Azish Filabi, JD, MA, Executive Director of the American College Cary M. Maguire Center for Ethics in Financial Services, and Neeraja Rasmussen, Founder and CEO of Spyglaz and an advisory council member of the American College Center for Women in Financial Services, explore the vital link between responsible AI and financial progress in a recent article published by Financial Advisor Magazine. They shed light on key principles and inquiries guiding this transformative journey and uncover essential aspects to navigating this dynamic landscape, shaping the trajectory of responsible AI, and determining its impact on the financial industry.

As the financial services landscape undergoes a profound shift due to the integration of AI, cultivating responsible and trustworthy AI systems has become paramount. Filabi and Rasmussen delve into the intersection of AI and financial services, emphasizing the imperatives of unbiased, fair, and dependable AI within the context of high-stakes decision-making in the financial industry. Unveiling five pivotal questions, this article serves as a strategic guide for financial leaders. The encompassing crucial features of trustworthy AI addressed within range from the establishment of rigorous data and algorithm audit procedures to the integration of responsible AI principles throughout the technology development process.

Critical questioning is also a strategic necessity for industry leaders navigating the complex landscape of AI adoption. This dialogue ensures a commitment to developing AI technologies aligned with the highest standards of ethical responsibility and integrity. The National Institute for Standards and Technology (NIST)’s efforts to standardize trustworthy AI terminology and the inclusion of trustworthy AI principles in the DARPA AI Forward initiative further exemplify the comprehensive approach to addressing the complexities of this transformative field. As financial institutions grapple with the challenges of AI integration, these insightful questions are invaluable guidelines for discussions with both internal teams and AI vendors.

To explore these insights and other strategic guidance on fostering responsible AI, read the article published by Financial Advisor Magazine.

To learn more about artificial intelligence in financial services, you can explore further research findings from the Center for Ethics in Financial Services.
 

Financial Advisor | When Retirees Give Away Too Much Money
February 27, 2024

Professor of Practice Steve Parrish, JD, RICP®, CLU®, ChFC®, AEP® discusses the reasons some retirees may give away too much of their nest eggs and how advisors can balance clients’ desire to be charitable with sound planning for the future.

Barron’s | Annuity Sales Are Soaring Because of Higher Payouts. What You Need to Know
March 3, 2024

The College’s experts discuss the benefits and opportunities surrounding annuity products in retirement planning, as well as whether advisors should consider them as part of their strategies.

Rethinking65 | Ex-Marine’s New Mission: U.S. Retirement Readiness
March 5, 2024

College Chartered Financial Consultant® (ChFC®) and CFP® Certification Education Program Director Chet Bennetts, CFP®, ChFC®, CLU®, RICP®, CLF® discusses his journey from military service into financial planning, as well as how he’s using his career to support financial security efforts for veterans and all Americans.

Yahoo Finance | Is This a Good Time to Invest in Bitcoin?
March 8, 2024

Wealth Management Certified Professional® (WMCP®) Program Director Michael Finke, PhD, CFP® shares his thoughts on recent surges in crypto-asset prices, specifically Bitcoin, and why some advisors and companies may be hesitant about becoming involved with these assets.
 

To assess the validity of Ramsey’s claims, our host Michael Finke, PhD, CFP® assembled The College’s resident retirement supernerds – adjunct professor of wealth management David Blanchett, PhD, MSFS, CFA, CLU®, ChFC®, CFP® and professor of practice Wade Pfau, PhD, CFA, RICP® – to discuss their printed response to Ramsey, optimal withdrawal rates, sequence of returns risk, and best-practice retirement planning in the inaugural episode of our Shares podcast.

Wade D. Pfau, PhD, CFA, RICP® is a professor of practice in the Retirement Income Certified Professional® (RICP®) Program at The American College of Financial Services. Pfau serves as a co-editor of the Journal of Personal Finance and is a sought-after speaker at national conferences of organizations for financial professionals, such as the CFA Institute, FPA, NAPFA, AICPA-PFP, and AFS. He also consistently publishes articles in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog and is a monthly columnist for Advisor Perspectives, a RetireMentor for MarketWatch, a contributor to Forbes, and an expert panelist for The Wall Street Journal. His research has been discussed in outlets that include print editions of The Economist, The New York Times, The Wall Street Journal, and Money Magazine.

David Blanchett, PhD, MSFS, CFA, CLU®, CHFC®, CFP® is an adjunct professor of wealth management at The American College of Financial Services. A world-renowned thought leader in the fields of wealth management and retirement, Blanchett is a leading contributor to the Wealth Management Certified Professional® (WMCP®) program. In addition to his role with The College, Blanchett is the managing director and head of retirement research at QMA, a division of Prudential Financial, and was formerly at Morningstar Investment Management, LLC. In his roles, Blanchett enhances consulting and investment services and conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement. Blanchett has published research in a variety of academic and industry journals and has been featured in multiple media publications, such as InvestmentNews, Marketwatch, Money Magazine, The New York Times, PLANSPONSOR Magazine, and The Wall Street Journal.

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.

Every day, I am inspired by the women in my life. I grew up with four sisters and no brothers. My mother was my first best friend. My wife of nearly 40 years is my forever best friend. Together, we raised our two daughters with the foundation and the faith to become strong, independent women (and raised our son to respect strong, independent women). In celebration of Women’s History Month, I believe all of us—men included—can honor the women in our lives and the women in American history by supporting the positive trajectory women are taking toward a better future. Or at a minimum, by not blocking it.

Allow me to explain. Before I became the first Black president and CEO of The American College of Financial Services, I was the first Black insurance commissioner in Kentucky, the first Black president of the National Association of Insurance Commissioners, and the first Black person elected to New York Life’s executive management committee. When I see a woman shatter a glass ceiling, I see familiar challenges and opportunities reflected in the glass.

When I see a woman shatter a glass ceiling, I see familiar challenges and opportunities reflected in the glass.

Although our stories and our breakthroughs differ, I know firsthand what it’s like to be the “first.” But as my family name would imply (I’m the “third”), and as anyone who has been a first may tell you, we also have a keen awareness of those who came before us. And we hold a special sense of hope for whoever will come next. The first is never the only.

So when I see a woman on the path to becoming a first, I feel the least I can do is move over and let her enter traffic at her own best pace—fueled by her God-given talents, her personal drive, and her applied knowledge. Nothing should stop her.

Now I have to ask: Who or what is stopping women from entering the financial services profession? According to the latest US Census Bureau data, women make up just over 50% of the population; yet less than a third (31%) of financial advisors are women. The fact that the profession is so disproportionate seems like something’s blocking the onramp. This is why The American College Center for Women in Financial Services exists: to promote gender parity in the profession through education, research, and networking. The Center facilitates a community known as Women Working in Wealth^SM, which is also the name of the Center’s newsletter.

This is why The American College Center for Women in Financial Services exists: to promote gender parity in the profession through education, research, and networking.

As a brother, son, best friend, husband, father, and professional, I support women working in all disciplines; but—as an empathetic “first”—I have a special place in my heart for the women who are working in arenas that may be considered “male-dominated.” Women Working in [Construction, Engineering, IT, and Wealth], I see you!

And someone we all see lately is the contemporary basketball great, Caitlin Clark of Iowa. On February 15, Clark surpassed the NCAA Division I women’s record set by Kelsey Plum in 2017. On February 28, Clark became the top-scoring women’s basketball player, breaking the unofficial record held by Lynette Woodard of Kansas since 1981. Clark’s accomplishment also shined a spotlight on the lesser-known women’s basketball player Pearl Moore, whose all-time record set in 1979 is still higher than Clark’s but not included for comparison because it occurred at Francis Marion College, which is not NCAA Division I. What a wonderful phenomenon when the excellence of one player shines a light on another!

This month, on March 3, Clark set the all-time NCAA Division I scoring record, breaking the record set by men’s basketball player Pete Maravich of LSU in 1970. In that moment, Clark marked a spot in basketball history—not only women’s basketball history. Clark’s greatness as a player is a story of human potential, both for women and men. What a great example of where women are headed in all arenas!

In the final moments of the postgame press conference that followed, a reporter asked:

“You have now scored more points than anyone who has ever played [NCAA] Division I men’s or women’s basketball. As much as you say that record isn’t what you’re thinking about, when you hear it like that, is that going to hit you at some point?”

Clark’s answer:

“Oh, for sure. It's really crazy to think about. Honestly, if you would have told me that before my college career started, I would have laughed in your face and been like, ‘No, you're insane.’

I've always been able to score the ball, but I don’t think people really understand how many amazing players have come before me and been able to score the ball and do it at such a high rate and do it for teams that are really, really good.

And just to be in the same realm of all these players that have been so successful, whether it's Pete [Maravich] or whether it's Kelsey Plum or Lynette Woodard—all these people have just given so much to the game.

Hopefully somebody comes after me and breaks my records and I can be there supporting them. And that's what makes the game of basketball so fun.

But yeah, it'll definitely hit me at some point. Thanks.”

I can’t think of a better way to close out this blog—or this Women’s History Month in March of 2024—than to reiterate Clark’s hope for the future: “Hopefully somebody comes after me and breaks my records and I can be there supporting them.”

Whether you are breaking glass ceilings or breaking records (assets under management, revenue, or hours of CE!); whether you are playing in one division or another (wealth management, retirement, life insurance, tax planning); whether you are new to the game or at the top of your game—The College and I support you on your path to make history.