Specifically, the group talked about SEC enforcement action against a financial services firm for a recent cheating scandal among employees and how the importance of ethics education can be stressed as something to embrace, rather than an obstacle to work around.

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Over the course of the two-day conference, attendees from across the country got a more detailed look at how to plan for and best serve individuals with special needs and their caregivers with financial planning designed to ensure a successful and secure financial future. 

A Deep Dive Into Specialized Knowledge

The symposium began with a welcome address from Joellen Meckley, executive director of the Center for Special Needs. Meckley thanked the around 50 financial professionals at the conference for attending and pointed out some notable facts: firstly, that the symposium was the largest in-person event ever held on The College’s campus; and secondly, that the Center for Special Needs had received a grant from the Christopher Reeve Foundation. Reeve, an actor who famously portrayed Superman in multiple movies, was himself severely disabled after a catastrophic horseback riding injury and was a well-known activist for those with special needs. 

Meckley noted that the grant would go toward expanding the operations of the Center for Special Needs. She mentioned that grant funds would be used to support a project currently in development: a five-part video series on financial wellness for advisors, caregivers and clients who are facing paralysis, including modules on budgeting for disability, public benefits, and taking control of your financial future. 

“Many people are drawn to this form of practice because they have family members or loved ones with special needs,” she said, noting that nearly everyone in attendance raised their hand when asked if they knew or were close to someone with special needs. “Most conferences like this are for lawyers – but this one is for you.” 

Morning sessions were led by staple College thought leaders laying out many different specialized areas of financial planning that affect those with special needs. Tom Brinker, JD, LLM, PFS/CPA, AEP®, ChFC®, an adjunct professor of special needs planning, used his expertise in both tax planning and as a parent to a child with special needs to present a compelling lesson on tax strategies involving changing IRS regulations and tests for tax exemptions on housing, education, activities, and more – all while dropping some important and eye-opening facts. 

“One in six children today has some kind of disability,” he said. “Rates of autism have risen dramatically across the country over the last decade – but is it really because more people are autistic, or just that we’re finally recognizing this condition for what it is? Either way, the need is growing and we need financial professionals who are educated to address it.” 

College faculty members and staff including Lesley Mehalick, JD, LLM, an adjunct professor of taxation and special needs planning, Lindsey Lewis, CFP®, ChFC®, director and chair of the American College Center for Women in Financial Services, and other experts in the fieldshared their own insights on how special needs affect their distinct focus areas and constituencies, including the fact that most caregivers for those with special needs are women to Medicare and Medicaid, public benefits, Social Security, and more. 

Impacts on Individuals and Caregivers

Some of the most impactful sessions of the first day of the symposium addressed the real-world implications of having to care for a person with special needs. In their workshop on ABLE accounts, meant to give adults with disabilities more financial and life independence, Kelly Piacenti of MassMutual and Jerry Hulick of Caring Consulting Group talked about the need for more awareness. 

“We are the largest minority population in the country, and the business case for this space is huge,” said Piacenti, a key organizer of the event and leader of the Center for Special Needs Advisory Board. “We need allies, and advisors who say they don’t have any clients for whom this knowledge is relevant probably do and just don’t know it. Disability can happen anytime, and benefits available for those with special needs constantly shift. We need advisors who ask the right questions and can keep up with all the changes.” 

In his session, Pat Bergmaier, CFP®, ChSNC®, discussed the very real possibility of caregivers needing to plan for a “retirement for three” – for them and their child with special needs, who may not be able to live on their own. 

“Many parents don’t know how to face the fact that their children may need care even after they are gone and will need a way to maintain their quality of life,” he said. “Sometimes, they’re faced with the awful thought that it might even be better if their child were to pass away before them. But it doesn’t have to be this way. After the age of 18, things really open up for young people with special needs and their caregivers when it comes to benefits available: do the work and make a plan.” 

Jason Fishkind, CEO of Hope Trust, also mentioned the need for sensitivity in working with caregivers and those with special needs, as well as the knowledge gap among financial professionals. 

“Even though two in seven households are supporting someone with disabilities, very rarely is there a financial advisor with a broad understanding of the various issues confronting them,” he said. “You need to be an expert on this subject and know how to talk to them. The products and planning involved are so complex that it’s not something just anyone can do.” 

An Emotional Call to Action

After departing for the evening, the symposium attendees reconvened the following morning, when they were welcomed back by George Nichols III, CAP®, President and CEO of The College. Nichols spoke about his own past experiences in the special needs space as the State of Kentucky’s mental health commissioner, as well as his own father’s struggles with dementia. 

“The physical and emotional toll of caring for those with special needs or mental health issues is overwhelming,” he said, speaking of the challenges caregivers and families face. “Special needs planning isn’t just about kids anymore, either – many more adults are also being diagnosed with disabilities. The College is dedicated to building a powerful network of allies and thought leaders to meet this need.” 

In a panel discussion, several experts in financial planning encouraged attendees to refer to special needs planning instead as “quality of life planning,” as much of their work is about ensuring individuals with special needs have the best lives they can possibly have. They also pointed out the importance of local efforts and building community in planning, as well as the value to financial advisors and firms to specialize in the field. With so few advisors experienced in this type of planning, they pointed out, you can easily corner the market in your given area – and once you help one family, others in their network will come flocking to you. 

In another session, lawyer Ethan Ordog spoke about an often-forgotten aspect of special needs planning: making arrangements for elderly family members or clients who may not have the mental capacity to make their own decisions anymore and ensuring they are not exploited. 

“Advisors are more and more being found at fault for elder exploitation because courts and juries find they should have known it was going on, but failed to act,” he said. “There are major differences between power of attorney, conservatorship, and guardianship – don’t trust your clients to figure them out. Laws, life, and needs are constantly changing, and it’s our responsibility to stay up-to-date on all of it.” 

Mental health professionals from outside the financial services space were also heard at the symposium. Abby Grasso of PLAN PA, a special needs organization in Pennsylvania, spoke to attendees about the importance of approaching those with special needs and their caregivers with understanding and respect. 

“Sympathy and empathy are not the same thing,” she said. “One in five US adults experience mental illness, and 17% of youth experience mental health challenges. When you talk to them, don’t try to change the subject or offer silver linings. Just let people know that you are there for them and that you understand what they must be feeling.” 

The symposium ended on a high note, with many financial professionals present taking home significant lessons to apply in their practices. 

“The information has been outstanding, and so much more than I anticipated,” said Robert DiLaura, a senior financial planning manager at Charles Schwab. “The ability to network with people who are like-minded and also working in related fields that we need to know about has been extremely valuable.” 

“What I learned in the very first session probably paid for my coming by itself, and there’s been even more than that,” said Julie Smith, a financial advisor with Ameriprise. “It’s been wonderful to get different points of view and learn from others. I’ve gotten just as much from my peers as I did from any of the presenters, who were excellent.” 

The event also honored the efforts of those present in the special needs planning space, including recognizing and celebrating Jerry Hulick’s 50-year anniversary as a member of the MassMutual family.

The innovation of thought born in a University of Pennsylvania lecture hall back in 1904 remains the heartbeat of The American College of Financial Services’ mission today. After 96 years, our educational entrepreneurship has continued in lockstep with that mission; which in truncation and with emphasis, is all about how best to benefit society. 

Rooted in that calling, the how has shifted in shape and speed with the profession and the needs of all Americans. Regulatory matters, political headwinds, macroeconomic climates, and kitchen table issues have all influenced the applied knowledge needed to meet, or even foretell, those times. 

No organization remains a market leader for a near-century without a comfort in its own skin and a spirit of service that permeates everything it does. That doesn’t mean roses dot every decade, as ebb and flow occurs everywhere. 

Yet, we wear our history as a badge of honor, an emblem of stability, and a marker of longevity. A long time since Dr. Huebner first stepped foot in a Wharton classroom, financial education remains both a predominant need in the profession and a prevalent gap in communities still underserved and unengaged from financial services. 

As we set out to embrace Dr. Huebner’s mission, and to forward the future of financial services, we understand the opportunities in front of us. We have our beliefs on what the future of the profession looks like, the value advisors and agents provide, and how an empowered, educated public can meet these professionals – when they’re ready – to forge trusted relationships. 

To meet this moment, we took a hard look at ourselves – our successes and shortcomings, our initiatives and impacts, our programs and the people we serve. We needed a strategic focus to match our desires, aligned with those unique opportunities ready-made for our leadership. 

The College has grown significantly since George Nichols III became the 10th President and Chief Executive Officer in late 2018. Double-digit growth, new programs, impactful work to narrow the racial wealth gap, awards, accolades, and an accelerated strategy to achieve our 2027 centennial vision: to become the standard of excellence in providing applied financial knowledge and education through a platform that serves financial professionals, nonprofit and for-profit executive leaders, underserved communities, as well as consumers looking to improve their personal understanding and management of finances and wealth. 

Not a Rebrand… 

As a financial services marketer for over 15 years, I’ve heard “rebrand” to mean many things to many people. Name changes, a new sans-serif, greater use of that peach color everyone loves internally. As we embarked on our efforts to drive deeper impact and tell our story to more people in more places, we of course assessed our wrapper. How any organization presents itself to the world is important – and there’s an art and science to typography and color selection. We did those things – and I’m excited to show the world our work. 

Reconstructing our digital experience from the ground up was equally essential. As the front-door to who we are and what we offer and stand for, a website is a primary agent for growth. The last 18 months, and a lot of heart and talent, went into the new, industry-leading (in my opinion) website set to launch at that same time. 

We’re connecting the new visual brand and digital experience to a unique, internally-produced brand campaign titled, Your Life’s Work. To produce such a quality campaign with a what’s-in-it-for-me story arch is gratifying; even more so when it’s done almost exclusively by the people you work closely with each day. 

All of that – the visual and digital identities and a brand campaign to drive greater professional awareness are important, but only as the vehicle and voice to a much bigger, more consequential pitch. 

The American College of Financial Services is reshaping how it impacts the financial services profession and society with an ambitious set of goals and focus underpinned by a common belief… 

More knowledgeable financial professionals and consumers help forge stronger financial partnerships, drive more scalable financial outcomes, and deliver more sustainable financial security for all Americans. 

That’s both differentiated and steeped in Dr. Huebner and history. 

So, not a rebrand. We’ll look different, perhaps sound different at times. And we’ll certainly be testing out new ideas in new places. But we’re still The American College of Financial Services. 

…Instead the Reshaping of a Professional Bedrock 

To outsize our impact, we assessed a promising foundation for the future. Starting with the Chartered Life Underwriter® (CLU®) Program back in 1927, The College has anchored to certifications and designations as markers of a professional, ethical commitment to client service. Designations and graduate studies will still serve as the springboard to lifelong learning. 

We aim to elevate the profession’s expertise through specialized applied financial knowledge and education. Through specialized designations, degrees, certificates, and just-in-time learning options, The College seeks to equip a new era of specialists to boost the financial advice they give and increase consumers’ financial strength through more trusted relationships with financial professionals. 

Research by Spectrem Group in 2021 identified a large gap between the services clients expect and what they receive from financial professionals. Financial planning, trust services, and advice on wealth transfer, estate planning, tax planning, long-term care insurance, life insurance, and more all fall grossly below clients’ expectations. 

This advice movement is supported by the continued shift to a “teaming” framework within many financial services business models, where specialists provide integrated planning within a firm instead of outsourcing to third-party centers of influence. The College is well-suited to meet these needs with its existing portfolio of well-recognized, well-respected programs and an expanded network of potential offerings of various topics and modalities. 

We also look at crystallized demographic trends. 12,000 Baby Boomers will retire in 2024 – the peak of the age 65 tsunami. In 2024, 15 million Americans will be 65 or older. And according to the Boston College Center for Retirement Research, as many as 50% of retired households are “at risk” of not having enough income to maintain their standard of living in retirement. 

Yet, while Baby Boomers are a demographic group feeling a potentially urgent need for advisory services, retirement planning is far more holistic and spans an individual’s lifetime. Roughly 78% of Americans have $50,000 or less saved for retirement, while 89% of women receive a failing grade on financial literacy. 

At the behest of individual complexities, questions, and desires – retirement planning has become far more personalized and comprehensive. These clients demand tailored solutions that align with their individual or family circumstances, aspirations, and values. 

The College has prioritized deepening the expertise of more financial professionals with vital and valued knowledge to improve retirement outcomes across a wealth-building (and protecting) journey. And the same holds true of consumers, who can leverage applied knowledge to improve retirement readiness, no matter their age. While Baby Boomers have the immediate need, the next generations think about retirement and lifestyle planning differently, are as unprepared by any statistical measure, and are the next big wave of potential clients. 

The College is thinking about retirement as a lifecycle approach that can create a large business opportunity for financial professionals and impact society in immeasurable ways. 

That means a broader portfolio of knowledge, timely thought leadership and research, and events that reflect the new retirement planning paradigm. 

Finally, as a convener, connector, and catalyst for change, we believe The College is uniquely positioned to help diversify the financial services profession and transform avenues of access to and understanding of finance and wealth. We view diversity as a business imperative – not just a moral one – and as a lasting form of economic justice through avenues of access across underserved communities. We view recruiting and retention in equal measure, and focus on how to make meaningful progress in career advancement to support more diverse leadership teams in the profession. 

This access agenda extends to consumers through applied financial education programs that highlight “moments that matter” and empower all people to raise confidence in their financial literacy and know when to engage financial professionals in their relationship with money. 

What This Means in Action 

Going behind the blue hues, you’ll start to notice a centering of our work: Specialization. Retirement. Representation. Those three tenets align our focus and the lens through which we view our ability to expand our reach and impact to benefit society. 

And that story is what excites me as a marketer and senior leader at The College. Not often do you get the opportunity to help craft a deeper focus on areas of such consequence. Not often do you get to connect that powerful message to a modernized brand launching the profession into the future. 

When colors or fonts change, people ask? What’s really changed. Often, the answer is nothing beyond brand boredom. This time, so much has. The name and iconic logo may stay the same – but the boldness of our palette now aligns with the audacity of our actions. We’re a platform to expand your opportunities. 

We’re a non-profit, accredited institution with the applied financial knowledge, professional networking opportunities and events, and impact initiatives that focus on you and the people and communities you serve. 

Technology can make you more effective. Systems can make you more efficient. But there’s nothing commoditized about innovative e-learning, enterprise events, and societal solutions. Here, you can accelerate through knowledge. Grow through connections. Uplift through community. 

That’s what's behind the blue hues.

The Top Workplaces list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC and media outlets such as The Philadelphia Inquirer. The anonymous survey uniquely measures 15 culture drivers that are critical to the success of any organization: including alignment, execution, and connection, to name a few. 

“Our people are what make us great," said George Nichols III, CAP®, President and CEO of The College, "and we strive to ensure The American College of Financial Services provides a positive work environment and supportive culture for our workforce of exceptionally talented individuals.” 

The successive awards for workplace quality have come after a concerted effort to improve employee engagement at The College.

A Mandate for Cultural Change

In 2019, The College conducted internal surveys to measure employee engagement and take the temperature of its faculty and staff. The results showed low engagement and uncertainty, so College leadership committed to addressing areas of concern. 

Recognizing the need for improvement, College leaders immediately implemented a three-point plan for cultural change. 

First, they shared the survey results with the entire College in the interest of greater accountability and transparency. Next, they began the process of forming a Culture Committee with representation from non-supervisory faculty and professional staff, including an HR representative with facilitation from an external consultant, to recommend improvements in the workplace environment. Lastly, they solidified cultural improvement as an ongoing strategic initiative for The College, making building a better culture one of its highest priorities.

Improvement in Key Areas 

The results were seen quickly – and as Deborah Eskridge Glenn, MA, MSM, SPHR, SHRM-SCP, Vice President of Administration and Chief Human Resources Officer attested, they spoke for themselves. 

“In 2020, our engagement score with employees improved by 38%, and since then, we’ve continued to perform above local and national engagement rates,” she said. “Due to our elevation of cultural change as a strategic initiative, employees at The College now use words like ‘inclusive,’ ‘evolving,’ ‘engaging,’ ‘transparent,’ and ‘positive’ to describe our culture.” 

When compared to its peer organizations, The College can now be found in the top 5% of surveyed employers in the Philadelphia area in terms of work-life balance and clued-in employees. It also ranks in the top 25% when looking at qualities such as supportive managers, trusted leadership, strong values, open-mindedness, innovation, employee appreciation, and company direction. 

The most visible effect of The College’s cultural shift, however, was its identification as a Top Workplace in the region by The Philadelphia Inquirer in 2021. And as confirmation that real change had taken place, The College was recognized again in 2022 and now in 2023. 

A Place Where Employees Do Meaningful Work

The Culture Committee, which includes representatives from every department, has focused on improvement by seeking employee feedback in three primary areas. The first is meaningfulness: Do you feel the work you do is important? The second is interdepartmental cooperation: Are we all working together and collaborating as effectively as we can? The third is execution: Are we doing what we say we’re going to do in regard to following the recommendations we make? 

Listening to employee feedback has allowed The College to identify issues, develop action plans, and implement those changes. As a result, employee engagement, alignment, and satisfaction have remained high. 

“Working at The American College of Financial Services has taught me that small institutions can do big things! Working with and learning from such a talented group of people has been my privilege.” 

– Leah Selekman, Academics Program Coordinator 

“The College has given me the guidance necessary to grow into the professional I am today, and I’ve been fortunate enough to have made many friendships and professional relationships that will last me a lifetime.” 

– Jeannette McGuire, Digital Communications Manager 

“The College was the first company I worked for, and I hope this is where I retire. I have committed my entire professional life to The College because I believe in its mission, values, and ability to serve students. I could not imagine working anywhere else.” 

– Rich Scottoline, Director of Admissions and Enrollment Management 

Building on our recent success, it's our goal to continue to make The College a great place to work.

The College’s President and CEO, George Nichols III, Chartered Advisor in Philanthropy® (CAP®), hosted a panel discussion on diversity, equity, and inclusion (DE&I) that emphasized the panelists’ personal experiences and the important work the American College Center for Economic Empowerment and Equality does in this area, while highlighting practical steps the industry can take to be more welcoming and equitable.

Personal Journeys to Financial Services Careers

As President Nichols noted, a more inclusive financial services industry starts with the recruitment and retention of diverse professionals. This means creating more opportunities for non-traditional candidates to discover and embrace financial services roles. 

To understand how people are attracted to the industry, Nichols invited the panelists to share their personal journeys to financial services careers. Their responses highlighted the importance of overcoming barriers and improving understanding of the industry. 

For Alanah Phillips, a recruiter and NextGen advocate, overcoming negative perceptions was crucial. 

“I had very negative perceptions of the industry. I thought it was like The Wolf of Wall Street. I did not study anything in school related to finance. And I remember when I came for my first interview, they were talking about annuities and I didn’t havea clue what an annuity was,” she said. “But then, as I got to meet financial professionals and understand what advisors did, I very quickly realized how important it was. I've become passionate about what we need to do to help change that perception.” 

People also played a crucial role in panelists’ career journeys. Centario Grier, co-founder of J&G Legacy Financial Group, explained how both a stranger and a family advisor guided him into his career. 

“I was introduced to the industry through a complete stranger,” he said. “A young lady approached me and said, ‘Hey, I think you would be great in the financial services industry.’ I started at New York Life, and I was impressed by the wealth of information I saw in my first interview. When I talked to my grandmother about it, she said that's who her financial advisor worked for. I realized that the person I viewed as financially successful was at New York Life, and that's where she was getting her financial advice from. So that's just confirmed everything and I said, I'm going to jump into this business.” 

The Importance of Mentorship and Community

Once panelists had begun to explore the industry, most said mentorship played a crucial role in guiding them to specific career paths and motivating them to stay in the field. 

For Marco Williams, CFP®, a wealth management specialist with JP Morgan Wealth Management, a key mentor entered early. 

“This particular firm that I began my career with prided itself on the fact that it only accepted 2% of applicants,” he said. “And the person who interviewed me subsequently told me after the fact that he had actually given me the highest score he had ever given anyone in the interview process, and he was a stickler. That increased my confidence level significantly because there was a certain amount of doubt there. I knew I had some basic skill sets in terms of building relationships, connecting with people, and so on, but once I got that feedback from him, it told me immediately that I could be successful in this career.” 

New York Life’s Fatima Williams, FSCP® explained that, for her, mentorship came at a crucial moment. 

“I was able to attend an African-American market event in Houston and there was a managing partner from a west coast office who was speaking to people who were brand new in the industry,” she said. “He spoke about five tactics to maintain your business, and it was something I needed in that moment. They helped me answer questions and provide clarity for myself into the future in this career. And so now I can call it a career and use those same five practices, not only for myself, but to share with others.” 

Grier also highlighted the opportunity he had to connect with other Black financial professionals at The College’s Conference of African American Financial Professionals (CAAFP), noting how important it is to build a community of peers who can support your long-term professional growth.

Building a Better Industry

Looking ahead, the panelists saw many ways in which the industry could do a better job of serving both diverse consumers and a more diverse workforce. 

Phillips argued, for example, that increasing diversity among financial professionals is not only an important objective, but also the key to improving customers’ experience with the industry. 

“If we have more folks in the industry that look like the clients, then they may want to approach an advisor,” she said. “There's a lot of negative stigma about the industry, and there have been some bad things that have happened. To see somebody who might look like you, might think like you, might have similar experiences to you, and could relate to your money story and your money problems, I think that one will fix the other.” 

For Marco Williams, it was also important to think more about how firms recruit, develop, and promote talent. 

“When I think about development, I think about coaching – you have to be able to value talent, to spot talent, and be willing to develop talent,” he said. “There's a lot of talent across the spectrum, across many different cultures and many different communities. I think the willingness for firms to develop and cultivate wealth management professionals is going to be critical.” 

Grier agreed, and added that it’s also necessary to think more flexibly about how to build and manage financial businesses in different contexts. 

“I think one of the biggest things is helping advisors know how to pick the right business model – this is very important to start off,” he said. “Then, once you get that advisor in the door, what type of language does he or she need to speak to the clientele that they're serving? For my clientele, I have to speak with my heart as well as my mind. The African-American community has an emotional relationship with money, not so much logical, so you need to approach things in a certain way and meet them where they are.” 

A Bright Future

President Nichols concluded the panel by asking the panelists to identify the one thing they would do to make DE&I work better for the industry if they had a magic wand. 

For Grier, it was about connections. 

“It would be to connect more African-American advisors and to then connect those advisors with the clientele that actually wants the advice,” he said. “It’s about connecting the right advisors to one another so we can be stronger together, and then connecting them to the right clientele so we don't lose wealth in the process.” 

Phillips wanted to eliminate bias. 

“Once we get on an individual level, a lot of those things go away and we recognize whatever those feelings were that we had about somebody because of how they look or how old they are or whatever, those go away,” she said. “If we could just start there, we'd probably see a lot more progress.” 

Fatima Williams said she wanted better mentorship. 

“Partnering a newer advisor with someone established is necessary because a lot of times these new advisors are afraid to ask, and I think that is the biggest issue,” she said. “Either somebody's going to ask or they're not going to ask at all, and it'd be a disservice to them because they were in the right place, but they just didn't ask the right question.” 

Finally, Marco Williams concluded with a simple but powerful wish. 

“Automatically educate every person out there about the importance of financial literacy,” he said.

The College’s President and CEO George Nichols III, a Chartered Advisor in Philanthropy® (CAP®), hosted a panel discussion that focused on prominent trends in philanthropy, ranging from the growing role of women in charitable giving to the importance of building a more collaborative philanthropic ecosystem.

A $30 Trillion Wealth Transfer

The first topic the panelists tackled was the role of women in philanthropy. Observing that an estimated $30 trillion will transfer to women over the next 10 years, President Nichols asked his guests what advisors can do to better serve the charitable giving needs of these future decision-makers. 

“In my experience with women, they are very philanthropic. They are very attuned to their communities and helping other people, but they're also concerned about saving enough for retirement and so on,” said Rick Peck, CFP®, CHFC®, CAP®, a special advisor to the philanthropy services team at the New Hampshire Charitable Foundation. “So, they do want to make a difference and they are looking for their advisors to help open the door for that discussion.” 

Unfortunately, however, advisors do not always meet their needs. As President Nichols pointed out, 80% of women who inherit money change their advisors within the first year. This is understandable, according to Mary Fischer-Nassib, CAP®, co-founder and director of Sow Good Now, given that advisors have not planned on how best to serve these clients. 

“How are we going to be able to serve those women? They're already proven leaders, they've already proven that they want to impact society, they're proven that they have causes that are important to them, and where do we belong? What seat are we taking at the table? How often and who are we bringing in that's needed? I think those are questions we have to start thinking about to serve them better,” she said. 

According to the panelists, to connect with their female clients advisors need to engage in meaningful conversations and ask open-ended questions. By understanding their values, interests, and aspirations, advisors can help women align their philanthropic goals with their personal and financial objectives. Providing education and resources early on can also help empower women to become lifelong philanthropists. 

Building a Better Ecosystem

Switching gears to the broader business of philanthropic advising, President Nichols asked the panelists how the philanthropy ecosystem could improve and expand the impact of giving across communities. 

In response, Fischer-Nassib highlighted the importance of improving collaboration and innovation. 

“In the non-profit space, they talk about collaboration and innovation, but the funders don't know what that looks like. And if you've ever tried to get your family to go out to pick a restaurant, it's really hard. So you're asking these nonprofits to work together and keep their mission aligned, and I say, well, you get your family that restaurant first, and then we'll start seeing how we can, as nonprofits, can collaborate,” she said. 

Fischer-Nassib added, “The innovative piece is also very important. You need the full team to come together in order to innovate. You need to have the wealth managers, the estate planners, the attorneys, the CPAs, and the philanthropic advisors to start having conversations.” 

Peck agreed. “Corporations are part of the ecosystem along with foundations, family foundations, and nonprofits,” he said. “And when you think of an ecosystem, it means that everything is positively coexisting and feeding off each other and thriving. And I think that, by bringing these different parts to the table for conversation and understanding what each party's looking for, that's going to be helpful in the grand conversation, and I don't know that we do that as well as we could.”

Bringing Diversity into Giving

The panelists moved on to a discussion on how philanthropy can become more diverse and work successfully with the clients of the future. In practice, this means not only recruiting more diverse philanthropic advisors, but also looking at new and emerging causes and expanding the definitions of where to give and how to partner with communities. 

On the topic of America’s racial tensions, for example, Peck said, “George Floyd being killed, it sparked an absolute fervor. But the reality is, it just magnified something that's been there for a long, long time. I think there's a reactionary way that people respond to something like that, and people pop up with all the best intentions, and try to create things that can be helpful. But does it last? Is it part of an ecosystem of change?” 

He continued, “I have not seen anything that feels as cohesive as it should be three years later. Now, there are community foundations in my world that were doing good stuff long before George Floyd was killed. And it's a marathon, and not a sprint. There's a lot of cultural work that needs to be done in communities, and we need to be sitting down and having conversations with individuals, not in a reactionary way, but more collaboratively. If we're sensitive to the differences that we have and how positive that can be in our society, we will all be better for that.”

A Brighter Way Forward

President Nichols wrapped up the session by asking the panelists about the one thing they would do to improve the philanthropic space if they had a magic wand to make any change they wanted. 

Peck focused on the importance of communication. “I'd wave it to bring people together to have an open discussion, a substantive discussion, leaving time to hear different points of view that lead, slowly but surely, to positive change,” he said. 

For Fischer-Nassib, engaging young people was most important. “If you really want to leave a legacy, pour some of what you have to give into these willing and able young people, give them power and a structure around those funds, and let them learn and practice and grow so that 10 years from now, we have risen up and have a good handle on what's needed, as well as teams of people who are set to do really good work.”

InvestmentNews' See It, Be It Role Model is awarded to those who have demonstrated leadership and achievements in financial services while actively seeking to inspire those from diverse backgrounds to pursue financial services careers. 

As the first Black President and CEO of The American College of Financial Services, Nichols has recognized the opportunity for The College to further expand on its goals and efforts to address economic injustice in America. Nichols has been acclaimed for his efforts to drive transformative change in diversity, equity, and inclusion in the financial services industry and elsewhere. Under his leadership, The College has prioritized diversifying the profession. 

Upon accepting the award, Nichols spoke about his experiences embarking on his career journey. "Many times throughout my career, I've been the first, the only, or one of the few,” he said. “I know what it feels like to be the lone wolf, assimilating and integrating myself into the existing culture." 

He also spoke about the importance of having diverse role models to help others grow in confidence and belonging. "Two things happen when we can SEE IT AND BE IT. When we SEE IT, our confidence grows. What we aspire to achieve and the goals we've set for ourselves appear closer; we know our dreams are attainable,” he said. 

Nichols added, "And as more of us BECOME IT, the space in which we are free to celebrate our individuality expands. We no longer feel pressured to assimilate, but are free to celebrate our shared history, challenges, and culture. With this celebration of self, biases begin to break down, perspectives widen, and true belonging is born in our corporate cultures." 

InvestmentNews Names The College as a Finalist for Diversity Champion

Each year, InvestmentNews also recognizes firms and industry partners that foster diversity, equity, and inclusion within their organization or across financial services. With a strategic focus on diversifying the profession and as a steadfast champion of advancing DE&I initiatives, The College was named as a finalist for this year's Diversity Champion award. 

Multiple initiatives led by The College's Centers of Excellence, including the Center for Economic Empowerment and Equality, the Center for Women in Financial Services, the Center for Military and Veterans Affairs, and the Center for Special Needs advance DE&I in the financial services industry and beyond. 

President Nichols, Vice President and Chief Marketing Officer Jared Trexler, Vice President of Administration and Chief Human Resources Officer Deborah Eskridge Glenn, MA, MSM, SPHR, SHRM-SCP and Executive Director of the Center for Women in Financial Services Hilary Fiorella attended the event to connect with others leading in DE&I and celebrate The College’s recognition.

The College Leads Panel Discussion on Countering Pushback and Addressing Anti-DE&I Sentiments 

President Nichols was joined by Vice President and Chief Diversity and Inclusion Officer of Commonwealth Financial Network Scarlett Abraham Clarke for a discussion on how to counter DE&I pushback moderated by the Executive Director for the American College Center for Women in Financial Services, Hilary Fiorella. 

The discussion focused on the benefits realized from DE&I initiatives, why some employees are resistant, and proven strategies to counter anti-DE&I sentiment. Nichols pointed to political pressures and economic uncertainty over the past year as why some executives have started "falling back to what's 'worked' in the past." Nichols cautioned leaders to continue with DE&I strategic plans and initiatives "even if the business is stressed." 

"Executives need to be realistic in setting expectations and solving the bigger issues. Coming out and saying you're going to increase diverse hires by five percent in a tight environment sets up a false dichotomy where someone feels threatened by personal loss," he said. "We must re-frame so everyone wins with the focus on diversity as a growth engine for everyone."

With recession fears constantly looming, inflation soaring, and new regulations, including the SECURE 2.0 Act, clients frequently name retirement security as their top financial priority – putting the onus on advisors to be prepared for these important conversations. 

Retirement Income Certified Professional® (RICP®) Program Director Eric Ludwig, CFP® hosted the panel discussion on retirement planning along with four members of The College’s FinServe Network who work primarily with clients in this area. Subjects ranged from inflation and taxation to shifts in banking systems, financial literacy, and more. 

Preparation Means Greater Security

Ludwig started off the conversation by noting the two biggest disruptors for retirement planning today – recession fears and inflation – and how these combined worries can cause anxiety about retirement security for many clients. 

FinServe Network advisors said that while they have seen an increase in concern from clients, they also see current turbulence as an opportunity to encourage clients to engage more with them. “I think fear typically comes from not knowing, so if you’ve talked with clients beforehand and prepared for different situations, you can create momentum like in football planning,” said Padric Scott, AEP®, CFP®, CAP®, ChFC®, CLU®, WMCP®, CCFC, President and CEO of Crossroad Capital Partners. “Seeing the excitement in them to get to planning and stick with the plan all comes from setting expectations early on.” 

Jason Austell, CFP®, MSFS, ChFC®, CLU®, CASL®, RICP®, AEP®, CAP®, a financial planner at MassMutual Carolinas, agreed, saying that advisors need to equip themselves with a toolbox of knowledge and strategies and be prepared to alter their planning depending on shifts in the financial landscape. “What we use today may not be exactly what we need next week, next year, and so forth,” he said. “It helps to have a baseline of confidence in a portion of a client’s money and know they’re not going to lose that, so they can take more but appropriate risks with what they have left and try to build up assets that will support their needs long-term.” 

Keeping Clients in the Loop

Ludwig also noted that since the stock market crash of 2008, various types of assets and planning strategies have experienced ups and downs in effectiveness that have forced advisors to rethink how they approach retirement planning – including the relatively recent end to a long period of low interest rates due to rising inflation. Several of the advisors present shared stories of clients they’d worked with who were caught by surprise when unexpected situations disrupted their planning and emphasized the value of preparing for any eventuality – and educating clients while doing it. 

“One of my clients and her husband are in their late 70s and believed they didn’t need any help with their retirement planning,” said Nancy Du, MBA RICP®, CFP®, a financial advisor at Ashford Advisors. “But then in 2022 the stock market tanked and her husband was diagnosed with dementia. She panicked and sold everything they owned in the market, thinking it was the right thing to do, before coming to me for help. Since then we’ve ensured they have a good portfolio, pension plan, and annuities to support their retirement lifestyle and care, but it reinforces the idea that people need to be aware of their situation and their goals.” 

The power of working with informed clients was a recurring theme and one that Terry Parham, CFP®, ChFC®, CLU®, RICP®, WMCP®, a financial planner and co-founder of Innovative Wealth Building, elaborated on, pointing out the power of resources like RISA profiles and retirement styles. “It’s a natural human tendency to see people going a certain direction from social media or the news and go that direction too,” he said. “It’s like Costco on a Saturday: long lines everywhere, and as soon as a new one opens, everyone jumps in that line and makes it long again. We need to look at the specifics of each client’s situation and help them realize that we live in a dynamic world where truths about money are always changing.” 

Getting Ahead of Retirement Planning

Overall, the panel of advisors agreed that one of the keys to sound retirement planning is to work more closely with clients and form a relationship founded on both business and personal levels. The panelists repeatedly returned to the themes of proper planning made well in advance of crisis situations to help reduce the risk of running out of money in retirement and being proactive rather than reactive. 

“I always ask people, would you rather be punching someone in the mouth or getting punched in the mouth?” said Scott. “Allowing your money to be wasted with unnecessary taxes when you could have planned against it is like allowing Uncle Sam to punch you in the mouth. Why not get ahead of all that? If you’re delaying Social Security for a lower income base, front-run some of those dollars so you can then think long-term. If you end up in a situation where you have a lot of extra income, you’re not going to be using it anyway, and you’re setting yourself up for failure. It’s so important to get the lay of the land, find the mines you need to navigate with your clients and adjust accordingly.”

These included the challenges independent advisors face in maintaining stability and consistent organic growth during times of market volatility. According to a 2022 benchmarking study by Charles Schwab, many RIAs’ target of 4% growth in 2021 failed to account for rising inflation, leaving many firms at a net negative and starving for organic growth. 

Wealth Management Certified Professional® (WMCP®) Program Director Michael Finke, PhD, CFP® hosted one such discussion: a panel focused on Registered Investment Advisor (RIA) firms. Along with four members of The College’s FinServe Network from thriving RIAs, Finke led a meaningful conversation that ranged from what to do when markets go south to managing charitable giving, helping clients plan for their eventual retirement, and more. 

Steady Hands Amid Shaky Markets

One of the primary subjects involved recent changes in interest rates and market declines, which have put many clients on edge. Finke and the panelists acknowledged that it would be objectively foolish to believe markets would only go up, but also that many younger investors who may not have experienced high-interest rate environments or market volatility don’t always properly understand the risks of investing. 

“There's a lot of anxiety,” said Scott Winslow, MSFS, ChFC®, CLU®, RICP®, AEP®, CCFC, managing partner at Nabell Winslow Investments & Wealth Management. “We’re getting a lot of calls from people who thought every advisor was doing a great job until we suddenly hit this market turbulence, and they want to know what went wrong. We focus mainly on educating clients upfront on possible outcomes so that when downturns happen, they’re prepared for them.” 

Chief Wealth Coach at Alchemist Wealth Andrew Tudor, CFP®, CAP®, agreed that advisors must better convey to clients that risk is an accepted part of the game when investing. “Like Mike Tyson once said, ‘Everyone has a plan until they get punched in the face,’” he said. “A lot of people got punched in the face this year, and I think we’ve gotten into a space where people in our industry want to sell certainty. We need to be more upfront that certainty isn't a given. Positive charts and graphs are great, but we need to uncover what their fears are, see the questions behind the questions, and make sure we give investors a feeling of control over their outcomes while still steering them toward the best ones.” 

Angela Ribuffo, CFP®, RICP®, ChFC®, CDFA, CLTC, WMCP®, president and financial advisor at Raion Financial Strategies LLC, added that one way of protecting against client panic in market downturns is to talk about the potential downsides to investing first. “A lot of advisors focus on the gains so that when the losses come, they have to walk things back a little,” she said. “My philosophy is that if we protect against the downside, the upside will come eventually – that’s natural market recovery. So let’s focus on the downside: what are you willing to give up? What are you willing to do differently? What’s your Plan B? That way, when the downside comes, there’s no fear factor with clients because they can sit back and say, ‘We planned for this; we’re going to be okay.’” 

Turning Lemons into Lemonade

Turning away from the pure downside aspects of the current market, Finke encouraged panelists to talk about what opportunities might exist in a high-interest rate, high-yield environment. Several of the panelists spoke about how there could be hidden benefits in the form of new planning strategies. 

Heather Welsh, CFP®, AEP®, MSFS, vice president of wealth planning at Sequoia Financial Group, brought up how to reduce the pain of taxation through Roth conversions. “Down markets can really be an opportune time to do those conversions and then capture the appreciation in a tax-free environment on the upside,” she said. “You can turn that low into an opportunity for somebody to continue progressing toward their goals. At its core, financial planning is about establishing that pathway to financial success for clients regardless of the variables outside our control.” 

Finke and Winslow had a discussion about how many advisors who stretched investment strategies for yield in the low-interest environment of the past 10 years were punished, along with their clients, when rates shot up in 2022. Winslow said it had forced his firm to rethink how they approach working with high-net-worth clients. 

“We were really trying to use some hedging strategies before, but now that you can build a portfolio of treasuries or less risky assets in the short term, we can get back to old, academic portfolio management,” he said. “What I’ve been doing more now than I have in almost my entire career is buying up a lot of three-month to two-year treasuries just to fund short-term needs.” 

Tudor added that there are now also increased opportunities in the charitable giving space. “A lot of our financially-savvy and income-based clients are still often the charitable ones in their communities,” he said. “We have our definitions of high-income and high-net-worth, but they aren’t always the same inside a community. I’ve found that at certain levels they’re still giving at a higher percentage, so we can approach charitable giving in a really impactful way. $10,000 may not seem like a big deal to some, but if it’s from one of the largest donors in a local church, for example, it can be. And there are many strategies we can use to offset taxes or increase their yields to give them a nice experience around safe money.” 

Assets to Clients in Need

Finke also asked the group whether asset location, rather than asset selection, might be the primary value proposition of a financial advisor. The group generally agreed that products and asset types are not the end-all, be-all of an advisor’s role with clients. 

“Working with clients is an education process, not just an action process,” Ribuffo said. “It’s not us telling them what to do but helping them understand the why of it. If they understand the why of it, they’re more likely to execute it and keep on the path versus getting distracted by outside noise. This is the perfect opportunity for advisors to say to clients, ‘This is why you have me.’” 

Winslow said this collaboration with clients and across the profession has become even more important with new SECURE 2.0 Act regulations on the books. “We’re using this opportunity to go out and talk to CPAs and attorneys, particularly in the qualified plan market, on the changes that are coming up,” he said. “There's a lot of unique little provisions in there, and decisions have to be made. So we spend more time with clients and go out to the other centers of influence to discuss those things.” 

The group also reflected on changing attitudes between generations to money management: they noted that while the post-World War II generation was driven by a desire to leave their children better off than they were in their lifetime, the later Baby Boomers are simply trying to navigate not running out of money in retirement. But many, they said, are still looking to give back to their communities with what they have left. 

“Conversations start to shift toward ‘I would really like to see my impact while I’m still alive. How can I start giving these dollars away now?’” said Tudor. “People want to know how they can be an active member of their community with their money and not just leave it behind, hoping their kids will take care of it.”

Juneteenth is a time to celebrate our progress in advancing racial equity and harmony while also being mindful of the work that still needs to be done to eradicate systemic inequities in America.

Here, at The American College of Financial Services, we recognize the impact of economic inequality on communities and are working to narrow the wealth gap by championing diversity in financial services. This August, we will host the 17th annual Conference of African American Financial Professionals (CAAFP), with this year's theme being "Reclaiming Black Wealth." With the passing of the 13th amendment in 1865, African Americans achieved political freedom. Yet, financial freedom remains unobtainable for many Black families leaving nearly 3.5 million Black households with negative net worth and 4.3 million more with a net worth under $10,000.¹ 

The racial wealth gap in America has not continuously widened. In the decades immediately following the end of slavery, the wealth gap was diminishing rapidly.² In the early 20th century, Black communities were thriving across the country, including the Greenwood District of Tulsa, Oklahoma, Harlem, New York, the "Sweet Auburn" District of Atlanta, and the neighborhood of Christian Street and Black Doctors Row in Philadelphia, which was home to the largest percentage of Black professionals in Pennsylvania.³ However, since the 1980s, the racial wealth gap in America has continued to expand due to unequal pay, limited access to capital, and other discriminatory laws and practices.⁴ 

Reclaiming Black wealth in America calls for our Black communities to redefine what "wealth" means holistically, in terms of financial prosperity and beyond, and provide new avenues of access to achieve this wealth. Recognizing the need for relatable, digestible financial education, we launched Know Yourself, Grow Your Wealth® a little over a year ago. Since then, our empowering financial e-learning platform has been instituted at 36 HBCU campuses and enrolled over 3,000 people. Here's a summary of our impact to date: 

• 95% of learners are Black and African American, with 70% of completers being Black and African American women under the age of 30 
• 90% of participants reported a significant increase in their subjective financial knowledge 
• 63% demonstrated an increase in financial skills based on questions in the pre- and post-survey 
• 53.8% said they had saved more since starting Know Yourself, Grow Your Wealth® 

On Monday, we will celebrate the thousands of people who have increased their financial wellness with Know Yourself, Grow Your Wealth®, the 1,000+ attendees who will be joining us in Chicago at the upcoming CAAFP, the 64 fellows who have graduated from our Black Executive Leadership Program, the 330 advisors of color who have graduated from our Chartered Advisor in Philanthropy® (CAP®) Program, the new strategic partners who are supporting our mission to diversify the profession, and our community which continues to grow in initiative and impact. 

Together, this Juneteenth, let's celebrate progress marching on!

¹CBS News. 3.5 Million Black American Households Have A Negative Net Worth, New Study Finds. June 2021. 

^2,4National Bureau of Economic Research. Exploring 160 Years of the Black-White Wealth Gap. August 2022 

³NBC News. Philadelphia designates the city’s first Black historic district after yearlong push. July 2022.