Diversity, Equity & Inclusion Insights
Women Working in Wealth on the Road
At these prestigious events, the Center for Women in Financial Services showcased its expertise and dedication to empowering women in the financial industry. Lewis’s presence underscored The College's commitment to advancing gender equality and fostering leadership among female professionals. Here are some of the Center’s favorite takeaways.
Five Key Themes from the Invest In Women Conference and Osaic W Forum
- Empowering Female Clients: The conferences emphasized the importance of empowering financial advisors to effectively address the unique needs of female clients. With a focus on inclusivity and diversity, attendees gained valuable insights into tailoring financial strategies to meet the evolving preferences of women in the rapidly changing financial services landscape.
- Insights Into Longevity Planning: A standout session shed light on the implications of female clients' longevity on Social Security and Medicare planning. Advisors learned valuable strategies to ensure the financial security of their clients in later years, equipping them to navigate the complexities of retirement planning with confidence.
- Supporting Clients Through Major Illnesses: Another session addressed the sensitive topic of assisting clients in surviving major illnesses. Attendees gained practical tools and resources to support clients during challenging times, fostering stronger client-advisor relationships built on trust and empathy.
- Navigating Divorce and Transitions: The conference tackled the harsh reality that marriages often end in divorce, offering insights into the financial implications of divorce and strategies for navigating this complex transition. Advisors learned how to effectively guide clients through divorce proceedings while safeguarding their financial wellbeing.
- Visionary Approaches to Scaling Firms: Attendees explored three visionary approaches to scaling their advisory firms, gaining inspiration and practical knowledge to achieve their professional goals. From leveraging technology to expanding service offerings, advisors left with actionable strategies to drive growth and innovation in their practices.
In summary, both the Invest In Women and Osaic W Forum conferences serve as catalysts for change, ushering in a new era of excellence for financial advisors, industry leaders, and their valued clientele. By empowering advisors to better serve female clients and fostering a culture of inclusivity and innovation, the event set the stage for a more impactful and inclusive approach to wealth management in the years to come.
Diversity, Equity & Inclusion Insights
Empowering the Next Generation: Women Alumni Leading The College’s Next Gen Advisory Task Force
The American College of Financial Services’ Next Gen Advisory Task Force stands as a beacon of innovation and forward thinking within the financial services industry. Comprising a diverse group of talented alumni and active students, this task force is dedicated to providing fresh perspectives and driving positive change within the profession. At its helm are a cohort of remarkable women alumni, whose leadership and dedication are shaping the future of the industry.
Purpose of the Next Gen Advisory Task Force
The Next Gen Advisory Task Force serves a crucial role in advancing the mission and vision of The College. Through initiatives like the Next Gen Award, The College’s podcasts, and industry events, the task force aims to provide a platform for the rising generation of professionals to thrive. By fostering transparency in career paths, conducting research, and promoting inclusion and belonging, the task force is attracting and retaining top talent.
Guiding Principles
The Next Gen Advisory Task Force is guided by a clear mission and vision, driving its efforts to enhance financial services through innovative ideas and diversity of thought. Its mission is to attract more next gen professionals to the industry, provide opportunities for learning and growth, and create environments that foster talent retention. With a vision focused on enhancing diversity and innovation, the task force is committed to driving positive change within the profession.
Women Alumni Leading the Way
Among the alumni serving on the task force are a group of talented and dedicated women, each bringing their unique expertise and perspectives to the table.
- Amber Stitt ACP, CHFC®, CLU®, GALLUP®
- Hannah Kanstroom, CAP®
- Katlyn Orton, RICP®
- Kay Blunck, CFP®, CHFC®, CAP®, CRPC®, AEP®
- LeTian Dong, CFP®, WMCP®, RICP®, CHFC®, RMA®
- Lindsey Lewis, MBA, CHFC®, CFP®
- Morgan Marlin, CRPS®, WMCP®
- Stephanie Hohenshell, RICP®, LACP®, LUTCF®
Join our standout women alumnae serving on the task force!
Supporting Women Champions
In addition to the alumni serving on the task force, The College is fortunate to have the support of women who champion its mission and values.
- Anna Kareis, APMA
- Alanah Phillips
- Chandress Williams, CPWA®
- Crystal Roseman
- Diana Cabrices
- Gloria S. Garcia Cisneros, CFP®
- Jackie Wilke
- Jessica Flynn
- Julie Ragatz, PhD
- Kristin Dorm
- Lea Landaverde
- Liv Gagnon
- Mariana Llamas
- Mariel Walker
- Nabia Jenkins-Johnston
- Nicole Casperson
- Paxon Stofcheck
These women are dedicated to supporting The College's initiatives and driving positive change within the profession.
Together, the women alumni and supporters are leading the charge towards a more inclusive, innovative, and vibrant future for the financial services industry. Their dedication, leadership, and commitment to excellence will inspire the next generation of professionals and shaping the future of the profession for years to come.
Unveiling Results from the Retirement Income Literacy Study
The study, which is the fourth iteration of The College's Retirement Income Literacy Study, reveals concerning gaps in retirement knowledge among older Americans. On average, participants scored only 31% on a retirement literacy quiz, highlighting a lack of actionable retirement knowledge.
Dr. Kaylee Ranck, Director of College Research, led the efforts to launch this project on behalf of the American College Center for Women in Financial Services and presented the findings at the event. The study underscores the direct relationship between financial literacy and factors such as asset levels. Respondents with assets exceeding $1.5 million scored twice as high as those with less than $100,000 (50% vs. 25%), indicating that wealthier individuals tend to have a better understanding of retirement planning.
The study also emphasizes the crucial role of financial professionals in educating clients. Advised respondents, those who work with financial advisors, demonstrated higher retirement income literacy and better outcomes compared to their non-advised peers. This finding highlights the importance of professional guidance in navigating the complexities of retirement planning.
The timing of the study is particularly relevant as the United States approaches a demographic shift known as the "Graying of America." The Baby Boomer generation is reaching retirement age, with an estimated 12,000 individuals retiring every day. As the median age of Americans increases, planning for longer, well-lived lives become increasingly important.
The media event in New York City, attended by journalists from leading trade publications and industry experts, served as a platform to disseminate these findings. The Retirement Income Literacy Study not only sheds light on the current state of retirement literacy, but also points to the need for a concerted effort to improve financial education and planning.
In addition to the broader findings, the Center for Women in Financial Services is set to launch a specialized segment of the data focusing on retirement income planning for women. This initiative aims to highlight the distinct outcomes and knowledge levels of women regarding retirement income. The continued examination of the survey results, including this targeted analysis, is essential in providing valuable insights into the state of retirement planning and financial literacy in the United States. As the research progresses, it will remain instrumental in shaping the conversation around retirement readiness and financial education, with a particular emphasis on addressing the needs of diverse demographics.
Robert Moldoff
Diversity, Equity & Inclusion Insights
Celebrating Women's History Month: Inspiring Inclusion in Financial Services
International Women's Day serves as a poignant reminder of the strides made towards gender equality while highlighting the ongoing journey to break down barriers and foster a more inclusive society. The theme of “Inspire Inclusion” resonates deeply within the financial services industry, emphasizing the significance of diversity and empowerment in all facets of our work.
In the realm of financial services, inspiring inclusion means celebrating the diverse perspectives, talents, and contributions of women from all backgrounds. It means recognizing and valuing the unique experiences and insights they bring to the table, enriching our industry and driving innovation forward.
At the heart of inspiring inclusion lies a commitment to challenging stereotypes and dismantling barriers that hinder the progress of women in financial services. It involves creating environments where all women feel supported, empowered, and encouraged to reach their full potential, regardless of their race, ethnicity, sexual orientation, or socioeconomic background.
As advocates for gender equality, it is incumbent upon us to not only celebrate the achievements of women but also to actively work towards creating a more inclusive and equitable financial services industry. This entails implementing policies and practices that promote diversity and inclusion at all levels of leadership, ensuring women have equal opportunities for advancement and representation.
Moreover, inspiring inclusion requires us to amplify the voices of women from marginalized communities, recognizing their unique challenges and advocating for meaningful change. By fostering a culture of inclusivity and belonging, we can create a more vibrant and resilient financial services industry that reflects the rich tapestry of human experience.
As we honor Women's History Month and International Women's Day 2024, let us reaffirm our commitment to inspiring inclusion in financial services and beyond. Together, let us celebrate the diversity, resilience, and strength of women, recognizing that true progress towards gender equality is only possible when we embrace and uplift all women, without exception.
Drew Briggs
Diversity, Equity & Inclusion Insights
Kickoff Military Resource Group Consortium Lunch and Learn
In 2023, the Center for Military and Veterans Affairs partnered with The American College of Financial Services’ Career Services Office and Nationwide’s Military Affiliated Resource Group, led by President, Director of Broker Dealer Licensing, and Advisory Council Member Melvin Smith, USMC (Vet.), to develop a Military Resource Group (MRG) strategy mission and vision:
Mission Statement: “Building Bridges to Success”
Our mission is to bridge the gap between transitioning military scholars who are pursuing careers in the financial services industry through awareness, education, professional development opportunities, and networking with and between esteemed financial services companies.
Vision Statement:
We envision a future where the unique skills and experiences of our military scholars are recognized and harnessed, contributing to a more diverse, resilient, and innovative financial services sector. As a catalyst, we connect scholars with industry professionals, raise awareness for The College, and strengthen Military Resource Groups to shape the future of finance
On February 6th, the Center hosted its first virtual MRG Consortium Lunch and Learn collaborating with multiple financial services companies to discuss several topics key to the military and financial services communities, including:
- Military members transitioning into the financial services industry
- Best practices to foster and grow successful industry MRGs
- Methods to effectively support our military communities
The consortium will support the Center in organizing quarterly webinars to introduce Center scholars to the MRGs and provide educational and professional development opportunities at the 2024 Military Summit.
Diversity, Equity & Inclusion Insights
Center News
On January 17th, Admiral Michael Mullen, USN (Ret.), 2023 recipient of the Soldier-Citizen Award and Former Chairman of the Joint Chiefs of Staff, joined the Center for Military and Veterans Affairs to discuss how he believes military members, veterans, and their spouses provide value to the financial services industry.
Admiral Mullen expressed his gratitude as the award recipient and how special the 2023 Clambake was: “One of the thrills was to see the number of people there who were in financial services who were either veterans themselves or who were employers bringing veterans into the space. This area is a particularly challenging one because it is not well-known to us in the military.”
Admiral Mullen discussed the challenges the military community faces when transitioning during his experience as the 17th Chairman of the Joint Chiefs of Staff. His experience led him and his staff to develop a paper called “A Sea of Goodwill,” which connects the goodwill of the American people to support those who serve as they transition through the pillars of education, employment, and health.
“The key for anyone in transition is you need to have a network. There are many things tied to a good transition, but to me that is key, recognizing how hard it is, going somewhere and connecting with those who have done it, and going somewhere you really want to go,” Mullen stated.
He recommended for those in transition to list what they do and do not want in their next career to help identify a purpose, find a company with leadership who supports hiring military members, veterans, and their spouses, and effectively communicate your myriad of skills.
Mullen stated “one of the hardest things is how do you create the right vocabulary for your skillset that would match the vocabulary in the civilian sector. We in the military, right down to the most junior person, bring skills that are really valued in the private sector.”
He emphasized that for those interested in transitioning into the financial services industry, education is key.
To financial service companies looking to hire military members, veterans, and their spouses, Mullen stated, “it is a really good bet for your company, you will find individuals who are proud and young, they are loyal, they are team-oriented, disciplined, selfless, they lead, they perform really well under pressure and in a crisis, they are responsible and accountable individuals, and they can handle change. If you want to hire someone who wants to make a difference in your outfit, go to our community. I have heard it from leaders who have hired vets, and it is one of the best things they have ever done.”
Rick McClanahan
CFF®