And when looking at the rising generation of earners, 75% of women under 45 manage their own finances (Source: Merrill Lynch, Seeing the unseen: The role gender plays in wealth management, 2022). Considering women outlive men by an average of five years, these trends translate to significant and lasting gains in economic power, both in decision-making and investable assets.

So, what does this mean for wealth managers and advisory firms? While the core services that women need may not differ from their male counterparts, the approach must be nuanced in order to effectively support this important market segment.

The American College of Financial Services is excited to partner with Financial Advisor magazine to launch “Women In Planning,” a monthly column dedicated to the contemporary planning needs of modern women. The column is expected to launch late March 2023.

“Over the decades, women have steadily increased their financial power. Women are earning more, learning more and making more financial decisions than ever before,” says Hilary Fiorella, executive director of the Center for Women in Financial Services at The American College of Financial Services. “This initiative aims to arm the industry with the tools needed to better serve the significant market opportunity that women represent.”

Read the full article here

Created in 2004 by the industry education group Life Happens, Life Insurance Awareness Month seeks to educate Americans about life insurance and how it can help provide financial security for them and their families. In conjunction with LIMRA, Life Happens reports every year on the status of the American people with regard to life insurance in their Insurance Barometer Study–and their work appears to be paying dividends. Findings from the 2023 Study include:

• Self-reported life insurance ownership continued to rise from 50% of survey respondents in 2022 to 52% in 2023
• Non-insurance owners who say they want and need a policy hovered around 30%, a similar number to 2022
• Up to 48 million middle-income consumers could be interested in obtaining a life insurance policy

During the month of September, social media is flooded with calls by financial professionals and companies for the general public to consider the value of a good life insurance policy. In addition, with the holidays coming up and bringing with them family get-togethers, multigenerational discussions, and New Years resolutions, it can be a great time even after Life Insurance Awareness Month is over to talk about the need for life insurance.

As the preeminent designation program for financial professionals in the insurance field, The College’s CLU® designation proves its ongoing importance in these conversations.

Life Insurance: A Foundational Concern

The American College of Financial Services was founded in 1927 by pioneering financial services professional and educator Dr. Solomon Huebner. While Huebner had an expansive vision for improving the financial services industry for the betterment of society, he was an insurance field professional by trade–and this showed in The College’s first-ever designation program, the CLU®.

Over nearly a century, The College grew and expanded to cover such subjects as retirement income planning, wealth management, special needs and philanthropic planning, diversity, equity, and inclusion initiatives, and more, but the CLU® designation remains a fundamental part of its legacy. The CLU® is still recognized as the gold standard in the financial services industry for life insurance education.

The CLU® designation program offers financial services professionals an in-depth understanding of the practical, legal, and ethical aspects of life insurance and its techniques and tools, accepting life insurance as a vital part of a holistic financial plan. The CLU® curriculum includes not only concepts and law within overall risk management, but also the necessary knowledge to help clients address estate planning needs and to gain an understanding of solutions that address life insurance for business owners and professionals. These include key person insurance and other related employer and employee benefits.

A Personal Appeal for Life Insurance Planning

While life insurance may not capture public or professional attention the way the stock market, investment management, or retirement planning sometimes do, the importance of life insurance planning and the insurance field in general is something many financial advisors deeply believe in.

In a video posted for Life Insurance Awareness Month in September 2023, College Business Development representative Anthony “Tony” Boquet reflected on the financial security a life insurance policy can bring to clients no matter what stage of life they are in. He also shared a deeply personal story from his own experience as a life insurance professional.

Boquet related that years ago, he had visited two recently married friends with the goal of selling them additional life insurance policies. The husband repeatedly declined to apply, jokingly citing his youth as evidence that he had no need of a life insurance policy. Tragically, within 24 hours of that conversation, he was killed in a freak accident when a car ran off the highway and struck him while he was cutting grass in his front yard. He was only 22 years old.

“If you’re a life insurance planner or a financial professional, you owe it to your clients to make sure they’re aware that our future is not guaranteed,” Boquet said. “My friend didn’t plan on dying that weekend, and his wife later told me he was planning on buying the life insurance policy from me when I returned to work on Monday.”

Boquet said this story constantly reminds him about the importance of Life Insurance Awareness Month, and how people of all ages and backgrounds need to be prepared for anything.

“He may be gone, but his story has lived on in me and helped protect countless others over the years,” he said. “Please take the time to talk to your clients and those you love about the importance of life insurance planning during this Life Insurance Awareness Month.”

You can also see another video story from Boquet here.

KING OF PRUSSIA, PA – September 21, 2023 – As The American College of Financial Services begins to operationalize its centennial strategy, President and CEO George Nichols III, CAP®, announced the addition of Sandy Herzlich as Vice President, Retirement Strategy. Leading retirement planning knowledge and education for financial professionals is one of The College’s recently unveiled strategic focus areas that will center the 96-year-old institution’s initiatives and impact leading into its 100th anniversary in 2027.

Herzlich’s appointment adds a near-30-year industry veteran in a key role to develop and operationalize a comprehensive plan to educate financial professionals and consumers on the foundational and specialized concepts needed to improve retirement outcomes for more Americans.

“Sandy’s distinguished career is one of business accomplishments, but more importantly, client success,” said Nichols. “As a financial consultant and business development leader, he understands how financial advisors position themselves for growth. And as a firm partner and managing director, he understands the business of financial services and how professionals can best serve the holistic retirement needs of their clients.”

Herzlich has worked for several nationally-known financial institutions – Merrill Lynch and Vanguard – but he made his mark at Pitcairn, a $7B+ multi-family office based in Jenkintown, Pennsylvania. Over his 18 years at the firm, he ultimately led the entire 19-person relationship management and client support team responsible for 24 ultra-high-net-worth families. These responsibilities included managing liquidity events, business succession, in-depth estate, retirement and tax plans, and the complexities unique to families of significant wealth.

Starting from September 18, Herzlich reports to Jared Trexler, Senior Vice President, Chief Marketing and Strategy Officer.

“Sandy has worked directly with families of various wealth and complexity to shape the trajectory of their financial futures. He understands the central arch retirement plays across an individual’s financial life and that it doesn’t begin at a certain age or asset threshold,” Trexler said. “He’s seen what works - but perhaps more importantly, what hasn’t. That institutional knowledge, married with his experience accelerating growth, is the skill set we’re looking for to make a significant impact to benefit society.”

At Vanguard, Herzlich was responsible for sourcing, qualifying, and building the high-net-worth client base for discretionary asset management services and trustee business. He also spent four years as a partner at a Registered Investment Advisor in Berwyn, Pennsylvania and another three years at Merrill Lynch.

“Preparing for, planning and implementing a successful retirement strategy is a key financial objective for most Americans, regardless of wealth. I’m excited to join The American College of Financial Services in building the preeminent resource for comprehensive retirement planning and execution for both advisors and consumers,” said Herzlich. “The College’s nearly century-long history of providing unbiased, non-product driven education makes it the ideal platform for delivering holistic retirement planning to produce better individual outcomes.”

Prior to his career in financial services, Herzlich’s professional leadership began in the consumer-packaged goods industry. He joined Procter & Gamble out of college and joined Ralston Purina in 1988. He eventually led sales, localized marketing, logistics, operations, personnel and training for a 100+ employee unit amassing $500 million in annual revenue.

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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. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Contact:

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

Lindsey Allumbaugh 
678-643-1310 / lindsey.allumbaugh@theamericancollege.edu