The Truth About Tariff Impacts
In this timely episode of the Shares podcast, Michael Finke, PhD, CFP® speaks with Scott Lincicome, JD of the Cato Institute about the market uncertainty spurred by recent shifts in tariff policy, including the pros and cons of tariffs historically and their potential impacts on businesses, financial professionals, and consumers. They explore how tariffs may have unintended consequences for protected industries, as well as other important information advisors should know when talking with clients.
Scott Lincicome, JD is the vice president of general economics and the Cato Institute’s Herbert A. Stiefel Center for Trade Policy Studies. He writes on international and domestic economic issues, including international trade; subsidies and industrial policy; manufacturing and global supply chains; and economic dynamism. Lincicome also is a senior visiting lecturer at Duke University Law School, where he has taught a course on international trade law, and he previously taught international trade policy as a visiting lecturer at Duke. Before joining Cato, Lincicome spent two decades practicing international trade law at White & Case LLP, where he litigated national and multilateral trade disputes and advised multinational corporations on how to optimize their transactions and business practices consistent with global trade rules and national regulations.
From 1998 to 2001, Lincicome was a trade policy research assistant at Cato; he became an adjunct scholar in 2013. During that time, Lincicome authored or coauthored several policy papers, as well as numerous op-eds on trade and economic issues. He is routinely featured in TV, radio, and print media. Lincicome has a BA in political science from the University of Virginia and a JD from the university’s School of Law.
Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.
More From The College
- Get tax-savvy advising skills with the Tax Planning Certified Professional™ (TPCP™) Program.
- Secure specialized expertise in retirement income planning with the Retirement Income Certified Professional® (RICP®) Program.
Shannon Ryan
MSFP, CFP®
RICP Improving Retirement Planning Outcomes
It’s no secret that the pinnacle of Peak 65 is here. If you pay any attention to the news, you’ve likely seen stories about the baby boomer wave cresting over the next several years — and along with it, an influx of potential clients with substantial assets and a need for specialized retirement planning advice. But to attract those clients and deliver the expertise they need, you need to look beyond standard, one-size-fits-all strategies.
According to the CFP Board, less than one-fifth of the CFP® exam covers retirement income planning — and many other foundational designations offer only high-level overviews of retirement planning. To offer potential clients something different, you need to seek deeper knowledge, like that from the Retirement Income Certified Professional® (RICP®) Program.
Here’s one way you could explain this to clients: if you suspected there was something wrong with your heart, would you be satisfied with the report of a general practitioner? Or would you seek out a cardiologist, someone who specializes in exactly the kind of medicine you might need? It’s the same with retirement income planning — and with RICP®, you and they benefit from a recognized mark of excellence backed by a nearly 100-year-old accredited academic institution and powered by the insights of 45+ top academics and thought leaders.
Your peers’ performance speaks for itself…and you can reach the same heights in less than four months.
What is the RICP®?
The RICP® is a specialized financial planning designation for professionals who want greater knowledge of retirement income strategies and solutions. It is usually not the first designation professionals earn, but is a strong follow-up and complement to a foundational certification such as the CFP® mark or the Chartered Financial Consultant® (ChFC®). The RICP® focuses on advanced areas of retirement income planning that go beyond the basics and into subjects of growing importance in today’s uncertain markets, including:
- Social Security claiming
- Healthcare and long-term care
- Estate and legacy planning
- Tax-informed retirement planning
- Employee retirement savings plans
Perhaps most importantly, the RICP® Program’s enhanced and accelerated curriculum means you’ll be able to start putting what you learn into practice for your clients on day one — and complete the entire program in under four months. If you don’t want to miss the baby boomer wave, the RICP® is your must-have designation.
How Can RICP® Help My Career?
Surveys of your potential clients and peers over the last few years consistently show the need for specialized retirement planning knowledge: according to our Center for Financial Security, 71% of financial professionals surveyed recognized their clients’ need for in-depth retirement planning services1, and research including our 2024 Advisory Services Survey consistently ranks retirement planning as one of the top concerns for financial professionals and clients alike.2
Even putting this aside, the benefits of getting your RICP® designation are clear from the increased growth and success your peers are enjoying. Our 2024 Designation Outcomes Study in conjunction with FUSE Research Network examined self-reported growth over the past three years from RICP® designees compared to professionals with no designations, and the results speak for themselves.3
- 71% higher growth in client retention
- 45% higher growth in number of clients
- 26% higher growth in earnings
In addition, those who secured the RICP® designation saw significant improvement in their knowledgeability to talk retirement planning and strategy with their clients.
- Over 80% reported ability to help clients with a greater number of goals and improvement in quality of client conversations
- Over 80% also reported improved ability to help clients with areas including Social Security planning and retirement income and withdrawal strategies
- Over 90% reported improvements in their general retirement planning capability
Meet This Wave…and Prepare for the Next One
If you still need some convincing about the value of specialized retirement planning knowledge like the RICP® Program, here’s something else to think about. While the current wave of baby boomer retirees and their over $80 trillion in wealth may be rolling on at some point in the next few years, another wave is on the way.
Starting around 2030, members of Gen X will be reaching age 65 as well, and they stand to gain the most from that wealth transfer; many are set to inherit assets worth $5 million or more. Combined with an average net worth of over $1 million per household, Gen X is the next frontier of retirement planning.4
So why wait? Get started on earning your RICP® now and ensure you’re equipped for the current retirement opportunity — and ahead of the curve for the next one — in four months or less.
More From The College
Ian Berger
JD
Andy Ives
CFP®, AIF®
The College Welcomes New Trustees
KING OF PRUSSIA, PA – April 9, 2025 – The American College of Financial Services is proud to announce the addition of Russell N. James III, JD, PhD, CFP®, Paul LaPiana, CFP®, and John C. Roberts, CFA, to its board of trustees. Their combined expertise in financial services and higher education will enhance The College’s mission to advance the profession and benefit society.
Russell N. James III, JD, PhD, CFP®, is a professor at Texas Tech University. A renowned expert in charitable financial planning, James specializes in donor psychology and philanthropic strategies. His research and teachings have significantly contributed to the understanding of charitable giving behaviors, aiding nonprofits and financial advisors in developing effective fundraising strategies. James holds both a law degree and doctorate, in addition to the CFP® certification, bringing a unique interdisciplinary perspective to the field of philanthropic planning.
Paul LaPiana, CFP®, is the head of brand, product, and affiliated distribution at MassMutual. With over 25 years of experience in the financial services industry, LaPiana leads the company’s brand strategy, product development, and distribution channels. He joined MassMutual in 2016 following the acquisition of the MetLife Premier Client Group and has since held pivotal roles, including head of product. LaPiana is a CFP® professional and holds FINRA Series 6, 7, 24, and 63 registrations. His leadership has been instrumental in driving innovation and aligning MassMutual’s offerings with the evolving needs of clients.
John C. Roberts, CFA, serves as executive vice president and chief field officer at Northwestern Mutual. Since joining the company in 2006, Roberts has held various leadership roles, including interim chief financial officer and vice president of distribution performance. In his current position, he oversees the growth and success of Northwestern Mutual’s field force, comprising over 20,000 advisors and team members, and leads the company’s wealth and investment management division. Roberts holds a Bachelor of Science in finance from Indiana University and an MBA from Northwestern University’s Kellogg School of Management. He is also a Chartered Financial Analyst (CFA) charterholder and serves on the community board for the Milwaukee Public Museum.
“We are honored to welcome Russell, Paul, and John to our board of trustees,” said George Nichols III, CAP®, president and CEO of The College. “Their exceptional leadership and industry expertise will help guide us as we expand access to applied financial knowledge, support the next generation of financial professionals, and empower individuals and communities to achieve greater financial security.”
The College’s board of trustees plays an essential role in shaping the institution’s strategic vision and fostering innovation in financial services education. The addition of these accomplished leaders underscores The College’s ongoing commitment to providing rigorous, high-impact financial education programs.
For more information about The College’s leadership, including the full roster of trustees, visit https://www.theamericancollege.edu/about-the-college/our-people/leadership.
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, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
Contact
Sarah Tremallo
908-967-0381 / stremallo@jconnelly.com
Jared Trexler
610-526-1268 / jared.trexler@theamericancollege.edu
Your Retirement Planning Checklist
These steps are sometimes irreversible, so it is important to get it right the first time. Failure to choose wisely can have permanent consequences.
Although retirement from employment usually has a firm date involved, this date does not necessarily determine when other retirement decisions must be made. There are many steps associated with retiring, such as leaving employment, signing up for government benefits, and possibly moving from a current residence. Not all these retirement activities will occur at the same time.
Your Role as a Retirement Planner
As a retirement planner, you can help your clients with the stress, confusion, and angst that often accompany the process of retiring. By being there for your clients, and providing support and advice, you can earn the opportunity to continue to work with them even after retirement.
Below is a checklist of common considerations for the three primary retirement decisions that will apply to almost all your clients: employment benefits, Medicare, and Social Security. This checklist is not meant to be exhaustive about all the issues that may arise, but it provides an outline for you to consider as you work with your clients who are preparing for their big day.
Encouraging Client Responsibility
Note that the checklist puts the responsibility on the client – it states “you” (i.e., the client) are the one who is ultimately responsible for accomplishing these tasks. This approach is intentionally designed to remind the client that — even though, as a retirement planner, you are helping them — they will need to personally take actionable steps to retire. Their employer will want paperwork completed, and the government will expect them to fulfill the necessary steps to sign up for benefits such as Medicare, Social Security, and veteran benefits.
More From The College
- Explore the Retirement Income Certified Professional® (RICP®) Program
- Empower clients with The Retirement Course™
From The President About The College Insights
Presidents Report 2024
If I were to encapsulate the past year in a word, it would be transformative. The title of this report, Shaping Knowledge, Building Impact, exemplifies what we accomplished through the transformative 12 months of 2024.
Just as the verbs shaping and building are ongoing, so is transformation – it’s a journey, not a destination. Transformation is also about connecting knowledge (whether that’s data-based insight, or direct feedback from our students, alumni, and strategic partners, or some other source of input) to impact. What value is knowledge if it won’t have an impact? Likewise, what good is the impact if it isn’t grounded in knowledge?
Throughout this report, you’ll find stories that showcase the transformative connection between knowledge and impact, including:
- How in-demand learning and specialized knowledge can power growth
- What (and who) makes the student experience great
- Why representation is the key to growing the profession
- When and where lifelong learning can expand one’s opportunities
This is the arc of our remarkable story – and yours. After all, The College’s transformation is a collaborative process and you play an important role.
Whether you’re a student, alum, strategic partner, friend, or supporter of The College, I cannot thank you enough for the time, talent, and treasure you have put into the transformative year of 2024.
I hope you’ll read the President’s Report and share it with others. Then, please join us in continuing our mission to uplift the profession and benefit society this year.
Download the President’s Report
More From The College
- Donate to support our mission