The InvestmentNews Women Advisor Summit provided a unique platform for advisors and their supporters to explore the latest industry trends, practice management strategies, and career development opportunities. The American College of Financial Services, serving as the education partner, was proud to contribute its expertise to this talented group of financial professionals.

Returning from the summit, attendees, including myself, felt inspired and equipped with practical ideas, new tools, and invaluable connections with peers and industry leaders. Some of the key lessons that resonated with me included the following:

• The practice of a financial professional is to become a translator and speak the language of your clients
• Spend the time getting to know your clients during all seasons of life and put in the reps to develop a rapport with clients
• Organic growth aside from M&A takes concentrated effort

At the Wealth Management EDGE conference, discussions centered on the future of diversity, equity, inclusion, and belonging (DEIB) in the industry. Representing The College, I had the privilege to discuss how the industry can increase awareness and accessibility for diverse communities. Addressing the obstacles that hinder entry into the financial services industry and ensuring firms retain and invest in diverse talent is crucial.

As the financial services industry continues to evolve, embracing diversity and fostering an inclusive environment will be key to its sustainability and success. By engaging with passion and committing to DEIB principles, the industry can ensure a bright and equitable future for all professionals and clients. Read more about the discussion here.

On June 6, the Center for Military and Veterans Affairs’ Military Resource Group Consortium hosted its first free hour-long webinar featuring panelists from various tribes in the financial services industry. The webinar began with each panelist describing their transition from the military into the industry and highlighting the opportunities and challenges they each experienced. They continued by discussing the educational opportunities they each took advantage of and how it has led to their success in the industry.

Each panelist delved into which hard and soft skills learned in the military they believe are most transferable to the industry. “In the military you learn how rules and regulations work and how to apply and live by them, but you also learn humility which will come when helping clients navigating life,” said Daniel Kopp of Wise Stewardship Financial Planning.

Matt Stephens of Willow Chute Financial also felt that the military provided him with valuable skills that he has transferred to financial services. “You learn how to ask pointed specific questions and network well, which strengthens your influence,” Stephens said.

Christopher Smiley stated his belief that the regimented environment prepared him for success in financial services as well, “In the military you are always used to having a manual that helps you build efficiency; you can build efficiency and discipline into financial practices.”

In total, the webinar had 57 registrants with many scholars from the Center for Military and Veterans Affairs and members from each consortium’s company resource group in attendance.

The consortium will be hosting its next webinar during the 2024 Military Summit. 

In 1999, the United States Congress designated May as National Military Appreciation month to provide citizens the opportunity to publicly honor and recognize the contributions, sacrifices, and services of members of the armed forces, past and present.

According to Military.Com, “the month plays a crucial role in raising awareness and understanding the challenges faced by the military community and provides a platform for education and dialogue about the experiences of service members, veterans, and their families.”

The month highlights several military anniversaries and events including Military Spouse Appreciation Day, Children of Fallen Patriots Day, U.S. Armed Forces Day, and provides an opportunity to pause and reflect on those who gave all on Memorial Day.

May was chosen because of the military’s historic achievements throughout the month including Victory in Europe (VE) Day, which commemorated the end of WWII in Europe in 1945.

There are numerous opportunities for citizens to show their appreciation, including attending events in their local community, purchasing a meal for a service member in uniform, volunteering at a VA hospital or veterans’ shelter, donating to a veterans’ charity, or sending a care package.

From April 25 through April 27, staff from the American College Center for Military and Veterans Affairs attended MilMoneyCon in Denver, Colorado. For the past three years, the Center has been in attendance as a Bronze Sponsor in support of Advisory Council Member, founder, and CEO of MilMo and MilMoneyCon, Lacey Langford, U.S. Air Force (Vet.), AFC®.

Langford founded MilMoneyCon with a mission to bring service members, veterans, and military spouses together to build and progress their careers, continue their education, and grow their earning power as practicing or rising financial professionals. At the center of this mission is an expression Langford uses as the philosophy behind her powerful mission: “Rising tides lift all ships.” By coming together to solve problems and supporting each other members of the military community not only help themselves, but uplift others within the community.

Throughout the event, the Center had the opportunity of meeting many of its partners and providing attendees with information about The American College of Financial Service’s various designations, the Center’s scholarship program, and initiatives. It also had the privilege of meeting numerous scholarship recipients and learning first-hand the difference these scholarships had made in their careers, to their families, and in their life. 

In this episode of our Shares podcast, hosts Lindsey Lewis, MBA, CFP®, ChFC® and Alanah Phillips, MBA speak with Cary Carbonaro, MBA, CFP®, an award-winning thought leader and advocate for women, for a discussion on how far the industry still has to go to make women feel welcome and the secrets to success and satisfaction in a largely male-oriented profession.

Cary Carbonaro, MBA, CFP® is senior vice president and director of women and wealth with ACM Wealth. An award-winning financial professional with over 25 years of experience, she is a tireless advocate for women in the financial industry and is passionate about increasing financial literacy and empowering women to overcome any financial challenge they face. She is the author of the bestselling wealth management book for women, The Money Queen’s Guide: For Women Who Want to Build Wealth and Banish Fear, and a CFP Board ambassador appointed to represent the industry in the media. In 2016, she earned the prestigious InvestmentNews Women to Watch award and has been honored six times as a top financial advisor on the Investopedia 100 list, most recently in 2023. She was also named a ThinkAdvisor LUMINARIES Class of 2023 finalist in the Thought Leadership category, recognized for driving the wealth management, investment, and retirement industry forward. She is the founder of FemmeForce, a nonprofit which serves as a mentorship collective dedicated to elevating women in the financial services world.

Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.
 

In the piece, Flood discusses the Servicemembers Civil Relief Act (SCRA) and the Military Spouse Residency Relief Act (MSRRA). She points out several of the key advantages offered to servicemembers and their families by these laws, and explains why any financial advisor working with military members should be well-versed in their policies.

Read on to hear what Flood has to say about optimizing the finances of military clients!

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In her article, Rasmussen, who serves as a member of the Advisory Council for the Center for Women in Financial Services discusses how AI will shape the future of financial advising and better address the unique circumstances faced by women.

Rasmussen speaks about the ability of AI to create better learning environments, recruit without inherent biases, offer personalized planning strategies, and more in this article.

Read on to hear what Rasmussen has to say about AI in financial services and why its use promises a bright future for women.

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Looking across key demographic segments, namely gender and race, financial services as a whole has not been representative of the American population. According to the Census Bureau, as of 2021, 69% of all financial advisors were male, and 80% of all personal financial advisors were white. Ten years ago, these numbers looked very similar, with men making up 68% of all personal financial advisors, and white advisors making up nearly 85% of the field.

In an industry dedicated to client service, these figures not only raise questions about how effectively representatives can reach diverse client bases, but they also show very little movement over the past decade toward becoming more representative of the population. This would seem to indicate that while creating an atmosphere of equality and representation is a noble goal, companies in the financial services industry are still facing challenges in this area.

It is for this reason The College has taken a number of actions in support of representation. Through ambassador programs, such as the FinServe Network, American College Centers of Excellence–including the Center for Economic Empowerment and Equality, the Center for Women in Financial Services, and the Center for Military and Veterans Affairs–and events, such as the Conference for African American Financial Professionals (CAAFP) and the Black Executive Leadership Program (BELP), we are acting on our commitment toward a more representative financial services industry.

One of these initiatives, the FinServe Network, was a new program at The College in 2023. The FinServe Network is a volunteer group of alumni and leaders who share The College’s values and help the institution amplify our benefit to the financial services profession. The ambassadors who comprise the FinServe Network have unique backgrounds and expertise, collectively representing the diverse landscape of the country that we hope to see brought to the profession.

The push for equal representation is not a passing trend at The College and has, in fact, been part of The College’s vision for some time, as demonstrated by one of its longest standing events, the CAAFP. In 2024, The College will host our 18th annual CAAFP as the industry’s premier gathering of Black and African American financial services professionals and DEI-committed professionals. This gathering brings together advisors, agents, educators, and thought leaders to discuss initiatives advancing African Americans in financial services. The CAAFP represents something far greater than a simple conference; it represents an opportunity for African American financial services professionals to come together as a community.

“The CAAFP is just one example, though significant, of how we walk the talk. The conference provides a visual symbol of how The College is working to serve underrepresented groups in our industry. ‘If I can see it, I can be it!’ is our mantra and, as a platform where we convene Black and African American financial advisors and allies at all levels, there’s nothing else like it,” says Deborah Glenn, executive director of the Center for Economic Empowerment and Equality.

Read the full article and learn more about The College’s efforts towards greater representation in the financial services profession in our 2023-2024 President’s Report.

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Throughout the history of America, women have always had to fight for everything they had. It took 93 years for the first women to gain the right to vote in Wyoming. It took 192 years for the first woman to serve as a member of the Supreme Court. This country still has not seen a woman president, even 248 years after the Founding Fathers came together in Philadelphia to establish this country. Simply put, America has not always been the land of opportunity for women that it has for men.

Still, it is for this exact reason that society must appreciate the strong women that have dedicated their lives to breaking down barriers and paving the way for generations of women that follow in their footsteps. As such, The American College of Financial Services is proud to spotlight the life and accomplishments of Margaret I. Bradshaw, CLU® during this Women’s History Month. Bradshaw was the first female agent hired by the John Hancock Insurance Company in Providence, Rhode Island in the late 1920s. From there, she eventually became the first woman to earn her Chartered Life Underwriter® designation in 1931, a mere four years after the designation’s creation.

Leading the Way

This was the start of a successful and influential career for Bradshaw, who went on to found the Rhode Island Chapter of the Professional and Business Women's Association, serving as the association’s president¹. She also established herself as an industry leader through her unwavering commitment to ethics throughout her lifetime until her passing in 2011 at age 106. Through the Margaret Bradshaw Lecture Series at The College and her numerous donations to the American College Center for Ethics in Financial Services, Bradshaw made it clear that the integrity of the profession was a top priority to her—a commitment she demonstrated on numerous occasions throughout her life with generous financial contributions to The College. Bradshaw sought to pass on her commitment to ethics in financial services by providing lectures and teaching courses at Brown University, demonstrating to younger generations of financial services professionals what it means to be a champion of ethics in the field.

At the President’s Dinner in November 2023, The College recognized Bradshaw by awarding her with a Huebner Gold Medal, the highest honor The College bestows to individuals who have proven their commitment to The College and its mission.

Closing the Gap

Bradshaw’s contributions are not limited to The College though. Thanks to the trailblazing of women like Bradshaw, the profession has become a far better place for women. As of 2021, 46.3% of all life insurance agents were women², and 30.1% of all financial advisors were women³. Female life insurance agents also earn 91 cents for every $1 earned by men⁴, a significantly smaller wage gap than the overall American wage gap that sees women earn 82 cents for every $1 earned by men⁵.

It is important that these trends continue. Women are expected to inherit $30 trillion by the year 2030, representing the greatest transfer of wealth in history⁶. Any individual inheriting wealth should consider speaking with a financial advisor, but many people also prefer to speak with advisors that look like them or may share similar life experiences. It is for this reason that woman financial advisors will be critical to the tremendous wealth transfer taking place over the remainder of this decade.

Honoring the Legacy

In honor of Margaret Bradshaw and other trailblazers in the industry, The College continues her legacy by serving as an advocate for women in financial services as they become a larger presence in the field like never before. Through the American College Center of Women in Financial Services, the Women Working in Wealth^SM community, and support for women staff members, The College aims to be a champion for women in the same way Bradshaw was and continues to be, even 13 years after her passing.

And statistics would indicate progress is being made. As of November 2021, according to The College’s Diversity and Inclusion Triennial Survey, 51% of full-time staff were female, a near perfect representation of the United States population, which is 50.4% women according to the United States Census Bureau.⁷

Ultimately, it is the goal of The College to help shape the financial services industry to create a better future for all Americans. Through the efforts of women like Bradshaw, progress is being made toward these goals every day. So it is with great honor that The College uses this Women’s History Month to reflect on the life and legacy of Margaret Bradshaw and express a sincere hope that her works continue to grow.
 

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