KING OF PRUSSIA, PA – January 2, 2025 – The American College of Financial Services is excited to announce the creation of its Donor-Advised Fund (DAF) Professional Certificate Program. This program aims to empower staff at DAF-sponsoring organizations to create a shared standard of knowledge and competency for the DAF industry. Registration is now open for the inaugural program, which will be held in-person at The Adolphus in Dallas, Texas, from April 8-9, 2025.

This industry-first certificate program will offer a complete picture of day-to-day DAF program management and include sessions on the evolving philanthropic landscape, understanding motivations to give, identifying assets to donate, managing gift acceptance, effective grantmaking principles, investment strategy alignment, building strong relationship management, planning for succession of funds, and DAFs as part of estate planning. The curriculum will include 12 to 15 hours of instruction and valuable networking opportunities.

“Building a shared understanding of DAF management and application ties deeply to The College’s mission of applied knowledge, dating back to our founding in 1927,” said George Nichols III, CAP®, president and CEO of The College. “Our new DAF Professional Certificate Program continues our legacy of standard-setting applied knowledge that takes what’s in a textbook and brings it to life, so DAF professionals can apply this knowledge immediately.”

The College has developed its new DAF Professional Certificate Program in collaboration with four premier sponsors: Fidelity Charitable, National Philanthropic Trust, Vanguard Charitable, and DAFgiving360. These partners bring extensive expertise and resources, ensuring participants gain insights from leading organizations in the field. The program also incorporates guidance from Daylight Advisors and other stakeholders to provide a comprehensive understanding of DAFs and enhance the overall educational experience.

“Investing in education around DAFs is essential for the future of philanthropy,” said Chia-Li Chien, PhD, CFP®, PMP®, Associate Provost, Undergraduate & Graduate Programs. “This program will enhance the skills of DAF professionals but also elevate the entire philanthropic ecosystem.”

The DAF Professional Certificate Program aims to establish a common language and set best practices, ensuring that participants emerge as informed leaders. Upon completion, learners will receive a certificate and a digital badge recognizing them as a DAF Certified Professional.    

For more information about the program, please visit www.theamericancollege.edu/DAF.

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ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. 

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Contact

Sarah Tremallo
908-967-0381 / Stremallo@jconnelly.com

Jared Trexler
610-526-1268 / jared.trexler@theamericancollege.edu

In this episode of our Shares podcast, Chief Marketing and Strategy Officer Jared Trexler and College President and CEO George Nichols III, CAP® sit down for a wide-ranging discussion on The College’s major accomplishments in 2024, how the financial services industry and higher education are changing, and how The College is moving to meet the moment in 2025 and beyond.

George Nichols III, CAP® currently serves as the 10th president and CEO in the storied history of The American College of Financial Services. Nichols joined The College after a 17-year stint at New York Life, where he held principal roles in sales, P&L, strategic initiatives, and public policy. In 2007, Nichols was named to the company's executive management committee. He also served as executive vice president in the Office of Governmental Affairs. Before joining New York Life, Nichols was the state of Kentucky's first Black insurance commissioner, leading regulation of the state's $10 billion insurance industry through his expertise in health insurance reform and financial services integration. He gained this knowledge through stints as the executive director of the Kentucky Health Policy Board, vice president of marketing for Athena of North America, executive director of product development with Blue Cross Blue Shield of Kentucky, CEO of Central State Hospital in Louisville, and executive assistant to the Commissioner of the Kentucky Department for Mental Health Services.

Nichols has been acclaimed for his efforts to drive transformative change in diversity, equity, and inclusion in the financial services profession and elsewhere. Savoy, a leading Black business and lifestyle magazine, named him among the "Most Influential Black Corporate Executives" twice: in 2012 and 2018; and among the “Most Influential Black Corporate Directors” in 2021. He was named to Forbes' inaugural 2021 edition of "The Culture 50 Champions." Nichols was also honored as one of "The Ten to Watch in 2021" by WealthManagement.com, and in 2022, he won a ThinkAdvisor LUMINARIES award for Executive Leadership, followed by InvestmentNews’ recognition in 2023 for the year’s See It, Be It role model. Additionally, Nichols is the inaugural recipient of the Alonzo Herndon Award by Business Insurance Magazine.

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

• See More Content from Our President
• View Our Strategic Priorities
• Enroll in Our Tax Planning Certified Professional™ (TPCP™) Program

In the webinar, Tax Planning Certified Professional™ (TPCP™) Program Director Sophia Duffy, JD, CPA, AEP® and Professor of Practice in Tax Planning Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™ discuss proven strategies to uncover tax-saving opportunities, how to incorporate them into comprehensive financial plans, and the value this brings to client service.

Whether you're an experienced advisor or looking to expand your expertise, this session provides the tools to deliver tax-efficient solutions that align with your clients' financial goals and drive better outcomes.

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• Learn about our Tax Planning Certified Professional™ (TPCP™) Program
• Take a tour of TPCP™

Joining President Nichols for the panel discussion were FinServe Network ambassadors Rick Peck, CFP®, ChFC®, CAP®, an independent philanthropy consultant, and Mary Fischer-Nassib, CAP®, co-founder and CEO of the charitable organization Sow Good Now. Both ambassadors came prepared to dive deep into donor-advised funds (DAFs), one of the biggest trending topics in the philanthropic planning space today. A DAF is an account where an individual can deposit assets for donation to charity over time, recommending how to invest the assets or where to donate them and perhaps having a sponsor organization manage the account. DAF owners can also claim a tax deduction for making contributions to the fund each year.

While Nichols acknowledges there are many ways to give, including through checkbook giving or private foundations, he says he is amazed by how simple it is to set up a DAF today and how popular they are becoming. Peck credits these funds’ popularity with their ability to bypass complex giving schemes and make charity easy.

“DAFs used to have a $5,000 minimum threshold; now it’s $0, which makes them far more accessible,” he said. “People can give to others’ DAFs if they don’t want to create their own, costs are generally low, and there are many different investment or giving choices: you can set money aside in a DAF but delay the giving until you really want to do it.”

How to Use Donor-Advised Funds

While both Peck and Fischer-Nassib say they work with DAFs often in their businesses, the industry still needs to understand how to work with them more effectively.

“About 30% of the gifts we see today come from DAFs, but only 15% of nonprofits are set up to accept non-cash assets through DAFs; the problem is that non-cash assets are actually the majority of assets we see transferred,” Fischer-Nassib said. “We as an industry need to get educated, comfortable, and confident on how to use DAFs because they’re growing in popularity.”

Peck agrees with her assessment. “A lot of nonprofits are asking for cash only, even though most people aren’t in a position to give cash,” he said. “Instead, most people want to give other things: retirement plans and real estate; stocks, bonds, or mutual funds; cash value of life insurance; and personal property. Many nonprofits aren’t comfortable taking those because they’re not as easy to tabulate, but those gifts capture a lot of wealth that might not otherwise be going to charity.”

The ambassadors emphasize that there may be a steep learning curve for financial professionals who are unfamiliar with DAFs or charitable giving in general, but that the importance of understanding them justifies the investment of time. They say DAFs are a tool that can be used in many different professions and areas of financial planning and that they are one of the most effective, efficient, and powerful tools in a planner’s arsenal.

Regulating Donor-Advised Funds

President Nichols and the ambassadors also discussed the controversies surrounding DAFs, mainly consisting of unclear or inconsistent regulation and a public relations issue where some may see DAFs as hoarding vehicles: an avenue to avoid taxes by hiding away money but never using it to give. Peck, however, says this perception is unfounded.

“We actually see over 20% of DAF funds being distributed to communities and charities, with about $300 billion in all the DAFs out there,” he said. “In contrast, private foundations have $1.3 trillion all told, and yet they only distribute about 6% on average. There’s really no contest as to which is giving out more.”

However, the ambassadors did acknowledge the fiduciary uncertainty surrounding regulation of DAFs and how the financial services industry should approach using them. They say financial professionals have often been on the sidelines when it comes to managing DAFs and not intimately involved with the actual process of giving — something they hope will change given more education on the subject.

“If nonprofits are seeking funding and can’t get it through traditional sources, The College should get involved with educating people on how DAFs can be useful,” Fischer-Nassib said. “As a nonprofit leader, I’m looking for gifts given over several years, which DAFs are very useful for. They give you more muscle as a donor and more potential support from nonprofits as an advisor.”

In conclusion, our ambassadors say education is key to combating misconceptions about DAFs and other methods of philanthropic planning, as is recognizing the many different ways people can give — from their time and talent to treasure, testimony, and other methods. They say a more modern conception of giving is needed to encompass all the alternatives financial professionals have and the good they can do.

“Much of traditional philanthropy is top-down: people tell an underserved community what they’re going to do for them, or what they’re allowed to do with the money they’re given,” Fischer-Nassib said. “But if we really believe in those communities and want to give them resources but let them make their own decisions about what they need to thrive and succeed, DAFs are one of the best ways to make that happen.”

More From The College

• Meet Our FinServe Network
• Learn About Our Donor-Advised Fund Professional Certificate Program
• Learn About Our Chartered Advisor in Philanthropy® (CAP®) Designation
   

The American College of Financial Services is committed to delivering the highest quality applied education to the professionals entrusted with the public’s financial wellbeing. The yearly President’s Dinner serves to highlight what’s new and exciting at The College while recognizing the significant contributions of some of the generous supporters who help make it all possible.

Awards Presentation

Each year, the President’s Dinner includes a series of award presentations to recognize the contributions of financial services leaders who have inspired us with their passion and commitment to helping The College achieve its mission.

Congratulations to this year’s recipients:

Huebner Gold Medal: Sy Sternberg, CLU^®

Sy Sternberg. CLU® 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.

President’s Award: R. David Fritz Jr., CLU^®

R. David Fritz Jr., CLU® is the co-founder and managing partner of Executive Benefits Network and a 38-year veteran of the financial services industry. David began his career in the insurance industry in 1986 after graduating from Williams College with a BA degree. David started at UNUM Life Insurance Company as a group sales representative in Washington, DC, and then later became an employee benefits manager in UNUM’s Milwaukee, WI office. David 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 President’s Council. He and Molly live in River Hills, Wisconsin with their six children.

Alumni Hall of Fame: James A. Petersen, PhD, MSM, MSFS, CPMBC, CFP^®, CLF^®, CPBL, ChFC^®, CLU^®, CASL^®, RICP^®, WMCP^®, ChSNC^®, CRPC^®, CAP^®, AEP^®, CEPA^®

Jim Petersen is the chief executive officer (CEO) and founding principal of Diversified Professional Coaching, LLC. Jim is also the president and owner of the Professional Business Coaches Alliance, LLC, which is committed to training and supporting the future of professional business coaches. In addition, Jim is a serial entrepreneur who is involved in a variety of businesses including a car wash and a bio-hazard cleanup company.

As Roger Hull/James S. Bingay Chair of Leadership at The College, Jim is the program director for the Chartered Leadership Fellow® (CLF®) Program and serves in an emeritus capacity on the Alumni Council, as well as outgoing chair of the American College Center for Military and Veterans Affairs advisory council.

Second Century Society: Charles R. (posthumously) and Mary M. Wright

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.

Women Working in Wealth: Leslie Susanne Calkins, MSFS, CLU^®, ChFC^®, CASL^®, RICP^®, CAP^®

Leslie Susanne Calkins has a passion for sharing and giving back. She utilizes the knowledge she gained from The College to better serve her community through her career at State Farm. Education and philanthropy were key values in her family, which continue to inspire her today.

Since receiving her MSFS degree, Leslie is proud to share how each course has made her more confident, knowledgeable, and able to help others in so many ways. She continues to give back by serving as an annual senior counselor at the Rotary Youth Leadership Awards. This leadership conference changes the lives of high school students in Colorado and Wyoming and is the highlight of her year.

NextGen Financial Services Professional Award: Gloria S. Garcia Cisneros, CFP^® & Brandon Lovingier, ChFC^®, MQFP™

Gloria Garcia Cisneros is a Wealth Manager in Los Angeles with the firm LourdMurray. As a first-generation Mexican immigrant, she's passionate about empowering underserved communities through financial education. Gloria holds various degrees from UCLA in applied mathematics and Spanish community and culture. She is actively involved in various professional and community initiatives, serving on committees and advisory boards for organizations where she contributes to developing financial education programs and increasing diversity within the finance industry.

Brandon Lovingier has a passion for helping people with their finances. While on active duty in the Army, Brandon pursued his education, earning the Chartered Financial Consultant® (ChFC®) designation in 2022. He’s also one of the first to hold the Military Qualified Financial Planner™ (MQFP™) designation. He’s currently pursuing the Accredited Financial Counselor® (AFC®) designation. His blog, Enlisted Money, helps enlisted service members on their own personal finance journey, while his book, Enlist to Wealth, is currently in the editing stages. He is set to retire from the Army in February 2026, when he will return to Kansas City with his wife and son to continue pursuing his passions.

Venue

A sophisticated staple of Center City, The Four Seasons at the Comcast Center is located in Philadelphia’s tallest building, complete with unobstructed city views, luxury hotel rooms, and access to conference and event spaces. Guests were treated in high style as The College celebrated the accomplishments of distinguished honorees.

The President

President and CEO of The College George Nichols III, CAP® presided over the 2024 President’s Dinner. He reflected on a transformative year while looking toward the future. In recognizing the community that makes up The College, George invited guests to lead the way for the financial services profession by uplifting and benefiting society. It was an inspiring message reminding all in attendance that the arc of change requires forward-thinking and innovative leadership.
 

This analysis of the survey results highlights the current state of business ethics education in the U.S., offering valuable insights for financial services professionals.

The authors identified several key topics that are critical to business ethics education in the U.S., including leadership, ethics management, and corporate governance. For financial professionals, these areas are essential, as they emphasize common trends that highlight the need for ethics training that goes beyond compliance. Survey respondents stressed the importance of ethical leadership in setting the "tone at the top," ensuring that ethical behavior is embedded across all organizational levels.

Emerging Ethical Issues: ESG, AI, and DEI

Emerging ethical issues that are addressed in contemporary ethics education include topics that address the role of business in society, including systems-level implications of business activities. These include environmental, social, and governance (ESG) concerns, artificial intelligence (AI) ethics, and diversity, equity, and inclusion (DEI). As the U.S. Securities and Exchange Commission (SEC) has considered how to address investor demands for more climate-related disclosures, ESG considerations are becoming a crucial factor in how companies manage risk. Similarly, the increasing use of AI in the financial services industry raises ethical concerns around privacy, fairness, and preventing bias in automated systems. Addressing these issues is vital for businesses committed to long-term sustainability and trust.

Conclusion: Implications for Financial Services Professionals

The evolving landscape of business ethics in the U.S., as outlined by Filabi, Gustafson, and Warren, reflects both regulatory requirements and broader societal expectations. Financial services professionals and organizational leaders need to stay informed about key ethical issues, particularly leadership, AI, ESG, and DEI, as they are becoming integral to navigating the complexities of the modern business environment. Ethics is no longer a mere compliance issue; it is a strategic priority essential for long-term success and trust-building efforts across the financial sector.

More from The College

• Access the full report for an in-depth look at the research findings, including key insights discussed in Chapter 13 (p. 365).
• Learn more about AI ethics in financial services with research from the Center for Ethics in Financial Services.
• Access information on the Center’s research on trust's role in financial services.
   

Moderated by Domarina Oshana, PhD, the Center’s director of research and operations, the panel highlighted how financial services professionals can leverage behavioral science to foster a culture of ethical excellence. This webcast was provided with media partner InvestmentNews.

The panel brought together four leading experts:

• Azish Filabi, Associate Professor & Charles Lamont Post Chair of Business Ethics, The American College of Financial Services; Managing Director, the American College Center for Ethics in Financial Services  
• Katie Lawler, Executive Vice President and Global Chief Ethics Officer at U.S. Bank
• Todd Haugh, Associate Professor of Business Law and Ethics
  Arthur M. Weimer Faculty Fellow in Business Law; Director, Institute for Corporate Governance, Kelley School of Business, Indiana University
• Wieke Scholten, Founder, BR Insights B.V.

Key Discussions: Moving from Theory to Practice

The webcast commenced with an exploration of recent insights from behavioral science, emphasizing nudges towards ethical behaviors as subtle interventions that facilitate ethical decision-making while honoring individual autonomy. The discussion highlighted the importance of psychological safety in creating a workplace where employees feel safe to voice concerns.

A key point was the concept of "corrupted barrels," which shifts the focus from blaming individual "bad apples" for misconduct to recognizing systemic issues within organizations that may enable unethical behavior. This approach underscores the need to address cultural and structural weaknesses that could contribute to unethical practices.

The panel also explored the role of ethics education in financial services. Moving beyond compliance checklists, panelists advocated for integrating ethics into daily decisions. The Center for Ethics in Financial Services’ Trust Certificate Program was highlighted as an essential resource for professionals looking to build and restore trust. The Trust Certificate Program is designed to provide financial professionals with a deep and actionable understanding of trust and its underlying mechanisms. Participants will learn about the science of trust and how to apply various frameworks and models to real-life challenges.

The webcast concluded with an interactive Q&A, reinforcing the message that cultivating ethical behavior requires more than rules; it requires a deep understanding of human behavior, an ethical organizational culture, and committed leadership.

More from The College

• Learn more about the Center’s Trust Certificate Program.
• Access information on the Center’s research on trust's role in financial services.
   

For many designations available at The College, the most apparent benefits are conferred upon the advisor who earns the designation. Higher earnings, rates of referral, and increased trust by clients are prominent among these benefits. One could also determine a high level of benefit is received by the advisor’s clients. They receive a greater level of expertise, and as such should achieve improved outcomes. However, some advisors are aiming for another goal: improving their entire community.

The Founding of CAP^® Study Groups

One such advisor, Mark Weber, CLU®, ChFC®, CAP®, MSFS, serves as a philanthropic consultant with Legacy Spectrum Advisor. Based out of Omaha, Nebraska, Weber sought to “make Omaha more generous.” With help from the Omaha Community Foundation, Weber founded one of the first CAP® study groups in 2012. According to Weber, the idea was derived from Todd Healy, MSW®, CLU®, ChFC®, AEP®, CAP®, who founded the first CAP® study group in Dallas, Texas, just one year earlier. Weber stated  the original intent of the study group was to form a group of CAP® participants that could help each other maintain accountability as they worked to stick with the program.

However, this organization turned into something much more than the “study group” name would imply. Weber’s study group offered CAP® participants opportunities for additional learning outside the CAP® curriculum. This included guest speakers who would serve as supplements to the learning materials, social events that allowed for networking with other local advisors in the field, and meetings with major philanthropists. All of these activities, along with actual meetings to review the CAP® course materials, created a group of advisors committed to the cause of philanthropy in Omaha. In fact, many of these advisors continue to participate in study groups past the point of earning their CAP® designation.

Weber’s study group resulted in several tangible benefits as well; not just for its members, but for the Omaha community. According to Weber, his study group boasts a 100% graduation rate from the CAP® program. Weber also shared that participants in the CAP® study group program refer three funds on average to the Omaha Community Foundation. In comparison, non-CAP® advisors average only one referral. Weber also stated that in 2023, the average size of an account opened with the Omaha Community Foundation by a CAP® advisor is about seven times larger than the average of a non-CAP® advisor.

To further measure the impact of the CAP® study group on the Omaha community, the study group conducted its own survey among 80 attorneys, accountants, and wealth managers that had completed the program. Weber stated, “They were asked to isolate those client situations where their involvement may have favorably disposed their client to make a charitable gift, and then, on a no-name basis, indicate the approximate dollar amount of the gift and whether it is a current gift, beneficiary designation, (or) bequest by will … Their responses indicated the total amount of gifts, current and anticipated, exceeded $9 billion. It was the first quantitative evidence we had that we were truly making a difference in our community.”

Making a Difference on the Community

Aside from this quantitative proof, Weber pointed out several aspects of the philanthropic community forming in Omaha he believes serve as qualitative proof of the CAP® study group’s impact. Weber stated, “For years, people could have multiple advisors who never met with each other.” However, with the popularity of the CAP® study group, Omaha’s philanthropic scene has benefited from an uptick in advisor collaboration. By networking and studying together, philanthropic advisors in the community have come to know one another, share effective strategies with each other, and work together to help clients reach their financial goals. Thanks to these results present in his own community, Weber has expressed the belief that “The CAP® Program has the potential to have a national impact on charitable giving seen in cities throughout the country.”

CAP^® Communities in Florida

To Weber’s point, other CAP® study groups have sprung up across the country. One such group emerged in Central Florida after its founder, Kimberlee Riley, CAP®, heard about Weber’s study group and was inspired to make a similar difference in her own philanthropic community.

Citing a desire to be part of a team that supports the aspirations of donors, Riley developed the group to aid in the professional development of philanthropic advisors in the area. Requiring donor-facing advisors in her organization to take part in the program, Riley’s study group provides participants with opportunities such as guest speakers and networking opportunities known as “NightCAPs.”

Riley has also used her CAP® study group to bring together multiple disciplines so they can share their unique perspectives with one another. When discussing the benefits of the program, Riley stated, “It enhances the opportunity for the student to get the experience they might not during self-study, and those relationships are there for life.”

“It enhances the opportunity for the student to get the experience they might not during self-study, and those relationships are there for life.”

Building Better Relationships

By combining the perspectives of professionals from across the field of philanthropy, specifically those of nonprofit, financial, and legal professionals, Riley believes the members of her CAP® study group are able to develop a stronger understanding of their clients and their goals, ultimately building stronger client relationships and empowering them to approach their clients’ situations using a greater number of methods. As Riley states, the marriage of these perspectives “is so focused on values and making sure you’re guiding your clients based on those values.” By considering each of these unique viewpoints when working with clients, Riley believes study group participants not only build better relationships with clients, but also with their families. As such, Riley’s study group has made a large difference of its own to the Central Florida philanthropic community.

By coming together, Riley believes her study group has made a significant emphasis on the team element of being a philanthropic advisor. By increasing the number of philanthropic professionals bearing the CAP® designation in her region by over 60%¹, Riley has cultivated a community in which advisors can collaborate, share tips, and help each other meet their professional goals.

In both situations, CAP® study group members have come together to better their community, improving outcomes for their clients through collaborative learning and a deep commitment to their cause. As Weber stated, “In Omaha, when people say they’re a CAP®, that’s a badge of honor.” With the difference holders of the CAP® are making in their communities, it isn’t hard to see why.

More From The College:

• Learn About CAP®
• Learn about the American College Center for Philanthropy and Social Impact.