Representation Retirement Planning Insights
FinServe Ambassador Career Changing Drive to Serve
A U.S. Air Force veteran, Ribuffo went into the service directly out of college after getting a degree in nursing. Along with her husband, also a service member, she was stationed at an American base in Germany – where, under the terms of government agreements at the time, she was prevented from working as a nurse and had to find an alternative.
“I ended up working at the family support center on the base, and part of my job was to help military families with personal finances,” she said. “That was where I got my first taste of how I could change people’s lives through financial advising.”
Challenges of Career-Changing
When she and her husband left the military years later, Ribuffo said a financial advisor they had previously worked with noticed her skill and recommended she consider financial services as a new career path. She ended up joining a major firm as a junior advisor. The year, however, was 2008 – not an easy time to be going into the industry.
“The first few years were very difficult for me,” she said. “Not only was it bad luck and timing, but I was the only woman in an all-male office. It was hard for me to do business the way they wanted me to, and a lot of times it didn’t feel right to me.”
Seeking support from fellow women in the business, Ribuffo discovered and joined her local chapter of Women in Insurance and Financial Services (WIFS) in her home state of Alaska – and found an affirming and life-changing community.
“I always hoped there were other women out there, who were going through the same things I was, who I could talk to about things, and who could give me encouragement to do business the way I wanted to,” she said. “At the first meeting I went to, I was self-conscious about my age and told the group I needed some perspective, and they couldn’t have been more welcoming. Because of them, I stayed in the industry.”
“I always hoped there were other women out there…who could give me encouragement to do business the way I wanted to…Because of them, I stayed in the industry.”
Empowerment Through Education
Despite her difficulties with her first firm, Ribuffo said they were open to her pursuing additional education as a financial advisor, and the CFP® certification seemed like a sensible place to start.
“I was encouraged to look around for a good prep course to prepare for my CFP® exam, and The College’s on-demand CFP® Certification Education Program fit my busy schedule well,” she said. “I eventually became part of a cohort group within my company all studying for and sitting for the exam at the same time.”
During the course of those studies, The College launched its Retirement Income Certified Professional® (RICP®) Program, and Ribuffo said she was immediately drawn to its promise of specialized planning knowledge to serve her growing number of retiree and pre-retiree clients.
“I remember talking to a business development professional from The College about the RICP® Program, and while they encouraged me to take the program, they weren’t sure I’d be able to do it and the CFP® Certification Education Program at the same time,” she said. “Well, I just took that as a challenge and did both programs at once – I got my dual certifications within months of each other!”
While she has since gone on to get other College designations including the Wealth Management Certified Professional® (WMCP®) and the Chartered Financial Consultant® (ChFC®), Ribuffo says the RICP® remains her favorite thanks to its in-depth, product-agnostic, and client-focused approach to retirement planning.
“Seeing subject matter experts from across the industry having conversations with each other and debating different strategies was hugely beneficial for me because it gave me permission to think outside the box,” she said. “It showed me there’s no one perfect solution to retirement planning and that it always comes down to what your clients’ goals are and what a successful retirement looks like to them. The knowledge I gained was invaluable, and I know I’ll always rely on The College to tell me what the next big thing in the industry will be.”
“[The RICP®] showed me [retirement planning] always comes down to what your clients’ goals are…The knowledge I gained was invaluable, and I know I’ll always rely on The College to tell me what the next big thing in the industry will be.”
Supporting Communities Through Financial Services
With her background in retirement planning and military service, Ribuffo says many of the clients she currently serves in her independent practice, Raion Financial Strategies, are military members and federal employees looking for help in understanding the complex web of benefits and savings vehicles available to them. Like many other advisors, she notes retirement planning has in recent years become a much more “do-it-yourself” process, with consumers expected to work things out for themselves with 401(k)s and savings accounts, rather than being provided with prescribed options like a pension plan.
“Oftentimes the expansion of options to military members, veterans, and their families for financial planning haven’t been accompanied by more explanation of how to use them,” she said. “Things are changing and improving, but it’s often slow-moving for the people who most need it.”
These are the situations, Ribuffo said, where a knowledgeable financial advisor in tune with the issues facing these communities can make a big difference – something the industry should also keep in mind when recruiting or approaching women.
“Many people will tell you recruitment numbers for women are climbing, and that’s great. But the flip side of that is retention has not improved,” she said. “More women are being drawn into the industry, but aren’t given a compelling reason to stay. They need to be able to see a successful career path for the future, whether it’s advising or not, and have the mentors and advocates we always hear them say they’re looking for. A mentoring program should be table stakes if you’re a financial services company today.”
“More women are being drawn into the industry, but aren’t given a compelling reason to stay. They need to be able to see a successful career path for the future…and have the mentors and advocates we always hear them say they’re looking for.”
While women as CEOs are becoming a somewhat more common sight in the industry, Ribuffo said more women are needed in middle management positions to really improve representation. She also offered advisors and professionals new to the field advice that would be especially useful in approaching female clients.
“Women as clients want to be heard and understand what is going on, and our industry is often full of jargon,” she said. “I remember having to ask my husband to clarify some of the things our advisor talked about before I joined the industry. Building a relationship with your clients, especially women, is key. Women crave more financial literacy and independence, and if you present yourself authentically, it creates trust, which solidifies that relationship. Listen to what brought them in to see you today – and from there, you can move forward.”
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Ethics In Financial Services Philanthropic Planning Insights
Ethics Through the Lens of Philanthropic Planning
Managing director of the American College Cary M. Maguire Center for Ethics in Financial Services, Azish Filabi, JD, MA sits down with The College’s Chartered Advisor in Philanthropy® (CAP®) Program director and assistant professor of philanthropy Jennifer Lehman PhD, JD, CFP®, CAP® to discuss the ethical considerations advisors and other financial professionals must make when offering philanthropic planning services in a new continuing education (CE) opportunity available on Knowledge Hub+.
Filabi kicks off the discussion by reflecting on her history as a professional, stating that she has always worked to ensure organizations have the right governance structures in place and the right tools in place so they can consider ethics in their own personal decision-making as well as the impact they’re having on society.
She goes on to discuss the work performed at the Center for Ethics in Financial Services, stating the importance of the group’s research mission and outreach. In reference to this research, Filabi explains the purpose as “learning about the challenges that leaders and individuals are facing with respect to ethics so that can reflect back on the work that we do.” By completing this research, Filabi believes that the Center for Ethics will be able to provide the industry with valuable lessons relating to ethical concerns in the field.
Trust in Financial Services
One of these key lessons focuses on the topic of trust in financial services. Filabi shares that “Everyone I talk to highlighted trust as being a key factor in effective work that we do because it's essentially the glue that brings it all together. Some people went as far as to say that they're not in the business of selling financial products. They're selling trust because people have to trust us as professionals to be able to have their money in our good hands. Because trust is so important to financial services, the Center offers a certificate program on Advanced Strategies for Building Trust to help leaders access tools and frameworks to address this challenge.”
Lehman ties this back to the mission of The American College of Financial Services as a whole, stating a goal of providing applied financial knowledge and education, promoting lifelong learning, and advocating for ethical standards to benefit society. As Lehman points out, philanthropy is a key part of the profession tied to social impact.
Filabi weighs in on this, providing a description of ethics in the industry. She emphasizes the importance of doing no harm and acting in accordance with legal requirements while navigating opportunities. However, she points out that this is a more simplistic view on ethics. When providing her perspective, she states, “We at the center like to think about ethics, not only about the compliance and legal challenges that people face in their day to day, but about the gap between these minimum standards that are expected of us and the day to day challenges that people face in their work…what is the standard that clients expect from you so that they can trust you that might not already be codified in the law?”
How Do We View Ethics in the Context of Philanthropy?
Filabi continues by tying this to the field of philanthropy, discussing concepts such as conflicts of interest, duty of care, and loyalty. She admits this to be a challenging balancing act that also requires financial professionals to consider social impact as part of the equation.
Filabi contends that the importance of social impact is especially critical for the philanthropic sector in recent years. She supports this assertion by stating, “Government budgets are really crunched, and so that means that the philanthropic sector is playing a huge role in addressing some of the business and (societal) challenges that we face in the economy, and I think that should be part of an understanding of ethical duties and obligations as we think about social impact.”
“Government budgets are really crunched, and so that means that the philanthropic sector is playing a huge role in addressing some of the business and (societal) challenges that we face in the economy, and I think that should be part of an understanding of ethical duties and obligations as we think about social impact.”
Lehman and Filabi go on to discuss several additional topics relating to ethics in the philanthropic sector including the Donor Bill of Rights, what an organization should do if a donor’s values don’t align with the organization’s values, key items to consider when weighing the ethical implications of our choices, and more in this discussion, available exclusively on Knowledge Hub+!
To access this learning opportunity and other valuable CE, visit Knowledge Hub+.
More From The College:
- Gain philanthropic and legacy planning knowledge with our CAP® Program.
- Learn about the American College Center for Philanthropy and Social Impact.
- Join the waitlist to be notified when enrollment opens for the TPCP™ Program.
- Learn about the American College Cary M. Maguire Center for Ethics in Financial Services.
Ethics In Financial Services Insights
Drivers of Trust in Consumer Financial Services
The article uses the Center for Ethics’ Trust in Financial Services Study (2021 Consumer Survey) to explore the drivers of trust in consumer financial services. By contextualizing the Center’s research within existing academic research, the study highlights how both corporate reputation and a consumer’s personal values play a critical role in establishing and maintaining trust in the financial services sector.
The Importance of Building Trust
The research, based on responses from nearly 1,700 U.S. consumers, examines trust levels associated with seven types of financial service providers including national banks, credit unions, and online-only financial institutions. One of the key findings is the stark contrast in how trust is built among "familiar non-customers" and "customers." For familiar non-customers – respondents who don’t have a relationship with a firm but are familiar with the services provided – trust tends to be influenced by external indicators such as reviews, third-party recommendations, and the overall reputation of the institution.
This dynamic is especially important for digital-only providers, who are newer to financial services; trust is often built through indirect experiences for such firms. In contrast, for customers who already have established relationships with a provider, trust is more deeply rooted in personal interactions. These customers value shared ethics, protection of their interests, and personalized services, particularly from institutions like credit unions, national banks, and investment firms.
Values Associated with Trust
The study underscores the need for financial institutions to differentiate their trust-building strategies for these two groups. For institutions aiming to attract familiar non-customers, focusing on reputation management and enhancing their public image is critical. By prioritizing transparency, aligning operations with core values, and offering tailored customer experiences, financial service providers can strengthen trust with clients. Conversely, when maintaining existing customer relationships, reinforcing trust through personalized, value-aligned services are key. In addition, these customers consider whether firms are actively protecting their interests.
These findings offer valuable insights for financial institutions looking to navigate the competitive and increasingly digital marketplace. Moreover, the research offers practical guidance for building, maintaining, and repairing trust differentiated by the type of financial entity and the type of customer in the relationship.
More From The College
For further details on the research findings, you can access the full report in the Financial Planning Review.
Pattit, J. M., & Pattit, K. G. (2024). An empirical exploration of the drivers of trust in consumer financial services.
Financial Planning Review, e1190.
For more information on the Center’s research on trust's role in financial services, get our full report.