How does an advisor add value? What makes an individual investor turn to their financial planning professional for guidance? What leads a client to act on that guidance? Ask an experienced advisor, and they will tell you that the ultimate answer to all of these questions boils down to just one word: trust.

It’s no secret that trust is at the core of the financial services industry. Clients need to trust their advisor is acting in their best interest, offering sound advice, and is there even in the most tumultuous of times, helping to navigate through cataclysm as steadfastly as the calm.

But it hasn’t always been this way. While trust has forever been a component, historically, the expectation and often most revered benchmark was an advisor’s ability to deliver the highest performance, building their reputation on edging out an extra half  percentage point in total returns. The returns, it was thought, spoke for themselves, but it was a pursuit that would too often backfire as advisors were steered into chasing overvalued securities. As a result of this and other factors, Wealth Management Certified Professional® (WMCP®) Program Director Michael Finke, PhD, CFP®, says that financial advice’s standards have evolved in recent years, and education has been changing with it.

Since joining The College in 2016, Finke has led the effort to reinforce the WMCP® program with the latest in industry thought leadership, as advisors across the industry are moving toward a more holistic approach to serving their clientele. He says the public is starting to understand that a relationship with a financial planning professional is not just about picking a lineup of stocks and bonds. Especially with the rise of investment vehicles like target-date funds, Finke says advisors are competing in an environment where they are expected to do more than deliver marginally higher returns.

This new mindset has led to a more goals-oriented approach, one where the advisor acts more like a trusted partner than a delegated agent. This mindset requires an  understanding of the entire lifecycle for a client investment journey.

“The traditional way of teaching investments is that you construct an investment portfolio, and then when you have a spending goal, you just grab some money from the investment portfolio to fund that need,” Finke says. “Nowadays, we try to begin with the client’s goals and then develop investment strategies to meet each one of those specific goals. And then we construct the portfolio so that it is most efficient at meeting that goal,” Finke explains .

Oftentimes, that means advisors first need to build a fundamental understanding of a client’s aspirations and their reservations. For example, the urge to pull investments in a down market can be an elusive and enduring impulse among investors, one that advisors must work to overcome with their knowledge of behavioral finance. Educating WMCP® students to do just that has become a central tenet of the program.

“When we were developing the WMCP®, we knew that behavioral finance touches every single topic in the program. So when we're developing an investment strategy, if you introduce the behavioral finance aspects, that'll help the advisor do a better job of constructing a portfolio their client can live with,” Finke says.

As with all things, there’s a healthy dose of human psychology at play, particularly when the market is not working in an investor’s favor.

“Behavioral finance is all about recognizing the way the human brain responds to a stimulus, and often in investments, the stimulus that we care the most about is loss,” Finke explains. “We can educate advisors to help people cope with the inevitable short-term losses they will  experience in their investments.”

That approach is part of a long-coming paradigm shift across the financial services industry, one that has taken root across The College’s programs, but is particularly evident for those training for the WMCP® designation.

“By helping contextualize loss in the context of a long-term investment strategy, you create a deeper engagement, a mutual understanding, and a more trusting relationship between the client and their advisor, because they understand each other better,” Finke notes.

At the end of the day, it’s all about the trust advisors have in the education they receive from The College and, in turn, the trust they build with their clients. Their customer base comes to understand that their goals are their advisor’s goals.

“When you think about building a goal-based investment process and starting with a client's goals, it requires you to understand the client more deeply,” Finke says. “It also requires that the client reflect on what's important to them in the long run, and having those types of deeper conversations helps establish a stronger bond between the advisor and the client.

It's a different orientation than what some advisors entering the program have grown used to throughout their careers. The learning experience covers not just how to talk to clients, but also fosters an understanding of where they and their families may be coming from. The goal is to introduce their clients to a new way of thinking about how to save and plan for retirement.

“It’s not just about teaching advisors what questions to ask. It’s about helping them to recognize a client’s goals and then building a plan that will put them on track to achieve those goals, all while keeping in mind their client’s unique circumstances,” Finke says. “We have also introduced case studies to help advisors become more comfortable with some of these more complex planning situations that they're likely to face in their career. It's really all about educating them to provide the professional service that clients aren't looking for.”

The College’s alumni are already on the vanguard of this evolving school of thought through applied knowledge across designation programs. Joshua Gonzalez, CFP®, ChFC®, CLU®, says The College’s focus on financial plan building, investment advice, estate planning, beneficiary concerns, death benefits, and other features of life insurance policies allows him to speak confidently to many different people.

“My usual clients are 40 to 60 years old, high-paid professionals or small to medium business owners with kids at home, who want to pay off their house, pay for college, or get out of working for a living. Others may need to handle complex life insurance needs and business concerns,” he says. “The College’s training lets me holistically tie all these things together and help people in almost every major financial consideration of their life.”

In his experience, Gonzalez says understanding the behavioral finance underpinnings of his client’s behavior helps him be a more effective advisor, adding, “Some days I feel like a psychologist as well, because if you’re doing your job right, you’ve become a friend and confidant to clients rather than just a tool.”

Finke’s studies on the convergence of behavioral science and financial well-being extend past investors’ earning years. As defined-benefit pensions have disappeared for most workers, some of his most recent research suggests that the long-running shift changes spending habits in retirement.

“In the defined-contribution age, many retirees get to retirement and have this big lump sum of money in their 401(k). They roll it over into an IRA, but they don't feel comfortable spending it. They don't feel comfortable seeing that number get smaller,” Finke says. “But of course, that's irrational, because that's why they saved it in the first place, especially in a low interest rate environment.”

Cash flow, he says, can be more comforting than a lump sum, leading retirees to live more freely without as much anxiety about outliving their savings.

“If you have your wealth in some form of pension income or annuitized income, then you're more likely to spend it and live better than if you simply have investments alone, and that's the kind of behavioral science that we help advisors understand for when they are creating a retirement strategy for a client,” Finke says. “How much of their money should be in investable assets? How much of their money should be annuitized for meeting lifestyle goals? Because, it may make sense to actually annuitize a portion of their savings.”

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In 2016, Amanda asked her peers at Wells Fargo Private Bank if they’d like to start a philanthropy book club. Immediately, 20 fellow advisors agreed to read a book a month together for 11 months. As word about the book club spread, friends of members asked to join, and then friends of friends, including from beyond Wells Fargo. The 60 current members include CPAs, attorneys, members of private foundations, and nonprofit professionals.

Choosing books that will appeal to this diverse membership—that will provide cohesion and inspiration—is no easy task. Initially, Amanda chose the books herself, balancing instructive works (like Give Smart by Joel Lawrence Fleishman and Thomas J. Tierney) with inspirational, real-life stories (like The Blue Sweater by Jacqueline Novogratz). As the group grew larger, she solicited suggestions from club members, with books chosen by votes from their recommendations.

The book club also provides an excellent opportunity for building trust and networking with professionals outside one’s own field. The club’s cross-disciplinary approach enables its members to establish meaningful connections rooted in philanthropy with professionals they might not otherwise have met, or met only superficially, and makes interdisciplinary discussions about philanthropy not merely comfortable, but enjoyable.

The Book Club Turned Philanthropic Organization

Although she values book-learning about philanthropy, Amanda also values experiential learning. Most members had not, for example, been a nonprofit leader responsible for working with a board to raise funds. “I wanted our book club members to get that philanthropy-induced panic in the pits of their stomach,” she said. “So I threw out a suggestion that the club should actually raise money for something. We’d just finished reading Adam Braun’s The Promise of a Pencil: How an Ordinary Person Can Create Extraordinary Change [the best-selling account of the founding of Pencils of Promise, a nonprofit that builds grammar schools in developing countries]. And so I said, ‘I think we should raise $30,000 and build a school for Pencils of Promise.’”

Amanda anticipated some pushback: book club members were, after all, typically working long hours and preoccupied with their own lives. But the entire club enthusiastically agreed. They created a fundraising page and raised over $30,000 in about six months. Today, somewhere in Ghana, stands a school bearing a plaque that identifies it as a gift from the Wells Fargo Book Club.

The club then began looking for another project to continue the real-world application of their knowledge of philanthropy, identifying their top three priorities as youth development, education, and hunger. Even before choosing a new charity, they began raising money by contributing dollars-per-minute for “spin” riding. While pedaling away, a friend spinning next to Amanda told her about Project Avary, a nonprofit that provides a 10-year mentorship program and summer camp for children whose parents are incarcerated. This seemed like a perfect fit to Amanda, and the club agreed. Soon, Amanda and the other club members were spin-riding for inmates’ children.

Partway through that ride, however, the instructor of the class took Amanda aside and asked if she could share something with her: “My mom was one of those little kids waiting outside of the prison to go in and see her dad. My grandfather was in San Quentin.” It was a sign of things to come. A few weeks later, the same instructor asked Amanda for help with an unusual fundraising project: San Quentin inmates wanted to raise money for Project Avary by holding a walk-a-thon behind bars, and they needed someone to help on the outside. Amanda agreed, and the dual event was such a great success the walkathon was held again the following year. Amanda was especially impressed by the prisoners’ efforts: most earn only 13 to 90 cents per hour, yet they raised $800: a substantial sacrifice of the small luxuries that make their lives more bearable.

As plans for a third walkathon were discussed, Amanda contacted the leadership of Project Avary. “I said, ‘Wouldn’t it be great if we could go in and talk with the group of men who are putting on the walkathon?’” she recalls. “‘We could teach them about values and philanthropy and fundraising, so that they could do even better at raising money.’” With Project Avary’s help, Amanda obtained permission to conduct a philanthropy workshop inside San Quentin itself.

The Philanthropists on the Inside 

Built in 1852, San Quentin is a high-security facility, with multiple checkpoints before one emerges into an exercise yard where armed guards keep constant watch from a runway above. The workshop was housed in the prison’s educational center, with Amanda sitting at a large table, around which sat men of all ages, each with more distinctive tattoos than the last. Amanda had decided to open this workshop using an exercise she’d found helpful with her wealth advising clients. She divided the men into groups of four and played a card game designed to help people identify their core values and test them against others’ perceptions of them. Like her clients, the prisoners enjoyed the game.

When that session ended, Amanda remembers one participant told her, “‘I never even thought I HAD core values.’” Another observed that he’d never realized how much he valued compassion, which he could now use to refine his approach to fundraising. “‘We go from cell to cell asking for money for the walkathon,’” the man said. “‘Instead of coercing people, I can now use compassion, because I know it's one of my core values.’”

In the next session, Amanda asked the inmates what it meant to be a “philanthropist.” They offered the usual answer: “‘They’re people who give lots of money.’” Amanda helped the men extend that definition beyond the giving of treasure to include gifts of time and of talent. One point especially hit home with the men. “Look,” she said, “you’re putting on a walkathon to raise money for charity, giving your time to do this. You put together a public service announcement to get people involved. So you’ve given your money, you’ve spent time collecting donations, and you used your talent to market the event. You know what that makes you?”

There was silence.

“You’re philanthropists.”

Of the many terms these men had heard applied to them, “philanthropist” was a new one. No one had ever accused them of being generous and altruistic before. It was, Amanda observes, a moment of redefinition. As they were passing back to their cells, one man came up to Amanda, smiling and proud. “‘I’m putting up a sign in my cell,” she remembers him saying. “‘It will say I AM A PHILANTHROPIST.’”

Later, another workshop participant—a prisoner who was editor-in-chief of the San Quentin News—asked Amanda to repeat the program with the newspaper staff. Produced and run entirely by incarcerated men, the San Quentin News covers restorative justice and other issues and is, in many ways, a typical community newspaper. Amanda obtained permission from the Lilly Family School of Philanthropy at Indiana University to help the paper with their fundraising efforts as the basis for the internship required for her Masters Degree in Philanthropy, which she was awarded in December 2020. She continues to volunteer with the San Quentin News to this day.

In general, life is composed of three stages: 1) learn – to thrive and get a good job; 2) earn – a period of building wealth to take care of family and needs; and 3) retire. The midlife stage, generally between 35 and 75 years old, or the high potential earning years and into early retirement, is where most charitable activities and estate and financial planning tend to take place. This period is marked by constant change and transition, including career and relationship changes, taking care of parents and children, sometimes simultaneously, and personal health. A heightened sense of depression, stress, loneliness, and being overwhelmed are common words to describe this time, also known as the “midlife crisis.”

Advisors are adept at the technical planning required to manage these transitions: organizing finances, completing estate plans, and protecting assets. Yet, very little support is available to those managing the confluence of these events on the behavioral perspective. In addition, Stanford University’s Center on Longevity is reimagining what a century of life means in a new project, “A New Map of Life.” In this article, I outline several ways that advisors can support clients or donors experiencing transitions.

1. Self-awareness and acceptance allow clients to manage and master their growth through various life transitions.

You can help clients understand what it means to live a longer life and obtain the skills needed to manage their psychological well-being and development. For example, some wealth management firms are beginning to host seminars for clients around the science of longevity, explaining physical, emotional, and psychological changes. Other advisors introduce researchers from organizations such as the Buck Institute on Aging to share new scientific research programs. For some advisors, it is helping clients lean into or explore their spirituality. By demystifying life transitions and providing your clients with the tools to navigate uncertainty, your clients will gain greater autonomy and control of their life.

2. Purpose is essential for happiness and longevity, especially as one transitions from the purpose of work and wealth creation.

Chip Conley, the founder of Modern Elder Academy, shares that increased purpose has shown to positively affect happiness and life expectancy. Generally, clients are entering a phase in which they are questioning their view of life and triggering a search for meaning. Bob Buford, author of the book “Halftime,” speaks of the journey from “success to significance.” You can help your clients uncover their greater purpose, whether it is a more profound sense of where they are or a “reboot” to where they wish to be. Often, a client’s purpose involves contributing to society, leaving a mark, or leaving a legacy. This is a good time to reexamine, with the client, organizations and causes they support, their philanthropic impulses, what stirs their soul, what they would like to make right, and how they can make a greater social impact. It is important to connect the earlier accomplishments to their renewed purpose and the future as it is a regenerative process.

3. New networks are sometimes needed for renewed purpose and personal connection, especially when in transition.

Advisors can help clients identify their support team of family, friends, and community. Warm and trusting interpersonal relationships can have a positive effect on life expectancy.

For those entering retirement, a new network, or being with others entering the same phase in life, may provide the support and freedom to explore and even shed an identity they wish to leave behind. Advisors with a similar group of clients in transition may consider forming informal small, private networks or study groups, bringing in experts such as life coaches, intergenerational communication specialists, or health experts. These groups may provide learning and community building opportunities.

4. Embracing and incorporating lifelong learning and curiosity.

An increasing number of spiritual and educational institutions offer lifelong learning programs. Yet few of them address the needs of those in transitions as they focus on human capital development and not on human-centered development. Exceptions exist, including Harvard’s Advanced Leadership Initiative and Stanford’s Distinguished Careers Institute, which provide programming for those transitioning to explore purpose, community, wellness, and intergenerational engagement.

At The American College of Financial Services, where I work, we are developing a program to support executives, small business owners, and others who are in transition. We saw an opportunity to serve those who wish to refresh, deepen, or more significantly repurpose and transition their energies in an accessible and flexible program that meets participants where they are. This approach ensures a path grounded in family, values, legacy, and what matters most. In addition, the program supports the participants in the practice of social impact, with new ideas, new tools, and new friends.

According to the 2020 Census, there are approximately 73 million Baby Boomers. By 2030, all Baby Boomers will be age 65 or older. As a result, we can better serve advisors by recognizing and understanding the needs of clients who are struggling or need a little more support through transitions.

One of the keys to philanthropic success is proper financial planning. Through the three-course Chartered Advisor in Philanthropy® (CAP®) designation program, you will learn how to help philanthropies maximize their donations and resources. The CAP® is designed for experienced professionals in both the financial services and nonprofit sector, and gives you the power to do more with your career. Learn More. 

Over the past year and a half, people across the country and the world have come together in unprecedented ways to meet the challenges we face with innovative solutions that lay the groundwork for long-term, transformative change. I’m fortunate to work for an institution in the midst of many of the most important of these changes, and one whose faculty, staff, and network of supporters are dedicated to pushing them forward. That’s why I’m proud to announce the next step in our mission to promote lifelong learning and the benefit of society: Purpose School from The American College of Financial Services.

Purpose School is a new state-of-the-art social impact experience designed for those who wish to refresh, deepen, or more significantly repurpose their energies, and discover new ways to make a difference in their lives, and the lives of others.

The program offers the space and support to learn from experts, explore your own purpose, and connect with and enjoy others. Our conversations include innovations in philanthropy but also impact investing and social enterprise, along with deep dives into practice areas such as human-centered design. This is all tied together by our new PS 360 Notebook and activities, which help frame personal reflections throughout, and is capped with a personal passion project. Purpose School Fellows are entrepreneurs with a growth mindset looking to update their skills and join a special community of change-makers, mid-career professionals considering a focus on greater impact, and late-career leaders approaching or in a career transition, with more time and resources to devote to renewed purpose.

The Founders Class is a special opportunity and one especially well timed given the needs all around us. We’re excited about having a dynamic and inspired first class and I sincerely hope that you’ll consider joining as a Fellow.

It is time to match the challenges we face today with a new urgency and ambition for making a difference. That potential is what Purpose School is built for — to discover new possibilities, know-how, meaning and joy in giving back. I invite you to be a part of the Founders Class and my own journey for change.

I can’t wait to get to know the faces and hear the stories of our fellow purpose-driven individuals. Let’s work together to realize that new day and remind everyone, no matter where they may be, that we are, as always, “stronger together.”

In 2020, the COVID-19 pandemic put the world on its heels, but with the development of vaccines, the increase in remote working and learning, and other adaptations, some thought 2021 would be the year things went “back to normal.” The truth, however, was far more complex. The rise of COVID variants and changing political and social climates exacerbated by the virus have led to a “new normal” many are still trying to navigate.

Through it all, young professionals stepped into the breach and continued to grow their expertise in using technology and building relationships to overcome the challenges of the ongoing pandemic and shifting business landscape—especially in financial services. Those under 40 have played a critical role in helping the industry evolve and persevere when many vital sectors have struggled to hold on.

Get to know the next-gen professionals you should be watching in the coming year as we announce our 6th annual NextGen Financial Services Professional Award recipients!

Amie Agamata, CFP®, AIF®, RICP®, ChFC®, CLU®

Amie Agamata is the Director of Investments & Planning for Leonard C. Wright’s team in San Diego, CA. She manages the team’s ERISA plan practice, investments, and financial planning process to ensure all recommendations are in the best interest of clients. “It’s a privilege to be acknowledged as a NextGen leader in our industry and I aspire to encourage anyone interested in or starting their career in financial services to invest in your education, because it does pay off in the long run,” she says. “No one can ever take it away from you, and it makes you a better servant to your clients.”

Agamata says her education through The American College of Financial Services has made a measurable difference in her life. “It’s sometimes harder to be taken seriously in the financial services industry not only as a younger person, but also as a woman in a male dominated field,” she says. “After furthering my education with The College, I’ve experienced higher respect from people in our industry and, more importantly, clients have better trust knowing they’re working with a highly educated individual. It’s key to stay open minded; I recognize the more I learn, the better I’ll be able to serve those in our community.” She also identifies her business partner, Leonard Wright, CPA, PFS, CFP®, as her most important mentor figure, even though they are decades separated in age. “COVID-19 changed him from a Baby Boomer into a Millennial,” she says. “He offered me the position of his right-hand associate when I was only 19 years old, and from that point on, he’s always taught me to achieve and demand exceptionalism in everything I do. I’m blessed to work with someone who shares the same core values as me and truly has my best interest at heart.”

Five Things You Didn’t Know About Amie

Favorite Hobby: “I love traveling and seeing live music or…traveling to see live music! There’s just something unexplainable about experiencing a new place. You learn a lot about yourself when you’re in unfamiliar surroundings. Live music gives you a greater appreciation of the artists and I love the notion that it brings together so many people with different backgrounds and views to enjoy the performance as one.”

Favorite Book: Where the Crawdads Sing by Delia Owens—“It’s a coming-of-age story mixed with a murder mystery that has an unexpected ending. I know I’d enjoy reading again because I’ll learn something different.”

Last Meal: Chicken strips and French fries with a side of ranch—“A classic millennial meal growing up!”

Favorite Vacation: “I backpacked in Thailand for a month with eight of my girlfriends after graduating in 2015. It was an adventure of a lifetime and an experience that we’ll always share and never forget.”

Coffee or Tea: “A hot chai tea latte with oat milk always makes my day a little brighter.”

LeTian Dong, CFP®, RICP®, ChFC®

LeTian Dong is Chief of Staff, VP of Planning, and co-founder of a boutique retirement income and distribution planning practice with partner Tom Morris, MBA, CFP®, with offices in Long Island, NY and Durham, NC. She began her financial planning career upon graduation from the University of North Carolina at Chapel Hill in 2013, and as a retirement income specialist, she helps clients design strategies that exceed their goals and empower them to live joyfully and confidently.

Dong says the greatest challenge of the COVID-19 pandemic is also an old one: “The number of hours in the day. We held four times as many meetings in 2020 as we did the year prior, with the same team. The sheer amount of work was overwhelming,” she says. “I feel guilty saying we did very well helping clients when so many people were hurting. There were so many starfish stranded on the beach, but we helped as many as we could by going as fast as we could. Our team had to revamp some of our processes to deal with the speed.” She also says she has a passion for mentoring young planning professionals, and her goal is to lead future financial professionals in creating innovative strategies to engage with their communities in this rapidly changing global environment. “Getting established in this industry is challenging, especially for young professionals who may not have as much experience or technical skill set,” she says. “We need to dedicate more resources to helping young advisors build their practices.”

Five Things You Didn’t Know About LeTian

Favorite Hobby: “Dance, especially ballet, jazz, hip-hop, and urban; reading fiction in Chinese and English; and tennis.”

Favorite Quote: “…The credit belongs to the [wo]man…in the arena...” from Theodore Roosevelt’s “Citizenship in a Republic” speech.

Coffee or Tea: “Neither – I generate my own caffeine, so water is all I need!”

Spirit Animal: “The nine-tailed fox. As legend has it, the magical nine-tailed fox earns each tail by being of service to others and granting their wishes. The final tail is awarded in the form of a kind stranger’s wish for her.”

Next Designation: Wealth Management Certified Professional® (WMCP®)

Shellie Haluska, CFP®, CLU®, ChFC®, AAMS®

Shellie Haulska is a financial advisor based in Carroll, IA. She attended Iowa State University (ISU) to earn a bachelor's degree in accounting in 2009 and graduated summa cum laude, before getting her master's degree in 2010. During college, she also played on the ISU women's basketball team before returning to her roots in Carroll. She describes herself as a hometown girl who wants to make a lasting positive impact in her home community. She regularly partners with clients during times of transition, such as retirement or receiving an inheritance, and many of her clients are multigenerational families faced with advanced wealth transfer considerations. She and her husband, Sean, have three daughters, and she serves in a variety of volunteer roles.

Haluska says families and clients need financial advice more than ever during the COVID pandemic. “There are so many families out there that are underserved or not served at all,” she says. “We need a large number of truly dedicated professionals in this industry that are intentional about fine tuning their craft and helping the vast numbers of families out there that need better, deeper advice and service.” While she was sad to see others hurt and suffering in their personal lives and did what she could to help, Haluska says the pandemic also offered her a personal opportunity. “The world shutting down gave me the gift of time, and I tried to use that time wisely by being present at home with family, spending time learning and growing personally and professionally instead of traveling, and being more intentional about connections and caring for my clients, colleagues, and friends through phone calls, care packages, flowers, etc.”

Five Things You Didn’t Know About Shellie

Favorite Hobby: “Spending time with my family, reading, and working out.”

Favorite Organization: “I am the President of the Carroll High School Foundation, our local public school's academic foundation.”

Favorite Quote: “I can do all things in Christ who strengthens me.” Philippians 4:13

Last Meal: “A big bowl of Kraft Mac ‘N Cheese. Is there anything better?”

Last Show You Binge-Watched: Fuller House

Michael Sise, CFP®, ChFC®, CPFA®, AIF®, CRPC®

Michael Sise, a graduate of Stephen Decatur High School and Liberty University, began his career as a financial advisor in 2013. In his first five years in the business, Michael became a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional, as well as achieving his Accredited Investment Fiduciary® (AIF®) and Chartered Retirement Planning Counselor® (CRPC®) designations. He worked as an adjunct professor at Salisbury University’s Perdue School of Business for two years teaching Retirement Planning, and in 2019 was named a partner at Comprehensive Financial Solutions (CFS). He is also the host of CFS’s The Financial Planning and Game Theory Podcast. He lives in Maryland with his wife, Allison, and their two daughters.

Sise says receiving the NextGen Financial Services Professional Award is a great honor for him. “It validates the late nights of studying, networking, cold calling, presenting, teaching, and client meetings,” he says. “Our business is ever-changing, and it’s important to keep up with or stay ahead of those changes. Yet ultimately, this business is all about relationships, and an advisor who can build and grow the trust with their clients will have a long and fulfilling career.” He also says the self-doubt young professionals feel can actually be an asset to them in the financial services field. “Any new career is overwhelming, but this career path absolutely requires a young person to know what they don’t know. An intelligent and determined young advisor will be more likely to cherish and capitalize on every learning opportunity they meet professionally. Complacency is always corrosive, and a committed young person in the financial services profession’s greatest advantage is their hunger to learn and grow.”

Five Things You Didn’t Know About Michael

Favorite Quote: "Give me six hours to chop down a tree, and I will spend the first four sharpening the axe." – Abraham Lincoln

Last Meal: “Surf & turf with a caesar salad, fresh bread, and a chocolate shake.”

Favorite Vacation: “A Caribbean cruise in 2014. I put on ten pounds in seven days.”

Next Designation: “The College’s Master of Science in Financial Planning (MSFP) has always appealed to me. The curriculum looks excellent.”

Last Show You Binge Watched: Cobra Kai

Andrew Tudor, CFP®, RICP®

Andrew Tudor is the Founder and Chief Wealth Coach at Alchemist Wealth. There, he helps professional women and dual-income couples transform their relationship with money. His group combines financial planning and coaching to help give dynamic women clarity and confidence with their money. He says receiving the NextGen Financial Services Professional Award “means that we are successfully changing the conversation about money. Our business is about serving our community, being fully transparent, and coaching people to be more fulfilled humans. The market and now the industry is telling us that this new conversation about money matters to people.”

Tudor says young advisors enjoy many professional advantages in today’s financial services industry. “Young professionals and people of color experience financial success and money differently,” he says. “They need someone who understands their unique dreams and potential hurdles with context. That’s why our generation prefers working with younger advisors who understand the aspirations and fears of our peers.” He says younger advisors are also better equipped to lead conversations about wealth creation as well as wealth management. “I understand and can articulate the desires and fears of my peer group. We experienced the Great Recession, Housing Crises, and Cryptocurrency Boom in the same life stage,” he says. “That gives me an advantage because I’m hearing the meaning behind the goals and the fears. The most important thing is that our clients feel understood.”

Five Things You Didn’t Know About Andrew

Favorite Hobby: “Cooking. It’s my creative outlet and I love eating my creations.”

Favorite Podcast: “Revisionist History with Malcolm Gladwell. I love history and reexamining the things we hold to be true.”

Favorite Book: “The Alchemist by Paulo Coelho. It explores how life is an uncharted journey that you have to chart for yourself. You must follow your personal legend and create your uniquely satisfying future. I believe that to my core.”

Best Vacation: “Accra, Ghana, in 2019. It was the Year of Return for people of African descent. It was beautiful, insightful, and powerful. It changed my life.”

Favorite Organization: "Professionally, CHIP, NAPFA, and XY Planning Network. Personally, I-Rise Investments (my investment club), the Cincinnati Chamber of Commerce, the Leadership Center, and Alpha Phi Alpha Fraternity, Inc.”

Lauren Yamaoka, CAP®

Lauren Yamaoka is a Director of Development at The Fuller Foundation, where she works to help clients and donors achieve their philanthropic goals and support Fuller Theological Seminary and its community. She earned a BA in English from Hope College and an MFA in Creative Writing from Roosevelt University. She has worked in nonprofit fundraising for nearly a decade, holding positions with Northwestern University, Southern Methodist University, and the Children’s Medical Center Foundation. “As a fundraising professional among so many traditional client-facing financial advisors, it is truly an honor to receive this award and to represent the nonprofit seat at the planning table, as we are all working together—client, advisor, and fundraiser alike—to make a positive difference in the community and world,” she says.

Early in her career, Yamaoka was a nonprofit recruiter, and she says she’s most grateful for  those who took a chance on her when she decided she wanted to transition into a frontline fundraising role as a major gifts officer. “As young professionals, we have been raised to be successful in a business world that has shifted toward a focus on social responsibility, values, and impact,” she says. “For those of us in the nonprofit sector, we are in a prime position to use these skills to better articulate our organizations' impact in the community and progress toward mission fulfillment, which can in turn inspire better confidence among donors and volunteers.”

Five Things You Didn’t Know About Lauren

Favorite Hobby: “Reading! I typically read an average of one book per week and love sharing my thoughts and recommendations with others.”

Favorite Quote: "It is something to be able to paint a particular picture, or to carve a statue, and so to make a few objects beautiful; but it is far more glorious to carve and paint the very atmosphere and medium through which we look, which morally we can do. To affect the quality of the day, that is the highest of arts." —Henry David Thoreau

Best Vacation: “My husband and I visited Thailand and Vietnam in fall 2018 and fell in love with the culture, cuisine, and the people.”

Next Designation: “The Master of Science in Financial Planning (MSFP) with a concentration in legacy planning. My three CAP® courses count toward this degree!”

Last Meal: “All my favorite dishes at Gather in Chicago’s Lincoln Square neighborhood.”

Key Takeaways

• If retirement comes earlier than you thought, smart planning is a must.
• Taking the right steps now can pay off over the long run.
• By minimizing taxes, a nest egg can last longer.

If you’re among the many older workers who may be looking at an early retirement due to the economic fallout caused by the COVID-19 pandemic, you’re not alone. From March to August of 2020, 2.9 million Americans ages 55 to 70, or about 7% of the workers in that age group, lost their jobs and left the labor force.¹

Many of these individuals will be forced into early retirement, which could have severe consequences for their long-term retirement security. Early retirees lose not only wages, but also the chance to make additional contributions to their workplace retirement savings plan, and lose any future employer matching contributions they would have received. Historically low interest rates will also create significant challenges for anyone looking to generate retirement income with their savings.

Overcoming those challenges – or at least mitigating their impact – will require thoughtful execution of smart financial planning strategies. Planning for Retirement: What to Do if it Comes Early outlines nine steps to consider taking if you’ve recently been laid off or have received notice that you will be laid off, and as a result may be considering retiring earlier than planned.

Prudential served as the exclusive sponsor of the National Retirement Risk Index.

¹The New School Retirement Equity Lab, “Status of Older Workers,” August 2020.  

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