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.”

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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.”

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• Meet Our FinServe Network
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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.”

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• Meet Our FinServe Network
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Index funds have become a dominant feature of investment portfolios. This year, investments in index, or “passive” funds surpassed active investment strategies for the first time in history (Morningstar, 2024). Moreover, individuals in the U.S. are now more invested in the markets than ever before, according to 2023 data from the Federal Reserve. While these investing shifts have brought numerous benefits, there may also be unintended consequences, including vulnerability to the effect of unethical business practices on retirement portfolios. Systems-level asset management is one way to safeguard portfolios against systematic risk.

Index Investing Takes Center Stage

An index fund is one that tracks the performance of a financial index, such as the S&P 500, by investing in all the stocks or bonds of that index. These funds were initially created in the ‘70s to make it easier for investors to diversify their portfolios, thereby reducing their risk exposure. Over half a century later, ease of access has led to a preference for index  strategies, surpassing fifty percent of the market share of all funds in 2024. Moreover, the trend is buoyed by widespread retail investing in financial markets, including through indirect investments in 401(k) retirement accounts (WSJ Article, December 2023).

While an active management strategy attempts to beat the total market returns through trading securities to outperform benchmarks, the goal of an index strategy (sometimes called passive investing) is to match the return of “the market,” as defined by the selected index (e.g., FTSE, S&P, Dow, etc.).

The benefits of index funds include expanded access to capital markets for those who may not have the expertise, or time, to manage an actively traded portfolio. Additionally, index investing not only allows ease of access to portfolio diversification, but also appeals to those who believe an investor can’t reliably “beat the market” through single stock ownership. And finally, index funds can be more cost-effective than actively managed funds because managers tend to charge lower fees when tracking an index, thus putting more money back into investors’ pockets.

Systematic Risks Remain, Despite Widespread Diversification

Despite the widespread popularity of diversification through index funds, investors remain vulnerable to systematic risk. When investors diversify through index strategies, they seek protection against volatility in their portfolio because of idiosyncratic risks that arise when putting all your eggs in one basket. For instance, if an investor is overweighted in healthcare stocks, the financial loss resulting from policy change that impacts healthcare would be greater. By diversifying, investors put their eggs in multiple baskets for protection against these specific risks unique to individual sectors or stocks.

Even with diversification, however, portfolios remain vulnerable to systematic risks, such as inflation, war, recessions, and other geopolitical or macroeconomic trends. These are risks that impact the entire market. While diversification protects against idiosyncratic risks, its widespread adoption by investors hasn’t improved exposure to systematic threats. As investors have embraced diversification, what determines their portfolios’ long-term value will be the economy’s intrinsic value, not the relative value of each company in the portfolio. (The Shareholder Commons, 2022). Furthermore, because more individuals are invested in financial markets today than at any time in history, systematic threats could lead to broader financial challenges.

Yet, as Jon Lukomnik and James Hawley argue (2019), the structure of the asset management industry—including the proliferation of undifferentiated products and complex fee structures—combined with the pervasiveness of index investing, has led to portfolios that overlook systematic risks. This makes investors vulnerable to long-term economic threats such as geopolitical issues and climate change (Lukomnik & Hawley, 2019). This threat is particularly pernicious when planning for retirement, which is necessarily long-term. 

A Systems Lens on Investing Can Address Unethical Business Practices

In recent years, there has been an increasing negative impact of commercial activity on society, also known as externalities. There are numerous statistics to demonstrate this point; one stark example is that by 2050, the continued expansion of global commercial activity is likely to deplete access to critical freshwater resources by one half of the Earth’s total capacity (Albert, et. al., 2021).

Systems investors analyze financial markets by taking into consideration the effect of corporate externalities on the financial, social, and environmental systems on which our capital markets rely. Neglecting externalities can exacerbate risks to these systems. Viewed through a systems lens, this type of market analysis recognizes that the externalities of one business impact the potential success of the entire market through negative feedback loops, thus affecting an entire portfolio. A diversified investor recognizes that externalities produced by one company creates costs borne by other companies in their portfolio. Diversified index investors often own the entire market, and therefore will be financially impacted by these externalities.

We have seen these consequences in the global financial crisis of 2008 to 2009, ultimately resulting in overall financial market instability. As these risks created by companies externalizing costs materialize, asset values may sharply decline, leading to broader market disruptions and increased financial volatility.

This may sound like environmental, social, and governance (ESG) investing or responsible investing, but it’s different. While ESG investors create portfolios that integrate environmental and social considerations with financial returns, systems-level investors seek paradigm shifts on issues that can bring about widespread change to benefit the entire market. (Flamer, 2024). On one hand, a responsible investor might, for instance, exclude companies from a portfolio because of personal values (e.g., gun manufacturers) or select ESG funds that generate social and environmental rewards (e.g., green energy). System-level investing, on the other hand, attempts to affect overall market returns through opportunities to influence enterprise risk and return, with an eye towards the long-term resilience of capital markets (Burckart & Lyndenberg, 2021).

The example above about depleting freshwater resources can demonstrate this distinction. Traditional financial analysis deems environment-related costs like clean-up initiatives as expenses to be minimized. For instance, a shareholder in any one beverage company has an incentive for that company to spend just enough on clean water initiatives to ensure that company’s access to clean water, even if those expenditures create externalities that negatively impact others (e.g., by dumping toxins into a different water basin).

A systems-level approach identifies industries in which water use is most intensive (e.g., chemical manufacturing, agriculture, beverages), conducts a portfolio-level analysis of their water footprint to analyze the relevant feedback loops. Then, the analysis identifies the weakest performers within them for engagement. Because such an investor has portfolio exposure to numerous companies that need fresh water, they will support water management practices that do not deplete access to water for other businesses.

In this way, the feedback loops of the ecological systems are integrated into financial market analysis.

Strategies for Investors

Putting these considerations into practice requires strategic effort by asset managers and owners. The dearth of analysis about systematic phenomena could be a blind spot in long-term investing.

To improve the resiliency of the financial markets, asset managers need skills in both searching for new investment opportunities and stewarding existing assets in index funds, contends economist John Kay (2015). His critique of the industry is that “chasing alpha” through fee-generating buy/sell trades to try to anticipate market expectations is shortsighted because it overlooks opportunities to meaningfully assess drivers of asset value (Kay, 2015). Trading might benefit enterprise-level risk/return, but doesn’t address market-level systematic risks. Investment stewardship activities can be used to shift the perspective of corporate managers toward the portfolio-level interests of diversified shareholders.

One prominent approach is beta stewardship, which is investment stewardship that prioritizes reduction of corporate externalities. While stewardship through ESG integration seeks opportunities for a double bottom line (do well financially by doing good for the planet), beta stewardship recognizes that such an approach is not enough, because systematic risks affect the overall market, not just one company. Thus, even if some companies in a portfolio benefit from issuing green bonds or buying carbon offsets for sustainability projects, discrete efforts will not be enough to solve the impending environmental challenges that all businesses confront.

Beta stewardship involves analysis of the feedback loops in economic systems, and advocates that companies manage business consistent with systems-level effects. A recognized example of beta stewardship is Climate Action 100+, an investor-led initiative targeting the world’s largest corporate greenhouse gas emitters to take steps to avoid externalities that affect economic growth, food production, infrastructure, and water supplies.

Another organization that provides systems-level analysis is The Shareholder Commons. Among their proposed beta stewardship practices is the concept of guardrails, which are measurable and universalizable parameters for corporate activities that cause externalities borne by the overall market. One example of a guardrail is reducing corporate overuse and misuse of antibiotics/antimicrobials in animal agriculture and human health care and hygiene products (The Shareholder Commons, 2022). Antimicrobial resistance is a threat to human health; this occurs when microbes transform over time, no longer responding to disease treatment through antibiotics. Current health care and business practices accelerate this trend. Each single company has an incentive to continue antibiotic and antimicrobial use at current levels because it can enhance production processes, even if they contribute to long-term resistance among the entire population. Developing a standard approach and commitment across companies through guardrails aims to move the needle on an intractable systems-level challenge.

Planning for the Future

Some may think strategic efforts toward systems analysis should be limited to pension funds that manage large, defined benefit programs. But the well-documented shift towards defined contribution plans, such as 401(k) retirement plans, means individual retirees are more invested in the market today than any time in history (Blackrock, 2024). I believe a systems-level lens on managing assets is needed to benefit all investors.

All investors have a role to play in planning for the future:

• Asset managers should prioritize systems-level approaches by examining case studies that describe a business case for systems change and integrating these approaches into their stewardship practices.
• Financial advisors should probe managers on their approach to protecting against systematic risk, and how systems investing factors into their analysis.
• Individual investors should select managers and financial professionals that think critically about long-term performance, and the effects of systematic market risks on retirement plans.

We can achieve these objectives by identifying organizations that have published their stewardship codes and engagement practices, as well as those that promote transparency relating to corporate governance priorities.

Additionally, the financial industry should invest in high-quality research that can further demonstrate how ethical business practices contribute to financial resilience. Now that’s a basket we would all be willing to put our eggs in for the long-term. 

Footnotes

Burckhart, W. & Lydenberg, S. (2021), 21st Century Investing: Redirecting financial stragies to drive systems change.  Berrett-Koehler Publishers

Lukomnik, J. & Hawley, J. P. (2021), Moving Beyond Modern Portfolio Theory. Routledge.

Lukomnik, J. & Hawley, J.P. (2019), The Purpose of Asset Management, Pension Insurance Corporation.

https://www.pensioncorporation.com/content/dam/pic/corporate/documents/news-and-insight/insight/2017/the-purpose-of-asset-management-v4.1.pdf.downloadasset.pdf

Kay, J.A. (2015). Other People’s Money: the real business of finance. Profile Books.

Albert et. al. (2021). Scientists' warning to humanity on the freshwater biodiversity crisis. Ambio, a journal of environment and society, 50(1): 85 - 94. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7708569/

Flamer, C. (March 14, 2024). ESG vs. Systems-Level Investing. The Institute for Corporate Governance, Kelley School of Business. Retrieved October 28, 2024. https://icgblog.kelley.iu.edu/2024/03/14/esg-vs-system-level-investing-featuring-caroline-flammer/

South Pole Carbon Asset Management Ltd.(2020, June 16). An Investor Guide on Basin Water Security Engagement: Aligning with SDG 6. https://assets.ceres.org/sites/default/files/An%20Investor%20Guide%20on%20Basin%20Water%20Security%20Engagement_%20Aligning%20with%20SDG%206.pdf

The Shareholder Commons (2022, September). Antimicrobial resistance and the Engagement Gap: Why investors must do more than move the needle, and how they can. https://theshareholdercommons.com/wp-content/uploads/2022/09/AMR-Case-Study-FINAL.pdf

The Shareholder Commons (2024). Stewardship Practices. Retrieved October 28, 2024. https://theshareholdercommons.com/system-stewardship/#stewardship-practices

Hannah M. (December 18, 2023). More Americans Than Ever Own Stocks. Wall Street Journal. https://www.wsj.com/finance/stocks/stocks-americans-own-most-ever-9f6fd963

Blackrock, Inc. (2024). Larry  Fink’s 2024 Annual Letter to Investors: Time to rethink retirement. https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter 

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With recruitment and retention of advisors being a topic of growing focus in the industry, and with a projected loss of over 37% of advisors in the field today due to age-based attrition, Lewis — managing director of the American College Center for Women in Financial Services — discusses what can be done to ensure this shift isn’t an earthquake for the field.

Specifically, Lewis calls on up-and-coming Gen Z and other young professionals in financial services to fill the gap — and on the industry itself to become a more welcoming place for them to grow, thrive, and succeed via a cultural shift that takes into account their personal priorities.

Read on to hear what Lewis has to say about this trending topic!

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This article explores the various aspects of the financial services industry and areas of specialization, including The College’s Chartered Financial Consultant® (ChFC®) designation.

Tuesday, October 29, 2024, from 2:00 p.m. - 3:00 p.m. ET
 

Join Professor of Practice Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™ to discuss current categories of beneficiaries and the post-death distribution rules that apply to each group, methods beneficiaries can use to minimize taxes on future distributions, how retirement account owners can proactively help reduce the future tax burden on their beneficiaries, and more.

This webcast is only available in Knowledge Hub+. Log into Knowledge Hub+ via your Learning Hub.

What is Knowledge Hub+?

Knowledge Hub+ is a just-in-time learning and CE platform developed by The American College of Financial Services that curates the wisdom of leading academics, change-makers and innovators, financial planning experts, and practice management leaders into one easy-to-use learning experience for financial professionals.
Knowledge Hub+ delivers the added value of automated reporting of CE credit to the CFP Board and The College’s records, making it easier for financial professionals to fulfill their thirty-hour CE requirements every two years without administrative headaches.
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In this episode of our Shares podcast, Michael Finke, PhD, CFP® joins one of those thought leaders — Alan Gassman, JD, LLM, AEP® — for an in-depth discussion of tax law and planning, as well as the impacts tax can have on all stages of a client’s life. They examine the connections between taxes and family expenses, small business growth, retirement and legacy planning, and more to show how tax-informed planning can take your practice to the next level.

Alan Gassman, JD, LLM, AEP® is a senior partner at the law firm of Gassman, Crotty, and Denicolo in Clearwater, Florida and an expert in tax law, specializing in the areas of trust and estate planning, taxation, wealth preservation, and the representation of physician and medical practices. Gassman speaks at many tax conferences, national programs, and national and local webinars, and is one of the featured thought leaders in The College’s Tax Planning Certified Professional™ (TPCP™) Program. Gassman is a frequent speaker for continuing education programs and has published well over 200 peer-reviewed articles with publications such as Bloomberg BNA Tax & Accounting, Trusts and Estates Magazine, Estate Planning Magazine, The Florida Bar Journal, Forbes, and Leimberg Information Services Inc. (LISI), as well as many books on tax planning and law. He has also been recognized several times as a top lawyer in the state of Florida and the country by several prestigious industry lists including Who’s Who in American Law and the AV® Preeminent™ Peer Review RatedSM by Martindale-Hubbell®.

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 Our Tax Planning Certified Professional™ (TPCP™) Program
• Watch the Webinar on How to Integrate Tax Planning Into Your Practice
   

KING OF PRUSSIA, PA – November 4, 2024 – The TPCP™ Program equips financial advisors, tax professionals, and CPAs with the knowledge and tools to develop and implement tax-efficient planning strategies for individuals and business owners. While enrollment is now open, access to the first course (TPCP 101) begins on January 6. The program has already seen nearly 5,000 professionals express interest.

As part of the launch, a live demo with Jeff Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF®, BFA™, Professor of Practice in Tax Planning, will be held on Nov. 12, 2024, at 1:30 p.m. ET. Levine, known for distilling complex tax strategies into actionable insights, will guide attendees through the program alongside The College’s academic support team, providing a first look at this new curriculum. You can register here.

“The TPCP™ Program fills a critical gap in financial education by offering advisors practical tools to meet client demands for informed, tax-aware financial strategies,” said George Nichols III, CAP®, president and CEO of The American College of Financial Services. “With the expertise of our faculty, we are thrilled to provide professionals with a credential that brings tax-informed planning to the forefront of comprehensive financial planning.”

The TPCP™ Program focuses on real-world application, covering topics such as tax legislation, retirement tax planning, estate planning, and strategies for individual and business taxation.

“I’m excited to help financial professionals close the knowledge gap in this high-demand area with the launch of The College’s TPCP™ Program,” said Levine. “Tax planning is financial planning, and the TPCP™ provides the first comprehensive, in-depth education on tax strategies that directly align with clients’ goals and needs across their lifetime.”

To enroll in the program, visit TheAmericanCollege.edu/TPCP.

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 profession.

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Contacts

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

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