Download the Facilitator's Guide

The Women Working in Wealth^SM Award was created to showcase and celebrate women who have rolled up their sleeves to advance women in financial services through mentorship, sponsorship, and advocacy. Each award winner documented concrete examples of how she removed obstacles, created allies, and executed novel solutions to gender parity.

The Women Working in Wealth^SM Awards are presented each year to a group of mission-driven and passionate female professionals who are making a significant impact in financial services. The 2023 group of award recipients includes:

• Natalie Baires, WMCP^®, JPMorgan Chase
• Lauren Oschman, CFP^®, CDFA^®, Vestia Personal Wealth Advisors
• Sahar Pouyanrad, EMBA, CTFA, AEP^®, CEP^®, ChSNC^®, PFP^®, JPMorgan Chase Bank
• Raquel Tennant, CFP^®, 2050 Wealth Partners
• Andi Madden Wrenn, AFC^®, Zeiders

Nominations for next year’s Women Working in Wealth^SM Awards open in October!

“This year's distinguished award honorees have achieved the kind of success in their fields that inspire us all. Still, it's their character, commitment to their communities, and passion for helping The College succeed in our vision that truly sets them apart," said George Nichols III, president and CEO of The American College of Financial Services.

The NextGen Financial Services Professional Award is given each year to a group of talented and deserving young professionals under forty whose contributions are making a significant impact on the industry. The 2022 group of award recipients includes:

• Matt Riley, ChFC®, CLU®, ChSNC®, Fiduciary Officer and Vice President at TS Prosperity Group
• Kyle Kuyat, CFP®, ChFC®, RICP®, Partner at Sugar Magnolia Wealth Advisors and Managing Director at Silver Oak Securities
• Ashton Lawrence, CFP®, ChFC®, AIF®, Partner at Goldfinch Wealth
• Joshua Rosenberg, ChFC®, CLU®, CCFC®, Partner at Nabell Winslow Investments and Wealth Management
• Stephanie Hohenshell, RICP®, LACP®, LUTCF®, Founder of the Hohenshell Agency

While the pace of inflation has slowed, it remains uncomfortably high (see Figure 1). Consumer prices continue to rise, and persistent inflation is eroding the value of savings and – combined with rising interest rates and struggling markets – hurting investors. 

The good news is that there are practical steps you can take to reduce the impact of inflation on your family, budget, and portfolio.

Step 1: Do Not Panic

While inflation can be a source of stress, it is important to maintain perspective. Although prices are high and still rising, most households have a surprisingly robust capacity to adjust to high inflation and there are many things you can do to protect yourselves and your family.

So, do not allow yourself to become overly stressed – instead, focus on what you can do to thrive despite high inflation.

Step 2: Review Your Income

If you are currently employed, consider the impact inflation has had on your income. Has your salary kept pace, or have you accepted a stealth pay cut as inflation eats away at the value of your paycheck?

Remember, despite some easing, labor markets remain tight, with the labor force participation rate – which measures the proportion of Americans that are either employed or seeking employment – still well below pre-pandemic levels (see Figure 2). If your income has not kept up with inflation, it may be time to consider a new job.

For those in retirement who are worried about their income, there was some good news on the Social Security front – Social Security checks were increased by 8.7% for 2023 to account for higher inflation.

However, if you are drawing an income from your retirement savings, talk to your financial advisor. You may need to increase your drawdown rates to cover today’s higher cost of living but this may pose a risk to your long-term plans. Your advisor can help you balance your need for higher income against the need for capital preservation.

Step 3: Review Your Expenses

As prices rise, it makes sense to review your spending and budget. Some products and services have seen more significant price spikes than others, so adjusting your activities to reduce your exposure to especially expensive items can improve your personal inflation rate (see Figure 3).

For example, you could plan a vacation within driving distance to avoid high airfares or use an air fryer rather than a gas stove to prepare your meals.

Step 4: Review Your Debt

To fight inflation, the US Federal Reserve has been steadily raising interest rates, which are now at their highest level since 2007 (see Figure 4).

As rates rise, payments on variable-rate debt rise, and this could be putting a squeeze on your budget. If possible, therefore, it makes sense to pay down variable-rate debt or to consolidate it into a low-rate or fixed-rate pool.

Step 5: Check Your Portfolio

The key to financial well-being is generating inflation-beating returns. But after the painful contraction in asset prices over the last two years, you may feel that this goal is unachievable.

However, by making sure you have a balanced and diversified portfolio, you can set yourself up for long-term success. Review your portfolio and make sure you include allocations to assets that have traditionally served as a hedge against inflation, such as real estate, Treasury Inflation-Protected Securities (TIPS), or gold. This, combined with risk-appropriate allocations to equities and bonds, will help you outperform inflation in the long term.

More From The College:

Get specialized retirement planning knowledge with our RICP® Program.

Get the details of our WMCP® Program.

Designed as opportunities to dive deeper into a topic with a small group of like-minded practitioners, these sessions foster new connections and encourage multi-disciplinary teamwork as the participants work on case studies and activities together. Our goal is to offer the space and opportunity for senior advisors to join a community of practice, engage in lively discussions, and apply what they have learned immediately to further the philanthropic conversation.

We encourage you to work through the case study of Peter and Charlotte Cade: Honoring Family and History through Philanthropy. With a multidisciplinary team, you can engage in lively discussions, and apply what you learn to further the conversation in your practice.

Download Case Study

The Facilitators Guide

Over 180 women and their allies from across financial services attended the event in New York City on International Women’s Day. Presentations and discussions covered a variety of topics, ranging from education, changing perspectives, and self-care to rising interest rates and economics.

“You don’t necessarily have to be the subject matter expert. You need to have great leadership skills that are transferable.” 

— Kristin Lemkau, CEO of J.P. Morgan Wealth Management 

Speaking to a packed room of leaders and practitioners, CEO of J.P. Morgan Wealth Management Kristin Lemkau emphasized that employees and clients are critical to an organization’s success. “I think a person is a sum of their parts,” she said, and “you have to care about the whole person.” She also spoke about team building and stressed the importance of starting with the right people. Lemkau advised aspiring female leaders in the audience that acquiring leadership skills and focusing on organizational growth is critical to career advancement.

Our CEO, @KLemkau closed out the 2nd Annual Women Working in Wealth Summit to discuss her career and driving growth at J.P. Morgan Wealth Management. @TheAmerCol pic.twitter.com/Ms0Ehrz9h5

— J.P. Morgan Wealth Management (@JPMWealth) March 16, 2023

Informed industry experts discussed the future of financial services

Presentations covered a range of topics, with insights including:

• As part of the practitioner breakout: “Catching the Philanthropy Wave with your Clients Estate Planning Essentials,” Dien Yuen, JD/LLM, CAP®, AEP®,  executive director, Center for Philanthropy & Social Impact at The American College of Financial Services, reminded the audience to ask the question about philanthropy to everyone, and often, and ask business owners what’s going to happen to their business when they aren’t here. Figure out what the client is trying to do, and then figure out the tools in order to do it. These important questions all need to be addressed. She stated you can gain access via greater education and applied knowledge, and then become a “lifelong learner.”       
   

• In the practitioner breakout: “Alternative Investments Post-FTX,” panelists stated that the average individual has no access to an immediate money transfer while explaining that it’s expensive to be poor. There are still secrets around money and investments, along with deep historical roots, and panelists believe access is what drives people to gravitate toward crypto markets.       
   

  Tyrone Ross, Jr., CEO/co-founder of Turnqey Labs, urged advisors to “meet clients where they are” to guide their journey forward. He mentioned that portfolios were first derived in the 1940s and they weren’t informed by research, which can further fracture a client’s knowledge base and experience with investing. This requires making financial services accessible to more people in order to change the lens and perspective of wealth management.

  Kelly Ann Winget, founder, Alternative Wealth Partners, believes it only takes one person to make a difference, and eventually mindsets shift while you uplift and mentor the next cohort of women on your heels. She challenged those in the audience to be someone to stand up in the room for what they believe. “You are here saying you want to support women, but are you a “way” maker? You have to be willing to change the narrative. When you have the power to anoint a woman to put her in power, you have to do it.” Her message was to “be the little flame within the organization” and make a way while serving as a beacon for others.

• In her leadership breakout: “How to Get Ahead of Burnout, Read the Signs, and Assess the Risk,” author and burnout expert Cait Donovan conveyed that companies are now changing their corporate culture in as few as 3 years, immersing employees in cycles of constant change. She highlighted workplace risk factors for burnout as: workload, lack of community, lack of control/autonomy, lack of fairness, lack of recognition, and values mismatches.

  Donovan emphasized that the best companies out there are practicing psychological safety, are aware of burnout risk factors, and support team members in need while she acknowledged the importance of advocating for and advancing women in the industry.  

Wonderful start to the day hearing from @TheAmerColPrez and Kristi Rodriguez at the @TheAmerCol Women Working in Wealth Summit. pic.twitter.com/YUvbI34e5n

— Mary Kate Gulick (@MaryKateGulick) March 8, 2023

Staying in the struggle and the state of progress

The American College of Financial Services President and CEO George Nichols III, CAP^®, addressed the audience by invoking Frederick Douglass’s quote, “If there is no struggle, there is no progress.” He acknowledged the progress already achieved and left the audience with compelling questions: “How do we stay in the struggle and advance the progress? And how do we determine the voids we’re trying to fill?”

Nichols invited everyone to engage with the Center for Women in Financial Services to define the voids and meet those needs. By doing so, advisors can better focus on their clients. He believes “it cannot be about ‘what you sell,’ but rather, it has to be about ‘what they need.’”
 

Women Working in Wealth^SM Walk advocates for pay equity

Director and Chair Lindsey Lewis, MBA, ChFC^®, CFP^®, of the American College Center for Women in Financial Services kicked off the annual event by leading a brisk morning walk to the “Fearless Girl” statue on Wall Street. The walkers struck their best power poses with “Fearless Girl” while a placard reminded everyone why the meeting was so important, reading: We won’t overcome pay inequality for 300 years unless we do something now.

Five Women Working in Wealth^SM honored for uplifting women

The Center for Women in Financial Services announced a list of accomplished and dedicated women in the profession honored as this year’s Women Working in Wealth^SM Award recipients. Created to showcase and celebrate women who have rolled up their sleeves to advance women in financial services through mentorship, sponsorship, and advocacy, each award winner documented concrete examples of how they removed obstacles, aligned with allies, and executed novel solutions to improve gender parity. The 2023 group of award recipients includes:

• Natalie Baires, WMCP^®, JPMorgan Chase
• Lauren Oschman, CFP^®, CDFA^®, Vestia Personal Wealth Advisors
• Sahar Pouyanrad, EMBA, CTFA, AEP^®, CEP^®, ChSNC^®, PFP^®, JPMorgan Chase Bank
• Raquel Tennant, CFP^®, 2050 Wealth Partners 
• Andi Madden Wrenn, AFC^®, Zeiders

Speaking at the inaugural @TheAmerCol’s Women Working in Wealth Summit and Awards Ceremony last year was a POWERFUL experience. This year, I hope you'll join me, my @2050WPs & colleagues from across the country to celebrate #FinServ women! #WWW2023https://t.co/f4Rc7IcGng pic.twitter.com/ZCMG2oVA5K

— Lazetta Rainey Braxton, MBA, CFP^® (she/her/hers) (@lazettabraxton) February 20, 2023

Great to be taking a deep dive into economic challenges during the closing panel at the American College’s WOMEN WORKING IN WEALTH SUMMIT, 4/7-8, NYC with Sitara Sundar and Carly Doshi, managing director, Wealth Planning @jpmorgan. @FAmagazine https://t.co/SDv3hjSB4U

— Tracey Longo (@TraceyFAMag) March 6, 2023

“Today is such a good day to change the world.”

— Hillary Fiorella, Executive Director, Center for Women in Financial Services

As a proud leader, Hillary Fiorella, executive director for the American College Center for Women in Financial Services, exuded excitement for all the women in the room working in financial services, along with their allies who play an essential role in advocating for and advancing women.

She also reminded everyone that the work is still unfinished because it “takes 30% longer for women to get promoted to the C-suite.” She pointed everyone to the Center’s research to help determine if it is more effective to stay in the same firm or to move around to different firms to receive promotions. 
 

CFP Board Director of Diversity & Inclusion Dawn Harris connected w/ CFP Board volunteers at the #WomenWorkinginWealth Summit! From left to right, Diversity Advisory Group Member Rianka Dorsainvil, CFP® (@Rianka_D), Dawn, & Women’s Initiative Council Member Angela Ribuffo, CFP®. pic.twitter.com/YkEFuux9Qo

— CFP Board (@CFPBoard) March 8, 2023

During the Women Working in Wealth Summit held by @TheAmerCol, recruiting experts discussed how as women prefer remote work, firms need to learn how to adapt to create a more inclusive and diverse workplace. #diversity #women @ericacarnevalli https://t.co/uhjllqRsGm

— Financial Planning (@finplan) March 10, 2023

See the recap video from our event:

For The American College of Financial Services, these events were a litmus test for a culture change already underway. While that growth is ongoing, The College has significantly strengthened its bonds with employees.

Since 2015, The College has utilized internal surveys to measure employee engagement and take the temperature of its faculty and staff. The results of the first survey conducted during President and CEO George Nichols III’s tenure in 2019 showed low engagement and uncertainty, so College leadership committed to addressing areas of concern.

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

The results were seen quickly – and as Deborah Eskridge Glenn, MA, MSM, SPHR, SHRM-SCP, Vice President of Administration, and Chief Human Resources Officer attested, they spoke for themselves. “In 2020, our engagement score with employees improved by 38%, and since then, we’ve continued to perform above local and national engagement rates,” she said. “Due to our elevation of cultural change as a strategic initiative, employees at The College now use words like ‘inclusive,’ ‘evolving,’ ‘engaging,’ ‘transparent,’ and ‘positive’ to describe our culture.”

When compared to its peer organizations, The College can now be found in the top 5% of surveyed employers in the Philadelphia area in terms of work-life balance and clued-in employees. It also ranks in the top 25% when looking at qualities such as supportive managers, trusted leadership, strong values, open-mindedness, innovation, employee appreciation, and company direction. The most visible effect of The College’s cultural shift, however, has been its identification as a Top Workplace in the region by The Philadelphia Inquirer – not once, but twice – in 2021 and 2022.

While the recognition has shown The College’s focus on culture works, those involved in the change are not resting on their laurels, and many initiatives to continue cultural change are ongoing. In 2022, The College conducted its first Diversity, Equity, and Inclusion (DE&I) survey for faculty and professional staff, the results of which were used to develop a formal Diversity, Equity, Inclusion, and Belonging Committee and program dedicated to allowing employees to bring their whole self to the workplace.

Karen Cerino, a Senior Video Editor in the Marketing and Communications Department and a member of the Culture Committee, says there are three primary areas the group has focused on in terms of improvement. “In the past year, we’ve worked to develop problem statements and identify areas where we can affect positive change,” she said. “The first is meaningfulness: do you feel your work is important? The second is interdepartmental cooperation: are we all working together and collaborating as effectively as possible? The final one is execution: are we doing what we say we’re going to do regarding following the recommendations we make? Having a voice from every department on the committee has really helped improve our communication and process.”

Glenn says organization-wide All-Hands meetings are just one of the methods The College has used to approach the biggest institutional challenge to cultural growth: building trust. “Institutional change requires identifying issues, developing action plans, and executing those plans,” she said. “You can’t just be satisfied with data. You have to focus on fully operationalizing those cultural strategies to be sustainable now and into the future. More frequent and open communication has helped show people we’re being transparent and we’re listening to them.”

While much has been accomplished, it is understood new challenges will always arise for The College to overcome in its constant quest to improve workplace culture. “Historically, The College has been a learning culture,” said Glenn. “Now, we’re moving toward a more results-based culture where we try to balance structure and accountability in an environment that’s friendly and welcoming to faculty and staff. In 2023, we’ll focus on solidifying a culture of assessment, both academic and institutional.”

Read this story and more in our 2022 President’s Report.

What began with only a few financial advisors partnering up in the city of Akron, Ohio has become a multi-branch business with 180 team members serving 5,500 households with a full spectrum of services from retirement and business planning to comprehensive family planning. The firm has grown by almost 4,000% in under two decades to manage over $10 billion.¹ Sequoia Financial Group has also been part of numerous prestigious industry listings including Barron’s Top RIA Firms, Crain’s Investment Advisers List, WealthManagement.com’s Thrive Awards, the Inc. 5,000 List, and more. 

What has powered Sequoia Financial Group’s success in a highly competitive industry? According to its team members, the answer is simple: the specialized knowledge, skills, and education they gained through The American College of Financial Services.  

One only has to speak with the advisors at Sequoia Financial Group for a few minutes to realize they have a focus on furthering their education that powers everything they do. To them and many other professionals, it is a must in a marketplace crowded by not only other RIA firms but the industry behemoths and their offshoots they are often forced to compete with.  

“Our team members enhance the growth of our firm with higher education, and it empowers us to attract clients with more complex situations and deliver them great advice that keeps them around,” said Bill Venter, CFP®, CIMA®, AIFA®, CEPA®, Senior Client Advisor at Sequoia Financial Group. “Education is a competitive edge. If you’re not growing through education, we believe you’ll lose that edge eventually.” Venter himself completed the education program that prepared him to earn his CFP® mark through The College.  

It is not just a matter of prestige, however: team members at Sequoia Financial Group say they have noticed firsthand the respect designations and certifications carry, especially those from The College.  

“My biggest a-ha moment came when I was working with a prospect who was deciding between one of our competitors and us,” said Dave Massare, CFP®, CLU®, Vice President of Private Client Services. “When they made their decision, they told me the letters behind my name made a big difference because our competitor didn’t have them. I know a lot of other advisors without designations who are really good and just haven’t bothered to take the courses and sit for the exams – but prospects don’t know that. If I have two designations and our competitor has none, they see them as a level down.”  

Sequoia Financial Group is not the only firm that has achieved scale through specialization. Terry Parham, CFP®, ChFC®, RICP®, WMCP®, CLU® and Kennah Parham, CFP®, ChFC® are a husband-and-wife team working together at Innovative Wealth Building, an RIA firm based in California, MD. Both have been through multiple College programs, and they say the experience has changed their personal and professional lives.  

“One thing that led us to pursue the RIA model was flexibility: wanting to provide better services, have better technology, stronger investment options, and more control and accountability,” said Terry, Managing Partner at the firm. Because of his desire to specialize in investment strategies, he embarked on The College’s Wealth Management Certified Professional® (WMCP®) Program – which made a world of difference.  

“The WMCP® gave me an adrenaline shot of confidence, knowledge, and higher-level thinking,” he said. “Just by slightly tweaking my approach to advice, I saw tremendous changes.”  

Kennah, the firm’s Chief Technology Officer, agrees with her husband’s assessment. “To me, it felt like The College was the premiere educational experience in our industry,” she said. “They’re the trendsetters, are top-of-mind for many people, and come highly recommended.”   

Kennah completed The College’s CFP® Certification Education Program. “Realizing how much knowledge I didn’t have before earning the certification was so eye-opening and impactful,” she said. “It expanded my mind and opened me up to many different planning paths I didn’t even know existed.”  

Sequoia Financial Group and Innovative Wealth Building are far from alone in their experiences. In a flash survey of roughly 500 independent advisors across the country taken in May 2022, over 90% of respondents said designation, certification, and degree programs have helped advance their career – and 75% said the CFP® mark, while important and well-known in the industry, is not enough to guarantee success.   

Respondents overwhelmingly desired further education on specialized topics such as retirement income planning, investment and wealth management, estate planning, and advanced tax planning. In fact, specialized knowledge was ranked by respondents as their leading business concern, even greater than having the best technology. This desire for specialization in diverse planning areas demonstrates a need in the RIA space The College is well-equipped to fill.  

“Additional education beyond my CFP® certification was very enjoyable,” said Stephen Pomanti, MS, MSFS, CFP®, ChFC®, CLU®, Financial Planner at McLean Asset Management in Tysons, VA. “Being surrounded by people with a shared passion for your craft and different perspectives and experiences is wonderful. I’m employing the education I got from The College and applying that knowledge directly in practice with my clients daily.”  

In an industry that often struggles to retain talent, the team at Sequoia Financial Group puts a premium on career advancement opportunities within their firm to attract, cultivate, and keep new professionals. Specialization through further education is a big part of those efforts.  

“When I’m talking to someone who wants to be a part of our team, it definitely sets them apart if they have a designation or degree from The College,” said Kristen Kartisek, MBA, CLU®, Director and Senior Recruiter. “We have developed our own career progression, and agreeing to enroll in a College program is a huge part of that.”  

Indeed, business growth is foremost on the minds of emerging RIAs as they seek to secure more clients and a larger market share through recruitment and planning. 64% of respondents to The College’s RIA survey said they planned to add up to five new team members over the next three years, and over a third cited organic business growth as their #1 priority. Tellingly, 67% of those professionals also said professional designations are key to powering that growth.  

“Designations are like rocket fuel,” said Scott Winslow, MSFS, ChFC®, CLU®, RICP®, AEP®, CCFC, Managing Partner and Investment Advisor Representative at Nabell Winslow Investments & Wealth Management. “Having them behind your name propels your career, without a doubt. You become more confident without even realizing it – but your clients do. They show you have the confidence to address their concerns and that you’re serious as a professional.”  

Winslow said ongoing development through education is a key focus for his firm. “Many of the top people in the field are heavily credentialed, and I knew I wanted to follow their example and gain the skills I needed to get clients to the finish line,” he said. “We have three partners at our firm, and we all have three or more designations. The CFP® mark and the Chartered Financial Consultant® (ChFC®) designation are great starting points. Still, you really need the specialized knowledge that will give you a leg up immediately from programs like the Retirement Income Certified Professional® (RICP®), Chartered Life Underwriter® (CLU®), or WMCP®.”  

One of the advantages of RIA firms offering specialized services is the family atmosphere many of them promote: a team of advisors working together, each with different expertise, to give clients the best experience possible and resolve any concerns they might have. Many of these advisors say they’re proud to work in an environment where collaboration rather than competition is encouraged. If they do not have the answer to a particular question, they just walk down the hall to find someone who does.  

Independent advisors surveyed by The College testified to the importance of service integration as helping them become more efficient, client-centric, and profitable. Advisors say they see integrated services as table stakes, keeping clients in-house to cultivate longer-lasting relationships for the entirety of that client’s life. Nearly 80% of survey respondents said knowledge gained from designation programs supports service integration – a key figure.  

“Pursuing specialization through The College gave me the expertise I needed to dig deeper into our clients’ complex planning needs and grow in my career,” said Heather Welsh, CFP®, AEP®, MSFS, Vice President of Wealth Planning at Sequoia Financial Group. “No one can be an expert in every area, so we have team members who hold the RICP®, CLU®, and other specialized designations. It’s a great comfort knowing they’re there, and when a nuanced question comes up, they automatically spring to mind.”  

The Sequoia Financial Group family has leveraged The College’s varied program offerings to branch out into diverse areas of specialization. Their success shows the commitment has delivered a sound return on investment.  

“The world today demands personalization, and our clients want advice delivered through technology, as well as specialization driven by education,” said Trevor Chuna, CFP®, AEP®, CTFA, MSFS, Chief Technology Officer. “There’s a lot of talk about how technology makes us more efficient and powers business success, but to me, the greatest driver is actually the specialization The College offers which, combined with our technology, creates unmatched client experiences.”  

Advisors at other RIAs agree that a one-stop-shop for all a client’s financial planning needs is extremely helpful, and a big part of what has made their business grow and thrive.  

“To be able to walk across the hall when you need help on something is a great feeling,” said Venter. “That team environment is a big part of our culture.”  

“None of us is as smart as all of us,” Terry adds. “Collective wisdom and expertise elevate your value and the experience of working with you for clients, and that’s how you get them to stay and grow with you.”  

With tens of thousands of United States managing trillions of dollars, independent advisors and their practices will no doubt continue to disrupt traditional business models – and we look forward to seeing and supporting how they innovate and thrive.  

Access interviews with the advisors featured here in the 2022 President’s Report. 

¹AUM as of 5/1/2022.

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5

Heading 6

Title 2:

Donec vel felis elementum, venenatis velit ac, bibendum lectus. Nam sollicitudin urna at imperdiet feugiat. 

Title 3:

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. 

Title 4: 

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. 

Title 5:

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. 

Title 6:

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. 

Large Paragraph:

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. Duis nec lobortis orci. Donec vehicula iaculis arcu ac euismod. Fusce porttitor enim vel nisi efficitur, id hendrerit leo lobortis. Aliquam ultricies blandit libero vitae molestie. Nam vehicula tortor est, ac laoreet dui aliquam non. Duis malesuada vestibulum molestie. Quisque quis consectetur turpis. Sed semper nec risus eget condimentum.

Small Paragraph:

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. Duis nec lobortis orci. Donec vehicula iaculis arcu ac euismod. Fusce porttitor enim vel nisi efficitur, id hendrerit leo lobortis. Aliquam ultricies blandit libero vitae molestie. Nam vehicula tortor est, ac laoreet dui aliquam non. Duis malesuada vestibulum molestie. Quisque quis consectetur turpis. Sed semper nec risus eget condimentum.

Eyebrow/Label:

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. Duis nec lobortis orci. Donec vehicula iaculis arcu ac euismod. Fusce porttitor enim vel nisi efficitur, id hendrerit leo lobortis. Aliquam ultricies blandit libero vitae molestie. Nam vehicula tortor est, ac laoreet dui aliquam non. Duis malesuada vestibulum molestie. Quisque quis consectetur turpis. Sed semper nec risus eget condimentum.

Author:

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec arcu imperdiet, vehicula purus scelerisque, tempus lectus. Duis nec lobortis orci. Donec vehicula iaculis arcu ac euismod. Fusce porttitor enim vel nisi efficitur, id hendrerit leo lobortis. Aliquam ultricies blandit libero vitae molestie. Nam vehicula tortor est, ac laoreet dui aliquam non. Duis malesuada vestibulum molestie. Quisque quis consectetur turpis. Sed semper nec risus eget condimentum.

Blue Highlight:

Text Link

Button:

Button Link

What about the continued mental challenges that go with those ongoing physical challenges — for the person, for their loved ones? Or, what about the barriers you can not see? And of course, what about the costs? The price of mental or physical challenges can be daunting and often include providing personalized therapy or care beyond adapting someone’s physical surroundings. 

What happens when someone without disability benefits suddenly needs this level of personal and extra care? Most adults are not prepared for sudden and unexpected disability. Out-of-pocket costs can be quite prohibitive, not to mention how draining they can be on the family’s assets and reserves. Whereas, if someone does receive disability income, those benefits can be jeopardized by choices a loved one might make because they think they are helping. 

If you or someone you love happens to be impacted by a disability, you need guidance and advice, action plans, and next steps. You also need to understand regulations and how money moves made by you or someone close to you could impact your eligibility or standing for services that you need or expect to need in the future. 

If you are a financial professional, you better get it right when your clients need this level of expertise because the need is great and growing along with an aging population. According to the CDC, as many as 61 million adults are living with a disability, and to meet the long-term care needs of Baby Boomers, financial professionals need to up the ante on their education and eliminate knowledge gaps in short order. 

This is what Joellen Meckley, JD, MHS, executive director of the American College Center for Special Needs, considers daily. From firsthand experience, she understands that there are misconceptions about resources available to those with disabilities and that disability is not a small, niche practice area for financial professionals but necessary knowledge needed by all those who provide financial guidance.

“The financial services industry has done a disservice in its failure to adequately train and prepare professionals to recognize and help address the issues faced by those living with disability,” states Meckley.

While explaining that people with disabilities represent the largest minority population in the United States, Meckley admits she has steep ambitions and hopes to change the perception of and value placed on special needs disability and long-term care planning throughout the industry. She sees three major steps forward. 

#1. Education Throughout a Client’s Lifespan

The first promotes expanded research, thought leadership, and education for planning for disability throughout the entire lifespan, as well as a disability that unexpectedly occurs in midlife or later. In her own practice, Meckley tried to involve a client’s longtime financial advisor in the planning process. She found that advisors often lacked a realistic understanding of the actual cost of caregiving or long-term care service.

“Many of them didn't know about the various options available to their clients,” Meckley said, “and thus they couldn't really help sort through those options from a financial perspective.” She explained a shift in the Center for Special Needs’ focus to expand its educational offerings scope to serve the entire population. Meckley believes planning for families with special needs children will always “remain a key area of expertise for us, but the reality is that adult-onset disability is also more common than people realize.”

Adult individuals and their caregivers are also desperately in need of financial advice to help them deal with what is often drastically changing circumstances in their lives, according to Meckley.

#2. Access to Just-In-Time Learning

These needs also open opportunities within the profession for her second step, ensuring high-quality educational options are easily accessible by developing more continuing education programs and modularized learning opportunities for anyone who wants to better serve this population.

Meckley elaborates how advisors in the field repeatedly tell her there is simply not enough support for them in terms of training. Since only limited and hard-to-find topical issues are available through legal services programs, Meckley sees this as The College’s opportunity to fill that gap, even if that is through continuing education and partnership opportunities with advocacy groups that are doing incredible work.

The primary goal for her initiatives is to “spread awareness about the planning and business opportunities that are available to those who are looking to serve these clients.” She believes that all advisors need a better base understanding of these issues and that it takes someone who is comfortable with going beyond finances to discuss difficult subjects.

Financial professionals, according to Meckley, “are craving better and more in-depth complex advice so that they can pass it on to their clients.”
 

#3. Consumer Education that Drives Deeper Community Connection

Her third goal is intended to alter how financial professionals serve those impacted by disability. Meckley plans to develop educational resources that are delivered directly to consumers, or those who are directly impacted by disability, so that more clients and their advocates can be better informed. She states, “the Center can play a strong role in promoting greater financial knowledge and financial security within the community itself.”

The best client is a well-informed client, says Meckley.

“Informed clients understand the value in hiring an advisor who truly understands their unique life circumstances,” she states. Through the development of more direct-to-consumer educational options, Meckley hopes to create that well-informed client base. “In increasing awareness of the disability planning opportunities among professionals, more clients are able to find knowledgeable advisors who have the right expertise.”

Educating advisors on how to assist in planning and how to connect families with the other key professionals that they need on their team is also essential. Financial advisors see the scope of how disability and chronic health conditions impact their existing clients. However, once younger clients age out of the support guaranteed to them from the states, many parents struggle to navigate the system for their loved one who is now in adulthood. According to Meckley, “parents need to understand how they can help create a support structure for their child that will last even when they themselves are gone someday… this is really life planning.

“Professionals need to support that wide middle swath of the rest of the industry or country that kind of falls in the middle and are getting neglected.” Clients do not have unlimited resources, but they also do not always qualify for the same benefits. Meckley wants to “help advisors identify where their efforts can be best directed and the areas in which they need more expertise” by working together with The College's other Centers of Excellence. “Research has already shown that disability disproportionately affects women, minorities, and other groups that our other Centers are focused on as well.

“No one can deny the complexity that's required if you are planning for someone who's living with a disability, no matter what phase of life they're in,” Meckley says in discussion about  a myriad of issues. “There needs to be a balance between making sure, for example, that someone is provided with the extra financial support that they might need in life while still maintaining eligibility for public benefits. It is in advising caregivers and family members on their estate planning to make sure that with the best of intentions they don’t inadvertently provide financial support to someone that then disrupts their ability to utilize public benefits. There's a need for caregiver advice. There's a need for good accounting advice. Sometimes a family needs a special education advocate because their child is struggling in school and all of these things are tied together. So, it always needs to be a holistic approach.”

“My vision for the industry is that someday quality education related to disability and long-term care planning will be viewed as a fundamental part of any well-rounded financial professional's career,” Meckley says.

Meckley is currently in the process of updating the Chartered Special Needs Consultant® (ChSNC®) Program curriculum to include a wider range of planning issues to incorporate more applied exercises, such as case studies that are designed to teach advisors very practical skills that they can apply to realistic situations. She states there are actually very few quality CE options available for those practitioners who want to gain expertise in disability planning.

“I've heard a lot of stories where there was a lack of planning and unfortunate results occurred. Again, it's always with the best of intentions.” Meckley states, “People are trying to do the right thing, think they're doing the right thing, and it can cause chaos in a situation. You need to plan well and you need to plan early to ensure the best outcome.”

“I think financial services are traditionally viewed by many people as only being designed for a certain type of client or demographic,” says Meckley. “Under The College's leadership, we're seeking to demonstrate that there is an opportunity for the financial services industry to truly be a force for positive change.”

Access interviews featured here and more in our 2022 President’s Report.