“We were among the first teams inserted into urban areas, and we were involved in door-to-door combat,” he said. “We were told to expect at least 30% casualties and nearly everyone would probably be injured. In the end, those estimates were pretty accurate.”

Bennetts was among those wounded during the campaign, and after being medically discharged from the military, he occupied himself with other pursuits: entering the financial services profession and starting a new career, as well as a new family. However, years later he got a piece of news that once again spurred him to act on behalf of his fellow service members and veterans.

“As of November 2018, I had lost more of my Marine brothers to suicide post-service than in actual military combat,” he said. “That was a real wake-up call for me, and I couldn’t understand why nobody seemed to be discussing this problem from the lens of how personal finances might play a role.”

Now The College’s CFP® Certification Education Program and Chartered Financial Consultant® (ChFC®) Program Director, Bennetts says it’s been long established that service members on the battlefield won’t be as effective if they’re preoccupied with a toothache or something else physically wrong with them – but financial well-being is just as important as physical well-being to maintaining combat readiness.

“It’s just as problematic, and maybe even more so, for a service member to worry about how they’re going to pay their car insurance or afford their mortgage payment,” he said. “The biggest sources of stress for people are usually money and relationships, and if you dig deeper into many of those relationships, the cause is often still money. I found the academic community wasn’t discussing this in the context of preventing veteran suicide, so I decided to go back to school to confront this issue more seriously.”

While Bennetts said programs by the VA to address physical and mental health problems for service members and veterans, including PTSD, are incredibly important to maintain the well-being of those individuals, financial health is often left out of the conversation. In addition, statistics show that over 20 veterans die by suicide daily in the U.S. on average, demonstrating a significant need for more services to support them. Bennetts says “financial empowerment” is an important part of that equation.

While studying for his PhD in Personal Financial Planning through Kansas State University and still focusing on the issue of financial well-being for military members, Bennetts says he was presented with the opportunity to be part of a select group of student veterans who would be able to propose legislation based on their research. He applied for and was awarded one of the Veterans of Foreign Wars’ (VFW) Student Veterans of America (SVA) Legislative Fellowships, earning the privilege of traveling to the nation’s capital in Washington, D.C., and presenting his findings to those in positions to take action on them.

“All the fellows had different ideas to present,” he said. “One student was working on issues surrounding veterans’ housing insecurity. Another dealt with National Guard members’ life transitions if they were called in to deal with a natural disaster. Mine had to do with financial services, financial counseling, and its integration into PTSD treatment. This was the VFW’s national legislative advocacy week, so there must have been at least 500 of us as VFW members participating from every state and territory going to their individual representatives and pitching their proposals to elected officials.”

It appears Bennetts’ proposal caught the eye of the VFW’s Legislative Affairs team, who brought it to the rest of the organization’s leadership.

“I think they realized I wasn’t a  20-something reading off a script and that I was passionate about this issue and knowledgeable on it,” he said. “Before I knew it, it went from me only meeting with people from Kansas and Nebraska to getting a list of every event happening that week and being encouraged to attend as many of those as I could.”

Over the course of several days, Bennetts estimated he met with over 15 elected officials from nine different states, including Senator Bernie Sanders (D-VT) and Senator Jerry Moran (R-KS), a current member of the Senate Committee on Armed Services. And then, things went another step further.

“They asked us to come to the White House for a meeting,” he said. “I was astounded. We had to complete security clearance requests and meet with the president’s Special Advisor on Veterans Affairs. I got to talk with her and her team about how certain record-keeping practices at the VA were stopping us from getting a clear picture of the actual well-being of our veterans. I even became part of the testimony to the Joint House and Senate Oversight Committee for Veterans Services Organizations (VSO). I’m still processing all of it, to be honest. It was a whirlwind but also an amazing experience.”

Bennetts says he plans to continue his advocacy on financial empowerment for military members and veterans and that he’s been inspired by the entire Washington experience.

“When I reflect on the last four to five years of my life, there’s been a lot of uncertainty, especially regarding my journey toward my PhD,” he said. “That week without a doubt relit my fire to keep going, and it was an honor to be part of the conversation.” 
 

Peter Browne, Howard Cowan, and Maury Stewart pictured left to right. 

The American College of Financial Services has been blessed with dedicated alumni and donors that have devoted their professional and personal resources to ensure the future success of The College. These College champions understand the impact of a College education and how it prepares our students to do great things in an industry and world that needs them.

Peter C. Browne, LUTCF^® 

A life of service and professionalism that exemplified Dr. Solomon Huebner’s client-first philosophy.

Peter C. Browne, LUTCF®, was a longtime leadership volunteer, loyal donor, and consummate champion for The College. He served on The College’s Board of Trustees and was a past chairman of The College’s Foundation Board. He was serving on the President’s Roundtable and actively working to deepen the partnership between The College and Ameritas that he tirelessly cultivated during his career with Union Central, which then merged into Ameritas Life.

Peter’s passion for The College and Union Central was best exemplified through his leadership to help establish the Union Central Larry R. Pike Chair in Insurance and Investments at The College in 2002. Through the evolution of our partnership with Ameritas, The College was able to create the Women in Financial Services scholarship with Women in Insurance and Financial Services (WIFS) in 2021.

Peter received The College’s President’s Award in 2010 and was awarded the Solomon S. Huebner Gold Medal in 2013, The College’s highest honor, and was a member of The College’s Loyalty Society and Legacy Society.

Peter was a past NAIFA National treasurer, president of NAIFA-NY, and president of GAMA. Serving for over 60 years in the life insurance industry, he was honored with countless industry awards and recognition, including the 2015 John Newton Russell Memorial Award — the highest honor bestowed upon a living member of the insurance and financial planning industry. He spent his time and resources to ensure that life insurance professionals had access to the knowledge to grow and has left a lasting mark on the profession.

Howard Cowan, CLU^®, ChFC^®

Industry leader and mentor that always made time to share his ideas and insights on how to strengthen and grow The College.

Howard Cowan, CLU®, ChFC®, was the Founder and President of Cowan Financial Group, which he formed in 1985 and ran until he retired from the organization in 2009. Over Howard’s illustrious career, he mentored countless general agents and career agents and was recognized with many prestigious industry honors, including the Massachusetts Mutual Life Insurance Company’s highest honor, the National Chairman’s Trophy, for an unprecedented 20 years.

Howard always made time to share his ideas and insights on how to strengthen The College. Howard served on The College Foundation Board for eight years and was a member of the Insurance Review Committee. At the time of his passing, he was a member of The College’s President’s Roundtable, a President’s Circle member, Loyalty Society member, Legacy Society member, and major capital campaign donor to The College. His other awards and accolades included the Masters Club, Leaders Club, GAMA Master Agency Award, GAMA First In Class, Master Agency Growth Award, and 
GAMA Hero Leadership Award.

Maurice L. “Maury” Stewart, CLU^®, ChFC^®, CLF^®

A longtime leadership volunteer, donor, and champion for The College and an advocate for life insurance and the financial services industry.

In 1950, after serving our country as a pilot in the United States Air Force, Maurice L. “Maury” Stewart, CLU®, ChFC®, CLF®, started his career with Penn Mutual as a general agent selling life insurance in Topeka, KS.

Because of the transformational impact of his contributions, Maury was a member 
of The College’s 2012 Hall of Fame and the 2017 Solomon S. Huebner Gold Medal Winner. 
In addition to being a lifelong learner and a former faculty member at The College 
and attaining many designations, Maury encouraged the establishment of the 
Charles E. Drimal Professorship in Estate Planning. In 2008, he was honored with 
the establishment of the Maurice L. Stewart Lecture at The College in partnership with 
Penn Mutual. The annual lecture addresses issues critical to the practice of leadership 
development and has featured a series of renowned speakers.

Maury’s values and passion for leadership are also reflected in The College’s Chartered 
Leadership Fellow® (CLF®) designation. While holding the then named George Joseph Chair in Management Education, Maury substantially strengthened the development of the CLF® Program. As a guest lecturer for many years, he shared his enthusiasm and wisdom with generations of CLF® students, building their competence as managers and leaders.

The Legacy Society

The Legacy Society honors those individuals who have informed The College of their estate gift intention or funded a life-income gift or life insurance policy that will support the future of The College. We are grateful for these individuals who are living out their philanthropic goals through their legacy.

To learn more about how you can support the future of The College through an estate gift, please reach out to Carol Parlin Prushan at carol.prushan@theamericancollege.edu or 610-526-1389.  

President and CEO of The American College of Financial Services, George Nichols III, acknowledges that while little overall progress has been made to-date, he remains optimistic that now remains the time for lasting change to occur.

“I don’t think we’ve seen the numbers many folks were hoping for at this point in time. But I don’t think there’s been any change in the interest or commitment from companies to say, ‘We’re really going to try to make a difference this time,” said Nichols about recruiting and retaining diverse financial professionals. While some would argue that a change in CEO sentiment has not been enough, Nichols counters that it remains a significant difference from the pre-2020 era.

“If you think about the real big push around DEI years ago, it was actually a result of court mandates. It wasn’t like someone woke up one day and said, ‘You know what? I think we need a more diverse workforce.’ It was lawsuits that were brought against companies, whether it was over wages, promotions, or other things, by Blacks or other minorities wanting a fair shot. Just imagine that I’m doing this because I’m told I have to do this, as opposed to I want to do this,” said Nichols.

Nichols views diversifying financial services as a long game, with marketplace disruption being the primary catalyst. “When you think of DEI and the progress that we’ve got to make, it is a long game that we’re going to have to play,” said Nichols “Most people think that when we talk about diversity, we just talk about Blacks. No, we’re not. We’re talking about women. We’re talking about veterans. We’re talking about Hispanics. We’re talking about the disabled.”

Since launching the American College Center for Economic Empowerment and Equality® and the Four Steps Forward initiative in 2020, Nichols has worked with hundreds of organizations and had countless conversations with CEOs regarding DEI. As a result, Nichols attributes slow-moving progress to several variables, including the speed of workplace growth, unyielding corporate cultures, and DEI not being recognized as a business imperative.

Stalled Workplace Growth 

With CEOs’ renewed interest in DEI coinciding with COVID-19 and a bear market, the past two years have not been optimal for workplace growth. 59% of CEOs instituted hiring freezes due to the pandemic¹, and at the close of 2022, Bloomberg published a list of Wall Street companies that announced they were cutting jobs and instituting hiring freezes to combat decreases in revenue and looming recession fears.²

“If you are saying you’re going to grow your personnel in terms of more diversity, well, either you’ve got to grow your business, or you’re actually moving people out,” explained Nichols. “For us to really look at providing numbers that I think would show that we’re making a great deal of progress, it’s going to take some time. Just think about it: less than 3% of the executives in financial services are Black. When you even look at women as financial advisors, for them to be 50% of the population, they only make up about 30% of advisors. For them to get to numbers that represent where populations are, I think we’ve got a long way to go. Let’s be realistic about what our growth can be.”

A Tale of Two Corporate Cultures

Growth in diversity may be measured by looking at the numbers, but ensuring new hires from underserved communities feel they belong, can be their authentic selves at work, and trust they will be treated equally remains a roadblock for DEI efforts. As identified in a 2021 study published by McKinsey & Company, a “trust deficit among Black workers toward their companies” remains a top 10 challenge.³

“Think about it. What we’re saying is I’m going to bring in a few people, maybe female, maybe people of color, maybe people that have a different sexual orientation, and we’re going to bring them into an organization, and we’re going to be just fine. No, you’re going to be different because you’re bringing in a different set of individuals that don’t meet what you have traditionally done,” said Nichols. Nichols recognizes organizations have been reluctant to culture change, and often leaders are ill-equipped to influence effective change management. “I don’t think companies are really talking about the change management component of this, nor are they talking about culture.”

Another misstep Nichols observed is that organizations focus on one culture when they have two. “I’ve recognized that on the cultural piece, you have to deal with the fact that there’s two cultures. There is the culture you have with the masses of your employee base, and then there’s a culture at the top.”

Nichols advises CEOs to be intentional about cultural change themselves. “What I tell CEOs all the time is don’t go to your leadership team and say, ‘Do as I say, but don’t pay any attention to what I’m doing.’ You have an opportunity to hire people. Are you doing it? When you tell me that we should hire more, well, when you’re making the ultimate decision, are you making sure that our candidates and the person we hire are diverse? Are there positions that you can create that could be tailored to a diverse candidate?”

A Business Imperative

Nichols said he is done trying to convince CEOs of the business case for DEI, despite the research pointing to increased profit margins and employee productivity. “I’ve talked to a number of CEOs who say, ‘You know, George, I just don’t know that I can fully buy it.’ First of all, they’ll say, ‘You know what? We’ve been making money for the last 100 years. You’re telling me we will not make money unless I hire a diverse workforce? I don’t get that,’” stated Nichols.

While CEOs may overlook the strategic business case and tend to focus on the importance of DEI initiatives for employee morale, Nichols said they can no longer ignore the business imperative.

“We talk about how it’s going to be a majority-minority country in 2030. I think that is a disruption, and you’re going to have to think about how you engage in that,” said Nichols. “If you look at your workforce and you look at your consumer base, and you can’t respond to that, that’s a disruption because you’re going to have a hard time.”

Nichols said the financial services industry is ill-prepared to serve women, who are anticipated to inherit $30 trillion in Baby Boomer assets by 2030, and younger generations who grew up in diverse environments and expect the companies they work with to be equally as diverse. “If we’re transferring money to women, or if we’re transferring money to a much more diverse group of people and they’re not attracted to your organization, that’s a disruption,” said Nichols. “It’s actually not the disruption of the diversity. It’s a disruption of you failing to see what is happening in the marketplace.”

Nichols commented once CEOs start to recognize DEI as a business imperative he is hopeful initiatives will be incorporated into strategic planning and progress will quicken. “The same way you’ve improved your technology, the same way you’ve improved your profits, the same way you’ve improved your strategy, the same way you’ve improved the culture, be intentional, and that’s the way it’s going to work,” said Nichols.

Nichols is proud of the progress The College has made in two years to narrow the wealth gap and diversify the industry. Beginning with Black America, the Center for Economic Empowerment and Equality® has introduced several key initiatives including: a new consumer financial e-learning experience, Know Yourself, Grow Your Wealth^SM; the Black Executive Leadership Program; and the 16th annual Conference of African American Financial Professionals (CAAFP), which drew 1,000 attendees in 2022.

“In addition to being very proud and excited about the progress that we have made and the road that we’re on to make a difference in these communities, we’ve actually been  recognized, which is validating the success and the progress that we’re making,” said Nichols.

The College won a 2022 WealthManagement.com Wealthies Award for Industry Research Provider for its Black Women, Trust and the Financial Services Industry study and three 2022 ThinkAdvisor LUMINARIES, including one for Community Impact in recognition of Know Yourself, Grow Your Wealth®.

“It’s pretty exciting when we feel good about what we’re doing, but there’s a recognition of an independent outside source that says, ‘Yep, we think you earned this as well,’” said Nichols.

Read this and other stories of industry disruption in the 2022 President’s Report.

The President’s Report is an annual publication, carefully crafted by our Marketing & Communications Department, that serves as a testament to the hard work of our leadership volunteers, faculty, and staff.

This year's report showcases several of The College's strategic initiatives well underway that are expanding opportunities for financial professionals, leaders, underserved communities, and consumers. You can read about our work to democratize financial education, diversify financial services, and widen perspectives surrounding special needs planning.

You'll learn how retirement planning is evolving and how our programs are at the forefront of this revolution in thought. We also introduce you to independent advisory firms leveraging our programs to disrupt traditional business and service models. Additionally, we share a celebratory update on our progress in transforming The College's culture.

And, if you prefer to watch than read, you'll enjoy interviews with several of our esteemed faculty and staff as they update you on their disruptive plans to benefit society. I hope you feel inspired to share this year's report with your family, friends, and networks. 

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Many people know Al Granum, CLU® as the creator of the 10-3-1 prospecting method, a simple system which greatly increased the productivity of insurance agents to grow their business. But Granum was also tirelessly committed to elevating the professionalism of the financial industry, a living example of what it means to put the client's interests first.

Early Life and Military Service

O. Alfred Granum was born just a few years before the Great Depression in a small town in northern Wisconsin. He was passionate about education, conducting his studies at the University of Wisconsin-Madison where he graduated Phi Beta Kappa in 1943, simultaneously earning his BA and MA in Life Insurance.

After graduating, Granum served our country for three years by joining the U.S. Navy during the height of World War II.

Setting Records at Northwestern Mutual

Upon returning home from the war, Granum contracted with Northwestern Mutual in Amery, WI, the company with which he would establish his legacy. After just eight years as a life insurance agent with Northwestern Mutual, Granum qualified as a life member of the Million Dollar Round Table.

In 1963 he was appointed managing partner in Chicago, IL. During his tenure in this role, his agency with Northwestern Mutual became the first office in the industry to write more than $150 million dollars of new business in a 12-month period. They were ranked first in company volume and/or premium a staggering 37 times. And Granum qualified 42 of his 45 agents as Million Dollar Round Table (MDRT) members.

Creating the One Card System

It was during this period that he conducted his groundbreaking research, which ultimately led to the development of Client Building and the One Card System. This ingenious system is a proven track to success for financial services professionals – providing both the art and science of building a clientele. It is arguably his most influential and important contribution to the industry.

Understanding that client growth was most likely to result from a long term, data-driven approach, Granum required the agents he was working with to keep detailed records on referred leads (tracking cases opened, closed, and business submitted). The data was compiled manually. Computers for such tasks were still a long way off.

In the first 10 years, they were able to process good records on more than 50,000 referred leads. Research showed that every ten leads processed would generate three prospects, and one of those would become a client. This 10-3-1 ratio was confirmed by the data Granum and his team compiled over the next 15 years on 150,000 “suspects.” Remarkably, the ratio stayed the same no matter how experienced the agent became.

Elevating the Industry

After 23 years Granum retired from his managing partner position, but he continued his work – traveling around the world to teach his Client Building system to help strengthen the profession on a global basis.

Granum received the Dennis Tamcsin General Agent Achievement Award in 2000 for his lifetime impact on Northwestern Mutual. He was awarded a Chair in Practice Management at The American College, endowed to him by his peers in 2001, making him one of seven to be recognized in this way in The College’s history. The National Association of Insurance and Financial Advisors (NAIFA) presented him with the John Newton Russell Award for outstanding service to the institution of life insurance in 2002. One year later he received The American College’s highest honor, the Huebner Gold Medal.

Establishing the Granum Center for Financial Security

In June 2012, to honor his legacy and commitment to lifelong learning, The American College of Financial Services, supported by a generous contribution from Northwestern Mutual, formally launched the American College O. Alfred Granum Center for Financial Security. Emboldened with Al’s passion for the profession and pursuit of the truth, the Center champions financial security, seeking to strengthen and grow the profession through original, cutting-edge research, thought forums, webcasts, and advisor resources.

An Enduring Legacy

It's been said of Granum that regardless of all the accomplishments and accolades he received, he was rarely driven by recognition. The greatest leaders of our time are those who are motivated by a passion that plaques and awards can never inspire. Fortunately, Granum left many disciples who continue to share his principles with the next generation–teachings that are timeless and continue to have impact around the globe.

Al Granum, CLU® is a legend in the financial services business. His client building system has impacted countless financial services professionals. His legacy lives on—in the American College O. Alfred Granum Center for Financial Security, in the countless publications which cite his research, and in the lives of those he has impacted. 

As an expert on financial psychology, Kathleen Burns Kingsbury has appeared on television and written for consumer and trade publications. Her work has been featured in The New York Times, The Wall Street Journal, PBS News Hour, Real Simple, Money Magazine, TODAY Money, Forbes, and CNBC. She served as an adjunct faculty member of finance at Bentley University from 2009 to 2019, and currently serves as a adjunct professor at Champlain College where she teaches negotiation. She received an undergraduate degree in finance from Providence College and started her career in retail banking before becoming a commissioned bank examiner with the FDIC. Due to her desire to coach executive management on improving performance, Kathleen attained a master’s degree in psychology, became a certified professional co-active coach, and founded her consulting firm, KBK Wealth Connection. She also hosts the “Breaking Money Silence” podcast.