This major gift, announced at the 15th annual Conference for African American Financial Professionals (CAAFP), is one of the first The College has received in support and celebration of The College’s commitment to close the racial wealth gap with lasting, collective community-focused solutions. For their leadership, Northwestern Mutual will be recognized as a Founder’s Circle donor. 

“We are tremendously grateful to Northwestern Mutual for their generous contribution which will allow us to take huge strides towards measurable impact in our collective effort to partner with underserved communities and promote economic justice,” said George Nichols III, President and CEO of The American College of Financial Services. “These critical investments our industry leaders are making will allow the Center for Economic Empowerment and Equality to collaborate with others seeking to write a new narrative in history around economic equity.” 

As part of Northwestern Mutual’s ongoing commitment to advancing diversity, equity, and inclusion, their financial support will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility, as well as educate and empower Black financial professionals as they start and grow their careers. This critical seed funding will help to expand the Center’s financial education programs for Black women, bolster the Center’s scholarship programs for HBCU and early-career financial professionals, and implement a new approach to study groups for Black financial professionals. 

“We are proud to be a partner of The American College and, through this investment in the Center for Economic Empowerment and Equality, work together to advance our common goals of addressing the racial wealth gap and accelerating the success of Black/African American financial professionals,” said Tim Gerend, executive vice president, chief distribution officer, and a member of Northwestern Mutual’s Sustained Action for Racial Equity (SARE) task force. “Northwestern Mutual has a long-standing commitment to diversity, equity and inclusion and this investment reflects our belief that, by partnering with The American College, we can leverage our efforts and achieve a greater impact in our efforts to drive financial inclusion and Black/African American prosperity.” 

In August 2021, Northwestern Mutual announced a new $100-million impact investing fund to deliver on the company's commitment to addressing inequality and the racial wealth gap in the U.S. The fund, which will direct investments to Black communities nationally and locally in the Milwaukee area, will focus on three key opportunities: physical and social infrastructure, access to capital for individuals and businesses, and healthy sustainable neighborhoods and communities. The fund is an outcome of the company's SARE task force, which launched in 2020 and focuses on making a bold, real, and long-term impact that drives equity and inclusion in Black communities.

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 NORTHWESTERN MUTUAL 

Northwestern Mutual has been helping people and businesses achieve financial security for more than 160 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With $308.8 billion in total assets, $31.1 billion in revenues, and $2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.75 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $200 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 90 on the 2021 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2021. 

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).

These major gifts, announced at the 15th annual Conference of African American Financial Professionals (CAAFP), are some of the first The College has received in support of The College’s commitment to closing the racial wealth gap with lasting collective, community-focused solutions. For its leadership, New York Life will be recognized as a Founder’s Circle donor and the New York Life Foundation will be recognized as a Partnership Circle donor to the Center. 

“The generous support of New York Life and the New York Life Foundation is a seed of opportunity to take huge strides towards measurable impact in our collective effort to promote economic justice and uplift underserved communities,” said George Nichols III, President and CEO of The American College of Financial Services. “We are tremendously grateful for these critical investments that will allow the Center for Economic Empowerment and Equality to collaborate with others seeking to write a new narrative in history around economic equity and social justice.” 

New York Life and the New York Life Foundation’s financial support will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility, as well as educate and empower Black financial professionals as they start and grow their careers. This seed funding is critical to expanding the Center’s financial education programs for Black women, bolstering the Center’s scholarship programs for HBCU and early-career financial professionals, and implementing a new approach to study groups for Black financial professionals. 

“Growing and developing a diverse and educated force of financial professionals who mirror the diversity of our communities is aligned with New York Life’s mission of providing financial security and peace of mind to our customers, “ said New York Life Chairman and Chief Executive Officer Ted Mathas. “We are proud to partner with The College to help provide access and education to financial professionals of color so that more families in America have a chance to build financial security and economic mobility.” 

New York Life’s contributions align with the company’s initiatives to close the racial wealth gap, which includes the company’s $1 billion impact investment initiative. As part of this initiative, New York Life is partnering with diverse asset managers, federally chartered community development financial institutions, and other mission-driven organizations to invest in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development. Overall, New York Life has a longstanding record of supporting organizations that support the Black community. During the last 20 years, the company has provided more than $28 million to such organizations. 

Inspired by New York Life’s tradition of service and humanity, the New York Life Foundation invests in programs that benefit young people, focused on educational enhancement and childhood bereavement support. In particular, it recognizes the systemic inequities in the educational system. Since 2014, the New York Life Foundation has dedicated over $63 million in grants and programs to support education for middle school youth students and since its founding in 1979, it has made nearly $380 million in charitable contributions to national and local nonprofit organizations. 

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.

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/2021. For methodology, please see http://fortune.com/fortune500/. 

²As reported by “Fortune 2021 World’s Most Admired Companies ranking within Insurance (Life and Health),” Fortune magazine, 2/1/2021. For methodology, please see https://fortune.com/franchise-list-page/methodology-worlds-most-admired-companies-2021/.

The research found that engagement of the Black community within the financial services industry is largely transactional – not advisory – and that Black women are less aware of the different types of relationships they can have with financial advisors and institutions, an especially concerning finding given Black women play a prominent earning and financial decision-making role in Black households and communities. 

The Trust Study, comprised of 3,500 middle-income Black women, found that they experience discrimination and difficulty accessing wealth-building tools, with ‘lack of trust’ as the second most cited reason why this group is not accessing financial services. 

These findings are part of the inaugural iteration of the Black Women, Trust, and the Financial Services Industry Study from the American College Center for Economic Empowerment and Equality (CEEE). The research sought to understand Black women’s unique financial, social, and emotional insights concerning their wealth journey, its linked impact on their families and communities, and what Black women want and need from the financial services industry to succeed financially. 

“Black women are aspiring for financial stability for themselves, but at the same time they want to use their economic power to build a better future for their families and their communities,” said Karim Hill, executive director of the Center for Economic Empowerment and Equality. “The financial services industry has an opportunity to increase awareness of what is possible for Black women and their wealth with trusted advisory services, products, professionals, and investments in advisor diversity and Black-owned financial institutions. The industry must begin providing trusted advice uniquely tailored to Black women who desire to better navigate the world we are living in.” 

Need for More Culturally Relevant Research and Analysis Essential to Uncover Opportunities for Change 

This Trust Study provides a reintroduction to Black women through their own words, in a narrative exploration with statistical significance, and explores new thinking around better serving Black women, their households, and their communities concerning their wealth wants and needs. According to this research, providing information about the questions to ask about savings, investing, and transferring wealth is an easy way to build trust and better relationships with Black women. 

The research underscored three cultural norms critical to Black women’s financial decision-making and relationships with the financial services industry. Among the emerging themes: 

Importance of trust in decision-making 

• 60% of respondents expressed difficulty in finding financial professionals or advisors who they trust 
• ‘Lack of trust’ was the second most cited reason after ‘too expensive’ for why this group is not accessing financial services 

Priority of community / family rather than a focus on ‘rugged individualism’ 

• 62.5% of respondents in higher-income households stated it was important to build wealth for the community 
• 58% believe Black institutions can provide the tools to serve their needs 

Value of interpersonal community and relationships Black women trust financial services professionals to a greater degree (~10% more) than financial services organizations – reiterating the importance of trust and personal relationships Black women (58%) are more likely to report that racial identity affects how they are treated by financial services professionals than gender 

“This research validates how our Four Steps Forward approach charts a collective pathway for impact that goes beyond the transaction, beyond savings and debt products, to deliver culturally relevant messages embedded in deep, personal advisory relationships across a Black woman’s wealth journey,” said George Nichols III, President and CEO of The American College of Financial Services. “Black women are gatekeepers of their families and communities, and many serve as the primary breadwinner and financial decision-maker of their households. The College is committed to evidence-based, data-driven indicators – like this inaugural Trust Study – that serve as an inquiry of what Black women need to succeed financially and an invitation to be part of an industry-wide solution.” 

The Trust Study highlights why a cultural lens must be used when investing in ways to accelerate the economic strength of Black women, a key customer segment that needs increased awareness and support from the financial services industry. 

Among other key takeaways from the research: 

• Emergency savings, retirement funds, and credit scores are top priorities for Black women – as well as major sources of concern 
• Racial identity is significant for Black women in both their financial decision-making and their financial services institutions
•  Black women do trust financial services, but they are more trusting of Black-owned institutions 

“The research underscores that industry engagement of the Black community is largely transactional, not advisory. What really works are long-term advisor relationships that lead to wealth creation across generations,” said Dr. Pamela Jolly, Senior Strategist, The American College of Financial Services. 

“We must identify ways to better connect Black women with advisory relationships,” Jolly continued. "That starts with establishing an understanding of who Black women are before selling to them, connecting products and services to Black women’s values, highlighting Black professionals’ role in the industry as trusted brokers, and building a diverse network of formal and informal channels to connect Black women to their desired wealth outcomes.” 

The financial services industry has an opportunity to move beyond a transactional relationship with Black women to one that provides planning with product support – not product as an insular solution. By creating greater access to applied financial knowledge and community solutions, The College strives to narrow the wealth gap and benefit society through generational financial literacy that empowers and educates. The financial services industry can complement these efforts with products and services specifically designed to help Black families create and sustain wealth-building practices. 

STUDY METHODOLOGY 

Information for this study was gathered between July and September 2021. The quantitative study of 3,500 Black women explored the central reasons for and places of Black women’s trust and distrust of the financial services industry. These findings informed a qualitative study in which The College spoke with respondents to gain deeper insights into the needs, wants, and aspirations of Black women. The median income of survey respondents was $60,000. The study goes beyond basic financial characteristics to look at the role of cultural beliefs, racial identities, and linked fate in financial decision-making. By combining quantitative and qualitative methods, the study creates a holistic picture of Black women as financial consumers and decision-makers. 

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.

Announced at the 15th annual Conference for African American Financial Professionals (CAAFP), this significant gift is one of the first The College received in support and celebration of our commitment to close the racial wealth gap with lasting, collective, community-focused solutions. For its leadership, the Pacific Life Foundation will be recognized as a Founder’s Circle donor. 

“The critical support of the Pacific Life Foundation and other industry leaders will allow the Center for Economic Empowerment and Equality to collaborate with those seeking to change our history’s narrative around economic equity,” said George Nichols III, president and CEO of The American College of Financial Services. “We are tremendously grateful to the Pacific Life Foundation for this generous investment toward measurable impact in our collective efforts to partner with underserved communities and promote economic justice.” 

This important seed grant from the Pacific Life Foundation will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility. The funding will help the Center educate and empower Black financial professionals as they start and grow their careers. The Pacific Life Foundation’s commitment will help to expand the Center’s financial education programs for Black women, bolster the Center’s scholarship programs for Historic Black Colleges and Universities (HBCUs) and early-career financial professionals, and implement a new approach to study groups for Black financial professionals. 

“Addressing the racial wealth gap and creating economic mobility starts with uplifting underserved communities and committing to lasting community-focused solutions,” said Jim Morris, chairman, president and CEO, Pacific Life and chairman of the Pacific Life Foundation. “The education and empowerment of Black financial professionals and the Black community is of paramount importance to the financial services industry’s future and growth. We’re proud to partner with the American College Center for Economic Empowerment and Equality in support of its efforts as it writes a new narrative around economic equity." 

Pacific Life and the Pacific Life Foundation are committed to ensuring an inclusive workplace and strengthening the communities where its employees live and work. The Pacific Life Foundation has a long history of focusing its giving on uplifting communities and investing in programs and organizations whose specific mission is to empower and provide stability to underrepresented individuals and families, with more than $2 million in annual funding and support toward these efforts. 

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 PACIFIC LIFE AND THE PACIFIC LIFE FOUNDATION 

For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2021 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit PacificLife.com. 

The Pacific Life Foundation (the Foundation) was established in 1984. Together with Pacific Life, the Foundation has contributed $131 million to community and national nonprofit organizations. Grants are made to organizations that address a broad spectrum of social needs. 

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.

The two executives are joined by new Board members Dr. Wallace Boston, Lt. Gen. Michelle D. Johnson (USAF-ret), Cheri Lytle, and Kristi Martin Rodriguez who collectively bring decades of financial services and leadership experience, and their expertise will support The College as a trusted source of applied financial knowledge and education. 

“I’m excited to welcome our new Board members and celebrate the developing roles of our new chair and vice chair who will continue to guide The American College of Financial Services on our mission to be a trusted voice in a world that needs it now more than ever,” says George Nichols III, President and CEO at The American College of Financial Services. “As we embark into a new year, the leadership of distinguished professionals like John and Salene will help us in our goal to provide applied financial knowledge and education to everyone who needs it. We are committed to helping the people of our nation lead lives of financial wellness, supported by financial professionals with the expertise to lead them.” 

John Howard is chairman and chief executive officer of Truist Insurance Holdings. He also serves as chief insurance officer for Truist Financial Corporation and is a member of the Truist Executive Leadership team. An alumnus of Columbia University and Duke University and a U.S. Navy veteran, his three decades of financial services experience began at Alex. Brown & Sons, followed by positions of increasing responsibility at GE Capital. He later served as president of retirement services for Conseco and, following that, president of Prudential Select Brokerage. 

Howard joined Truist predecessor BB&T in 2012 through the acquisition of Crump Group where he was president and chief executive officer. In 2007, he merged Crump with the insurance and retirement divisions of the BISYS Group, where he was president of insurance services. 

Howard currently serves as executive sponsor of the SERVE (Supporting Emergency Responders & Veterans Engagement) Business Resource Group at Truist. He is vice-chairman of The Institutes; chairman of advocacy for The Council of Insurance Agents and Brokers; and an overseer of the Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science at St. John’s University. Additionally, he is a prior chairman of the Board of Trustees of Gill St. Bernard’s School and a recipient of the Hall of Fame Award from the Tri-County Scholarship Fund. 

“It’s an honor to lead the Board of The American College of Financial Services in fulfilling its commitment to student success, providing relevant course material, and discovering new solutions for financial security,” Howard says. “The College delivers the highest quality education to the professionals entrusted with the public’s financial well-being, and I’m proud to be a part of this institution.” 

Salene Hitchcock-Gear, JD, is president of Prudential Individual Life Insurance, leading the unit offering competitive solutions to meet the needs of consumers via a diverse portfolio of life insurance products. An industry veteran with more than 30 years of experience, Hitchcock-Gear joined Prudential in 2017 as chief operating officer of Prudential Advisors, the company’s national sales organization with more than 3,000 financial professionals, advisors and fee-based financial planners who offer clients a broad range of financial solutions. She was appointed president of both businesses in 2018. Previously, Hitchcock-Gear served as president and CEO of Ameritas Investment Corp. and president and CEO of Acacia Life Insurance Company. She represents Prudential as a director on the Women Presidents’ Organization Advisory Board, serves on the Board of Trustees of The American College of Financial Services, and sits on the Life Insurance Committee of the American Council of Life Insurers. Hitchcock-Gear is an alumna of the University of Michigan and New York University School of Law, holds FINRA Series 7 and 24 securities licenses, and is a member of the New York State Bar Association. 

Dr. Wallace E. Boston was appointed President and Chief Executive Officer of American Public University System (APUS) and its parent company, American Public Education, Inc. (APEI) in July 2004. In September 2019, he retired as CEO of APEI, and he retired as APUS President in August 2020. During his tenure as president, APUS grew to over 85,000 students, 200 degree and certificate programs, and approximately 100,000 alumni. In his career prior to APEI, and APUS, Dr. Boston served as either CFO, COO, or CEO of Meridian Healthcare, Manor Healthcare, Neighborcare Pharmacies, and Sun Healthcare Group. Dr. Boston is a Certified Public Accountant, Certified Management Accountant, and Chartered Global Management Accountant. He earned an A.B. degree in History from Duke University, an MBA in Marketing and Accounting from Tulane University’s Freeman School of Business Administration, and a Doctorate in Higher Education Management from the University of Pennsylvania’s Graduate School of Education. 

Lt. Gen. Michelle D. Johnson (USAF-ret) is a transformational leader with over 30 years of success leading complex organizations on a national and global stage. Most recently, she served as senior vice president and head of referee operations for the National Basketball Association. She served with distinction in various assignments during her three decades in the U.S. Air Force and is the first woman cadet wing commander to lead the U. S. Air Force Academy as the 19th superintendent—equivalent to a college president. Before becoming superintendent, Johnson spent time as NATO’s Deputy Chief of Staff for Operations and Intelligence (2011-13) and served stints at the Pentagon as the Air Force’s Deputy Director for Information and Cyberspace Policy (2007-09) and Director of Public Affairs (2005-07). A command pilot with more than 3,600 flight hours, she was the Air Force aide to Presidents George H.W. Bush and Bill Clinton from 1992-94. She was the Air Force’s first woman cadet wing commander, first female Rhodes Scholar (1981-83) and first female inductee into the coSIDA Academic All-America Hall of Fame (2007). 

Cheri Lytle is managing director and head of practice management delivery and advisor development at J.P. Morgan Wealth Management, responsible for delivering practice management tools, resources, and training to over 5,000 advisors across the J.P. Morgan Wealth Management business. She holds a national role coaching and upskilling in business development, business management, financial planning, investments, and client relationship management and service. Previously, Lytle served as Managing Director, Head of Financial Advisor Strategy and Development at Bank of America, Merrill Lynch. A graduate of West Virginia University, Lytle brings nearly 20 years of experience in the finance industry with demonstrated success implementing high-impact initiatives, improving advisor practices and leading mass organizations and cultural changes. 

Kristi Martin Rodriguez is senior vice president of the Nationwide Retirement Institute (NRI) where she reports directly to the Nationwide Financial President and COO. She advises executive leadership to successfully expand service offerings, accelerate business growth and align strategic objectives with key organizational goals. Over her 20+ years of experience, Rodriguez has held various positions in the highly regulated healthcare and financial services industries, spending seven years with Nationwide and previously holding roles with Aetna and UnitedHealth Group. She is a graduate of Hampton University and holds a certification in Consumer Marketing from Northwestern University’s Kellogg School of Management Executive Education. 

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 attendance will also be notable guests Sallie Krawcheck, CEO and Co-Founder of Ellevest, as the keynote speaker and Lazetta Rainey Braxton, MBA, CFP®, Co-Founder and Co-CEO of 2050 Wealth Partners as the closing speaker. Attendees will honor the recipients of the inaugural Women Working in Wealth Awards, created to recognize inspirational women who strive to advance other women in financial services. Prior to the conference opening, guests will take part in a walk on Wall Street and the agenda includes two workshops focused on advancing the cause and careers of women in financial services. 

The Center for Women in Financial Services is committed to advancing women in financial services through research, education, and awareness. Part of their work to #BreaktheBias includes dismantling myths about women and providing tools and resources to women and their allies to create a more inclusive industry. 

“We’re excited to provide engaging content, thought leadership, and connection at our inaugural Women Working in Wealth Summit on International Women's Day,” says Hilary Fiorella, Executive Director of The American College Center for Women in Financial Services. “Women working in financial services face unique challenges that are easier to overcome with support from other women. The Center for Women in Financial Services is honored to continue its mission of supporting female financial professionals with access to a supportive community and educational opportunities through The American College of Financial Services.” 

The one-day, in-person event includes networking, shared professional wisdom, and a celebration to honor the recipients of the first annual Women Working in Wealth Awards. Guests will hear from female financial industry thought leaders including: 

Keynote Address – "Women Working in Wealth: How to Break the Bias" 

• Sallie Krawcheck, CEO and Co-Founder of Ellevest, a tech-first financial company, built by women for women and one of the fastest growing digital investment platforms. Before launching Ellevest, Krawcheck built a successful career on Wall Street, including roles as CEO of Merrill Lynch, Smith Barney, US Trust, Citi Private Bank, Sanford C. Bernstein and CFO for Citigroup 

Closing Speaker – "Charging Ahead with Care and Courage" 

• Lazetta Rainey Braxton, MBA, CFP®, Co-Founder and Co-CEO of 2050 Wealth Partners, social entrepreneur, and nationally recognized financial expert. Rainey Braxton is passionate about amplifying diversity, inclusion, equality and belonging in FinServ 

Workshop Speaker 

• Stacy Francis, CFP®, CDFA®, CES™, President and CEO of Francis Financial, a fee-only boutique wealth management, financial planning and divorce financial planning firm dedicated to providing ongoing comprehensive advice for successful individuals, couples, and women in transition such as divorce or widowhood 

Event registration closes on March 1, 2022, or until our limited quantity runs out.

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.

This significant gift will serve as the foundation for the Center for Economic Empowerment and Equality’s new programs to recruit and train Black advisors. For its leadership, Securian Financial will be recognized as a Lead Funding Sponsor of the Center. 

“The American College of Financial Services is grateful for the financial commitment from Securian Financial, which will allow the Center for Economic Empowerment and Equality to build upon existing programs and create new resources to recruit and retain more Black financial professionals,” said George Nichols III, president and CEO of The American College of Financial Services. “The critical support of Securian Financial and other industry leaders, with a strong commitment to close the racial wealth gap with lasting, collective community-focused solutions, allows us to collaborate with those seeking to change our history’s narrative around economic equity.”

Securian Financial’s important commitment will help with the expansion of the Center’s Four Steps Forward initiative, including expanding a scholarship program to prepare more Black Americans for careers in financial services and the implementation of a new approach to study group and mentorship programs to recruit, train, and retain more Black financial professionals. 

“Securian Financial is committed to diversifying our company and the industries in which we do business, and this initiative will further our efforts,” said Dexter Davis, Securian Financial chief diversity officer and second vice president for talent development. “The financial advisor profession is not currently reflective of America, especially with Black Americans. Recruiting and developing more Black financial advisors will better the industry and society as a whole—bringing more people currently underrepresented and underserved into this important market.” 

Securian Financial has been a long-time sponsor of the Conference of African American Financial Professionals (CAAFP), and through their commitment they have renewed their sponsorship through 2026 and will support the build out of the CAAFP Community Network. The CAAFP is the largest conference of African American financial professionals, and will hold its 16th annual conference in Washington, D.C. from August 8-10, 2022. 

“The investments made by Securian go beyond financial. The company’s commitment includes important thought leadership that will amplify the impact of the Center’s recruiting and training programs,” says Steve Grourke, CAP®, CFRE, Vice President of Advancement and Alumni Relations at The American College of Financial Services. “The College and Securian Financial worked collaboratively to construct our relationship to ensure our efforts will have a tangible and lasting impact on Black financial professionals and Black communities across the country.” 

Since launching the Center for Economic Empowerment and Equality in August 2020, over $10.5 million in corporate, foundation, and individual commitments have been made to support Four Steps Forward—the Center’s signature initiative to promote upward mobility and wealth building in Black communities. This funding has helped build the Center’s capacity and launch important programs, including: 

• Black Women, Trust, and the Financial Services Industry Study – The Center’s first research project focused on a critical community—Black women. The study paints a holistic picture of Black women’s perception of financial services and money, their wants, needs, and their role in the household and the community. 
• Know Yourself, Grow Your Wealth – A first-of-its-kind financial education program from The College delivered to the HBCU community. 
• Black Executive Leadership Program – An executive-level cohort program designed for the financial services industry, to cultivate and empower Black leaders and executive sponsors in financial services.

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 SECURIAN FINANCIAL 

At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most. Headquartered in St. Paul, Minn., Securian Financial is a Fortune 500 company¹ and one of the nation’s largest life insurers. Securian Financial Services, a subsidiary of Securian Financial, is a broker-dealer and registered investment advisory firm offering a full range of financial services through a network of independent, locally owned firms and 1,100 affiliated financial professionals. 

¹2021 Fortune 500 Companies List, June 2021. Based on 2020 total reported GAAP revenue. The rankings are limited to publicly traded companies, farmer-owned cooperatives and mutual insurers headquartered in the United States. 

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Securities and investment advisory services offered through Securian Financial Services, Inc., member FINRA/SIPC

According to consumers, it is the most popular service they seek from a financial advisor, and seven in 10 (71.2%) independent advisors desire to advance their specialized knowledge in the many complexities facing the growing retiree market. This alignment speaks to a need not yet met, which is not altogether surprising given the limited coverage of retirement income planning in comprehensive financial planning education. 

The demand among independent advisors for advanced education through a professional designation aligns with the strong consumer preference for “evidence of knowledge or certifications” when seeking the services of a professional advisor. The research substantiates consumers are overwhelmingly seeking guidance with retirement planning more than any other area. These findings come from two studies – The College’s 2022 RIA Growth and Specialized Knowledge Survey comprised of nearly 400 independent or hybrid advisors at Registered Investment Advisor (RIA) firms and the Granum Center for Financial Security’s 2022 Consumer Survey made up of over 1,150 consumers. 

“Continuous learning is critical to the growth and success of investment advisors whose value is more linked to integrated planning services than active security selection.” said Michael Finke, PhD, CFP®, professor of Wealth Management and director for the O. Alfred Granum Center for Financial Security at The American College of Financial Services. “Looking at the data, we see a clear need for further education and specialized knowledge in retirement income planning – it is what consumers want, and it is what advisors in the RIA community think is valuable.” 

A significant advantage of specialized planning education is that it helps independent advisors position themselves to cater to the unique needs of their clients and deal with more complex cases one is likely to encounter with high-net-worth clients. Designations such as the Retirement Income Certified Professional (RICP®) from The College help foster the unique skillsets needed to guide clients through the financial challenges of preparing for and living in retirement. 

Key takeaways from the 2022 RIA Growth and Specialized Knowledge Survey show: 

• Nearly three in five (58.5%) independent advisors at RIAs strongly agree that increased knowledge obtained by pursuing a financial services designation has helped advance their career 
• Professional designations programs (66.6%) are among the most-preferred education formats for applied specialized knowledge 
• Retirement income planning is the area independent advisors most want to grow in advanced expertise, followed closely by issues facing a similar clientele like estate planning and advanced tax planning, and topics such as investment and wealth management 
• Nearly eight in 10 (79.4%) independent advisors surveyed agree they would not have been prepared to provide integrated services without the increased knowledge obtained through pursuing a financial services designation 

Among the findings from the Granum Center for Financial Security’s 2022 Consumer Survey: 

• 27.1% of consumers listed knowledge as the most important attribute when looking for a financial advisor, and half (49.2%) cited knowledge as a top-three desired characteristics in an advisor 
• Three out of 10 consumers (31.3%) chose “understanding how much I can safely spend in retirement” as the number one service they seek from a financial advisor 
• Retirement income planning was the most popular desired service among older and younger consumers alike, and was equally popular among men and women 

“Compared to short-form training such as micro-credentialling and premium continuing education modules, more than twice as many independent advisors listed professional designations as a preferred education format,” Finke added. “The demand for advanced education through a professional designation among advisors aligns with the strong consumer preference for ‘evidence of knowledge or certifications’ when seeking the services of a professional advisor.” 

Specialized planning creates better results for clients by helping to ensure all components of their financial lives work together. Additional comprehensive benefits of specialized knowledge for emerging RIAs include easier recruiting, faster growth, greater sustainability, diverse fee structure options, and the ability to take on more lucrative clients. It also allows for businesses to be less susceptible to challenging market conditions because clients will always need specialized fee-for-service guidance. 

The American College of Financial Services is committed to offering quality applied knowledge and education in all planning areas across the industry through our education programs and Centers of Excellence to better serve consumers and the advisors who guide them towards financial success.

2022 RIA Growth and Specialized Knowledge Survey Methodology 

The American College of Financial Services conducted a national online flash survey of nearly 400 independent advisors conducted between May 11 – May 18, 2022. Results from the survey provide insight into what growing RIAs need to build momentum and grow their assets under management (AUM), maximize profitability in an environment dominated by large firms and accelerate their long-term profitability and sustainability. 

Granum Center for Financial Security’s 2022 Consumer Survey Methodology

The American College O. Alfred Granum Center for Financial Security in collaboration with faculty from the American College Cary M. Maguire Center for Ethics in Financial Services and the American College Center for Women in Financial Services conducted a national online survey of 1,157 individuals with investible financial assets of at least $25,000. Results from the survey provide insight into the changing landscape of consumer demand for financial advice. 

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.

The research reveals opportunities for financial companies to better connect with and grow trust with consumers by understanding their beliefs and behaviors as these insights can help companies to close gaps in trust and better position themselves for long-term relationships. 

These findings are part of the inaugural Trust in Financial Services Study conducted by the American College Cary M. Maguire Center for Ethics in Financial Services, the only ethics center within an academic institution focusing exclusively on the financial services industry. The study surveyed more than 1,500 U.S. consumers ages 18 and older, with a nationally representative sample based on age, gender, census region, highest level of education achieved, and race/ethnicity. 

“Our Center promotes ethical behavior by offering research and programs that go beyond the rules of market conduct to help individuals and companies be more sensitive to ethical issues and think more critically about solutions for the benefit of society,” said Azish Filabi, executive director of the Center for Ethics in Financial Services and associate professor of ethics at The American College of Financial Services. “We want to be known as the go-to resource on trust, and this research supports our mission to raise the level of ethical behavior in the financial services industry.” 

Simplicity and Ease of Use – Not Knowledge – Wins the Day for Consumers 

The study found three in five (60%) consumers prefer products and services that are easy to understand and use. In fact, consumers’ preference for simplicity outweighed other factors when deciding to use a financial company, including fees associated with the product/services (58%), the level of risk (57%) or guarantees offered by the company (50%). 

Consumers want financial professionals who are upfront, one of the top ten reasons to trust a financial company. A somewhat counterintuitive insight: while the general belief is that consumers are seeking knowledge and skills in a financial professional, they seek simplicity first and foremost. It takes knowledge and skill to simplify complex ideas, yet, from the consumer’s perspective, it’s possible that complexity signals distrust while simplicity – if it’s transparent and truthful – can be an attractive proposition. 

More Trusting of Companies Whose Values Align with Their Own, but Consumers are Willing to Make Tradeoffs 

Nearly seven in 10 (67%) consumers cited “a company’s values are aligned with mine” as a reason for trusting. Understanding consumers’ values can help financial companies connect with and build trust with consumers. 

There is a spectrum of values that influence consumers using a given company (honesty/transparency, customer service, community involvement, treatment of employees, contributions to social justice and diversity as well as practical considerations and fair treatment for all people). Yet consumers must often balance practical considerations with their values when choosing which companies to use, and are willing to make tradeoffs due to: 

• Price 
• Convenience 
• Lack of choice 

“Consumers are cognizant of tradeoffs they must make between ‘practical considerations’ and a company’s alignment with their values,” said Domarina Oshana, PhD, Director of Research and Operations at The American College Center for Ethics in Financial Services. “Sometimes short-term budgetary constraints or maintaining longer-term financial goals take precedence. Much like the scenario that plays out with utility companies, it can be difficult for some consumers to completely steer clear of companies that don’t align with their values, as they may not be able to find the product or service otherwise. Yet, one deal breaker for consumers seems to be instances where they see a company treating people unfairly.” 

Demographics of Trust Index™ Reveals Opportunities for Trust Building 

The financial industry continues to think about how to manage the changing landscape of U.S. demographics. Companies can stand out as trustworthy by better understanding the unique groups they serve. According to the Demographics of Trust Index™: 

• As household income increases, so does trust in all service industries 
• Millennials have the highest levels of trust in all types of financial companies (and higher levels of trust across all service industries compared to other generations) 
• Gen-Z and Boomers+ consumers have lower trust than others in many types of financial companies 
• Consumers of color have higher levels of trust in national banks, online-only banks, and investment app companies compared to White consumers, but similar levels of trust in financial services overall 
• Female consumers have similar levels of trust as male consumers 
• Overall, consumers with low trust in financial services tend to be both older and younger (Gen-Z and Boomers+), female, and less educated and have lower household incomes 
• Low trust consumers tend to trust local institutions 

STUDY METHODOLOGY 

The research methodology for the study included a consumer survey as well as focus groups and in-depth interviews to assess consumer perceptions of trust. Respondents for the consumer survey were asked a number of questions about their beliefs and behaviors to measure trust in financial services. Information for the consumer survey was gathered through an online panel, designed and deployed by an external research partner to The College, with over 1,500 Americans conducted between May 12-June 2, 2021. To qualify for participation in the study, respondents had to be aged 18 and older and live in the US. Two focus groups and five in-depth interviews of consumers aged 18 and older in the U.S. were also conducted to dive deeper into the themes uncovered in the survey and provide context for the quantitative data from the survey. 

The Demographics of Trust Index™ was derived from the consumer survey to track and trend demographics of trust in financial services over time. It is a reliable and valid composite measure summarizing multiple statements in the survey that represent beliefs about trust on privacy and data security, financial integrity, guidance/decision-making, community support, and innovation. Consumers were asked to rate how much they agree with each statement on a 7-point scale (where a 1 means “Strongly Disagree” and a 7 means “Strongly Agree”). Consumers were only asked to rate the types of financial companies they use or are familiar with. The agreement ratings were then converted to a 0-100 scale and averaged to form the index value. 

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.

The findings are part of the Advisors’ Perceptions of Success Survey conducted by the American College Center for Women in Financial Services, exploring the traits and characteristics of successful financial advisors – including the challenges they face, and strengths that led to success – to better understand the current state of advisor performance. 

The study invited participating advisors to evaluate their success on a seven-point self-scoring scale – defining a continuum from low to highly successful – and asked whether advisors were meeting their business objectives to establish a means to adequately gauge levels of achievement. 

Link between meeting business objectives and more success 

One of the most striking findings from the research report is that meeting business and growth objectives closely correlates with being successful. In fact, only 28.4% of respondents who were not meeting objectives defined themselves as successful, while 90% of those meeting objectives were defined as successful. According to one successful female advisor, in an open-ended response: “You get out of this career what you put into this career. It’s your business. Own the success or failure.” 

“Showcasing success attributes of current female practitioners can help attract more women to the business and aid them in achieving their short- and long-term career goals,” said Hilary Fiorella, executive director of the Center for Women in Financial Services. “Through this research, we sought to understand what drives advisors’ success, as it can provide valuable guidance to women (and men) considering this profession. The findings can arm firms with the insights and tools to better support the underrepresented female advisor group by understanding what success looks like as well as the unique challenges they face.” 

Nearly eight in 10 of respondents who indicated they were not meeting their objectives elaborated on why in a follow-up question. Responses revealed business development (31%), the Covid-19 pandemic (17%) and systemization (16%) as the top themes for not meeting business objectives. 

Nuances of success factors across genders 

Interestingly, while there is a consensus among advisors at all levels on the prerequisites of success as earning trust and working hard, female respondents were more apt to credit some portion of their success to others (e.g., ability to communicate and external support received) than were men. Conversely, men emphasized individual effort more than women. Among the other findings: 

• Women were more likely than men to identify interpersonal professional relationships and experiences as foundational to their career success and credited tools such as mentoring, team structure, work/life balance, and home office resources as important contributors to their success 
• Men, on the other hand, more frequently referenced relationships as a reinforcement to their already-established sense of success rather than as a contributing factor to it 

Challenges to success 

When asked to identify the greatest challenges that could limit their ability to succeed as an advisor, respondents most frequently cited “finding new clients” (46.3%) and “hiring qualified staff” (42.6%). Male advisors slightly outpaced their female counterparts (52.8% vs. 41.8%) in terms of desire/need to find new clients, but beyond client acquisition, challenges to success tracked relatively closely by gender: 

• Increasing productivity (females: 38%; males: 34%) 
• Keeping next-gen clients (females: 31%; males: 30%) 
• Doing more with current clients (females: 23%; males: 27%) 

For more successful respondents, the most frequently cited difficulties did not vary by gender, led by hiring qualified staff (females: 53%; males: 48%), acquiring new clients (females: 38%; males: 47%) and increasing productivity (females: 37%; males: 35%). 

Meanwhile, for less successful advisors, finding new clients was the most frequently cited challenge for both genders, though males reported this at a greater rate (females: 51.2%; males: 65.9%). 

Support and resources desired 

The survey also asked what support/resources would be most useful to advisors at this stage in their careers. Just as client acquisition was one of the top challenges identified by survey respondents, a majority said finding new clients was also first on the list of areas in which advisors want more help. Nearly six in 10 (58%) advisors cited access to high-net-worth clients as the most useful support they could receive. 

Breaking this down further among female advisors: 

• Half (50%) of female respondents reported access to high-net-worth clients as an area of needed support, chosen more than any other response 
• Additional formal education or credentialing (43%) and technology (40%) rounded out the top three areas where support is desired among female advisors 
• Study groups (37%) and mentoring (37%) rounded out the top sought after resources 

Among women identifying as less successful advisors, more than half (52%) cited mentoring and study group opportunities when asked what support/resources they desired, showcasing the importance of knowledge sharing and support to enable growth and success. 

“These insights highlight an opportunity for the industry to deliver the necessary resources, guidance and support advisors need to succeed,” said Kaylee Ranck, research director of the Center for Women in Financial Services. “The financial services industry has room for continued growth and expansion of professional development programs such as specialized knowledge, mentorship and study groups – primarily for female advisors – to support their individual needs on the path to success.” 

STUDY METHODOLOGY 

The research methodology for the Advisors’ Perceptions of Success study included a survey to assess financial advisors’ self-identified success, contributing factors to their success, and challenges faced. Respondents were asked several questions about their business models, education attainment, specializations, and personal attributes as financial advisors. Respondents answered opened ended questions adding qualitative responses supplementing the quantitative data. Information for the financial advisor success survey was gathered through an online survey tool, designed with an external research partner, with over 800 financial advisors between October and November 2021. Participants in survey were currently employed financial advisors or agents within the U.S. 

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.