Penn Mutual, a leading provider of life insurance since 1847 focused on helping the people they work with get stronger, is the founding sponsor and strategic partner of the American College Center for Veterans Affairs, launching new initiatives this month to better serve the community. 

“The College is tremendously grateful to Penn Mutual for their continued support and the opportunity to collaborate with others seeking to uplift our nations’ heroes,” said George Nichols III, president and CEO of The American College of Financial Services. “This critical investment provides important funding to help the Center for Veterans Affairs make a measurable impact in our collective mission to transform the lives of our active-duty, guard, and reserve service members, veterans, and their families.” 

The Center for Veterans Affairs will support the veterans community through additional initiatives and activities including: 

• Transition support services 
• Career services, job placement, and a mentorship program 
• Expanded veterans scholarship program and an executive leadership program 
• Thought leadership and research 
• Collaboration across The College’s Centers of Excellence 

“We’re honored to continue our support of veterans and extend our commitment to The American College of Financial Services,” said Eileen McDonnell, Penn Mutual chairman and chief executive officer. “We firmly believe in the mission of the Center for Veterans Affairs to provide financial education and purposeful employment and career opportunities for our active-duty, guard, and reserve service members, veterans and their families. Over the past 10 years, Penn Mutual has had a positive impact on The College, the industry, and the lives of the scholarship recipients and their clients and we believe that it will make an even greater impact in the years to come.” 

Penn Mutual has a long history of support for America’s military veterans and has invested in programs designed to assist the veterans community in transitioning to civilian life and career opportunities in financial services. Through an initial $2.9 million commitment from Penn Mutual in 2012, the Center for Veterans Affairs has awarded scholarships to active-duty, guard, and reserve service members, veterans, and their families. Penn Mutual’s important investment in the Center for Veterans Affairs underlines their focus on supporting financial professionals and their clients by building customized solutions for individuals, families, and businesses, hiring and developing talent that can have a positive change in their communities, and giving back to the people and communities where they live and work. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

ABOUT THE PENN MUTUAL LIFE INSURANCE COMPANY 

Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people’s ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.

In his position, Chief Roy will oversee the Center for Veterans Affairs’ research, programs, and outreach to provide educational support and career opportunities to eligible service members, veterans, and their spouses. 

“Throughout his career, Chief Roy has proven himself to be a driven leader who is passionate about helping others, from the members and veterans of our armed forces to the public at large, both within the U.S. and around the world,” said Nichols. “This is the vision and value set that’s needed to give back to our honorable communities of service members and their loved ones. Chief Roy’s service record and professional qualifications speak for themselves, and he’s the kind of leader we want on our team.” 

Established in 2012 by a generous gift from the Penn Mutual Life Insurance Company, the vision of the Center for Veterans Affairs is to empower deserving service members, veterans, and military spouses with career opportunities, thereby infusing the financial services profession with a talent pool of determined, mission-minded individuals who will be vital to the economic integrity and sustainability of the financial services profession in the 21st century. 

The Center for Veterans Affairs recently hit a major milestone by awarding their 1,000th scholarship, a program built to grant deserving professionals access to The College’s keystone designation programs, including the Retirement Income Certified Professional® (RICP®), Chartered Financial Consultant® (ChFC®), Wealth Management Certified Professional® (WMCP®), graduate degree programs, and others that give them an edge in finding a new career in financial services, along with the benefits of The College’s vast support and alumni network. The Center also holds yearly events to drive awareness of veterans issues and to raise money for further scholarships, as well as the profiles of those who have courageously served—most notably through the annual Clambake & Soldier-Citizen Award event. 

“I’m always seeking new ways to serve the people of this great nation, including my fellow veterans, military members and families. The opportunity to lead a Center of Excellence like this and work for an institution like The College that sets the gold standard of financial services education is an honor for me, personally and professionally,” said Chief Roy. “I look forward to collaborating with my peers across The College and the financial services industry to bring renewed attention to the challenges facing military members and families and recognition for all that they do on behalf of this country and all of us.” 

As Chief Master Sergeant of the Air Force, Roy represented the highest level of leadership among noncommissioned officers in the U.S. Air Force—only the 16th service member appointed to such a position—and in his role provided direction for enlisted men and women, as well as representing their interests to the American public and all levels of government. He served as the personal advisor to the Chief of Staff and the Secretary of the Air Force on all issues regarding the welfare, readiness, morale, and proper utilization and progress of enlisted forces. In his business career, Chief Roy also most recently served as Chief Operating Officer for Silotech Group, a small company focused on advanced cyber, intelligence, IT, and modernization solutions. During the COVID-19 pandemic, Chief Roy brought on 20 new employees to the firm, expanded to three new business sectors as part of his vision to grow Silotech beyond small business status, and brought in nearly $20 million in annual revenue. 

Chief Roy grew up in Monroe, MI, and entered the Air Force in 1982. He has been stationed in places including Guam, South Korea, Kuwait, and Japan, as well as Hawaii, Florida, Missouri, Mississippi, South Carolina, and Virginia. He holds a Bachelor’s degree in engineering management from Park College and a Master’s degree in human resource management from Troy State College, and has worked a variety of civil engineer duties. His military background includes roles at squadron, group, numbered Air Force, and combatant command levels, as well as serving as Senior Enlisted Leader and advisor to the U.S. Pacific Command. 

“As a fellow Armed Forces veteran, I salute Chief Roy for everything he has accomplished over his lifetime of service,” said Jim Petersen, PhD, MSM, MSFS, CFP®, CLF®, ChFC®, CLU®, RICP®, WMCP®, ChSNC®, CRPC®, CAP®, CASL®, AEP®, Chair of the Penn Mutual Center for Veterans Affairs Advisory Board. “His work on behalf of this country and the business community has been exemplary, and under his leadership I truly believe we’ll be able to take our efforts to provide opportunity and education to veterans to the next level.” 

A charismatic speaker and presenter with a strong background in effectively leading high-performance teams and implementing organizational change, Chief Roy’s passion for education and helping others serves as a through-line from his time in the military to corporate roles. He has overseen diverse projects, including professional development of enlisted forces at home and abroad, designing a strategic development model to grow the next generation of Air Force enlisted leaders through an Enlisted Development team that provides guidance and mentorship to 25,000 senior NCOs. In addition, he worked to promote programs ensuring National Guard and Reserve forces are trained to the same standard as their active-duty counterparts. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

This major gift, announced at the 15th annual Conference for African American Financial Professionals (CAAFP), is one of the first The College has received in support and celebration of The College’s commitment to close the racial wealth gap with lasting, collective community-focused solutions. For their leadership, Northwestern Mutual will be recognized as a Founder’s Circle donor. 

“We are tremendously grateful to Northwestern Mutual for their generous contribution which will allow us to take huge strides towards measurable impact in our collective effort to partner with underserved communities and promote economic justice,” said George Nichols III, President and CEO of The American College of Financial Services. “These critical investments our industry leaders are making will allow the Center for Economic Empowerment and Equality to collaborate with others seeking to write a new narrative in history around economic equity.” 

As part of Northwestern Mutual’s ongoing commitment to advancing diversity, equity, and inclusion, their financial support will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility, as well as educate and empower Black financial professionals as they start and grow their careers. This critical seed funding will help to expand the Center’s financial education programs for Black women, bolster the Center’s scholarship programs for HBCU and early-career financial professionals, and implement a new approach to study groups for Black financial professionals. 

“We are proud to be a partner of The American College and, through this investment in the Center for Economic Empowerment and Equality, work together to advance our common goals of addressing the racial wealth gap and accelerating the success of Black/African American financial professionals,” said Tim Gerend, executive vice president, chief distribution officer, and a member of Northwestern Mutual’s Sustained Action for Racial Equity (SARE) task force. “Northwestern Mutual has a long-standing commitment to diversity, equity and inclusion and this investment reflects our belief that, by partnering with The American College, we can leverage our efforts and achieve a greater impact in our efforts to drive financial inclusion and Black/African American prosperity.” 

In August 2021, Northwestern Mutual announced a new $100-million impact investing fund to deliver on the company's commitment to addressing inequality and the racial wealth gap in the U.S. The fund, which will direct investments to Black communities nationally and locally in the Milwaukee area, will focus on three key opportunities: physical and social infrastructure, access to capital for individuals and businesses, and healthy sustainable neighborhoods and communities. The fund is an outcome of the company's SARE task force, which launched in 2020 and focuses on making a bold, real, and long-term impact that drives equity and inclusion in Black communities.

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

ABOUT NORTHWESTERN MUTUAL 

Northwestern Mutual has been helping people and businesses achieve financial security for more than 160 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With $308.8 billion in total assets, $31.1 billion in revenues, and $2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.75 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $200 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 90 on the 2021 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2021. 

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).

These major gifts, announced at the 15th annual Conference of African American Financial Professionals (CAAFP), are some of the first The College has received in support of The College’s commitment to closing the racial wealth gap with lasting collective, community-focused solutions. For its leadership, New York Life will be recognized as a Founder’s Circle donor and the New York Life Foundation will be recognized as a Partnership Circle donor to the Center. 

“The generous support of New York Life and the New York Life Foundation is a seed of opportunity to take huge strides towards measurable impact in our collective effort to promote economic justice and uplift underserved communities,” said George Nichols III, President and CEO of The American College of Financial Services. “We are tremendously grateful for these critical investments that will allow the Center for Economic Empowerment and Equality to collaborate with others seeking to write a new narrative in history around economic equity and social justice.” 

New York Life and the New York Life Foundation’s financial support will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility, as well as educate and empower Black financial professionals as they start and grow their careers. This seed funding is critical to expanding the Center’s financial education programs for Black women, bolstering the Center’s scholarship programs for HBCU and early-career financial professionals, and implementing a new approach to study groups for Black financial professionals. 

“Growing and developing a diverse and educated force of financial professionals who mirror the diversity of our communities is aligned with New York Life’s mission of providing financial security and peace of mind to our customers, “ said New York Life Chairman and Chief Executive Officer Ted Mathas. “We are proud to partner with The College to help provide access and education to financial professionals of color so that more families in America have a chance to build financial security and economic mobility.” 

New York Life’s contributions align with the company’s initiatives to close the racial wealth gap, which includes the company’s $1 billion impact investment initiative. As part of this initiative, New York Life is partnering with diverse asset managers, federally chartered community development financial institutions, and other mission-driven organizations to invest in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development. Overall, New York Life has a longstanding record of supporting organizations that support the Black community. During the last 20 years, the company has provided more than $28 million to such organizations. 

Inspired by New York Life’s tradition of service and humanity, the New York Life Foundation invests in programs that benefit young people, focused on educational enhancement and childhood bereavement support. In particular, it recognizes the systemic inequities in the educational system. Since 2014, the New York Life Foundation has dedicated over $63 million in grants and programs to support education for middle school youth students and since its founding in 1979, it has made nearly $380 million in charitable contributions to national and local nonprofit organizations. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/2021. For methodology, please see http://fortune.com/fortune500/. 

²As reported by “Fortune 2021 World’s Most Admired Companies ranking within Insurance (Life and Health),” Fortune magazine, 2/1/2021. For methodology, please see https://fortune.com/franchise-list-page/methodology-worlds-most-admired-companies-2021/.

The research found that engagement of the Black community within the financial services industry is largely transactional – not advisory – and that Black women are less aware of the different types of relationships they can have with financial advisors and institutions, an especially concerning finding given Black women play a prominent earning and financial decision-making role in Black households and communities. 

The Trust Study, comprised of 3,500 middle-income Black women, found that they experience discrimination and difficulty accessing wealth-building tools, with ‘lack of trust’ as the second most cited reason why this group is not accessing financial services. 

These findings are part of the inaugural iteration of the Black Women, Trust, and the Financial Services Industry Study from the American College Center for Economic Empowerment and Equality (CEEE). The research sought to understand Black women’s unique financial, social, and emotional insights concerning their wealth journey, its linked impact on their families and communities, and what Black women want and need from the financial services industry to succeed financially. 

“Black women are aspiring for financial stability for themselves, but at the same time they want to use their economic power to build a better future for their families and their communities,” said Karim Hill, executive director of the Center for Economic Empowerment and Equality. “The financial services industry has an opportunity to increase awareness of what is possible for Black women and their wealth with trusted advisory services, products, professionals, and investments in advisor diversity and Black-owned financial institutions. The industry must begin providing trusted advice uniquely tailored to Black women who desire to better navigate the world we are living in.” 

Need for More Culturally Relevant Research and Analysis Essential to Uncover Opportunities for Change 

This Trust Study provides a reintroduction to Black women through their own words, in a narrative exploration with statistical significance, and explores new thinking around better serving Black women, their households, and their communities concerning their wealth wants and needs. According to this research, providing information about the questions to ask about savings, investing, and transferring wealth is an easy way to build trust and better relationships with Black women. 

The research underscored three cultural norms critical to Black women’s financial decision-making and relationships with the financial services industry. Among the emerging themes: 

Importance of trust in decision-making 

• 60% of respondents expressed difficulty in finding financial professionals or advisors who they trust 
• ‘Lack of trust’ was the second most cited reason after ‘too expensive’ for why this group is not accessing financial services 

Priority of community / family rather than a focus on ‘rugged individualism’ 

• 62.5% of respondents in higher-income households stated it was important to build wealth for the community 
• 58% believe Black institutions can provide the tools to serve their needs 

Value of interpersonal community and relationships Black women trust financial services professionals to a greater degree (~10% more) than financial services organizations – reiterating the importance of trust and personal relationships Black women (58%) are more likely to report that racial identity affects how they are treated by financial services professionals than gender 

“This research validates how our Four Steps Forward approach charts a collective pathway for impact that goes beyond the transaction, beyond savings and debt products, to deliver culturally relevant messages embedded in deep, personal advisory relationships across a Black woman’s wealth journey,” said George Nichols III, President and CEO of The American College of Financial Services. “Black women are gatekeepers of their families and communities, and many serve as the primary breadwinner and financial decision-maker of their households. The College is committed to evidence-based, data-driven indicators – like this inaugural Trust Study – that serve as an inquiry of what Black women need to succeed financially and an invitation to be part of an industry-wide solution.” 

The Trust Study highlights why a cultural lens must be used when investing in ways to accelerate the economic strength of Black women, a key customer segment that needs increased awareness and support from the financial services industry. 

Among other key takeaways from the research: 

• Emergency savings, retirement funds, and credit scores are top priorities for Black women – as well as major sources of concern 
• Racial identity is significant for Black women in both their financial decision-making and their financial services institutions
•  Black women do trust financial services, but they are more trusting of Black-owned institutions 

“The research underscores that industry engagement of the Black community is largely transactional, not advisory. What really works are long-term advisor relationships that lead to wealth creation across generations,” said Dr. Pamela Jolly, Senior Strategist, The American College of Financial Services. 

“We must identify ways to better connect Black women with advisory relationships,” Jolly continued. "That starts with establishing an understanding of who Black women are before selling to them, connecting products and services to Black women’s values, highlighting Black professionals’ role in the industry as trusted brokers, and building a diverse network of formal and informal channels to connect Black women to their desired wealth outcomes.” 

The financial services industry has an opportunity to move beyond a transactional relationship with Black women to one that provides planning with product support – not product as an insular solution. By creating greater access to applied financial knowledge and community solutions, The College strives to narrow the wealth gap and benefit society through generational financial literacy that empowers and educates. The financial services industry can complement these efforts with products and services specifically designed to help Black families create and sustain wealth-building practices. 

STUDY METHODOLOGY 

Information for this study was gathered between July and September 2021. The quantitative study of 3,500 Black women explored the central reasons for and places of Black women’s trust and distrust of the financial services industry. These findings informed a qualitative study in which The College spoke with respondents to gain deeper insights into the needs, wants, and aspirations of Black women. The median income of survey respondents was $60,000. The study goes beyond basic financial characteristics to look at the role of cultural beliefs, racial identities, and linked fate in financial decision-making. By combining quantitative and qualitative methods, the study creates a holistic picture of Black women as financial consumers and decision-makers. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Announced at the 15th annual Conference for African American Financial Professionals (CAAFP), this significant gift is one of the first The College received in support and celebration of our commitment to close the racial wealth gap with lasting, collective, community-focused solutions. For its leadership, the Pacific Life Foundation will be recognized as a Founder’s Circle donor. 

“The critical support of the Pacific Life Foundation and other industry leaders will allow the Center for Economic Empowerment and Equality to collaborate with those seeking to change our history’s narrative around economic equity,” said George Nichols III, president and CEO of The American College of Financial Services. “We are tremendously grateful to the Pacific Life Foundation for this generous investment toward measurable impact in our collective efforts to partner with underserved communities and promote economic justice.” 

This important seed grant from the Pacific Life Foundation will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility. The funding will help the Center educate and empower Black financial professionals as they start and grow their careers. The Pacific Life Foundation’s commitment will help to expand the Center’s financial education programs for Black women, bolster the Center’s scholarship programs for Historic Black Colleges and Universities (HBCUs) and early-career financial professionals, and implement a new approach to study groups for Black financial professionals. 

“Addressing the racial wealth gap and creating economic mobility starts with uplifting underserved communities and committing to lasting community-focused solutions,” said Jim Morris, chairman, president and CEO, Pacific Life and chairman of the Pacific Life Foundation. “The education and empowerment of Black financial professionals and the Black community is of paramount importance to the financial services industry’s future and growth. We’re proud to partner with the American College Center for Economic Empowerment and Equality in support of its efforts as it writes a new narrative around economic equity." 

Pacific Life and the Pacific Life Foundation are committed to ensuring an inclusive workplace and strengthening the communities where its employees live and work. The Pacific Life Foundation has a long history of focusing its giving on uplifting communities and investing in programs and organizations whose specific mission is to empower and provide stability to underrepresented individuals and families, with more than $2 million in annual funding and support toward these efforts. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

ABOUT PACIFIC LIFE AND THE PACIFIC LIFE FOUNDATION 

For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2021 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit PacificLife.com. 

The Pacific Life Foundation (the Foundation) was established in 1984. Together with Pacific Life, the Foundation has contributed $131 million to community and national nonprofit organizations. Grants are made to organizations that address a broad spectrum of social needs. 

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.

The two executives are joined by new Board members Dr. Wallace Boston, Lt. Gen. Michelle D. Johnson (USAF-ret), Cheri Lytle, and Kristi Martin Rodriguez who collectively bring decades of financial services and leadership experience, and their expertise will support The College as a trusted source of applied financial knowledge and education. 

“I’m excited to welcome our new Board members and celebrate the developing roles of our new chair and vice chair who will continue to guide The American College of Financial Services on our mission to be a trusted voice in a world that needs it now more than ever,” says George Nichols III, President and CEO at The American College of Financial Services. “As we embark into a new year, the leadership of distinguished professionals like John and Salene will help us in our goal to provide applied financial knowledge and education to everyone who needs it. We are committed to helping the people of our nation lead lives of financial wellness, supported by financial professionals with the expertise to lead them.” 

John Howard is chairman and chief executive officer of Truist Insurance Holdings. He also serves as chief insurance officer for Truist Financial Corporation and is a member of the Truist Executive Leadership team. An alumnus of Columbia University and Duke University and a U.S. Navy veteran, his three decades of financial services experience began at Alex. Brown & Sons, followed by positions of increasing responsibility at GE Capital. He later served as president of retirement services for Conseco and, following that, president of Prudential Select Brokerage. 

Howard joined Truist predecessor BB&T in 2012 through the acquisition of Crump Group where he was president and chief executive officer. In 2007, he merged Crump with the insurance and retirement divisions of the BISYS Group, where he was president of insurance services. 

Howard currently serves as executive sponsor of the SERVE (Supporting Emergency Responders & Veterans Engagement) Business Resource Group at Truist. He is vice-chairman of The Institutes; chairman of advocacy for The Council of Insurance Agents and Brokers; and an overseer of the Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science at St. John’s University. Additionally, he is a prior chairman of the Board of Trustees of Gill St. Bernard’s School and a recipient of the Hall of Fame Award from the Tri-County Scholarship Fund. 

“It’s an honor to lead the Board of The American College of Financial Services in fulfilling its commitment to student success, providing relevant course material, and discovering new solutions for financial security,” Howard says. “The College delivers the highest quality education to the professionals entrusted with the public’s financial well-being, and I’m proud to be a part of this institution.” 

Salene Hitchcock-Gear, JD, is president of Prudential Individual Life Insurance, leading the unit offering competitive solutions to meet the needs of consumers via a diverse portfolio of life insurance products. An industry veteran with more than 30 years of experience, Hitchcock-Gear joined Prudential in 2017 as chief operating officer of Prudential Advisors, the company’s national sales organization with more than 3,000 financial professionals, advisors and fee-based financial planners who offer clients a broad range of financial solutions. She was appointed president of both businesses in 2018. Previously, Hitchcock-Gear served as president and CEO of Ameritas Investment Corp. and president and CEO of Acacia Life Insurance Company. She represents Prudential as a director on the Women Presidents’ Organization Advisory Board, serves on the Board of Trustees of The American College of Financial Services, and sits on the Life Insurance Committee of the American Council of Life Insurers. Hitchcock-Gear is an alumna of the University of Michigan and New York University School of Law, holds FINRA Series 7 and 24 securities licenses, and is a member of the New York State Bar Association. 

Dr. Wallace E. Boston was appointed President and Chief Executive Officer of American Public University System (APUS) and its parent company, American Public Education, Inc. (APEI) in July 2004. In September 2019, he retired as CEO of APEI, and he retired as APUS President in August 2020. During his tenure as president, APUS grew to over 85,000 students, 200 degree and certificate programs, and approximately 100,000 alumni. In his career prior to APEI, and APUS, Dr. Boston served as either CFO, COO, or CEO of Meridian Healthcare, Manor Healthcare, Neighborcare Pharmacies, and Sun Healthcare Group. Dr. Boston is a Certified Public Accountant, Certified Management Accountant, and Chartered Global Management Accountant. He earned an A.B. degree in History from Duke University, an MBA in Marketing and Accounting from Tulane University’s Freeman School of Business Administration, and a Doctorate in Higher Education Management from the University of Pennsylvania’s Graduate School of Education. 

Lt. Gen. Michelle D. Johnson (USAF-ret) is a transformational leader with over 30 years of success leading complex organizations on a national and global stage. Most recently, she served as senior vice president and head of referee operations for the National Basketball Association. She served with distinction in various assignments during her three decades in the U.S. Air Force and is the first woman cadet wing commander to lead the U. S. Air Force Academy as the 19th superintendent—equivalent to a college president. Before becoming superintendent, Johnson spent time as NATO’s Deputy Chief of Staff for Operations and Intelligence (2011-13) and served stints at the Pentagon as the Air Force’s Deputy Director for Information and Cyberspace Policy (2007-09) and Director of Public Affairs (2005-07). A command pilot with more than 3,600 flight hours, she was the Air Force aide to Presidents George H.W. Bush and Bill Clinton from 1992-94. She was the Air Force’s first woman cadet wing commander, first female Rhodes Scholar (1981-83) and first female inductee into the coSIDA Academic All-America Hall of Fame (2007). 

Cheri Lytle is managing director and head of practice management delivery and advisor development at J.P. Morgan Wealth Management, responsible for delivering practice management tools, resources, and training to over 5,000 advisors across the J.P. Morgan Wealth Management business. She holds a national role coaching and upskilling in business development, business management, financial planning, investments, and client relationship management and service. Previously, Lytle served as Managing Director, Head of Financial Advisor Strategy and Development at Bank of America, Merrill Lynch. A graduate of West Virginia University, Lytle brings nearly 20 years of experience in the finance industry with demonstrated success implementing high-impact initiatives, improving advisor practices and leading mass organizations and cultural changes. 

Kristi Martin Rodriguez is senior vice president of the Nationwide Retirement Institute (NRI) where she reports directly to the Nationwide Financial President and COO. She advises executive leadership to successfully expand service offerings, accelerate business growth and align strategic objectives with key organizational goals. Over her 20+ years of experience, Rodriguez has held various positions in the highly regulated healthcare and financial services industries, spending seven years with Nationwide and previously holding roles with Aetna and UnitedHealth Group. She is a graduate of Hampton University and holds a certification in Consumer Marketing from Northwestern University’s Kellogg School of Management Executive Education. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

In attendance will also be notable guests Sallie Krawcheck, CEO and Co-Founder of Ellevest, as the keynote speaker and Lazetta Rainey Braxton, MBA, CFP®, Co-Founder and Co-CEO of 2050 Wealth Partners as the closing speaker. Attendees will honor the recipients of the inaugural Women Working in Wealth Awards, created to recognize inspirational women who strive to advance other women in financial services. Prior to the conference opening, guests will take part in a walk on Wall Street and the agenda includes two workshops focused on advancing the cause and careers of women in financial services. 

The Center for Women in Financial Services is committed to advancing women in financial services through research, education, and awareness. Part of their work to #BreaktheBias includes dismantling myths about women and providing tools and resources to women and their allies to create a more inclusive industry. 

“We’re excited to provide engaging content, thought leadership, and connection at our inaugural Women Working in Wealth Summit on International Women's Day,” says Hilary Fiorella, Executive Director of The American College Center for Women in Financial Services. “Women working in financial services face unique challenges that are easier to overcome with support from other women. The Center for Women in Financial Services is honored to continue its mission of supporting female financial professionals with access to a supportive community and educational opportunities through The American College of Financial Services.” 

The one-day, in-person event includes networking, shared professional wisdom, and a celebration to honor the recipients of the first annual Women Working in Wealth Awards. Guests will hear from female financial industry thought leaders including: 

Keynote Address – "Women Working in Wealth: How to Break the Bias" 

• Sallie Krawcheck, CEO and Co-Founder of Ellevest, a tech-first financial company, built by women for women and one of the fastest growing digital investment platforms. Before launching Ellevest, Krawcheck built a successful career on Wall Street, including roles as CEO of Merrill Lynch, Smith Barney, US Trust, Citi Private Bank, Sanford C. Bernstein and CFO for Citigroup 

Closing Speaker – "Charging Ahead with Care and Courage" 

• Lazetta Rainey Braxton, MBA, CFP®, Co-Founder and Co-CEO of 2050 Wealth Partners, social entrepreneur, and nationally recognized financial expert. Rainey Braxton is passionate about amplifying diversity, inclusion, equality and belonging in FinServ 

Workshop Speaker 

• Stacy Francis, CFP®, CDFA®, CES™, President and CEO of Francis Financial, a fee-only boutique wealth management, financial planning and divorce financial planning firm dedicated to providing ongoing comprehensive advice for successful individuals, couples, and women in transition such as divorce or widowhood 

Event registration closes on March 1, 2022, or until our limited quantity runs out.

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

This significant gift will serve as the foundation for the Center for Economic Empowerment and Equality’s new programs to recruit and train Black advisors. For its leadership, Securian Financial will be recognized as a Lead Funding Sponsor of the Center. 

“The American College of Financial Services is grateful for the financial commitment from Securian Financial, which will allow the Center for Economic Empowerment and Equality to build upon existing programs and create new resources to recruit and retain more Black financial professionals,” said George Nichols III, president and CEO of The American College of Financial Services. “The critical support of Securian Financial and other industry leaders, with a strong commitment to close the racial wealth gap with lasting, collective community-focused solutions, allows us to collaborate with those seeking to change our history’s narrative around economic equity.”

Securian Financial’s important commitment will help with the expansion of the Center’s Four Steps Forward initiative, including expanding a scholarship program to prepare more Black Americans for careers in financial services and the implementation of a new approach to study group and mentorship programs to recruit, train, and retain more Black financial professionals. 

“Securian Financial is committed to diversifying our company and the industries in which we do business, and this initiative will further our efforts,” said Dexter Davis, Securian Financial chief diversity officer and second vice president for talent development. “The financial advisor profession is not currently reflective of America, especially with Black Americans. Recruiting and developing more Black financial advisors will better the industry and society as a whole—bringing more people currently underrepresented and underserved into this important market.” 

Securian Financial has been a long-time sponsor of the Conference of African American Financial Professionals (CAAFP), and through their commitment they have renewed their sponsorship through 2026 and will support the build out of the CAAFP Community Network. The CAAFP is the largest conference of African American financial professionals, and will hold its 16th annual conference in Washington, D.C. from August 8-10, 2022. 

“The investments made by Securian go beyond financial. The company’s commitment includes important thought leadership that will amplify the impact of the Center’s recruiting and training programs,” says Steve Grourke, CAP®, CFRE, Vice President of Advancement and Alumni Relations at The American College of Financial Services. “The College and Securian Financial worked collaboratively to construct our relationship to ensure our efforts will have a tangible and lasting impact on Black financial professionals and Black communities across the country.” 

Since launching the Center for Economic Empowerment and Equality in August 2020, over $10.5 million in corporate, foundation, and individual commitments have been made to support Four Steps Forward—the Center’s signature initiative to promote upward mobility and wealth building in Black communities. This funding has helped build the Center’s capacity and launch important programs, including: 

• Black Women, Trust, and the Financial Services Industry Study – The Center’s first research project focused on a critical community—Black women. The study paints a holistic picture of Black women’s perception of financial services and money, their wants, needs, and their role in the household and the community. 
• Know Yourself, Grow Your Wealth – A first-of-its-kind financial education program from The College delivered to the HBCU community. 
• Black Executive Leadership Program – An executive-level cohort program designed for the financial services industry, to cultivate and empower Black leaders and executive sponsors in financial services.

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

ABOUT SECURIAN FINANCIAL 

At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most. Headquartered in St. Paul, Minn., Securian Financial is a Fortune 500 company¹ and one of the nation’s largest life insurers. Securian Financial Services, a subsidiary of Securian Financial, is a broker-dealer and registered investment advisory firm offering a full range of financial services through a network of independent, locally owned firms and 1,100 affiliated financial professionals. 

¹2021 Fortune 500 Companies List, June 2021. Based on 2020 total reported GAAP revenue. The rankings are limited to publicly traded companies, farmer-owned cooperatives and mutual insurers headquartered in the United States. 

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Securities and investment advisory services offered through Securian Financial Services, Inc., member FINRA/SIPC

According to consumers, it is the most popular service they seek from a financial advisor, and seven in 10 (71.2%) independent advisors desire to advance their specialized knowledge in the many complexities facing the growing retiree market. This alignment speaks to a need not yet met, which is not altogether surprising given the limited coverage of retirement income planning in comprehensive financial planning education. 

The demand among independent advisors for advanced education through a professional designation aligns with the strong consumer preference for “evidence of knowledge or certifications” when seeking the services of a professional advisor. The research substantiates consumers are overwhelmingly seeking guidance with retirement planning more than any other area. These findings come from two studies – The College’s 2022 RIA Growth and Specialized Knowledge Survey comprised of nearly 400 independent or hybrid advisors at Registered Investment Advisor (RIA) firms and the Granum Center for Financial Security’s 2022 Consumer Survey made up of over 1,150 consumers. 

“Continuous learning is critical to the growth and success of investment advisors whose value is more linked to integrated planning services than active security selection.” said Michael Finke, PhD, CFP®, professor of Wealth Management and director for the O. Alfred Granum Center for Financial Security at The American College of Financial Services. “Looking at the data, we see a clear need for further education and specialized knowledge in retirement income planning – it is what consumers want, and it is what advisors in the RIA community think is valuable.” 

A significant advantage of specialized planning education is that it helps independent advisors position themselves to cater to the unique needs of their clients and deal with more complex cases one is likely to encounter with high-net-worth clients. Designations such as the Retirement Income Certified Professional (RICP®) from The College help foster the unique skillsets needed to guide clients through the financial challenges of preparing for and living in retirement. 

Key takeaways from the 2022 RIA Growth and Specialized Knowledge Survey show: 

• Nearly three in five (58.5%) independent advisors at RIAs strongly agree that increased knowledge obtained by pursuing a financial services designation has helped advance their career 
• Professional designations programs (66.6%) are among the most-preferred education formats for applied specialized knowledge 
• Retirement income planning is the area independent advisors most want to grow in advanced expertise, followed closely by issues facing a similar clientele like estate planning and advanced tax planning, and topics such as investment and wealth management 
• Nearly eight in 10 (79.4%) independent advisors surveyed agree they would not have been prepared to provide integrated services without the increased knowledge obtained through pursuing a financial services designation 

Among the findings from the Granum Center for Financial Security’s 2022 Consumer Survey: 

• 27.1% of consumers listed knowledge as the most important attribute when looking for a financial advisor, and half (49.2%) cited knowledge as a top-three desired characteristics in an advisor 
• Three out of 10 consumers (31.3%) chose “understanding how much I can safely spend in retirement” as the number one service they seek from a financial advisor 
• Retirement income planning was the most popular desired service among older and younger consumers alike, and was equally popular among men and women 

“Compared to short-form training such as micro-credentialling and premium continuing education modules, more than twice as many independent advisors listed professional designations as a preferred education format,” Finke added. “The demand for advanced education through a professional designation among advisors aligns with the strong consumer preference for ‘evidence of knowledge or certifications’ when seeking the services of a professional advisor.” 

Specialized planning creates better results for clients by helping to ensure all components of their financial lives work together. Additional comprehensive benefits of specialized knowledge for emerging RIAs include easier recruiting, faster growth, greater sustainability, diverse fee structure options, and the ability to take on more lucrative clients. It also allows for businesses to be less susceptible to challenging market conditions because clients will always need specialized fee-for-service guidance. 

The American College of Financial Services is committed to offering quality applied knowledge and education in all planning areas across the industry through our education programs and Centers of Excellence to better serve consumers and the advisors who guide them towards financial success.

2022 RIA Growth and Specialized Knowledge Survey Methodology 

The American College of Financial Services conducted a national online flash survey of nearly 400 independent advisors conducted between May 11 – May 18, 2022. Results from the survey provide insight into what growing RIAs need to build momentum and grow their assets under management (AUM), maximize profitability in an environment dominated by large firms and accelerate their long-term profitability and sustainability. 

Granum Center for Financial Security’s 2022 Consumer Survey Methodology

The American College O. Alfred Granum Center for Financial Security in collaboration with faculty from the American College Cary M. Maguire Center for Ethics in Financial Services and the American College Center for Women in Financial Services conducted a national online survey of 1,157 individuals with investible financial assets of at least $25,000. Results from the survey provide insight into the changing landscape of consumer demand for financial advice. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.