Moreover, the profiles of Black and Brown difference-makers are becoming more and more known, with many standing as household names for communities of all backgrounds. 

In keeping with this wave of change, The American College of Financial Services is proud to announce our President and CEO George Nichols III has been named to Forbes’ inaugural issue of “The Culture 50 List” recognizing 50 Black and Brown champions making an impact on society through capital, creativity, and connections. 

As the State of Kentucky’s first Black insurance commissioner and the first Black president of the National Association of Insurance Commissioners, as well as the first Black president of The College, Nichols continues to use his platform and expertise to call for change in the financial services industry and sustainable, economic solutions that last through The College’s Center for Economic Empowerment and Equality. 

Nichols shares the company of other well-known public figures on the list, including star athletes Dwayne Wade and Colin Kaepernick, Hollywood producer Issa Rae, and more. Read more about George’s accomplishments in the full Culture 50 Champions listing, and get the story behind the recognition here.

College President and CEO George Nichols III spoke with Brad Smith on Yahoo Finance about The College’s efforts, including the progress of the Four Steps Forward initiative from the American College Center for Economic Empowerment and Equality® and Know Yourself, Grow Your Wealth–a new program running through HBCUs across the country.

Watch the full interview now on-demand!

The man who spoke those words, John “Jack” Bogle, founder of The Vanguard Group, and inventor of the index mutual fund, passed away on January 16, 2019, at the age of 89. 

Bogle, who served on the Board of Trustees of The American College of Financial Services from 1981-1987, revolutionized the investment industry and is among the most influential investors of the past century. 

His contributions to the financial services profession have deeply impacted the lives of investors, thought leaders, and countless families saving for their future.

Courtesy of The Institute for Fiduciary Standard via Wikimedia Commons.

With his passing, the faculty at The American College have shared some thoughts on the impact Bogle made on the profession and to them personally.

Dr. Benjamin Cummings, CFP®, Associate Professor of Behavioral Finance

"John Bogle was a visionary who saw a way to make investing more efficient by providing low-cost access to diversified investments. Then he took the risk to start a company built on that philosophy, and it worked, becoming one of the largest investment firms in the world. I made my first retirement investment in a Vanguard mutual fund when I was in college, and I’ve held Vanguard investments ever since. Thanks, John, for helping me and millions of others prepare for their financial future."

Dr. Michael Finke, CFP®, Chief Academic Officer

"The revolution in finance theory of the 1960s made it clear that individual investors needed a way to access the equity market using low cost, well diversified financial products. Bogle stuck with his vision despite adversity and created an institution that gave investors greater retirement security and a company they could trust. Bogle was a reminder that companies can do good and do well by providing consumers with the right investments and embracing transparency and quality."

Dr. Gerald Herbison, ChFC®, CASL®, CFP®, CLF®

"Assistant Professor of Management John Bogle created a way for self-directed investors to save without incurring the costs associated with full-service mutual funds. Vanguard continues to be a company that serves mass market investors in a true low-cost model, which takes discipline that most companies can’t maintain. John Bogle was a visionary."

Theodore Kurlowicz, JD, LLM, CAP®, ChFC®, CLU®, AEP®, Professor of Estate Planning and Taxation 

"The concept of low fee mutual fund investing brought participation in equity investing to the masses. And it certainly enhanced self-investing for the middle class. Accumulating for retirement is an essential step and I personally can appreciate the concept created by Mr. Bogle because of my own retirement planning."

David Littell, JD, ChFC® Professor of Taxation

"John Bogle and Vanguard made investing easy – I certainly appreciated this as a youngster looking to save for retirement. Today as I’m about to retire I certainly appreciate the advice. Contribute regularly, invest in low-cost equity-based mutual funds, don’t look at your statements, and your wealth really will add up over the years. Thanks John Bogle."

Kevin Lynch, MBA, CFP®, ChFC®, CLU®, RHU®, REBC®, CASL®, CAP®, CLF®, LUTCF, FSS, RICP®, Faculty Instructor

"My step father passed away July 24, 2018, just 38 days away from his 94th birthday. His legacy to my sisters and me, financially, included substantial holdings in mutual funds. His largest holding was his Vanguard account. My dad taught me many different things, but one of the most important lessons he taught me, he learned from John Bogle. 'Start early, save regularly, keep your costs low, and never react to market volatility.'"

Kirk Okumura, MSFS, ChFC®, Academic Director

"John Bogle may be the person single-most responsible for democratizing investing, and making investing in securities markets accessible to millions of Americans. He will forever be to me the father of indexing, providing a cost-effective alternative to active management to those of us who subscribe to some version of efficient markets. On behalf of the millions of investors impacted by his contributions to the industry: Thank you, John. You will be missed." 

Dr. Wade Pfau, CFA®, Professor of Retirement Income

"One of my career highlights was being able to award John Bogle with the Consumer Advocate Award from the Retirement Income Industry Association in 2014. Here is an excerpt from my introduction for him: As mutual funds are a dominant element of American retirement plans, the work of John Bogle to develop broadly diversified, low-cost indexed mutual funds at Vanguard has provided the tools used by millions of Americans to meet their retirement goals. John Bogle has played an instrumental role in educating the public about this, including writing one of the fundamental investor education books, his best-selling 'Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor.' John Bogle has dedicated his life and career to serving as a tireless advocate for greater ethical standards, trusteeship, and service from the financial industry. By placing the interests of clients first, John Bogle has demonstrated how to build trust and confidence in financial services. John Bogle reminds us that we are part of an industry designed to help people develop appropriate retirement income strategies by developing our specialized knowledge and skills, formulating best practices, and thinking outside the box."

Ross Riskin, CPA/PFS, CCFC Assistant Professor of Taxation 

"John Bogle truly personified the term 'vanguard.' Not only was he focused on the impact investing and investment costs have on the consumer over the long-run, he was focused on educating consumers and financial advisors, which really hits home for me given what I strive to do as an academic, and especially as I reflect on what The American College stands for. John’s book, 'The Little Book of Common Sense Investing,' has been on my bookshelf for many years as it has served as both a reminder for me of what he stood for and as a resource I have made a part of financial planning courses I have taught and currently teach. While John is no longer with us, his knowledge and wisdom will carry on and I won’t simply remember him as a pioneer in the financial services industry, but rather as an educator."

On behalf of The American College of Financial Services, we thank Jack Bogle for his contributions to The College’s Board of Trustees and the MDRT Foundation Hall. His vision will be missed, though his legacy and teachings will forever impact the financial services profession and investors alike.

In recent meetings, I’ve been discussing new dimensions in estate planning. Legal, tax, financial, and societal changes necessitate a fresh look at this planning, and a key new consideration is how we look at, and utilize, life insurance. I’ve posited the idea that we should stop talking about the irrevocable life insurance trust (ILIT) as an estate planning solution, and instead look at it as one of many ways of implementing a life insurance strategy. Instead of assuming the use of an ILIT, I suggest a new approach to life insurance planning I call the wealth conservation and protection plan (W-CAP). A W-CAP is a simple estate planning methodology designed to preserve the client’s estate both while alive and at death. Life insurance is the underlying product used in the W-CAP approach, but the policy can be used in a variety of ways. As will be discussed, an ILIT is certainly one strategy for owning the life insurance policy, but it’s not the only ownership approach. 

Estate Planning Challenges with ILITs 

In the estate planning community, there has been some hand-wringing over the wisdom of some life insurance policies that were placed in ILITs. The debate was brought to the fore by the estate tax changes encompassed in the Tax Cuts and Jobs Act of 2017 (TCJA). Now that the individual estate tax exemption is an inflation-adjusted $11.20 million (at least until 2026), clients are asking why they can’t access the life insurance policies trapped in their trusts, and why they even need the life insurance in the first place. This is leading to requests for judicial reform of trusts, trust decanting, and even lapsing of trust-owned policies. 

Even before the TCJA, there was grumbling about ILITs. What I refer to as the “TOLI terrors” have been afflicting estate planning attorneys and corporate trustees for years. These advisors are concerned that trust-owned life insurance policies (TOLIs) aren’t performing as advertised. The policies need either more premiums than illustrated, a reduction in death benefit, or a reallocation of the underlying investment portfolio. For some trustees and/or attorneys, these troubled policies represent a source of potential fiduciary liability. Compounding the challenge is that it is difficult to explain to the client why more premiums are needed, while at the same time, the values in the insurance policy aren’t available for retirement income or to help with long-term care (LTC) expenses. Under current circumstances, the client may be more concerned with lifetime liquidity than possible estate taxes. Simply put, some ILITs are under fire both as to their utility and their risk. 

While we can question some of the histrionics we’ve seen from ILIT detractors, the underlying causes are understandable. Politicians have made such a big issue out of the “death tax” that prosperous individuals and families have gone to extremes to avoid the federal estate tax. There is little doubt that when transfer taxes are involved, ILITs are one of the best tried-and-true techniques for lowering the financial sting of these taxes. But now that estate taxes threaten a significantly smaller slice of the population, people are asking “why bother with an ILIT?” The technique severely limits the use of the life insurance policy for anything other than post-mortem needs, and it takes away the flexibility that is an otherwise positive aspect of the life insurance contract. 

A Different Approach 

So let’s take the debate off the table by approaching the issue from a different perspective. Let’s instead agree that in the estate planning context, life insurance is primarily a wealth conservation and protection tool. First, it helps conserve an estate by providing liquidity to pay taxes, pay debts, and fulfill family and business needs of the insured. Second, it helps protect an estate by offering a predictable and liquid source of capital when needed. As a non-correlated asset, it is available to shelter the estate from losses due to morbidity, mortality, and down markets. Further, if the life insurance has cash values, it can conserve and protect wealth whether that need occurs during life or at death. 

The question is how to choose and position the life insurance so as to maximize the advantages of the product in the client’s particular planning context. A Ferrari is a great car, but not if the buyer wants to use it for off-roading. A car lease works well as a financing strategy for a business owner, but may not be a good fit for a family wanting to buy a car for the long term. Choosing and positioning the product makes a difference in the value-add of the purchase. 

Consider how a life insurance policy can be chosen. Just like a car purchase, the consumer expects standard features but may desire certain add-ons to fit his or her unique situation. What are the standard features that every life insurance policy should have? Presumably the policy should provide an income-tax-free, liquid death benefit that is issued by an insurer with a solid financial rating. The policy should comply with both state and federal laws, and include standard nonforfeiture provisions. There may also be an expectation that the policy has features commonly enjoyed in modern-day insurance contracts such as a terminal-illness provision. Beyond these standard features, the advisor can both help the customer choose additional options, and determine an appropriate ownership strategy. 

What add-on features apply? It depends on the customer. I recall a car salesperson who fixated on the maximum speed of a proposed car. She was oblivious to the fact that I did not have the need for speed. This same dealer also lauded the manufacturer’s financing discount, even though I had indicated I intended to pay in cash. Similarly, the life insurance purchaser may not need, or want to pay for, features in a policy that will likely never be utilized. And even though there is a special way to position ownership of the policy, it may be moot if that particular purchaser obtains no benefit from the technique. Life insurance policies offer a myriad of riders and features, but their value depends on the client’s planning requirements. Why pay for disability waiver-of-premium when the insured is retired? Why purchase a policy with a chronic illness rider when the policy is going to reside in an ILIT? Conversely, why put the policy in an ILIT if the likelihood of incurring an estate tax is nil? 

Sometimes features and techniques with life insurance are solutions looking for a problem to solve. It’s time to change the order of the process. Particularly in the fast-changing world of estate planning, it’s time to take a new approach to planning with life insurance. 

W-CAP 

The W-CAP concept is specifically focused on the use of life insurance in estate planning. It uses life insurance to conserve and protect family wealth, whether during life or at death. The key feature of the W-CAP concept is it recognizes multiple estate planning uses for life insurance. It’s not just about estate taxes. So, while an ILIT is the primary ownership approach for avoiding estate taxes, it is not a useful approach in, for example, providing lifetime access or liquidity. In these situations, there are other ownership approaches for life insurance, including having the policy owned by the insured, a revocable trust, the spouse, or the children. These approaches may be better ways to conserve and protect a particular estate. 

The W-CAP’s four-step process focuses on what are the most important uses for the life insurance in the estate plan, and then places the ownership of the policy accordingly. 

STEP 1 

What estate planning needs is the policy primarily intended to address? Recognizing that rarely can all needs be fulfilled with one policy, part of the W-CAP process is it prioritizes the top two or three needs. Below are some of the more common needs that a life insurance policy can address, although there are certainly others: 

• Liquidity at death to pay estate taxes 
• Liquidity at death for other needs, such as a buy-sell agreement, survivor income, etc. 
• Liquidity during life for events such as long-term care or chronic illness 
• Avoiding estate and gift taxes on the death benefit 
• Avoiding income taxes on distributions of wealth Inheritance equalization 
• Creditor protection 

STEP 2 

• Once the estate planning needs for a policy have been determined and prioritized, determine which life insurance policy features are most important for addressing these needs. Below are some sample policy features that may apply: 
• Survivor-life death benefit (versus a single life policy) 
• Policy cash values in a permanent life insurance policy LTC or chronic illness riders 
• Auto-loan, reduced paid-up riders, or other anti-lapse features 
• Fixed death benefit to provide an uncorrelated asset for the estate 
• A variable death benefit to reflect market changes 
• The ability to switch between an increasing death benefit and a level death benefit Insurance company one-year term rates to use in lieu of Table 2001 rates (to accommodate split-dollar funding) 

STEP 3 

Choose the life insurance policy that best matches up the policy features (Step 2) with the primary estate planning priorities (Step 1). In other words, select a policy with provisions that can most effectively fulfill the top estate planning goals for the life insurance. This is an area where the advice of a life insurance professional is particularly important. 

STEP 4

Determine the appropriate ownership structure for the policy that will most effectively conserve and protect the estate. In estate planning, the primary ownership structures for life insurance are the following: 

• Ownership by the insured or the insured’s living trust 
• Ownership by an ILIT 
• Ownership by family members, such as the spouse or children 

Two Examples

The point of the W-CAP approach is that life insurance in estate planning is focused on conserving and protecting an estate. An LTC rider may or may not be needed; a trust may or not be required—it all depends on the needs of the client. Using the four steps above will help both determine the appropriate insurance product, and select an ownership strategy to fulfill the primary planning needs. Consider the following two examples of the use of the W-CAP approach. One is in a high-net-worth family situation, and the other involves a more moderate estate. 

SCENARIO 1 

Ruby, a widow who has a $20 million estate, has three children and five grandchildren. She recently gifted her profitable business to her daughter, the one child who is active in the business. Ruby wants to make sure the other children are also provided for. Ruby’s advisor has warned her about the likelihood of estate taxes, and has suggested life insurance as a means of accomplishing her estate planning goals. Applying the W-CAP approach, she arrives at the following estate planning strategy: 

1. Ruby’s primary concern is being able to create inheritance equalization. Since she has given the business to her one daughter, she wants to provide a comparable inheritance to her other children. Because of her wealth, though, she has another pressing concern—having sufficient liquidity for her estate to pay an expected estate tax. 
2. In order to accomplish her two primary goals, Ruby needs a large life insurance policy. The death proceeds can provide both an inheritance to the two nonbusiness children and a fund to pay the estate tax. Since there’s no way to know when Ruby will die, a large, fixed-death-benefit life insurance policy will provide an uncorrelated asset that is available exactly when needed, irrespective of where the market is at that time. 
3. Ruby has significant wealth, and her need for life insurance is permanent. She chooses to utilize a single life universal life policy. The premium payments will be enough to guarantee a fixed death benefit. 
4. The policy will be applied for, and owned by, an ILIT. At Ruby’s death, the ILIT receives the proceeds, and uses them for two purposes. First, it will pay out inheritances to the two intended children; and second, it will provide liquidity to lend money to, or buy assets from, the estate. This will give the estate the liquidity it needs to pay the estate tax without having the policy proceeds included in the gross estate. 

SCENARIO 2 

Francie and Bob have a projected $3 million estate, and they want to make sure that if they’re not around, their special-needs adult child will be cared for. The couple has completed their financial planning in anticipation of an eventual retirement, and part of their plan has identified estate planning needs. An advisor has suggested life insurance to help with several of their planning needs. Applying the W-CAP approach, the life insurance strategy used for this couple is quite different than for Ruby.

1. Francie and Bob are primarily concerned with providing liquidity for their child, but they want to do it in a manner that qualifies their child for continued government programs and benefits. They are, however, also concerned with the possible adverse effect on their estate plan if one or both of them are confined to a long-term care facility for an extensive period. They do not want their estates exhausted by the expenses of a long-term care incident.
2. This couple’s liquidity need can occur at either death or upon a long-term care event. Further, because the policy will require cash values to accomplish their long-term care need, the insurance product should include features that provide both guarantees and upside potential. Cash value growth is a core consideration in choosing the policy. 
3. Francie and Bob decide to each purchase an individual indexed universal life policy with a long-term care rider. They will use some of their ongoing wages to “overfund” their policies, with the intent that policy premiums will no longer be required after they retire. These policies will provide liquidity in the event of either a death or long-term care event, thereby accomplishing both of their top priorities. 
4. In order to access the long-term care benefits that may be payable, they will own their life insurance policies individually. Since estate taxes are not likely an issue for them, the individual ownership strategy works better than an ILIT to conserve and protect their estates. The primary beneficiary of each policy will be the surviving spouse. If that spouse predeceases the insured, the proceeds will be payable to a special needs trust for the benefit of their child. 

The W-CAP,  Justified 

In both of the above scenarios, the W-CAP helped identify needs, create a solution, and apply a strategy for implementation. There is nothing magical about the W-CAP approach. It is simply a disciplined way to do life insurance planning in an estate planning environment. It puts the need before the solution, and the solution before the ownership strategy. 

An added advantage of a W-CAP is that where an ILIT is actually needed, the process helps justify the concept’s use. Those attorneys who have “TOLI terrors” will more likely buy in to an ILIT structure when they realize it addresses the client’s primary goals. Hence with Ruby from scenario 1, the W-CAP process helped position the legitimate need for an ILIT to own the policy. Conversely, a W-CAP helps avoid the overzealous use of the ILIT structure where estate taxes are not in play. With Francie and Bob in scenario 2, the process helped identify suitable products and then place them in an appropriate ownership position. 

This post was originally published in the Journal of Financial Service Professionals 73, No.2 (2019): 32-36, copyright 2019, Society of Financial Service Professionals. 

Steve Parrish, JD, RICP®, CLU®, ChFC®, RHU®, AEP®, is the co-director for the New York Life Center for Retirement Income Planning at The American College of Financial Services. He is also an adjunct professor at both The American College and Drake University Law School.

They’ve put me hand-in-hand, face-to-face, even heart-to-heart with the men and women of this great profession. I’ve met people from all colors and creeds, including those breaking through societal barriers; the veterans continuing their lives of service; the culture carriers of this profession’s long-standing organizations; and the next generation of advisors looking to make an impact in the communities they serve.

I helped cut the ribbon on The American College of Financial Services’ new home, the Cary Maguire Building – a modern, media-driven location that christened a new day in The College’s storied 93-year history. I spoke at events honoring veterans, industry heavyweights, and our 2019 designee and master’s degree recipients. Also, as the first African-American President in The College’s history, it was a profound honor to open our 14th annual Conference of African American Financial Professionals in Atlanta. 

I found its slogan a fitting facsimile to the message I continue to carry with me everywhere I go: lift as you climb. 

There’s a stark choice in this profession: get lost in the darkness of power and prestige or lift up others through a dedication to service. This is the financial services profession, where the ultimate benefit must be theirs, not ours. We must lift up our clients, our communities, and new advisors looking to do the same. Our profession will flourish in the years ahead if we follow the “we, not me” mentality. It’s been tested by crises of confidence that soured trust in our stewardship, by rapidly advancing technology that requires a shift to more holistic service offerings, and by a wave of Baby Boomers who are ready to retire even if their finances aren’t. 

Instead of sitting in a silo, I call on you to uplift our profession with your knowledge and your wisdom. Embrace the kinship of community, and become a financial mentor to your neighbors, colleagues, and career changers. A larger, more knowledgeable advisor community will benefit clients and improve public perceptions. A common fellowship will expand our professional networks and strengthen our ties to the communities we serve. 

Success isn’t about climbing the ladder then kicking it down so no one else can follow. It’s about climbing the ladder, getting to that next level, and looking back at where you started with an extended, helping hand. 

The American College of Financial Services is always looking to do its part. Our goal is to be your life-long learning partner – promoting financial literacy, engaging and educating society, and sharing our knowledge with all who need it. We believe that a rising tide lifts all boats; that an informed society asks the right questions, picks the right advisor, and has better financial outcomes. 

As I make my way through Year 2 at The College, I look forward to seeing many of you at industry events, hearing your stories, and collaborating with a growing, inclusive profession that is moving in the same direction. Together, we are stronger.

The College’s legacy is a virtue. Its 93-year history is one to embrace and leverage, but it certainly cannot impede progress. And that’s the intersection where I live – at the corner of celebrating history and making it. 

As The College’s 10th President and Chief Executive Officer, I wholeheartedly thank the over 170,000 alumni who at times have carried this institution with their time and charity. I revere Dr. Solomon Huebner’s vision, not just as this College’s founder, but as the architect of the modern financial services profession. Yet, I am also conscious of a 21st-century marketplace that looks different, works different, and demands different. 

Different means moving forward with a clear vision guided by strong values. Here are mine.

Urgency is not frantic. Composure and poise are sorely lacking in some organizations. Some leaders think frantic conveys speed and purpose, but instead it causes confusion and chaos. Even if the chaos closes out a short-term project, it breaks the organization’s resolve to continue the long-term mission. Leaders press for urgency without helping their team understand what it means or why it’s important. 

Urgency is also not emergency. The first comes with a greater purpose focused forward to create impactful change and reach tangible goals. The latter is a reactive approach that leads to finger pointing that eventually can sap the life from a business. 

Urgency is the way you prepare and communicate. As a business leader, I try to think as I would communicate – calmly, rationally, and with poise. I’m not perfect, but I believe prepared business leaders can more easily execute their vision. If you are prepared, fewer emergencies arise. If you have a clear vision, urgency comes across as excitement and determination, and that’s reflected in the way you speak across the organization. Aim for the heart, not just the mind. Look for the motivation that will compel a team to take action. Empowered employees don’t feel stressed by urgency; they buy into it. 

Business leaders should also think about communication as more than a town hall or executive retreat. They should convey a sense of urgency in meetings, memos, and emails. They are the spokesperson or organizational role model: lead effectively, and others will follow. 

More than anything, urgency is the execution of a well-thought-out plan. I’m sure you’ve heard the phrase, “Keep Calm and Carry On.” It originated on a motivational poster produced by the British government to raise public morale in preparation for World War II. Today, it’s a popular slogan calling for persistence in the face of challenge or confidence in a plan, no matter the short-term pitfalls. This is relevant to today’s investment environment. The uncertainty surrounding the global impact of a new illness, the coronavirus (or COVID-19), has caused significant market instability, and in turn, fear in many clients, especially those in or close to retirement. See the results of a flash survey we did with advisors who hold The College’s Retirement Income Certified Professional Designation® (RICP®). A global health crisis is an easy reason to cut and run, thereby locking in losses that could otherwise be avoided. 

Now is the time when financial advisors really show their value. How well do you understand emotional investing? Are you following a goal-based approach? Is face-to-face communication your strong suit? Do you have the knowledge to apply theory and data to real-life decisions? 

If your answers to these questions are YES, you are equipped to lead with poised urgency: this is an ability to cut through the noise, re-engage on end goals, and shepherd your clients to safety and success without irresponsibly sounding the alarm. If any of your answers are NO, let this situation serve as a reminder that knowing how to execute crisis communications comes from advanced knowledge and education. 

Stewardship – whether it be of a corporation’s balance sheet or an individual’s retirement account – requires deliberative thought, consistent messaging, and precise implementation. You can’t accomplish those goals in a frenzy, but you can check off the boxes with a sense of urgency that rallies everyone around a common cause. Keep calm and carry on … with the plan.

Do you think I’m exaggerating? While the S&P 500 returned 30.43% in 2019, just 49% of millennials experienced the rise, down sharply from the 61% who rode the soaring market from 2001-2008. We all remember what happened next…a recession that took a psychological toll on young investors during their formative years and shaped an economy that took several years to recover. In turn, these investors didn’t reap the market’s revival due to distrust in the institution. 

This isn’t a “financial services problem.” Enron, Boeing, and Facebook are just a few examples of ethical lapses that have eroded public trust. But to say that these events are bound to human nature or are just inherent in American capitalist society is just wrong. 

At The American College of Financial Services, we continue to take ethics well beyond words. We ingrain our advocacy for ethical standards into our company culture, academic rigor, and alumni initiatives. 

In 2020, The American College Cary M. Maguire Center for Ethics in Financial Services celebrates its 20th anniversary. As the only ethics center within an academic institution focused exclusively on the financial services profession, the Center promotes ethical behavior by offering programs that go beyond the rules of market conduct to help executives and producers be more sensitive to ethical issues and think more critically about solutions. 

In January, I moderated a panel at ACLI’s ERT meeting alongside executives Roger Ferguson, Chief Executive Officer of TIAA, and Roger Crandall, President and Chief Executive Officer of MassMutual. We had a profound, prosperous conversation on the people, processes, and planning that goes into not just building, but maintaining, an ethical business culture. Later that week, we also celebrated the 20th anniversary of the Forum on Ethical Leadership, the vision of Jim Mitchell and his wife Linda. They are synonymous with advancing business ethics through the profession, just as they are so appreciated and deep-rooted in The College’s history. 

It’s been said that ethics represents the attempt to resolve the contact between selfishness and selflessness. In such a fast-paced world, the greatest threat to relationship-based enterprise isn’t technology, but ourselves. Yes, technology is pushing the envelope and narrowing any margin for error, but we as professionals can still win the day by always working in the best interests of those we serve; that the benefit is theirs, not ours. 

We live this commitment every day at The College. It’s in our DNA. Moreover, I believe we have an opportunity, even an obligation, as an accredited, non-profit institution serving the financial services profession to continue to forge forward as a catalyst for shaping this all-important conversation. 

How does that happen? By coming together, and by working with the best and brightest minds in stewardship of the financial services community, in the interests of the clients who are entrusting us with their financial futures. This is a topic I’ll be talking more about over the weeks and months to come.

This webcast was part of AALU/GAMA’s #NavigatingTheNow Webcast Series – conversations with the profession’s top executives and thought leaders in response to today’s COVID-19 crisis. If you have an hour, watch the webcast or read the transcript below. It was an engaging discussion on how The American College of Financial Services is leading through innovation, ethics, and new learning opportunities for today’s financial services professional.