Stakeholders in the financial industry—including financial firms, consumers, regulators, and emerging stakeholders like the tech industry and social media—increasingly acknowledge the importance of working together to improve the industry and prevent future crises. Yet their actions do not reflect their pro-stakeholder rhetoric and self-interest remains paramount. 

A study commissioned for the American College Cary M. Maguire Center for Ethics in Financial Services argues that one key reason for stakeholders’ failure to work together may be their problematic beliefs. 

The tables below summarize some of the persistent, negative beliefs that financial system stakeholders hold. Overall, they see one another in competitive, rather than collaborative terms. Consumers and regulators believe that financial firms are motivated by greed and blind to others’ needs, while financial firms and other powerful players see their role in terms of driving growth and generating profit rather than building a system that works for everyone. 

These antagonistic beliefs undermine stakeholder relations. Mutual mistrust and the absence of a sense of shared responsibility mean that stakeholders approach one another with suspicion and try to dominate rather than collaborate. As a result, the financial system remains vulnerable and fails to serve everyone’s interests. 

The current financial system incurs high costs in financial failures and from low trust. Improving the situation will require key stakeholders to rebuild relations and develop a sense of shared destiny. 

Financial firms and professionals can start by: 

• Better understanding the “blind spots” that bias how they perceive their roles and the roles of other actors. 
• Finding overlapping areas of self-interest with other stakeholders to develop a vision of common interest. 
• Creating a roadmap of coordinated action to tackle shared problems across critical areas. 
• Agreeing on more productive behavior patterns, especially toward transparent and timely knowledge and information sharing. 
• Finding new reporting and governance mechanisms to hold each other accountable. 

The study also explores: 

• How financial firms’ competitive orientation may undermine their credibility and informal influence over consumers. 
• Why financial firms prefer to retain power rather than pursuing shared interests, even at the expense of consumer trust and the risk of more regulation. 
• The impact that emerging stakeholders like social media, tech companies, and others may have on traditional financial system dynamics.

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These findings are part of the new RICP® Retirement Income Literacy Survey from The American College of Financial Services – the most comprehensive survey exploring the drawdown phase of Americans' financial lifetimes, when people are no longer receiving a paycheck from their jobs but must still fund their lifestyles during a potentially lengthy retirement.

"Over the next 12 years, an estimated 10,000 Baby Boomers will reach the age 65 every day," said David Littell, Retirement Income Program Co-Director at The American College of Financial Services. "More and more Americans are retiring but so few understand basic facts and strategies when it comes to ensuring that their retirement is a comfortable one. The results of this survey are alarming and a stark reminder of the need to be prepared for the decades in retirement when you are not earning a steady stream of income." 

Americans believe they know a lot more than they do when it comes to retirement income literacy. Although the majority fail the quiz, most are also confident about their retirement income knowledge. Almost two thirds (61%) of respondents indicate they have high levels of retirement income knowledge. Of those who claim to be highly knowledgably, only 33% could pass the quiz. 

The Demographic Divide 

There are significant differences in literacy rates between men and women, college educated and non-college educated, and between wealthier and less wealthy respondents. 

• Only 17% of women passed the quiz as opposed to 35% of men 
• 49% of respondents with over $1 million in assets passed as opposed to 20% of respondents with below $1 million in assets 
• 40% of those with a graduate degree or more passed – as opposed to just 9% of respondents without a college degree who passed 

Littell continued, "The drastic demographic differences are unsettling because all Americans – regardless of background – deserve to live out their retirement comfortably. This divide underscores how important it is for everyone to plan ahead." 

Clueless on Strategies to Improve Retirement Security 

Respondents lack knowledge of the strategies that are most effective to improve retirement security. 

• Only 33% understand that it is more effective to work two years longer or defer Social Security for two years than to increase retirement contributions by 3% for five years just prior to retirement 
• Fewer than half (45%) recognize that a life annuity can protect against life expectancy risk 
• Only 38% of participants in the survey know that 4% is the amount they can afford to "safely" withdraw per year from a retirement account 

Jamie Hopkins, Retirement Income Program Co-Director at The American College of Financial Services said, "Retirees are living much longer so there's a need for smart advice around how to turn consumers' nest eggs into something they can live on for up to three decades or longer in many cases." 

Long-Term Care: Out of Sight, Out of Mind 

Very worrying is the fact that a majority (82%) of respondents do not expect that most older Americans will need long-term care at some point in their lives. When considering long-term care, respondents lack knowledge on several critical items. 

• Just one in three (33%) know that Medicaid pays for the majority of long-term care expenses provided in nursing homes 
• Just 30% know that family members – not nursing homes, assisted living facilities, or hospitals – provide the majority of long-term care costs 

Hopkins also noted, "It is extremely hard to put a good retirement plan in place when consumers are not literate about the risks they face and how to solve for these risks. For instance, the misunderstandings about long-term care shown in the survey indicate that people don't understand the huge burden a long-term care event will have both on their finances and family." 

Power of Retirement Literacy 

Retirement literacy rates appear to correlate with better retirement planning as those with higher scores are more likely to have plans in place. Respondents who passed the quiz were: 

• 46% more likely to have a long-term care plan in place 
• 36% more likely to feel confident they could manage their own investments throughout retirement 
• 16% more likely to have a written plan in place 

Littell continued, "With more and more Americans entering into retirement each year, there is a premium on retirement literacy. The time is now for retirees and pre-retirees to gain the knowledge they need to make smart decisions for a financially secure retirement. It is critical to have a plan in place in order to ensure you are on track for secure retirement years." 

Methodology 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior and attitudinal questions about retirement income planning. 

Information for this study was gathered through online interviews conducted between February 16 – March 1, 2017. A total of 1,244 Americans were interviewed. To qualify for participation in the study, respondents had to be ages 60-75 and have at least $100,000 in household assets, not including their primary residence. 

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.

Nearly twice as many retirement-age men are able to pass, and although those numbers are still grim, this underscores the trouble women face in their own retirement knowledge. Even more worrisome is that despite low retirement literacy, the majority of women (55%) are still extremely confident that they and their spouses would have enough money to retire comfortably. 

These findings are part of the RICP® Retirement Income Literacy Survey from The American College of Financial Services – the most comprehensive survey exploring the drawdown phase of Americans' financial lifetimes, when people are no longer receiving a paycheck from their jobs but must still fund their lifestyles during a potentially lengthy retirement. 

Women demonstrated lower literacy rates in 10 out of 12 knowledge categories. There was a discrepancy in performance between men and women across the areas of annuity products in retirement (16% vs 24%), company retirement plans (30% vs 40%) and investment considerations in retirement planning (21% vs 49%). However, women performed just as well as men (76%) on the topic of Medicare insurance planning and actually exceed on the topic of paying for long-term care expenses (38% vs 35%), which is important as women live longer on average. 

Retirement Income Literacy: Don't Know, Don't Care 

Women are aware that they have poor retirement literacy – yet this does not impact their confidence in retirement. Only a third (33%) of women stated they were extremely knowledgeable about retirement income planning, compared to 44% of men. However the majority of women (55%) reported they were extremely confident they would have enough money to live comfortably throughout retirement. 

• Only 24% of extremely confident women could pass the quiz while roughly 42% of the extremely confident men could pass the quiz. 
• In all 12 knowledge categories – including strategies for sustaining income, life expectancy, and life insurance – women reported lower self-perceived retirement income planning knowledge than men. 

"Women face considerable challenges when it comes to preparing for retirement, and lacking financial literacy certainly does not help the cause," said Jocelyn Wright, State Farm® Chair in Women and Financial Services and Assistant Professor of Women's Studies at The American College of Financial Services. "This is a problem, especially when a female at age 65 can expect to live another 20 years on average, two years longer than the average man. With this in mind, women cannot depend on their spouse to hold the keys to their retirement. It is time to get smart on how to navigate this complex and extremely important stage of life." 

Financial Decision-Making: Riding in the Passenger's Seat 

Men tend to think they are the primary decision maker while women tend to believe that they split the decision making. In fact, there is a disconnect between finances being a team effort. Eighty percent of women said that they shared the decision making with their spouse while only 35% of men stated they shared the decision making. Women were also less likely to use resources such as friends or the internet for advice and information around financial assets. 

• Only 20% of women responded that they were the primary financial decision maker, compared to 65% of married male respondents. 
• Only 27% of women stated that they consult friends for advice and information about financial assets, compared to 39% of men. 
• 46% of female respondents looked up financial information online at least once a year, compared to 61% of male respondents. 

Interestingly, women respondents who identified themselves as the primary financial decision maker in the household were more than twice as likely to pass the retirement literacy quiz (26%) than those that identified themselves as sharing the decision making (12%). 

Silver Lining: Knowing Where to Turn 

Although the majority of women are lacking retirement income literacy, most do understand the value of a financial advisor and believe advisors are a good source of knowledge around retirement income. The survey found that women were just as likely as men to consult a financial advisor or a financial services firm to get financial information. Women also had different expectations from their advisor. 

• About half (55%) of women with a financial advisor stated that it is extremely important that their financial advisor educate them about the risks of running out of money in retirement, as opposed to only 42% of men. 
• Additionally, 60% of women said it is important to receive education from an advisor about investment management, as opposed to only 47% of men. 

"All people, regardless of gender, should be equipped with the knowledge that could better prepare them for retirement," said Jamie Hopkins, Retirement Income Program Co-Director at The American College of Financial Services. "Women face a number of challenges that the average man does not face in retirement, including greater longevity. So in some ways women should be more aggressive investors and have better retirement income literacy rates as they need to make their money last even longer in retirement." 

Methodology 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior, and attitudinal questions about retirement income planning. 

Information for this study was gathered through online interviews conducted between February 16–March 1, 2017. A total of 1,244 Americans were interviewed. To qualify for participation in the study, respondents had to be ages 60-75 and have at least $100,000 in household assets, not including their primary residence. 

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.

Retirees and pre-retirees (ages 50-75) displayed a lack of knowledge around awareness of income in retirement, basic investment management and understanding of long-term care needs – yet those with a written retirement plan in place reported feeling more prepared to navigate the COVID-19 pandemic than their counterparts did. 

A majority of respondents are holding their financial plans steady amid the COVID-19 pandemic, yet just one in three report having a formal, written retirement plan in place. 

These findings are part of the third iteration of the Retirement Income Literacy Survey from The American College of Financial Services, testing consumers’ knowledge about retirement income concepts and focusing on the drawdown phase when Americans have limited or no ability to earn additional money through work. This year’s study expanded the scope of those surveyed to include Americans ages 50-75. 

“With a troubled economy and an acceleration of early or forced retirements, consumer understanding of retirement principles is particularly important. Yet the survey demonstrates that retirement literacy remains troublingly low,” said Steve Parrish, JD, RICP®, CLU®, ChFC®, RHU®, AEP®, Adjunct Professor of Advanced Planning and Co-Director of the Retirement Income Center at The American College of Financial Services. “Financial advisors should take heed of this situation and embrace the opportunity it provides to help Americans prepare for a successful retirement.” 

Knowledge Gap Needs to Close in Retirement Income Planning and Investment Management 

Retirement literacy in 2020 remains low overall, as was the case in The College’s 2014 and 2017 surveys, with eight in ten (81%) failing a 38-question retirement literacy quiz. In fact, the average score of the quiz was just 42%. This is further underscored by consumers’ own lack of confidence – only a third of consumers consider themselves highly knowledgeable about retirement income planning. 

Among the financial planning elements driving low scores on the quiz was consumers’ particularly low level of knowledge about preserving assets and sustaining income in retirement: 

• More than half underestimate the life expectancy of a 65-year-old man, suggesting that many do not realize how long their assets may have to last. 
• Only 32% know that $4,000 is the most they can afford to “safely” withdraw per year from a $100,000 retirement account, suggesting most do not know how to determine a prudent withdrawal rate. 
• Only 35% know that a negative single year return in a retirement portfolio has the most significant impact on long-term retirement security if it happens at the year of retirement, suggesting a fundamental lack of knowledge about investment risk in the pre-retirement and retirement period. 

“Determining how much you can spend in retirement when you don’t know how long you will live or what market returns you will experience is complicated,” said Wade Pfau, PhD, CFA, RICP®, Professor of Retirement Income, RICP® Program Director, and Co-Director of the Retirement Income Center at The American College of Financial Services. “Unfortunately the task is even harder for Americans who do not recognize how to properly evaluate these risks in the first place, and who do not understand the lasting impact of a market downturn in the early years of retirement. The survey demonstrates that these retirees don’t fully understand the consequences a bad market can have on their long-term retirement prospects.” 

Consumers also displayed a significant lack of knowledge when it comes to understanding investments, despite the fact that a majority self-report that they are at least moderately knowledgeable about investment management. 

• Just 26% understand that the value of bonds and bond funds falls as interest rates rise. 
• Just 28% know that actively managed mutual funds have higher fees than ETFs. 
• Only 18% know that B-rated corporate bonds have higher yield than AAA corporate bonds or treasury bonds. 

Long-Term Care is an Afterthought Leaving Many Unprepared 

The survey found that only three in ten (31%) have a plan in place for how to fund long-term care needs and only one in four (23%) have some sort of long-term care insurance coverage. Very worrying is the fact that most older Americans are split on whether they will even need long-term care insurance in the future: 

• Half (50%) say it is at least somewhat likely they will need long-term care services in the future. Only 8% consider it very likely that they will ever experience a long-term care need, even though the reality is that 70% will. 
• 52% of respondents have not looked into long-term care insurance at all. 
• Just 25% know that family members provide the majority of long-term care services nationally, which is concerning as 70% of respondents do not expect their family members to provide the care, highlighting a disconnect in the planning process. 

“The story coming from the data suggests that people underestimate their life expectancy – and what’s more, assume they will be healthy for the entirety of their life,” said Timi Jorgensen, Assistant Professor and Director of Financial Literacy at The American College of Financial Services. “Advisors can help with long-term care conversations, and they can work with clients to make a plan on when and how to have these crucial discussions with family about the likelihood of healthcare needs.” 

COVID-19 Preparedness: Better with a Written Plan 

Nearly four in ten (39%) consumers reported feeling highly prepared for the market downturn associated with the pandemic. Interestingly, what made a difference in consumers’ perception of preparedness for the crisis was having a formal, written retirement plan: 

• Those with a written retirement plan (47% vs. 35% of those without) or a retirement income plan (43% vs. 22%) reported feeling more prepared to deal with the market downturn. 
• Yet only one in three (33%) respondents report having a written plan. 

While many felt prepared, the pandemic has shifted the mindset of many investors. Four in ten (39%) say they now feel less comfortable taking investment risk. Only 8% say they’ve adjusted their allocations to be more conservative, but a realignment of risk tolerance is noteworthy. More than half (54%) of consumers said they are holding their financial plans steady. 

“A bottom-line conclusion from this survey is that until the plan is written, it isn’t real. And the pandemic showed that those with a real plan are in better shape to grapple with forced financial changes,” said Parrish. “We are in an environment where people are coming into retirement, sometimes faster than expected, without an approach to converting their pot of money into a stream of income, and yet they are looking at increased life expectancy, increased risk of a long-term care event, and decreased prospects of having their needs covered by Social Security and employer plans. This is a clarion call for financial advisors to help their clients increase financial literacy and, together, craft a plan for a successful retirement.”

STUDY METHODOLOGY 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior, and attitudinal questions to assess retirement literacy among individuals who are approaching or already in retirement. Information for this study was gathered through online interviews with over 1,500 Americans conducted between April 29 – May 18, 2020. To qualify for participation in the study, respondents had to be ages 50-75 and have at least $100,000 in household assets, not including their primary residence. 

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.

Yet the results reveal a staggering gap between women with an idea about retirement income options and the ones who have a formal, written retirement plan in place, which is just one in three of the women surveyed. The research also reveals nine in ten (94%) women with partners or spouses equally share or lead financial decision-making for their households, with female retirees and pre-retirees (ages 50-75) more open to financial advice than men. 

This combination of decision-making power and openness to advice indicates that women are a critical audience for financial advisors. The study shows this is a clear opportunity for financial professionals to expand their business by providing guidance to women to build financial strategies and close the planning gap. Women reported retirement income planning, guaranteed lifetime income, and health and long-term care among the greatest areas of concern. 

These findings are part of the third iteration of the Retirement Income Literacy Survey from The American College of Financial Services, testing consumers’ knowledge about retirement income concepts and focusing on the drawdown phase when Americans have limited or no ability to earn additional money through work. The 2020 study expanded the scope of those surveyed to include Americans ages 50-75. 

“There are enough things to lose sleep over, but not having a financial plan should not be one of them,” said Hilary Fiorella, Executive Director of the Center for Women in Financial Services at The American College of Financial Services. “Advisors need to understand that women may come to the table with different approaches to retirement planning, with many thinking about finances holistically and maybe more conservatively than men. Whether that conservatism is based on fear or misinformation is an ideal place to start a conversation with an advisor. While this research suggests lower retirement literacy levels than men, women also demonstrate an awareness of their knowledge level, admitting what they don’t know and prioritizing financial education and advice – the sign of an ideal client relationship.” 

Closing the Knowledge Gap: Retirement Income Planning and Finding Guaranteed Income are Key Focus Areas for Women

Retirement literacy remains low overall, with 89% of women and 72% of men receiving a failing grade on a 38-question retirement literacy quiz. The research suggests retirement income plans are less formal or not well understood for men and women alike, further underscored by consumers’ lack of confidence: 

• Only one in four women (14%) feel knowledgeable about retirement income planning. 
• Four in ten women (43%) feel less comfortable with investment risk because of the COVID-19 crisis. 
• Only 16% of women feel very knowledgeable about investment considerations for retirement planning, though self-reported knowledge seems to increase with age and assets. 
• Even fewer – 14% of women – feel knowledgeable about strategies for sustaining income in retirement. 

Yet women demonstrate they are ready and willing to build a meaningful retirement plan. Six in ten women (61%) believe good advice from a financial professional is very important to satisfactory portfolio performance, more so than men who feel the same way. 

Guaranteed income is also a major concern: seventy percent of women emphasize the value of guaranteed income sources, a total that is even higher among eight in ten (80%) Black women and Hispanic women (77%). Yet despite this perceived importance, women rate their own knowledge as low when it comes to the sources to build a guaranteed lifetime income: 

• Only two in ten (20%) women feel highly knowledgeable about Social Security. 
• Only one out of ten (10%) respondents feel educated about annuity products in retirement. 

“Women are concerned about running out of money in retirement and more than half want their advisors to educate them on strategies to protect against investment risk and on how to prudently spend each year to ensure they don’t outlive their assets,” said Timi Jorgensen, PhD, Assistant Professor and Director of Financial Literacy at The American College of Financial Services. “Women and their advisors should prioritize understanding of retirement savings vehicles and how guaranteed income fits into a retirement income strategy.” 

Long-Term Care Fraught with Concerns, Misconceptions: Gap Exists Between Care Need, Funding Plan 

Women outscored men on the understanding of who pays for long-term care, though only three in ten women (30%) correctly stated that most expenses are paid for by Medicaid, compared to just one in five men. Still, half of women express a high level of concern about the cost of healthcare in retirement, with one-third (34%) saying they worry about paying for long-term care expenses. 

Only 12% of women feel highly knowledgeable about long-term care, and the research reveals a sizable gap exists between believing long-term care is likely and having a funding plan to support it: 

• 50% of women expect to require long-term care in the future, yet fewer than three in 10 (27%) have a plan to fund a long-term care need. 
• Only one in four (27%) women claim they own any type of insurance that would cover long-term care needs. 
• Black and Hispanic women are less likely to believe they will develop a care need, even though national studies suggest Black and Hispanic women are especially likely to be caregivers, and caregiving can negatively impact their health. 

“There is a troublingly low level of self-reported and tested knowledge surrounding long-term care needs,” said Jorgensen. “Long-term care is a critical issue for this audience, and advisors can help women close the gap from theoretical to practical in terms of expected long-term care need and how it’s paid for.” 

STUDY METHODOLOGY 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior, and attitudinal questions to assess retirement literacy among individuals who are approaching or already in retirement. Information for this study was gathered through online interviews with over 1,500 Americans, including conducted between April 29 – May 18, 2020 (821 women, 688 men). To qualify for participation in the study, respondents had to be ages 50-75 and have at least $100,000 in household assets, not including their primary residence. 

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.

In the position, Slott, America’s IRA Expert, will contribute to the Retirement Income Certified Professional® (RICP®) program and support The College’s current faculty focused on retirement distribution planning. 

“Ed Slott has educated millions on the second half of retirement planning – how to best help clients distribute their hard-earned retirement savings and navigate potential tax pitfalls. He will bring decades of expertise to our faculty,” said Nichols. “Ed has the unique ability to communicate IRA complexities in common-sense language. His passion and wealth of knowledge will provide tremendous value to our students because he thinks with the end in mind – the application of knowledge to help financial professionals help their clients.” 

As president and founder of Ed Slott and Company, LLC, a leading source of timely IRA expertise and analysis to financial advisors, institutions, and consumers, Slott brings to the RICP® program practical, easy-to-understand information on IRA and retirement distribution planning. The RICP® designation is the profession’s leading retirement income credential developed by more than 45 of the nation’s top financial retirement professionals, focusing on understanding, choosing, and executing sustainable retirement income strategies for a clients’ available resources, including best practices in Social Security claiming, evaluating and addressing risks faced in retirement, planning for long-term care needs, and more. 

“I am honored to join The American College of Financial Services faculty, and I look forward to sharing my knowledge on the latest tax and retirement planning laws and strategies with even more financial professionals,” said Slott. “I have dedicated my career to educating financial professionals across the country so that they can help their clients properly and proactively prepare for the distribution phase of retirement. Through the RICP® program, I will be able to provide these highly-qualified financial professionals with the knowledge they need to confidently guide their clients through some of the most complicated retirement planning strategies.” 

As a nationally recognized IRA distribution expert, professional speaker, and best-selling author, Slott has an unmatched ability to turn advanced tax strategies into understandable, actionable and entertaining advice. He was named “The Best Source for IRA Advice” by The Wall Street Journal, and USA Today wrote, “It would be tough to find anyone who knows more about IRAs than CPA Slott.” 

Slott regularly presents on IRA and estate planning strategies at both consumer events and conferences for financial advisors, insurance professionals, CPAs and attorneys, including virtual events drawing thousands of attendees nationwide. He has provided topical keynote presentations for leading financial membership organizations, including the Financial Planning Association, National Association of Personal Financial Advisors, Estate Planning Councils and the American Institute of Certified Public Accountants, as well as leading corporate financial firms coast-to-coast. He is the creator of Ed Slott’s Elite IRA Advisor GroupSM, an organization of more than 450 of the nation’s top financial professionals who attend his ongoing continuing-education programs to maintain a mastery of advanced retirement account and tax planning laws. 

He is an accomplished author of many financial and retirement-focused books, including most recently “Ed Slott’s Retirement Decisions Guide: 2021 Edition” (IRAHelp, 2021), “Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s” (IRAHelp, 2021), and “The New Retirement Savings Time Bomb” (Penguin Random House, 2021), all scheduled for release in early 2021. 

As the go-to resource for media on timely insight on breaking news as it relates to retirement and tax planning laws and strategies, Slott is often quoted in The New York Times, The Wall Street Journal, Forbes, USA Today, Kiplinger, Investor’s Business Daily and numerous additional national magazines and financial publications. He provides a monthly Q&A column to AARP and is a contributing columnist and media resource to Financial Planning, Financial Advisor and InvestmentNews magazines. He has appeared on many national television and radio programs, including NBC, ABC, CBS, CNBC, CNN, FOX, FOX Business, NPR, Bloomberg and Morningstar. He is also the host of several public television specials, including his most recent, Retire Safe & Secure! with Ed Slott (2021). 

Slott is a past Chairman of the New York State Society of CPAs Estate Planning Committee and editor of the IRA planning section of the CPA Journal. He was named a 2020 InvestmentNews Innovator for his significant contribution to helping advisors improve client outcomes and tackle industry challenges as well as the 2020 Sidney Kess Award Winner for excellence in continuing education by the AICPA®. He is the recipient of the prestigious “Excellence in Estate Planning” and “Outstanding Service” awards presented by The Foundation for Accounting Education. He is a former board member of The Estate Planning Council of New York City and is Accredited Estate Planner (AEP) distinguished. 

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.

ABOUT ED SLOTT 

Ed Slott, CPA, is the nationally recognized IRA and retirement planning distribution expert, best-selling author and professional speaker. His upcoming books include Ed Slott’s Retirement Decisions Guide: 2021 Edition (IRAHelp, 2021), Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s (IRAHelp, 2021), and “The New Retirement Savings Time Bomb” (Penguin Random House, 2021), all scheduled for release in early 2021. He has also hosted several public television programs, including his latest, Retire Safe & Secure! with Ed Slott (2021). As an AARP columnist, Slott also writes a monthly Q&A column where he answers consumers' retirement planning questions. His company, Ed Slott and Company, LLC, is the nation's leading provider of technical IRA education for financial advisors, CPAs and attorneys. Ed Slott's Elite IRA Advisor GroupSM is comprised of nearly 450 of the nation's top financial professionals who are dedicated to the mastery of advanced retirement account and tax planning laws and strategies. Visit irahelp.com for more information and connect with Ed Slott and Company on LinkedIn, Facebook and Twitter.

As Executive Director of The College’s newest Center of Excellence, Hill will oversee the Center’s research, thought leadership, curriculum and course development, programming, and scholarships aimed at promoting economic justice for underserved communities. 

“Our exhaustive national search has come to an end and was well worth it. Karim brings a unique skillset to The College that complements our near century in financial services, having earned significant career success at some of our nation’s largest banks, representing his dedication to the industry and his ability to communicate and execute upon complex ideas to improve the lives of others,” said Nichols. “His embrace of the possibilities that could come through a collective impact approach to economic justice is what we need to start operationalizing Four Steps Forward for Black America and laying the foundation for The Center’s success.” 

The Center for Economic Empowerment and Equality’s mission is to cultivate lasting relationships between the financial services sectors and all underserved groups. Under Hill’s leadership, The Center will catalyze, convene, and promote evidence-based knowledge in partnership with the financial services industry, nonprofit organizations, government agencies, and broader corporate America to drive solutions that grow businesses and uplift communities in need. 

“I’m honored to lead the new Center for Economic Empowerment and Equality at The American College of Financial Services,” said Hill. “Joining The College in this inaugural position is an exceptional opportunity for me to take part in re-imagining how the financial services industry approaches diversity, equity, and inclusion. I look forward to developing and implementing a viable, actionable plan for sustainable, generational change that will help narrow the wealth gap and have a lasting effect on how the profession best serves an increasingly diverse nation.” 

Hill has devoted two decades of his career to the financial services industry, spending many years at some of our nation’s biggest banks, including Wells Fargo, Bank of America, Capital One, and Citizens Bank. In September 2020, he became a Board member and Interim Executive Director of BDC Capital Community Corporation, a Consumer Development Financial Institution focused on reducing the racial wealth gap in Massachusetts by deploying capital to underrepresented groups via term loans, equity investments, mezzanine loans, and financial based technical assistance. Some 80% of the capital raised has been distributed to Black business owners. 

Since 2015, Hill has led the New England Business Association as its President and Chief Executive Officer, identifying gaps and fixing processes, as well as growing the organization’s membership from 399 member companies to nearly 1,600. As Foundation Market President for northern California at Bank of America, he managed a $1.5 million philanthropic budget for the company, and in a similar role as Foundation Market President for New York State at Capital One Bank, he oversaw its philanthropic budget. 

Hill is the Co-Founder of the Black Vanguard Alliance, a former Board member for the United Way of Northern California, and is a contributor for New England Blacks in Philanthropy and the New England Board of Higher Education. He earned a Bachelor of Science degree from Ohio University and a Master of Business Administration degree from Florida International University – Chapman Graduate School of Business. He is green belt certified in Six Sigma Methodology, a quality and process improvement methodology. 

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.

Underrepresented communities have faced institutional barriers to financial security and wealth for decades, leaving a significant gap between those benefiting from the current system, and those being left behind. 

“It’s more important than ever for all generations in underserved communities to learn financial literacy principles so that they can effectively manage their money throughout their lifetime and act as ambassadors in closing the economic equality gap,” said Nichols. “That’s why we are pleased to partner with SFE&PD on this crucial program to equip our next generation with a roadmap for financial well-being at this important point in their financial journeys that will last for years to come.” 

Through the collaboration between The College, the nation’s largest accredited, nonprofit institution devoted to applied financial knowledge and education, and SFE&PD, a national non-profit leader in the financial literacy movement, the two organizations will be able to improve financial education and wellness for underserved communities by offering access to tools and support, like HBCU scholarships, mentorship and internship opportunities, access to The College’s education programs, and peer-to-peer financial literacy programs that help students build out successful career-pathways. 

“Thanks to our partnership with The American College of Financial Services, SFE&PD can expand our reach and give HBCU students access to a financial toolkit that can help them increase their economic prosperity and the communities they serve throughout their lives,” said Ted Daniels, SFE&PD Founder and President. “Collaborative partnerships like this help to level the playing field for diverse students who want to enter the field of financial services but often do not have access to information or a support system to make informed financial choices or build a career in the industry.” 

“The mission of The American College Center for Economic Empowerment and Equality is to help close the wealth gap and promote economic justice with collective, community-focused solutions that last,” said Karim Hill, Executive Director of the Center for Economic Empowerment and Equality. “Empowering underserved communities and positioning them for success requires action. With our collaboration with SFE&PD, we hope to amplify their decades-long work educating Black men and women through our strong partnerships with the nation’s leading financial services companies. We are confident this program will help develop a new pipeline of well-qualified and aspiring professionals who will innovate and lead across the industry.”

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.

ABOUT THE SOCIETY FOR FINANCIAL EDUCATION AND PROFESSIONAL DEVELOPMENT 

For more than 22 years, SFE&PD, based in the Washington, D.C. area, has served as an award-winning financial literacy and professional development nonprofit teaching financial skills to people of all ages and backgrounds with a focus on underserved communities and HBCU college students. SFE&PD is led by President and Founder Ted Daniels, a leader in the global financial literacy movement. Learn more at sfepd.org and connect with SFE&PD on social media: Facebook, Instagram, LinkedIn, Twitter, and YouTube.

IRA Success is an innovative, continuing education eligible, self-study program covering the latest retirement distribution and tax planning laws and strategies under the SECURE Act and CARES Act. It combines the expertise and clear-cut language of America’s IRA Expert Ed Slott, CPA, founder of irahelp.com and Professor of Practice at The American College of Financial Services, and his team of IRA Experts with The College’s proven results in e-learning design and delivery. 

“The College is proud to partner with industry leader Ed Slott and his team, who have educated millions on the second half of retirement planning, to offer a one-of-a-kind educational program in the financial services industry,” said Nichols. “The IRA is a valuable retirement planning vehicle full of opportunities and obstacles currently owned by one-in-three U.S. households. IRA Success offers our students massive real-world applicability and potential business-building outcomes in a growing marketplace.” 

With an emphasis on the SECURE Act and CARES Act, the 12-course program covers everything from recognizing new backdoor Roth opportunities to identifying key beneficiary categories still eligible for stretch IRA provisions. Each course comes with a video presentation, resources to use with clients and a digital course manual as an extensive reference tool. 

“The financial industry has seen sweeping legislation and policy changes in recent years that have completely changed the retirement planning landscape. Now, more than ever before, financial professionals need access to the latest information available so they can serve clients in their best interest,” said Slott. “I am proud to partner with The College to provide the training advisors need on a robust e-learning platform.” 

As a leading source of timely IRA expertise and analysis to financial advisors, institutions, and consumers, Slott and his team greatly expand The College’s knowledge offerings by providing practical, easy-to-understand information on IRA and retirement distribution planning. This program will help financial professionals prepare their clients to secure hard-earned retirement savings and navigate potential tax pitfalls. IRA Success costs $195 per course or $2,100 for the entire program. Those that enroll by April 30, 2021, will receive a signed copy of Slott’s new best-selling book, “The New Retirement Savings Time Bomb” (Penguin Random House, 2021).

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.

ABOUT ED SLOTT 

Ed Slott, CPA, is the nationally recognized IRA and retirement planning distribution expert, best-selling author and professional speaker. His latest books include “Ed Slott’s Retirement Decisions Guide: 2021 Edition” (IRAHelp, 2021), “Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s” (IRAHelp, 2021), and “The New Retirement Savings Time Bomb” (Penguin Random House, 2021). He has also hosted several public television programs, including his latest, “Retire Safe & Secure! with Ed Slott” (2021). As an AARP columnist, Slott also writes a Q&A column where he answers consumers' retirement planning questions. His company, Ed Slott and Company, LLC, is the nation's leading provider of technical IRA education for financial advisors, CPAs and attorneys. Ed Slott's Elite IRA Advisor GroupSM is comprised of nearly 450 of the nation's top financial professionals who are dedicated to the mastery of advanced retirement account and tax planning laws and strategies. Visit irahelp.com for more information and connect with Ed Slott and Company on LinkedIn, Facebook and Twitter.

Based solely on the feedback provided through an employee survey, The College has been named a Top Workplace in Philadelphia for midsized companies. 

“Being recognized as a Top Workplace is about more than just offering great benefits and vacation time. Employees want to align with a company’s vision, be challenged by a high-performance culture, and feel that they are valued and that their voices are heard,” said George Nichols III, President and CEO of The College. “Through the advocacy and ideas of our culture committee, leadership training, frequent surveys, virtual social events, and a clear mission and vision to rally around, this success is all of our success and we take pride in effecting this kind of change.” 

The Top Workplaces list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The anonymous survey uniquely measures 15 culture drivers that are critical to the success of any organization: including alignment, execution, and connection, to name a few. The College also received specific badges for certain culture drivers ranked in the top 25% of organizations in our mid-sized company benchmark surveyed in the last 12 months, including: 

• Clued-in Employees – Employees feel well-informed about the important decisions at The College 
• Trusted Leader – Employees have confidence in the leader of The College 
• Company Direction – Employees believe The College is going in the right direction 

"During this very challenging time, Top Workplaces has proven to be a beacon of light for organizations, as well as a sign of resiliency and strong business performance," said Eric Rubino, Energage CEO. "When you give your employees a voice, you come together to navigate challenges and shape your path forward. Top Workplaces draw on real-time insights into what works best for their organization, so they can make informed decisions that have a positive impact on their people and their business.” 

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.

ABOUT ENERGAGE 

Making the world a better place to work together.^TM Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 14 years of culture research and the results from 23 million employees surveyed across more than 70,000 organizations,  Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.