One of the things I learned from these families was that having a child or grandchild with special needs often comes with many challenges. Someone always needs to be available to care for them. Family vacations are infrequent. Trips to the grocery store are difficult. Going to a crowded movie theater on a Friday night isn’t ideal. And taking some “me time” is almost always an afterthought. 

And then there’s the reality that the child may not ever be able to live a fully independent life away from home. This means that those responsible for the child’s care need to put into action a plan for now, a plan for when they can no longer care for the child, and a plan for when they are no longer here with them. If you are a grandparent of a special needs child, you may wish to share this article with the child’s parents. 

The Importance of Estate Planning for Families with Special Needs Children 

Estate planning is usually not the most comfortable area of financial planning to address for many clients. You may be thinking of the complexity, the cost, the time commitment, and the emotions that come along with this planning. If you are someone who needs to plan for a child with special needs, these thoughts and feelings are even stronger, but the need to plan is even greater. The focus for you will be to establish the necessary documents to act on behalf of your child and ensure that they can live a full, quality life when you are no longer able to help them. 

You will also want to be certain that everything is in place if you become disabled. You will need to create what is called a Life Plan. 

A Life Plan helps to ensure the right people are in place to care for your child and that they have everything they need to follow your directions. It also gives you a way to efficiently leave assets to your child, while considering the need for government benefits if they cannot work to meet the “substantial gainful activity” level, as defined by the Social Security Administration. In the Life Plan you will outline the present and future personal, legal, and financial needs. 

To help you get started, below is a list of categories derived from the book Planning for the Future: Give your Child with a Disability the Gift of a Safe and Happy Life (Russell & Grant, 2010). For each of the categories we recommend listing four priorities on which you’d like to focus. These will be your stepping-stones to help you prepare a Letter of Intent when you meet with your CERTIFIED FINANCIAL PLANNER™ and your Special Needs Attorney to formalize your Life Plan. 

• Residential: If you die or go into a nursing home, where do you want your child to live? 
• Education: What is your long-term perspective of your child’s capabilities?
• Employment: What has your child enjoyed? List their goals, aspirations, limitations, etc. 
• Social/Recreational: What activities make life meaningful for your child? List sports, hobbies, etc. 
• Religion: Is there a special church, synagogue, or other holy place for fellowship? 
• Medical Care: What has worked and what has not? 
• Behavioral Management: Does your child have special behavior problems? What behavior management techniques have been effective in the past? 
• Advocate/Guardian: Who will look after your child, advocate for your child, and be a friend? 
• Trustees: Who do you trust to manage your child’s funds? 
• Other Areas of Concern: What other aspects of your child’s life are important to note? 

To learn how Modera can help you develop a comprehensive Life Plan, please reach out to your team of advisors or Contact Us at advice@moderawealth.com. 

Modera Wealth Management., LLC is an SEC registered investment adviser with places of business in Massachusetts, New Jersey, Georgia, North Carolina and Florida. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. 

For additional information about Modera, including its registration status, fees and services and/or a copy of our Form ADV Disclosure Brochure, please contact us or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov). A full description of the firm’s business operations and service offerings is contained in our Disclosure Brochure which appears as Part 2A of Form ADV. Please read the Disclosure Brochure carefully before you invest or send money. 

This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements and opinions expressed in this article are subject to change without notice based on changes in the law and other conditions.

This content and information was created by a third party and not The College. The College assumes no legal liability for the accuracy, completeness, or usefulness of any such content and information and the views expressed therein do not necessarily represent the views of The College.

Often, family members or close friends want to help you by gifting to your child or leaving an inheritance to them. Though this generosity may be appreciated, there can be unintended side effects of gifting outright to someone who has special needs. 

Outright gifts can affect your child’s eligibility for some government benefits if they are 18 or older. This is important to keep in mind because frequently an adult with special needs cannot earn enough income working to meet their own basic living expenses. Medicaid and Supplemental Security Income (SSI) are needs-based government programs designed to cover costs related to food, shelter, and medical care. 

These benefits can be valuable by alleviating some of the financial burden that falls on you as the parent. In turn, they allow you to focus your own financial planning around supporting your child with supplemental expenses not covered by these benefits, saving for your retirement or your future long-term care costs, or providing for your other children. 

Outright gifting also raises concerns about who will manage the assets that are given to the individual and how they will be protected from fraudulent attempts or creditor situations. There are planning strategies that can help with these areas. These strategies cover two categories: those gifts or inheritances that have already been completed, and future gifts and inheritances. 

Completed Gifts and Inheritances

With completed gifts and inheritances, different considerations apply depending on whether your child is a minor or an adult. If you have a minor child who has received gifts or inheritances in their name, the money might be held in a Uniform Gift to Minors Act (UGMA) account or Uniform Transfer to Minors Act (UTMA) account. Any money deposited into a UTMA is an irrevocable gift, which means, even though you’re the parent, you cannot simply transfer the assets into your own account. Instead, the strategy to consider is using these accounts to cover expenses before your child reaches the age of majority. The idea is to allow them to benefit from this money now, while it is shielded from the Medicaid and SSI asset tests. In order to qualify or to continue to qualify for these government benefits when your child reaches age 18, they typically cannot own more than $2,000 in assets. 

If your child received a larger windfall that will not be spent down in time, or if they are already close to adulthood, you may want to consider a “self-settled” special needs trust. This is a trust that is set up by a parent or grandparent where the child is the beneficiary. This trust is funded using your child’s own assets. 

An attorney can help you decide which type of self-settled special needs trust is best. There will be specific language written into the trust document that limits the use of the trust to those expenses not covered by government benefits. If there are any remaining assets in the trust after the life of the beneficiary, the money will first pay back the expenses covered by Medicaid before being disbursed to the remainder beneficiaries. 

Future Gifts and Inheritances

For those gifts or inheritances that have not yet been completed, you can plan in advance by establishing a “third party” special needs trust, where your child is the beneficiary. This trust is funded using assets that are not owned by your child. Like the self-settled trust described above, the attorney who is helping establish the third-party trust should include specific language limiting the use of the money to supplement, not replace, income provided by SSI or Medicaid. Unlike the self-settled trust, any money that remains in the trust will not be used to repay Medicaid. Other remainder beneficiaries are named to receive the leftover assets. 

The assets in both trusts will be protected against creditors should an issue arise with your child in the future. There will also be a trustee named who will oversee the money. This function protects your child if they are unable to manage their own finances or if they are susceptible to fraudulent phone or email attempts to obtain money. 

You will likely name yourself as the trustee so that you can manage the investments and make withdrawals to cover your child’s supplemental expenses. Keep in mind that any payments from the trust should be made for the benefit of your child only and should be paid directly to the service provider. 

You will also name a successor trustee to step in, if something were to happen to you. This person should be familiar with your child and have no conflicts of interest with the money. The person should be financially competent and agree to serve when the time comes. You may also want to consider a professional or corporate trustee as a co-trustee. This trustee can act as the investment manager of the assets or take over the administrative tasks surrounding the trust and help with the coordination of SSI and Medicaid benefits. 

Having a corporate trustee can provide some relief to the other trustee who may have other responsibilities to focus on. An alternative option is to name a “trust protector” who can advise the trustee on issues around investments and government benefits. The trust protector will not have any legal authority over the trust but can provide support when needed. 

Finally, the trust should be accompanied by a Letter of Intent, written by you. This is not a legal document, but it outlines, in specific detail, your wishes for your child when you pass away. This document will be helpful for your successor trustee and other family members who will be supporting your child. 

There are many complexities surrounding special needs trusts and special needs planning in general. Be sure to seek guidance from professionals who have expertise in this area. To learn more about how the advisers at Modera can help you, contact us at advice@moderawealth.com. 

Modera Wealth Management., LLC is an SEC registered investment adviser with places of business in Massachusetts, New Jersey, Georgia, North Carolina and Florida. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. 

For additional information about Modera, including its registration status, fees and services and/or a copy of our Form ADV Disclosure Brochure, please contact us or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov). A full description of the firm’s business operations and service offerings is contained in our Disclosure Brochure which appears as Part 2A of Form ADV. Please read the Disclosure Brochure carefully before you invest or send money. 

This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accountingrelated matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements and opinions expressed in this article are subject to change without notice based on changes in the law and other conditions.

This content and information was created by a third party and not The College. The College assumes no legal liability for the accuracy, completeness, or usefulness of any such content and information and the views expressed therein do not necessarily represent the views of The College.

Below I’ve outlined four main areas to focus on when assessing your tax situation. A Certified Public Accountant (CPA) or a tax adviser who is familiar with special needs planning is an important person to have on your financial team. This tax professional can help to ensure you’re taking advantage of all tax deductions that you are eligible for and that you maintain them in the future. 

Medical Expenses 

As of 2019, an itemized deduction is available for medical expenses greater than 10% of Adjusted Gross Income (AGI). For many this is a large hurdle to overcome, but for someone with costs related to a disability or special need, you may be spending double the amount of a typical taxpayer. The key is to be diligent in tracking your medical expenses, obtaining documentation of physician recommended expenses, and planning ahead with your CPA. 

Examples of deductible medical expenses are: prescription drugs, over the counter insulin and/or syringes, dental costs, psychological or psychiatric services, premiums paid for Medicare Part B, and the cost of guide dogs, wheelchairs, etc. Keep in mind that you cannot deduct expenses for non-prescribed medicines, drugs, vitamins, or health foods. 

Some medical expenses that are deductible are often overlooked. These include costs related to special schools and institutions, capital expenditures, medical conferences and seminars, nursing home expenses and long-term care costs, and medical travel and transportation. 

• Special schools and institutions: If your child attends a qualifying special school, you may deduct the entire unreimbursed cost as a medical expense. In addition to tuition, the costs can include lodging, meals, transportation, incidental education costs, supervision at the school, treatment, and training. Private tutoring expenses may also qualify. 
• Capital expenditures: If a physician recommends that a capital improvement should be made to your home for medical reasons, you may deduct the cost in excess of the increase in your home’s fair market value (FMV). If the recommendation is to remove structural barriers, the full cost may be deductible. An example is installing a lift for someone with a physical limitation. The full cost of the lift and installation may be deductible. The ongoing costs to maintain it may also be deductible in subsequent years, if a medical reason still exists. 
• Medical conferences and seminars: If your doctor recommends that you attend sessions to learn more about your dependent’s medical condition in order to assist them, the cost of attending these conferences and seminars, including transportation, is deductible. Lodging and meal costs are not. 
• Nursing home and long-term care: Expenses incurred in a nursing home or long-term care (LTC) facility are deductible if you are chronically ill or the facility is primarily for medical care. In most cases, facilities primarily provide custodial care. The medical care component specifically may be deductible if separately stated on the bill. You may also deduct a portion of the cost of LTC insurance premiums. 
• Medical travel and transportation: The cost of travel to a medical facility, not including trips to improve general health, is deductible. If you use your own personal automobile, you may deduct a certain amount based on miles traveled. Unlike for medical conferences and seminars, a portion of lodging costs for you and one other person may be deductible, if an overnight stay is required. The meals during your stay, though, are not. 

In addition to tracking expenses for a deduction, you should consider a Flexible Saving Account (FSA) to set aside pre-tax money to directly lower your taxable income. This account is used to cover medical expenses throughout the year. Keep in mind that the full account balance must be used by year end. 

Impairment Related Work Expenses (IRWEs) 

You may also deduct expenses that are necessary for you or your dependent with special needs to be able to work. Examples include attendant care services required to prepare for work or required while you work, a reader if you are blind, transportation costs, service animals, medical devices, medication, or other expenses that are necessary in order to do your work satisfactorily. This deduction is considered a business deduction and is not subject to the 10% of AGI limitation. 

Retirement Plan and IRA Distributions 

If you withdraw from a qualified retirement plan or Individual Retirement Account (IRA) before age 59 1/2, your distributions are subject to a 10% penalty. A penalty waiver may apply, if you meet the definition of disability from the Social Security Administration and are receiving Social Security Disability (SSDI). 

A penalty waiver may also apply if you have substantial medical expenses. If distributions are used for medical care, the penalty is waived on amounts less than or equal to your allowable medical expense deduction (excess of 10% of AGI). This holds true whether you are eligible to itemize your deductions or not. Before withdrawing from a retirement plan, you should speak with your CPA and financial planner to determine the best strategy. 

Refundable and Non-refundable Credits 

There are two refundable credits you may be able to take advantage of in 2019: The Earned Income Tax Credit (EITC) and the Child Tax Credit. Both are subject to income phaseouts. 

• The EITC amount depends on your earned income and the number of qualifying children you have. 
• The Child Tax Credit applies to each qualifying child, under age 17. There is also a nonrefundable credit for a qualifying dependent, such as a child over 17 years old or a parent. 

There are two non-refundable credits that may also benefit you in 2019: The Child and Dependent Care Credit and the Adoption Expense Credit. Again, both are subject to income phaseout. 

• The Child and Dependent Care Credit is designed to relieve the burden of two-earner families who incur dependent care expenses. A qualifying dependent is either under age 13, any age if the person is physically or mentally incapable of self-care and qualifies as a dependent, or a spouse who is physically or mentally incapable of caring for themselves. 
• The Adoption Expense Credit may be claimed per child. For a qualified adoption of a child under age 18, expenses related to legal fees, court costs, and other related costs may be eligible for the credit. For an adoption of a child with special needs, you may receive the full credit regardless of expenses. 

There are a few other items that are important to remember when reviewing your tax strategy. If you are elderly or blind, you may claim an additional amount for your standard deduction. If you have high investment income, such as a substantial realized capital gain, you may be subject to the Medicare Surtax. Though the threshold was increased, you may also be subject to Alternative Minimum Tax (AMT) after certain deductions are added back to your income. 

Working closely with your CPA and CERTIFIED FINANCIAL PLANNER™ can help you prepare in advance to create a tax strategy that accounts for all these factors, which may ultimately help to alleviate some of the high costs you may be incurring throughout the year. 

If you need help with tax planning for special needs, Modera advisers who specialize in this area are available to help you. To learn more, please contact us at advice@moderawealth.com. 

Modera Wealth Management., LLC is an SEC registered investment adviser with places of business in Massachusetts, New Jersey, Georgia, North Carolina and Florida. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. 

For additional information about Modera, including its registration status, fees and services and/or a copy of our Form ADV Disclosure Brochure, please contact us or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov). A full description of the firm’s business operations and service offerings is contained in our Disclosure Brochure which appears as Part 2A of Form ADV. Please read the Disclosure Brochure carefully before you invest or send money. 

This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements and opinions expressed in this article are subject to change without notice based on changes in the law and other conditions.

This content and information was created by a third party and not The College. The College assumes no legal liability for the accuracy, completeness, or usefulness of any such content and information and the views expressed therein do not necessarily represent the views of The College.

When you contribute cash, securities, or other assets to a donor-advised fund at a public charity, like NCF, Waterstone, or others, you are generally eligible to take an immediate tax deduction. Then those funds can be invested for tax-free growth and you can recommend grants to virtually any IRS-qualified public charity. 

When you give, you want your charitable donations to be as effective as possible. Donor-advised funds are the fastest-growing charitable giving vehicle in the United States because they are one of the easiest and most tax-advantageous ways to give to charity. By the way, you can give anonymously as well if you want. 

See this Scott Thomas video on "What is Donor Advised Fund?" 

Not all donor advised funds are the same. Administration costs vary, and investment options, support, and service varies a lot as well. 

For example: what if you wanted to gift real estate or business interest? Most DAFs would not offer help, but rather refer you to get an attorney and team of advisors. 

Would you like to engage an experienced chartered advisor in philanthropy and giving strategies across large spectrum of giving be helpful? Or do you know exactly what you want to do and how, and simply want an efficient portal and an 800 number to get on your way? 

Check out my other videos and subscribe to Stewardship Matters on YouTube. Or reach out to me scott@stewardshipmatters.net.

This content and information was created by a third party and not The College. The College assumes no legal liability for the accuracy, completeness, or usefulness of any such content and information and the views expressed therein do not necessarily represent the views of The College.

Did you finance your home, or did you purchase outright with cash? Leverage (loans) works best to purchase appreciating assets like houses or income producing business assets instead of paying cash. 

Do you realize that nearly all private equity and hedge funds use low cost leverage to increase investment returns? Would you like to get $3 to $1 match on your savings contributions? You can! We show you how to thoughtfully increase your retirement savings contributions! Thoughtful Advisors partners with a specialized provider for individuals or households earning $100,000 or more per year. We bring Wall Street finance ethically to Main Street USA. If you could create up to 60% - 100% more income (than you could save on your own) for retirement AND immediately improve the financial security of your family, would you want to learn how? 

What is TTFI? 

TTFI is available to individuals or as a non-qualified employee benefit. It allows clients to maximize their savings dollars with the opportunity for pension-like recurring tax-free cash flow in retirement. TTFI overcomes traditional retirement issues that limit successful savings:

1. Limits on annual contributions 
2. Large contributions are simply unmanageable for many successful earners until they reach their fifties or sixties 
3. Investment market corrections and crashes impair overall returns 

Our $3 to $1 match makes the most of your savings dollars. It creates a larger savings amount that compounds so you can make up for lost time. It provides market gains without market losses. Compounding rates of returns are more efficient with downside loss floor protection.

How It Works 

Client or employee funds five annual payments to their plan. Those payments are combined with low-cost non-recourse bank financing that adds approximately 75% more to the contributions. Low-cost overfunded life insurance policy is the sole security for the loan. Non-recourse loan means the client, employee or business does not sign loan documents and has no responsibility for the loan. Thoughtfully combining low-cost bank financing with top-rated low commission insurance companies and proprietary insurance contracts, provides a much higher probability of achieving savings goals ahead of schedule, while also protecting against the “what if’s” that happen in life. 

Bottom Line…TTFI Provides: 

• More Money - substantially more tax-advantaged income for retirement years 
• More Protection - if something happens unexpectedly to interrupt savings contributions 
• More Confidence - that your retirement cash flow survives economic downturns 

Next Steps 

Contact Gary LoDuca at Thoughtful Advisors by calling 813 251-2600 or email thinking@thoughtfuladvisors.com to learn how to improve the financial security of employees or individuals and how much tax-free income could be added to retirement cash flow using this unique non-qualified retirement plan solution.

This content and information was created by a third party and not The College. The College assumes no legal liability for the accuracy, completeness, or usefulness of any such content and information and the views expressed therein do not necessarily represent the views of The College.

Moreover, the profiles of Black and Brown difference-makers are becoming more and more known, with many standing as household names for communities of all backgrounds. 

In keeping with this wave of change, The American College of Financial Services is proud to announce our President and CEO George Nichols III has been named to Forbes’ inaugural issue of “The Culture 50 List” recognizing 50 Black and Brown champions making an impact on society through capital, creativity, and connections. 

As the State of Kentucky’s first Black insurance commissioner and the first Black president of the National Association of Insurance Commissioners, as well as the first Black president of The College, Nichols continues to use his platform and expertise to call for change in the financial services industry and sustainable, economic solutions that last through The College’s Center for Economic Empowerment and Equality. 

Nichols shares the company of other well-known public figures on the list, including star athletes Dwayne Wade and Colin Kaepernick, Hollywood producer Issa Rae, and more. Read more about George’s accomplishments in the full Culture 50 Champions listing, and get the story behind the recognition here.

College President and CEO George Nichols III spoke with Brad Smith on Yahoo Finance about The College’s efforts, including the progress of the Four Steps Forward initiative from the American College Center for Economic Empowerment and Equality® and Know Yourself, Grow Your Wealth–a new program running through HBCUs across the country.

Watch the full interview now on-demand!

The man who spoke those words, John “Jack” Bogle, founder of The Vanguard Group, and inventor of the index mutual fund, passed away on January 16, 2019, at the age of 89. 

Bogle, who served on the Board of Trustees of The American College of Financial Services from 1981-1987, revolutionized the investment industry and is among the most influential investors of the past century. 

His contributions to the financial services profession have deeply impacted the lives of investors, thought leaders, and countless families saving for their future.

Courtesy of The Institute for Fiduciary Standard via Wikimedia Commons.

With his passing, the faculty at The American College have shared some thoughts on the impact Bogle made on the profession and to them personally.

Dr. Benjamin Cummings, CFP®, Associate Professor of Behavioral Finance

"John Bogle was a visionary who saw a way to make investing more efficient by providing low-cost access to diversified investments. Then he took the risk to start a company built on that philosophy, and it worked, becoming one of the largest investment firms in the world. I made my first retirement investment in a Vanguard mutual fund when I was in college, and I’ve held Vanguard investments ever since. Thanks, John, for helping me and millions of others prepare for their financial future."

Dr. Michael Finke, CFP®, Chief Academic Officer

"The revolution in finance theory of the 1960s made it clear that individual investors needed a way to access the equity market using low cost, well diversified financial products. Bogle stuck with his vision despite adversity and created an institution that gave investors greater retirement security and a company they could trust. Bogle was a reminder that companies can do good and do well by providing consumers with the right investments and embracing transparency and quality."

Dr. Gerald Herbison, ChFC®, CASL®, CFP®, CLF®

"Assistant Professor of Management John Bogle created a way for self-directed investors to save without incurring the costs associated with full-service mutual funds. Vanguard continues to be a company that serves mass market investors in a true low-cost model, which takes discipline that most companies can’t maintain. John Bogle was a visionary."

Theodore Kurlowicz, JD, LLM, CAP®, ChFC®, CLU®, AEP®, Professor of Estate Planning and Taxation 

"The concept of low fee mutual fund investing brought participation in equity investing to the masses. And it certainly enhanced self-investing for the middle class. Accumulating for retirement is an essential step and I personally can appreciate the concept created by Mr. Bogle because of my own retirement planning."

David Littell, JD, ChFC® Professor of Taxation

"John Bogle and Vanguard made investing easy – I certainly appreciated this as a youngster looking to save for retirement. Today as I’m about to retire I certainly appreciate the advice. Contribute regularly, invest in low-cost equity-based mutual funds, don’t look at your statements, and your wealth really will add up over the years. Thanks John Bogle."

Kevin Lynch, MBA, CFP®, ChFC®, CLU®, RHU®, REBC®, CASL®, CAP®, CLF®, LUTCF, FSS, RICP®, Faculty Instructor

"My step father passed away July 24, 2018, just 38 days away from his 94th birthday. His legacy to my sisters and me, financially, included substantial holdings in mutual funds. His largest holding was his Vanguard account. My dad taught me many different things, but one of the most important lessons he taught me, he learned from John Bogle. 'Start early, save regularly, keep your costs low, and never react to market volatility.'"

Kirk Okumura, MSFS, ChFC®, Academic Director

"John Bogle may be the person single-most responsible for democratizing investing, and making investing in securities markets accessible to millions of Americans. He will forever be to me the father of indexing, providing a cost-effective alternative to active management to those of us who subscribe to some version of efficient markets. On behalf of the millions of investors impacted by his contributions to the industry: Thank you, John. You will be missed." 

Dr. Wade Pfau, CFA®, Professor of Retirement Income

"One of my career highlights was being able to award John Bogle with the Consumer Advocate Award from the Retirement Income Industry Association in 2014. Here is an excerpt from my introduction for him: As mutual funds are a dominant element of American retirement plans, the work of John Bogle to develop broadly diversified, low-cost indexed mutual funds at Vanguard has provided the tools used by millions of Americans to meet their retirement goals. John Bogle has played an instrumental role in educating the public about this, including writing one of the fundamental investor education books, his best-selling 'Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor.' John Bogle has dedicated his life and career to serving as a tireless advocate for greater ethical standards, trusteeship, and service from the financial industry. By placing the interests of clients first, John Bogle has demonstrated how to build trust and confidence in financial services. John Bogle reminds us that we are part of an industry designed to help people develop appropriate retirement income strategies by developing our specialized knowledge and skills, formulating best practices, and thinking outside the box."

Ross Riskin, CPA/PFS, CCFC Assistant Professor of Taxation 

"John Bogle truly personified the term 'vanguard.' Not only was he focused on the impact investing and investment costs have on the consumer over the long-run, he was focused on educating consumers and financial advisors, which really hits home for me given what I strive to do as an academic, and especially as I reflect on what The American College stands for. John’s book, 'The Little Book of Common Sense Investing,' has been on my bookshelf for many years as it has served as both a reminder for me of what he stood for and as a resource I have made a part of financial planning courses I have taught and currently teach. While John is no longer with us, his knowledge and wisdom will carry on and I won’t simply remember him as a pioneer in the financial services industry, but rather as an educator."

On behalf of The American College of Financial Services, we thank Jack Bogle for his contributions to The College’s Board of Trustees and the MDRT Foundation Hall. His vision will be missed, though his legacy and teachings will forever impact the financial services profession and investors alike.