Founded in December 2019, the Second Century Society recognizes generous benefactors who have made lifetime gifts reaching $1 million or more of philanthropic impact. The College is proud to announce Charles R. (posthumously) and Mary M. Wright as the 2024 inductees.

Charles (Chuck) and Mary Wright met at Yankton College in Yankton, South Dakota. Together, they were leading donors to The College, with an emphasis on the American College Center for Women in Financial Services.

Chuck was senior executive vice president and chief agency and marketing officer at State Farm Insurance Companies. He later served as chairman of the board of trustees and was a driving force behind the creation of the Chartered Advisor in Philanthropy® (CAP®) and Chartered Advisor of Senior Living® (CASL®) designations.

Mary’s years of service through philanthropy led her to complete her CAP® designation, which she would use to help others engage in philanthropic work as well. As a passionate lifelong learner, Mary continues to carry on Chuck’s legacy by laying the foundation for the Wright Fellowship under the Center for Women in Financial Services.

The College is proud to recognize Chuck and Mary’s continued impact.

Conferred by The American College of Financial Services’ President and CEO, the President’s Award recognizes the leadership and generosity of select benefactors and volunteers. The College is proud to announce the 2024 winner: R. David Fritz Jr., CLU®.

David is the co-founder and managing partner of Executive Benefits Network and a 38-year veteran of the financial services industry. He began his career in the insurance industry in 1986 after graduating from Williams College with a BA degree. He started at UNUM Life Insurance Company as a group sales representative in Washington, DC, then later became an employee benefits manager in UNUM’s Milwaukee, WI office. He joined Northwestern Mutual in 1993 and founded Executive Benefits Network 23 years ago. He specializes in the design, funding, securing, and administration of non-qualified deferred compensation plans and bank-owned and corporate-owned life insurance programs.

David and his wife Molly are very active in philanthropic efforts. He is a past trustee of The American College of Financial Services and currently serves on The College’s President Council. He and Molly live in River Hills, Wisconsin with their six children.

In 1975, as The American College of Financial Services approached its 50th anniversary, the Board of Trustees decided to honor those whose role in the development of the institution was of special significance. The Huebner Gold Medal, named for Solomon S. Huebner, is The College’s most prestigious honor and is awarded to people who have moved the institution forward in its mission. The College is proud to announce Sy Sternberg, CLU® as the 2024 honoree.

Sy Sternberg is the former chairman and chief executive officer of New York Life Insurance Company. He joined the company in 1989 as a senior vice president, was elected vice chairman of the board in February 1995, and became president and chief operating officer in October 1995. He became chairman and CEO in 1997 and remained CEO until his retirement in 2008.

Sy is a former chairman of Northeastern University’s board of trustees. He is also a former director of CIT Group and Express Scripts. He currently serves on several non-profit boards including NewYork-Presbyterian Hospital, the Hackley School, the New York Historical Society, Big Brothers Big Sisters of New York City, and the Foundation for City College. He is also a member of the Council on Foreign Relations.

Listen in as leaders from the Center for Military and Veterans Affairs discuss personal stories of sacrifice and selflessness with Major General Suzanne Vautrinot, USAF (Ret.). They’ll also discuss the skills and leadership that members of the military community can leverage as they work to launch a successful career in financial services.

Listen in as our esteemed thought leaders provide insights into the TPCP® program, the impact it will have on improved client outcomes, and the influence it will have as you look to grow your career.

• Learn about the TPCP® Program’s unique features and knowledge offerings with Professor of Practice Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™.
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In this episode of our Shares podcast, host Joellen Meckley, JD, MHS, ChSNC® joins Andrew Tudor, CFP®, RICP®, CAP® for a conversation on the options that exist today for powering philanthropic planning including donor-advised funds (DAFs), and the importance of adding charitable giving to your client conversations.

Andrew Tudor, CFP®, RICP®, CAP® is a financial services professional, a popular speaker, and an investment advisor with Zenith Wealth Partners, as well as an ambassador for The College’s FinServe Network. He is passionate about empowering women and black families to transform their relationship with money. After beginning his career in banking, Tudor made the transition to financial planning where he has helped many clients achieve financial freedom through a combination of strategic planning and empathetic coaching. He has spoken at numerous conferences, panels, and keynotes across the U.S. He is known for his unique speaking style of storytelling and humor, and provides audiences with one-of-a-kind perspectives on money stories, the racial and gender wealth gap, and practical tools for building wealth.

Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.

More From The College:

• Learn More About the American College Center for Philanthropy and Social Impact
• Get Started with Our Chartered Advisor in Philanthropy® (CAP®) Program

Many of these decisions relating to lifetime giving and planned giving can be paralyzing, and several people opt to avoid the process altogether. Fortunately, there are several methods that can be leveraged to maximize the impact of these gifts whether they be to individuals or charities, including some new opportunities as a result of the SECURE 2.0 Act.

Lifetime Giving

While the focus of this article is primarily on planned giving, lifetime giving can confer many benefits onto donors as well. Specifically, lifetime giving provides a good method of spending down an estate, especially for those who need to do so for estate tax planning purposes. It’s also worth considering that the Tax Cuts and Jobs Act (TCJA) is scheduled to sunset at the end of 2025, which would lower the estate lifetime exemption amount to $5 million indexed for inflation. By giving up to $18,000 per donor per year to individuals, plus charitable donations, which create an income tax deduction for those who itemize, high-net-worth individuals can spend down their estates.

Additionally, gifts during life can be monitored and questions can be answered with appropriate insight to the original intent should they arise. Gifts to individuals upon one’s passing result in a step up in basis for the heir and long-term holding, even if sold that day. Gifts to charities upon one’s passing result in an estate tax deduction for those with large enough estates. Thus, the decision whether to give gifts during life versus at death involves balancing and weighing many factors. The “best” option is often some combination of the two, but is ultimately determined on a case-by-case basis.

Charitable Gift Annuities

The first high-impact planned gift to consider is a charitable gift annuity (CGA). CGAs were voted “best planned gift” by the Stelter Group two years in a row. We have known about qualified charitable distributions (QCDs) for a while, up to $100,000 per year, for those over the age of 70.5. The SECURE 2.0 Act added to this provision and now allows a one-time QCD election from an individual retirement account (IRA) to a CGA of up to $53,000 in 2024. RMDs are taxable events, while these QCDs are not, creating an income tax savings. CGA rates have been increasing, resulting in higher payout amounts for the donor and guaranteed lifetime income while benefiting charity at the same time.

Donor-Advised Funds

Another high-impact gift to consider is a donor-advised fund (DAF). These funds are versatile, allowing donors to direct the funds to charity when, where, and how they want, while receiving the income tax deduction in the year the money is put into the DAF.

This flexibility allows donors to frontload multiple years of charitable donations to itemize in one year, and take the very high standard deduction in other years. Thus, a donor can front-load multiple years worth of donations into a DAF and achieve a higher deduction than the standard while simply opting for the standard deduction in other years.

Appreciated Stock

The final high-impact gift to discuss is appreciated stock that has been held for more than a year. Gifts of appreciated stock result in an income tax deduction in the year of the donation, plus avoidance of capital gains taxes that would be paid in the year of a sale. In the event of a capital loss, sell the asset, claim the capital loss, donate the remainder, and take the charitable deduction.

If these stocks are in an IRA, and the donor is at least 70.5 years of age, keep in mind that with the passage of the SECURE Act, Stretch IRAs are not allowed anymore for inherited IRAs. They must be liquidated within 10 years. These events trigger ordinary income tax liability for the heir. Donating stock or an IRA to a charity avoids this, and taking advantage of the QCD during one’s lifetime after age 70.5 can help spend down the estate with an asset that has fewer inheritance benefits than in the past. In fact, for some people, the tax liability on the RMD would be considered a hardship or inconvenience, not to mention the burden of not messing up and forgetting to take the RMD. Although the SECURE 2.0 Act gradually increases the age for RMDs, the act did not change the QCD eligibility age from 70.5. Thus, a donor can take advantage of QCDs before they are required to take their RMDs.

Other Methods

In addition to these high-impact gifts, individuals should still consider the more traditional charitable bequests via will or trust, life insurance, retirement assets, payable on death/transfer on death, and a life estate, all taking effect after death. Life insurance, retirement, and POD/TOD beneficiaries are relatively easy to set up and usually at no cost. A will, trust, or life estate may require an attorney to draft the documents, so the cost is higher, but still a great option for many people. These gifts can be used effectively in combination with one another.

This article is adapted from an article that originally appeared in “Planned Giving Today.”

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

Jayne was a lifelong learner who seemed to have boundless energy when it came to anything in her life, including anything related to The College. The Master of Science in Financial Planning and six designations she earned from The College (in addition to her two bachelor’s degrees and another master’s) were just a few of the many ways she stood out among her contemporaries. Jayne loved The College and was incredibly generous in giving of her time, talent, and treasure to support its growth and impact.

Jayne was a trailblazer. I knew her to be the first to speak up if she had an idea or concern — a woman who would raise her hand without hesitation when we needed her perspective or support. Equally as important, Jayne would raise her hand to ask questions. And even if the answer wasn’t what she wanted, she would listen for the reasoning and support the outcome. But the paradoxical truth is: as bold as she was in advocating for, and serving, The College and the financial services profession, she was modest in acknowledging the major role she played in both. An industry leader and a 2017 inductee into the Alumni Hall of Fame, which recognizes graduates of The College who have made extraordinary contributions to the financial services industry, Jayne didn’t seek out recognition as much as it sought her.

Jayne had a deep respect for the founder and first president of The College, Solomon S. Huebner, PhD; we bonded over a shared appreciation for his legacy and his vision for our great institution. Like Dr. Huebner, Jayne was a first by her own right: she was the first female president of the Alumni Association, now called the Alumni Council, and she was involved in many firsts at The College, including my own story. I credit Jayne and Bud for recruiting me to my role as president and CEO of The College. Were it not for their persistence, their passion, or their persuasiveness, I don’t know if I would have sought the office myself to become the first Black president of The College.

Jayne was the kind of person who could plant an idea or inspire a change in a way that seemed effortless. Just ask my daughters, who may still remember being timid around dogs as children — that is, until Jayne introduced the girls to her pooches. I can’t pinpoint the exact moment it became inevitable that we would welcome a dog into the Nichols family, but I can trace it back to the experience and the confidence my daughters gleaned from being with Jayne.

As a student, Jayne was diligent, meticulous, and conscientious. She was the same way as an agent and agency leader, wanting only the best for her clients; and she was the same way as an alumna, holding The College to the highest standards. 

Jayne was a singular woman and a force of change as an individual. Partnered with Bud, her husband of 53 years (together for 57 years) who is an Alumni Hall of Famer himself, she was unstoppable. As a team, they turned aspirations into impact for The College, and I daresay, for every organization and cause they championed. Personal passions and empathy inspired Jayne’s endeavors. As one example, Jayne was an educator, advocate, and knowledgeable advisor to the special needs community, recognizing the specialized financial planning required to help families navigate their unique challenges. Indeed, she served on the Advisory Board of The American College Center for Special Needs. And there were many other philanthropic and professional causes that benefited from Jayne getting behind them and pushing forward for the greater good.

Yet no cause was more important to Jayne than her family. CJ and I would like to extend our condolences, thoughts, and prayers to Jayne’s beloved husband Bud, her son Matthew E. Schiff, CLU®, ChFC®, WMCP®, who served on the Alumni Board, including as its chair, daughter Kara A. Schiff, and the entire Schiff family. May her memory be a blessing.

I ask our College community, please join me in sharing your sympathies and remembrances on LinkedIn or however you feel appropriate.

According to Scott, financial services wasn’t initially on his career radar: in addition to playing professional sports in both the National Football League and Canadian Football League, he was planning on attending medical school to become a neurosurgeon. However, the realities of trying to chase both these intensive paths were not ideal, and he found a new opportunity with several leadership roles in banking starting in 2013. This, he says, was a game-changer for his life journey.

“My eyes were opened to the science, patterns, and the evidence-based nature of financial and estate planning,” he said, also alluding to the “leap of faith” he took when launching his own financial services firm, Crossroads Capital Partners, in 2018. “It’s been an amazing, challenging, and overall astronomical ride.”

The Lifelong Learning Gameplan

When pursuing further education to power his growth in financial services, Scott says he chose The College and its programs because he wanted to go beyond the basics.

“I equate the CFP® certification and the Chartered Financial Consultant® (ChFC®) designation, both of which I hold, to the basic medical education every doctor gets: it’s important, but the training beyond them is where exponential value, knowledge, and service can be provided,” he said. “To be able to ask someone what financially hurts and then present those findings to talk through action items today to reach their outcomes of tomorrow has brought peace to me and the members of our firm. And it’s only possible with the foundation and education The College provides.”

“To be able to ask someone what financially hurts and then present those findings to talk through action items today to reach their outcomes of tomorrow has brought peace to me and the members of our firm. And it’s only possible with the foundation and education The College provides.”

In addition to recently completing his seventh College program, the Master of Science in Financial Planning (MSFP), Scott also serves as the alumni spokesperson for The College’s Wealth Management Certified Professional® (WMCP®) Program and is a member of The College’s NextGen Advisory Task Force along with the FinServe Network. He says he’s grateful to The College for providing a platform for busy professionals to continue to grow their knowledge and for emphasizing the role of an advisor as a partner in planning rather than a simple purveyor of products.

“For me, wealth enjoyment is everything,” he said. “I think people focus so hard on wealth accumulation; however, when you work with business owners, retirees, and multi-generational families, you realize it’s about can they receive the income desired from their investments and meet their desired legacy goals.”

Keys to Coordinated Legacy Planning

Many of Scott’s professional and educational endeavors have been tied to his love of legacy planning, including wealth transfer after death and impacts on children, grandchildren, and favored charitable causes. He says some key elements of effective legacy planning are bringing all involved parties into planning conversations and ensuring clients have the peace of mind that comes with knowing their current needs will continue to be met.

“If you spend time listening and hearing the wishes and concerns of people, you start to understand they would love to see the impact of their legacy planning with their own eyes,” he said. “It can be scary to talk about gifting or transferring assets, even for those with a net wealth of tens of millions of dollars. People just want to know that they’ll be okay, and our job is to help show them they are.”

“It can be scary to talk about gifting or transferring assets, even for those with a net wealth of tens of millions of dollars. People just want to know that they’ll be okay, and our job is to help show them they are.”

The legacy planning conversation also leads into Scott’s philosophy of “coordinated planning,” which he likens to the training football teams go through to ensure they work together as smoothly as possible.

“It goes beyond the integration of investments, insurance, and planning tools to the establishment of clarity in the eyes of our advisors and clients that their plan must be coordinated and on the same page; otherwise, the likelihood of success is drastically impacted,” he said. “Nothing in a financial plan can be built in a silo, and you need every financial player on your team running the exact same play, at the same time, in the desired way to ensure the best outcome.”

In the end, Scott says he still draws lessons from his days in football, pre-med education, and banking to be the best he can be for his team and his clients.

“I encourage everyone to start with this question: ‘Am I the advisor I would want to work with?’” he said. “You will never attain the practice you desire until you decide to become that yourself, and your answer to that question will tell you everything you need to know about how to create the planning practice of your dreams.”

More from The College

• Meet Our FinServe Network
• Meet the NextGen Advisory Task Force
• Listen to Padric’s Podcast on Coordinated Planning
• Learn About Our CFP® Certification Education Program
• Learn About Our Wealth Management Certified Professional® (WMCP®) Program
• Learn About Our Master of Science in Financial Planning (MSFP) Degree
• Learn About Our Chartered Financial Consultant® (ChFC®) Program
   

Duffy, an associate professor of business planning who also serves as director for the TPCP™ Program, joined FinServe Network ambassadors Terry Parham, Jr., CFP®, ChFC®, CLU®, RICP®, WMCP®, MSFP, Angie Ribuffo, CFP®, RICP®, ChFC®, CDFA®, CLTC®, WMCP® and Drew Gerling, MSFS, CFP®, ChFC®, CLU®, CAP®, FIC, RICP® for the conversation on tax planning. Duffy began by highlighting findings from The College’s 2024 Advisory Services Survey, which stated that out of nearly 400 professionals surveyed, over half used tax planning strategies in their work with clients.

When asked, the ambassadors enthusiastically backed up the results of the survey, testifying they also found themselves using elements of tax planning in their day to day in different capacities.

“Almost any person can benefit from lowering their tax bill, and if you’re not doing tax planning, you’re most likely leaving money on the table,” Parham said. “Clients I talk with every day are usually interested in understanding taxes, but the tax code is so long and complex it’s often daunting for them.”

Gerling agreed with Parham’s assessment. “Tax planning is the one thing all clients seem to share. It’s critical to have that skill set because it’s the foundational element entire plans are built upon,” he said.

Tax Planning Conversations With Clients

Duffy continued by asking the panelists how they bring tax planning into their advisory discussions. The ambassadors agreed that advisors who want to provide tax planning to clients need to look “beyond the hood of the car” and make plans for years down the road, rather than simply addressing the here and now as a CPA or other tax preparer might.

“Clients often feel taxes are an immovable object,” Gerling said. “They’re set in stone and you can’t do anything to change them. This is a misunderstanding we need to break them of by being very direct and modeling the changes that can come with proper tax planning.”

This, as Duffy noted, is what gets many financial professionals hung up: the difference between “tax planning” and “tax advice,” the latter of which is frowned upon by compliance departments and legal regulations. The TPCP™ Program also accents this difference by providing comprehensive, tax-informed planning knowledge to advisors.

“I tell my clients my job is to look into the future; your tax preparer is looking at the now,” Ribuffo said. “Together, we will give you a comprehensive picture, but I’ll be the one looking at year-over-year data and extrapolating information.”

Tax Planning Beyond Individuals

As Duffy and the panel noted, tax planning as part of financial planning goes beyond just individuals and families; it can also play an important role in retirement planning, business planning, and other areas.

“There’s a common misconception you’ll be in a lower tax bracket during retirement because you’re not earning money anymore, but actually the opposite can sometimes be true,” Gerling said. “Clients need to understand the impacts that required minimum distributions (RMDs) and the taxes involved in Social Security, Medicare, and other areas can have on their savings and generational wealth.”

The panel also accented how crucial tax planning is to a sound retirement plan, as well as building or exiting a business through matters such as employment payroll, employee benefits, and business structures.

“There’s a long runway of life after retirement, and we need to help clients land as gently and safely as we can,” Ribuffo said. “You can accumulate as much wealth as you want before you retire, but the one thing that can derail all your hard work if you’re not careful is taxes.”

More From The College

• Meet Our FinServe Network
• Enroll in Our Tax Planning Certified Professional™ (TPCP™) Program
• Learn About Our Retirement Income Certified Professional® (RICP®) Designation
• Watch the Webinar on How to Integrate Tax Planning Into Your Practice