affect positive change,” she said. “The first is meaningfulness: do you feel your work is important? The second is interdepartmental cooperation: are we all working together and collaborating as effectively as possible? The final one is execution: are we doing what we say we’re going to do regarding following the recommendations we make? Having a voice from every department on the committee has really helped improve our communication and process.”
Glenn says organization-wide All-Hands meetings are just one of the methods The College has used to approach the biggest institutional challenge to cultural growth: building trust. “Institutional change requires identifying issues, developing action plans, and executing those plans,” she said. “You can’t just be satisfied with data. You have to focus on fully operationalizing those cultural strategies to be sustainable now and into the future. More frequent and open communication has helped show people we’re being transparent and we’re listening to them.”
While much has been accomplished, it is understood new challenges will always arise for The College to overcome in its constant quest to improve workplace culture. “Historically, The College has been a learning culture,” said Glenn. “Now, we’re moving toward a more results-based culture where we try to balance structure and accountability in an environment that’s friendly and welcoming to faculty and staff. In 2023, we’ll focus on solidifying a culture of assessment, both academic and institutional.”
Read this story and more in our 2022 President’s Report.