The NextGen Financial Services Professional Award honors young professionals under the age of 40 who made a significant impact in the financial services industry and have shown outstanding performance and leadership in their careers, with a desire to give back to the community.

The winners from 2024 include:

Gloria S. Garcia Cisneros, CFP^®

Gloria Garcia Cisneros is a wealth manager in Los Angeles with the firm LourdMurray. As a first-generation Mexican immigrant, she's passionate about empowering underserved communities through financial education. Gloria holds various degrees from UCLA in applied mathematics and Spanish community and culture. She is actively involved in various professional and community initiatives, serving on committees and advisory boards for organizations where she contributes to developing financial education programs and increasing diversity within the finance industry.

Brandon Lovingier, ChFC^®, MQFP™

Brandon Lovingier has a passion for helping people with their finances. While on active duty in the Army, he pursued his education, earning the Chartered Financial Consultant® (ChFC®) designation in 2022. He’s also one of the first to hold the Military Qualified Financial Planner™ (MQFP™) designation. He’s currently pursuing the Accredited Financial Counselor® (AFC®) designation. His blog, Enlisted Money, helps enlisted service members on their own personal finance journey, while his book, Enlist to Wealth, is currently in the editing stages. Brandon is set to retire from the Army in February 2026, when he will return to Kansas City with his wife and son to continue pursuing his passions.

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. The American College of Financial Services presents the award to a mission-driven and passionate female professional who is making a significant impact in financial services. The College is proud to announce Leslie Susanne Calkins, MSFS, CLU®, ChFC®, CASL®, RICP®, CAP® as the 2024 recipient.

Leslie has a passion for sharing and giving back. She utilizes the knowledge she gained from The College to better serve her community through her career at State Farm. Education and philanthropy were key values in her family, which continue to inspire her today.

Since receiving her MSFS degree, Leslie is proud to share how each course has made her more confident, knowledgeable, and able to help others in so many ways. She continues to give back by serving as an annual senior counselor at the Rotary Youth Leadership Awards. This leadership conference changes the lives of high school students in Colorado and Wyoming and is the highlight of her year.

The American College of Financial Services’ Alumni Hall of Fame was established in 2005 to recognize graduates of The College's designation, certification, and degree programs who have made extraordinary contributions in time, treasure, effort, and energy to the institution, their community, and the financial services industry as a whole. The College is proud to announce Jim Petersen as the 2024 inductee.

Jim is the chief executive officer (CEO) and founding principal of Diversified Professional Coaching, LLC. Jim is also the president and owner of the Professional Business Coaches Alliance, LLC, which is committed to training and supporting the future of professional business coaches. In addition, Jim is a serial entrepreneur who is involved in a variety of businesses including a car wash and a bio-hazard cleanup company.

As Roger Hull/James S. Bingay Chair of Leadership at The College, Jim is the program director for the Chartered Leadership Fellow® (CLF®) Program and serves in an emeritus role on the Alumni Council, as well as the outgoing chair of the American College Center for Military and Veterans Affairs’ Advisory Council.

A seasoned financial services executive with more than 41 years of experience in the investment and financial services industries, Jim is an expert in the fields of financial planning, retirement planning, and leading large financial planning organizations.

Founded in December 2019, the Second Century Society recognizes generous benefactors who have made lifetime gifts reaching $1 million or more of philanthropic impact. The College is proud to announce Charles R. (posthumously) and Mary M. Wright as the 2024 inductees.

Charles (Chuck) and Mary Wright met at Yankton College in Yankton, South Dakota. Together, they were leading donors to The College, with an emphasis on the American College Center for Women in Financial Services.

Chuck was senior executive vice president and chief agency and marketing officer at State Farm Insurance Companies. He later served as chairman of the board of trustees and was a driving force behind the creation of the Chartered Advisor in Philanthropy® (CAP®) and Chartered Advisor of Senior Living® (CASL®) designations.

Mary’s years of service through philanthropy led her to complete her CAP® designation, which she would use to help others engage in philanthropic work as well. As a passionate lifelong learner, Mary continues to carry on Chuck’s legacy by laying the foundation for the Wright Fellowship under the Center for Women in Financial Services.

The College is proud to recognize Chuck and Mary’s continued impact.

Conferred by The American College of Financial Services’ President and CEO, the President’s Award recognizes the leadership and generosity of select benefactors and volunteers. The College is proud to announce the 2024 winner: R. David Fritz Jr., CLU®.

David is the co-founder and managing partner of Executive Benefits Network and a 38-year veteran of the financial services industry. He began his career in the insurance industry in 1986 after graduating from Williams College with a BA degree. He started at UNUM Life Insurance Company as a group sales representative in Washington, DC, then later became an employee benefits manager in UNUM’s Milwaukee, WI office. He joined Northwestern Mutual in 1993 and founded Executive Benefits Network 23 years ago. He specializes in the design, funding, securing, and administration of non-qualified deferred compensation plans and bank-owned and corporate-owned life insurance programs.

David and his wife Molly are very active in philanthropic efforts. He is a past trustee of The American College of Financial Services and currently serves on The College’s President Council. He and Molly live in River Hills, Wisconsin with their six children.

In 1975, as The American College of Financial Services approached its 50th anniversary, the Board of Trustees decided to honor those whose role in the development of the institution was of special significance. The Huebner Gold Medal, named for Solomon S. Huebner, is The College’s most prestigious honor and is awarded to people who have moved the institution forward in its mission. The College is proud to announce Sy Sternberg, CLU® as the 2024 honoree.

Sy Sternberg is the former chairman and chief executive officer of New York Life Insurance Company. He joined the company in 1989 as a senior vice president, was elected vice chairman of the board in February 1995, and became president and chief operating officer in October 1995. He became chairman and CEO in 1997 and remained CEO until his retirement in 2008.

Sy is a former chairman of Northeastern University’s board of trustees. He is also a former director of CIT Group and Express Scripts. He currently serves on several non-profit boards including NewYork-Presbyterian Hospital, the Hackley School, the New York Historical Society, Big Brothers Big Sisters of New York City, and the Foundation for City College. He is also a member of the Council on Foreign Relations.

Listen in as leaders from the Center for Military and Veterans Affairs discuss personal stories of sacrifice and selflessness with Major General Suzanne Vautrinot, USAF (Ret.). They’ll also discuss the skills and leadership that members of the military community can leverage as they work to launch a successful career in financial services.

Listen in as our esteemed thought leaders provide insights into the TPCP™ program, the impact it will have on improved client outcomes, and the influence it will have as you look to grow your career.

• Learn about the TPCP™ Program’s unique features and knowledge offerings with Professor of Practice Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™.
• Visualize the student experience with input from our academic support staff.
   

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In this episode of our Shares podcast, host Joellen Meckley, JD, MHS, ChSNC® joins Andrew Tudor, CFP®, RICP®, CAP® for a conversation on the options that exist today for powering philanthropic planning including donor-advised funds (DAFs), and the importance of adding charitable giving to your client conversations.

Andrew Tudor, CFP®, RICP®, CAP® is a financial services professional, a popular speaker, and an investment advisor with Zenith Wealth Partners, as well as an ambassador for The College’s FinServe Network. He is passionate about empowering women and black families to transform their relationship with money. After beginning his career in banking, Tudor made the transition to financial planning where he has helped many clients achieve financial freedom through a combination of strategic planning and empathetic coaching. He has spoken at numerous conferences, panels, and keynotes across the U.S. He is known for his unique speaking style of storytelling and humor, and provides audiences with one-of-a-kind perspectives on money stories, the racial and gender wealth gap, and practical tools for building wealth.

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:

• Learn More About the American College Center for Philanthropy and Social Impact
• Get Started with Our Chartered Advisor in Philanthropy® (CAP®) Program

Many of these decisions relating to lifetime giving and planned giving can be paralyzing, and several people opt to avoid the process altogether. Fortunately, there are several methods that can be leveraged to maximize the impact of these gifts whether they be to individuals or charities, including some new opportunities as a result of the SECURE 2.0 Act.

Lifetime Giving

While the focus of this article is primarily on planned giving, lifetime giving can confer many benefits onto donors as well. Specifically, lifetime giving provides a good method of spending down an estate, especially for those who need to do so for estate tax planning purposes. It’s also worth considering that the Tax Cuts and Jobs Act (TCJA) is scheduled to sunset at the end of 2025, which would lower the estate lifetime exemption amount to $5 million indexed for inflation. By giving up to $18,000 per donor per year to individuals, plus charitable donations, which create an income tax deduction for those who itemize, high-net-worth individuals can spend down their estates.

Additionally, gifts during life can be monitored and questions can be answered with appropriate insight to the original intent should they arise. Gifts to individuals upon one’s passing result in a step up in basis for the heir and long-term holding, even if sold that day. Gifts to charities upon one’s passing result in an estate tax deduction for those with large enough estates. Thus, the decision whether to give gifts during life versus at death involves balancing and weighing many factors. The “best” option is often some combination of the two, but is ultimately determined on a case-by-case basis.

Charitable Gift Annuities

The first high-impact planned gift to consider is a charitable gift annuity (CGA). CGAs were voted “best planned gift” by the Stelter Group two years in a row. We have known about qualified charitable distributions (QCDs) for a while, up to $100,000 per year, for those over the age of 70.5. The SECURE 2.0 Act added to this provision and now allows a one-time QCD election from an individual retirement account (IRA) to a CGA of up to $53,000 in 2024. RMDs are taxable events, while these QCDs are not, creating an income tax savings. CGA rates have been increasing, resulting in higher payout amounts for the donor and guaranteed lifetime income while benefiting charity at the same time.

Donor-Advised Funds

Another high-impact gift to consider is a donor-advised fund (DAF). These funds are versatile, allowing donors to direct the funds to charity when, where, and how they want, while receiving the income tax deduction in the year the money is put into the DAF.

This flexibility allows donors to frontload multiple years of charitable donations to itemize in one year, and take the very high standard deduction in other years. Thus, a donor can front-load multiple years worth of donations into a DAF and achieve a higher deduction than the standard while simply opting for the standard deduction in other years.

Appreciated Stock

The final high-impact gift to discuss is appreciated stock that has been held for more than a year. Gifts of appreciated stock result in an income tax deduction in the year of the donation, plus avoidance of capital gains taxes that would be paid in the year of a sale. In the event of a capital loss, sell the asset, claim the capital loss, donate the remainder, and take the charitable deduction.

If these stocks are in an IRA, and the donor is at least 70.5 years of age, keep in mind that with the passage of the SECURE Act, Stretch IRAs are not allowed anymore for inherited IRAs. They must be liquidated within 10 years. These events trigger ordinary income tax liability for the heir. Donating stock or an IRA to a charity avoids this, and taking advantage of the QCD during one’s lifetime after age 70.5 can help spend down the estate with an asset that has fewer inheritance benefits than in the past. In fact, for some people, the tax liability on the RMD would be considered a hardship or inconvenience, not to mention the burden of not messing up and forgetting to take the RMD. Although the SECURE 2.0 Act gradually increases the age for RMDs, the act did not change the QCD eligibility age from 70.5. Thus, a donor can take advantage of QCDs before they are required to take their RMDs.

Other Methods

In addition to these high-impact gifts, individuals should still consider the more traditional charitable bequests via will or trust, life insurance, retirement assets, payable on death/transfer on death, and a life estate, all taking effect after death. Life insurance, retirement, and POD/TOD beneficiaries are relatively easy to set up and usually at no cost. A will, trust, or life estate may require an attorney to draft the documents, so the cost is higher, but still a great option for many people. These gifts can be used effectively in combination with one another.

This article is adapted from an article that originally appeared in “Planned Giving Today.”

More From The College

• Learn More About DAF
• Gain philanthropic and legacy planning knowledge with our CAP® Program
• Learn about the American College Center for Philanthropy and Social Impact