Steven L. Meyer, PhD, author of Personalized Philanthropy: Crash the Fundraising Matrix, recently sat down with Chartered Advisor in Philanthropy® (CAP®) Program Director and Assistant Professor of Philanthropy Jennifer Lehman PhD, JD, CFP®, CAP® to discuss his thoughts on charitable giving and how advisors can deviate from standard ways of thinking to achieve better outcomes.

Escaping the Matrix

Lehman begins her conversation with Meyers by asking him about his inspiration for writing Personalized Philanthropy: Crash the Fundraising Matrix. Meyers responds by saying, “I wanted to share these incredible stories that I had picked up…and the experiences, and along the way I felt that I had kind of redefined the way that I was thinking about philanthropy and fundraising.”

Meyers then goes on to explain his process for writing the book, stating that one of his first challenges was what he would name it. Meyers cites inspiration from the movie The Matrix, stating, “The book and the movie are both about this process…of waking up and…gaining your superpowers as you find your voice, and you find these strategies that will work for you and allow you to thrive in an environment where a lot of people have very difficult times.”

Killer Apps

As their conversation continues, Lehman asks Meyers about his “killer apps.” These personalized plans, according to Meyers, empower all donors to qualify as “major donors,” with far greater impact than they may initially envision.

In reference to the “killer apps,” Meyers states, “Instead of…viewing donors as having just a transactional capacity, you think about them in terms of their total lifetime value.”

Meyers offers his idea of the “philanthropic mortgage” as the best means of visualizing this concept. As he explains, “When you buy a house, you don't have to wait till it's completely fully paid for. You start living there and enjoying the benefit of your house right away. So why can't we think about a gift in that same way, or an endowment in particular?”

When discussing step-up gifts, another of Meyers’ “killer apps,” Lehman points out this option may be favorable to younger donors, stating, “That could work really well for a young professional: somebody early in their career, and it gets that philanthropic mindset going where they are giving a little each year – and then, whether it's every year or every few years, they step it up a little bit.”

Meyers supports this point, sharing a personal anecdote of a young donor being able to see the fruits of his gift realized by giving through a step-up gift plan. Meyers touts this as one of the top benefits of step-up gifts.

Thinking Creatively

After discussing several of these unconventional ideas with Meyers, Lehman points out the importance of thinking creatively in philanthropic giving. She asserts that by approaching donors and expecting them to have cash assets at the point in time the gift is planned, many potential donors can be eliminated from the pool as compared to the amount of donors that may be able to provide gifts through alternative methods, such as virtual endowments and non-cash assets.

Lehman goes on to discuss more creative methods of planning charitable gifts and the concepts behind them. To learn more about these methods of planned giving, the full discussion can be viewed in Knowledge Hub.

More From The College

• Gain philanthropic and legacy planning knowledge with our CAP® Program
• Learn about the American College Center for Philanthropy and Social Impact
   

This Financial Planning article highlights Filabi’s presentation on the ethical concerns of AI in financial services. The concerns include transparency, data privacy, racial bias, and over-reliance on AI-driven tools. Filabi emphasized the importance of human oversight, long-term thinking, and the need for regulatory accountability in AI use. She also discussed how historical biases in data, such as big data used as inputs into AI-enabled underwriting, can lead to unfair discrimination, an issue already being addressed by some state regulators and the NAIC through testing and risk management frameworks.  

More from The College

Read on to discover additional insights on Filabi’s presentation!

To learn more about AI in financial services, you can explore further with research from the Center for Ethics in Financial Services.
 

This panel discussion, led by Kevin Crawford of Northwestern Mutual, highlighted AI’s current impact, its future potential, and the ethical implications tied to its adoption.

Filabi emphasized the importance of managing AI systems ethically and transparently. Drawing from her policy background, she raised concerns about the potential for AI to reinforce faulty data or human biases, warning without proper oversight, AI could lead to significant harm. Filabi illustrated this by questioning the fairness of using AI for underwriting that relies on private data from individuals without their consent, stressing the misuse of AI in such ways could have severe consequences. While recognizing AI’s potential to improve fairness and efficiency, she noted these benefits can only be realized through ethical management.

Ethical Concerns Surrounding AI

Filabi also discussed the potential of generative AI to enhance financial education, particularly for underserved populations, by increasing access to critical knowledge and fostering trust in the financial industry. However, she warned this opportunity comes with ethical responsibilities, as AI systems must be competent and transparent, and misinformation or misuse of personal data could erode trust. Bennetts responded there’s a challenge to maintaining privacy in an era where AI systems often access personal data without user awareness. He expressed concern people have become complacent with these invasions of privacy, accepting them as part of daily life. Bennetts also noted while AI has the potential to serve as an equalizer, it may also deepen inequality if access to technology remains uneven, particularly for those without the resources to understand or use AI effectively.

The Path Forward: Ethical Management of AI

Ludwig echoed these concerns, emphasizing the need for AI literacy. He highlighted professionals and consumers alike must understand how AI operates and where their data is being used. Ludwig pointed out AI's growing complexity could create a divide between those who master the technology and those left behind, reinforcing the need for clear, accessible education on AI systems.

Filabi turned the conversation to regulatory developments, noting states like Colorado have taken first steps with comprehensive AI laws aimed at protecting consumers and ensuring fairness in AI-driven decisions. She stressed the importance of setting clear standards on data quality and transparency to help regulate AI’s impact on financial services.

In her final remarks, Filabi emphasized professionals must remain accountable for their use of AI, even in the absence of robust regulation. While AI holds great promise for advancing fairness and efficiency, its success depends on responsible, transparent management. The panel concluded with the consensus that AI, while a powerful tool, must be approached thoughtfully to ensure that its implementation in financial services serves the greater good and enhances trust in the industry.

More from The College

• To learn more about AI in financial services, you can explore further with research from the Center for Ethics in Financial Services.
• Learn More About Our Center for Military and Veterans Affairs
• Read Our 2024 Military Summit Recap

The 2024 FinServe Summit opened with a presentation from Jared Trexler, chief marketing and strategy officer, to the 13 ambassadors present – including several new members. Trexler covered the latest developments and initiatives from The College, from upcoming events like the Horizons 2025 conference to new programming like the Tax Planning Certified Professional™ (TPCP™) Program, and more.

Following Trexler’s presentation, Senior Vice President of Advancement and Alumni Relations Carol Parlin Prushan discussed philanthropic giving and some of the advancement and alumni relations team’s ongoing work to engage The College’s students and alumni.

“We’re like the filter for our clients,” said Ande Frazier, CFP®, CLU®, ChFC®, RICP®, BFA™, ChSNC®, CDFA®, CEPA, CExP, one of 2024’s new recruits to the FinServe Network. “We need to get them information that is true, real, and important to them – and which reflects their values.”

Ambassadors present at the 2024 Summit came from across the country, including such locations as Alaska and Puerto Rico.

Practice Management and Personal Growth

The first day of the Summit ended with special guest Marc Butler, an author, entrepreneur, and financial advisor, speaking to the ambassadors about how to organically grow an advisory practice, as well as the obstacles independent wealth management firms face in technology, talent acquisition, business development, leadership, and operations.

“Many businesses and professionals have ideas, but many don’t have a strategic plan,” Butler said. “Having that plan is critical because that’s what really brings a team together.”

“Many businesses and professionals have ideas, but many don’t have a strategic plan. Having that plan is critical because that’s what really brings a team together.”

—Marc Butler

Butler also discussed potential uses of artificial intelligence (AI) systems to reduce demands on advisors’ time, as well as the importance of a practice’s vision, mission, and core values as a value proposition to clients – especially in the critical focus area of retirement planning.

Strengthening the Foundations of Financial Services

In keeping with tradition, the second day of the FinServe Summit began with an early morning conversation over coffee and breakfast with George Nichols III, CAP®, College president and CEO.

In his talk with the ambassadors, Nichols highlighted the differences between the financial services “industry” and “profession,” including the duty of financial professionals to benefit society as well as influence the direction of the industry for the better. He especially called attention to the subject of recruitment and retention in the field, saying The College is dedicated to addressing both areas, but that in some cases, retention has become the more pressing concern.

“The fact is 72% of people who start in this business leave after only a few years,” Nichols said, citing research from Cerulli. “A lot of the time we focus on the diversity of the industry and bringing more people of color, women, and others on board – but if we don’t fix this retention problem, we’re still failing them, and we’re failing white men, too.”

After the conversation with The College president, members of The College’s marketing and communications team led a workshop on social media usage and content creation for the ambassadors. They were welcomed into brainstorming sessions for future College content and various video clips and segments to use in their own personal branding and for The College’s marketing efforts.

“72% of people who start in this business leave after only a few years…if we don’t fix this retention problem, we’re still failing [diverse professionals], and we’re failing white men, too.”

—George Nichols III, CAP®

Further activities included individual interviews with new ambassadors, as well as group panel discussions on some of The College’s most important areas of focus: financial products and planning strategies for retirement; philanthropy and donor-advised funds (DAFs) for giving; tax and small business planning; and the future of specialized knowledge in the financial services industry. Associate Professor of Business Planning Sophia Duffy, JD, CPA, AEP® and ThinkAdvisor senior reporter John Manganaro joined President Nichols in hosting those panel discussions.

After the individual and group sessions were concluded, Trexler reconvened the ambassadors for a final thank-you and farewell.

“We’re incredibly lucky to have you all on our team,” he said. “You are the people who will help carry our mission forward.”

More From The College

• Learn more about the FinServe Network
• Meet the New FinServe Network Ambassadors
   

In their recent paper, “Assessing Retirement Income Literacy of Consumers and Financial Advisors: What Is the Value of Financial Professional Designations?,” Eric Ludwig, PhD, Certified Financial Planner® (CFP®) and Chet Bennetts CFP, Chartered Financial Consultant® (ChFC®), Chartered Life Underwriter® (CLU®), Retirement Income Certified Professional® (RICP®), analyze the results of The College’s recent Retirement Income Literacy Study (RILS) and the impact professional designations have on financial advisors’ retirement income literacy.

Why Does Retirement Income Literacy Matter?

Ludwig and Bennetts begin their argument by explaining the need for retirement income literacy, both among Americans in general and specifically among financial advisors. They point to a shift in responsibilities, as individuals are shouldering a greater burden for planning their retirement than they have in past generations. This trend suggests that individuals who wish to retire comfortably and attain all their financial goals will need either some level of retirement income literacy themselves or advice from someone else with significant retirement income literacy.

As for financial advisors, their field covers a variety of topics. According to Ludwig and Bennetts, “Each of these areas requires specialized knowledge, similar to other professions where expertise is essential to effective practice. However, unlike fields such as medicine or law, where specific credentials are mandatory, the financial planning industry allows for more variability in professional qualifications. This situation raises important questions about the role of voluntary credentials in signaling expertise and their relationship to actual competence in critical areas such as retirement income planning.”

"...unlike fields such as medicine or law, where specific credentials are mandatory, the financial planning industry allows for more variability in professional qualifications. This situation raises important questions about the role of voluntary credentials in signaling expertise and their relationship to actual competence in critical areas such as retirement income planning.”

Ludwig and Bennetts draw upon two theoretical perspectives to formulate a hypothesis regarding the importance of designations among financial advisors. The first is Signaling Theory, which, in the context of financial planning, suggests that advisors can set themselves apart from competitors through professional designations. Ludwig and Bennets state, “designations serve as signals of an advisor's competence and commitment to their field.”

The other theory the duo draws upon is known as the Human Capital Theory. This theory contends, “that individuals can increase their productivity and earnings through investments in education, training, and other forms of knowledge acquisition.” By pairing these two theories together, Ludwig and Bennetts propose that designations not only signal a higher level of competency, they “correlate with actual increases in relevant knowledge and competence.”

Analyzing Trends

To support this assertion, Ludwig and Bennetts turn to the RILS for more information. “[The Retirement Income Literacy Scale] used in this survey consists of 38 questions covering 11 domains of retirement income planning. These domains include life expectancy, Social Security, life insurance, annuities, taxes, inflation, housing, Medicare, long-term care, investments, and retirement plans.”

In analyzing these results, several trends emerge. Consistently, Americans have answered correctly on 31% of responses. However, several demographics tend to affect these scores:

• Men tend to score higher than women
• Individuals with higher net worth tend to score higher than individuals with a lower net worth
• Individuals who work with a financial advisor tend to score higher than those who do not

As Ludwig and Bennetts suggest, “both individual characteristics and professional financial guidance may play a role in retirement income literacy.”

Financial professionals who participated in the study were found to score well. As Ludwig and Bennetts analyze the data, they also point out that, “Those with professional designations scored notably higher (87%) compared to those without designations (78%).” This marked difference between advisors with professional designations and advisors without professional designations indicates a statistically significant positive impact of professional designations, even among individuals who score several times better than the average American.
As they continue their analysis of the findings, Ludwig and Bennetts review the impact of multiple designations on a financial professional’s retirement income literacy. According to their findings, multiple designations do correlate to increased retirement income literacy, dropping off in statistical significance at the fourth designation.

As for specific designations, four emerged as significant predictors of increased RILS scores, including the CFP®, RICP®, ChFC®, and CLU®.

Based on these findings, Ludwig and Bennetts assert that, “Financial advisors with designations … demonstrated substantially higher retirement income literacy compared to those without designations.”

Impact

For financial advisors, these results point towards the importance of pursuing professional designations. These designations not only suggest increased competency to potential clients, they act as real indicators of increased competency.

Advisory firms may also consider taking action on these findings. Without a consistent standard for additional education in the industry, firms that want to establish themselves as credible sources of retirement planning advice could consider supporting advisors in their pursuit of the four designations studied:

• CFP®  Certification Education
• Chartered Financial Consultant® (ChFC®)
• Chartered Life Underwriter® (CLU®)
• Retirement Income Certified Professional® (RICP®)

As for clients, Ludwig and Bennetts state, “these findings emphasize the importance of working with designated financial professionals, particularly when seeking retirement planning advice. The higher RILS scores among designated professionals suggest that these advisors are better equipped to navigate the complexities of retirement income planning, potentially leading to more effective strategies and better retirement outcomes for clients.”

Overall, the findings as presented by Ludwig and Bennetts point to the importance of designations for clients, advisors, and firms. They close by stating that, “By investing in relevant designations and continually enhancing their knowledge, financial advisors can better serve their clients and contribute to improved retirement outcomes in an increasingly complex financial landscape.” Ultimately, all parties involved benefit from specialized financial knowledge. 
 

More From The College:

• Learn about the American College Center for Retirement Income.
• Learn about the retirement planning conference, Horizons.

Dear The American College of Financial Services Center for Military and Veterans Affairs,

I wanted to express my sincere appreciation for awarding me a scholarship that will allow me to pursue my goals of becoming a financial advisor when I retire from the military. It is hard to put into words how I feel at this moment, because I have been looking forward to this for a long time and the opportunities that this scholarship will afford me are endless. So many people go into debt to achieve their dreams, but thanks to your generosity, I won’t have to do that. Rest assured that I will pay it forward once I have completed the coursework and begin my journey as a financial advisor. Thank you so much for all that you do and continue to do. You guys are truly amazing!

Very Respectfully,

Jeremiah Jares

On June 25th, numerous members of the MRG Consortium met for their first virtual quarterly meeting to discuss the group’s first initiative: barriers military members face transitioning into financial services. The group identified several barriers, including:

• Awareness
  • Informing the military community there is a path into the industry with their skills and companies are interested in hiring them
• Timing
  • The time it takes to complete a certification program, timing of their transition and having information ahead of transitioning
• Pathways
  • There is not one defined path in this industry, there are many paths an individual can take
• Affordability
  • Finding the funding for their education

Various MRGs detailed how they are helping members of the community overcome these barriers, including a mentorship program, working with local bases, and talking with those in transition about financial awareness and wellbeing and what is required to be hired and enter the industry. They also discussed utilizing SkillBridge, a Department of Defense (DoD) program that helps service members gain civilian work experience before they leave active duty.

Following the virtual meeting, the consortium had the opportunity to meet in person during the inaugural Military Resource Group Networking Lounge at The College’s 2024 Military Summit. Various companies including F&G, Nationwide, NFP, Thrivent, and USAA were able to network amongst one another, meet with Military Center scholars in attendance, and have a special meet-and-greet with the 2024 Soldier-Citizen Award recipient.

Attending for the first time, the Center for Military and Veterans Affairs was one of numerous exhibitors from various industries present to inform the military community of education and professional development opportunities. 

AFSA is a federally chartered Veterans’ Service Organization with a vision to be the premier professional military and veterans service organization of choice for the enlisted corps and their families.

Throughout the conference, the Center had the opportunity to speak with numerous active duty and retired service members, as well as veterans and spouses, of the Air Force, Space Force, Air National Guard, and Air Force Reserve Command about the educational and professional opportunities the Center and The American College of Financial Services has to offer those in transition out of the military and into civilian life and those interested in a career in the Financial Services Industry.

Who is Jeff Levine?

Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS®, AIF®, BFA™, is the quintessential lifelong learner—an alumnus of The American College of Financial Services who holds several designations and professional credentials, and who has spent much of his career obtaining and sharing knowledge that can help fellow practitioners and clients alike.

He got his start in the profession by learning IRA and retirement planning from one of the best – and another professor of practice at The College – Ed Slott, CPA. Jeff went on to become chief retirement strategist at training firm Ed Slott and Company, LLC. (Incidentally, he’ll be a great addition to our epic retirement experience next year.)

As impressive as his academic acumen is, Jeff’s success as a practitioner also speaks for itself. He’s excelled in several leadership roles within financial services firms and is presently chief planning officer at Buckingham Wealth Partners.

Like Liam Neeson’s character in the blockbuster “Taken,” Jeff has “a very particular set of skills” – primary of which is the uncanny ability to translate the nuances of tax regulation into practical to-dos (and don’ts) for financial advisors. He has killer instincts when it comes to helping professionals understand this very complex topic.

Why tax planning?

Only two things in life are certain. And taxation is one of them. It’s no secret today’s clients are interested in tax-informed financial planning. Yet what has been taboo until now is offering it—or what’s more, specializing in it. I believe this stems from a misunderstanding and conflation of “tax planning” versus “tax advice” (the latter of which is left to CPAs). But make no mistake: Tax planning is an essential part of financial planning.

The College’s recently released 2024 Advisory Services Study revealed some interesting facts about this nuanced area: first, (whether they realize it or not) most advisors are offering some services we would define as tax planning; and second, that nearly all of them are missing opportunities by not offering other tax-planning services. For example, small business owner tax planning is clients’ most frequently requested service that investment advisor representatives (IARs) are not currently providing.

Why do unmet client needs matter so much more in today’s market than they did even five years ago? Because driving revenue is so much harder as services become more commoditized – and it’s past time to take a new approach. We believe applied knowledge will be the key to a breakthrough for future-thinking financial professionals who seek to specialize in an area some are uncomfortable addressing. One of the best ways advisors can grow business organically will be by offering additional services, in turn, increasing client satisfaction, client retention, and client lifetime value.

What makes this program different?

One of the things I love about The College is that we don’t do anything without first “studying up” on the subject. It’s not often we see such a clear need for specialized, applied knowledge – nor do we hasten to develop solutions that are not fully researched or thoughtfully built. The TPCP™ will be the first new designation program The College has offered in over seven years and the first since I joined.

Presiding over the research, development, and launch of the TPCP™ excites me not simply because it’s new to The College, but broadly speaking, because it’s new to the world of financial services. There is no other professional educational program that’s fully focused on tax-informed financial planning to support clients – including business owners – throughout their life. And at present, there’s no designation program that signifies a financial advisor is well-versed in tax planning, except in the relatively rare case (Jeff is one) of a practitioner who is credentialed as both a CPA and a CFP® professional. And even then, the CFP® only trains on income taxation, and the CPA is broadly a compliance credential for someone licensed to practice public accounting.

On one hand, the TPCP™ can help financial advisors build tax-smart strategies as a valued (and value-add) service to their clients who want more than investment management. On the other hand, it can help CPAs incorporate financial planning for their clients who want more than public accounting services. We believe this credential will be a big differentiator for the professionals who earn it, giving early adopters a first-mover advantage with the clients and prospects who have been expecting a broader spectrum of services.

I know the individuals who are drawn to the TPCP™, including thousands already on our waitlist, have this in common with Jeff Levine: they dare to be different. With his string of credentials, his sharp wardrobe of signature vests, and his unmatched ability to simplify complicated subject matter, Jeff has always been a standout professional. And I couldn’t be happier to congratulate him on becoming a professor of practice and welcome him to our team of outstanding academics as we usher in our newest program.

More From The College

• Join the waitlist for the Tax Planning Certified Professional^TM (TPCP^TM) Program
• Meet Levine at the new, epic retirement planning conference: Horizons
• Learn more about Ed Slott and Company’s IRA Success
   

A U.S. Air Force veteran, Ribuffo went into the service directly out of college after getting a degree in nursing. Along with her husband, also a service member, she was stationed at an American base in Germany – where, under the terms of government agreements at the time, she was prevented from working as a nurse and had to find an alternative.

“I ended up working at the family support center on the base, and part of my job was to help military families with personal finances,” she said. “That was where I got my first taste of how I could change people’s lives through financial advising.”

Challenges of Career-Changing

When she and her husband left the military years later, Ribuffo said a financial advisor they had previously worked with noticed her skill and recommended she consider financial services as a new career path. She ended up joining a major firm as a junior advisor. The year, however, was 2008 – not an easy time to be going into the industry.

“The first few years were very difficult for me,” she said. “Not only was it bad luck and timing, but I was the only woman in an all-male office. It was hard for me to do business the way they wanted me to, and a lot of times it didn’t feel right to me.”

Seeking support from fellow women in the business, Ribuffo discovered and joined her local chapter of Women in Insurance and Financial Services (WIFS) in her home state of Alaska – and found an affirming and life-changing community.

“I always hoped there were other women out there, who were going through the same things I was, who I could talk to about things, and who could give me encouragement to do business the way I wanted to,” she said. “At the first meeting I went to, I was self-conscious about my age and told the group I needed some perspective, and they couldn’t have been more welcoming. Because of them, I stayed in the industry.”

“I always hoped there were other women out there…who could give me encouragement to do business the way I wanted to…Because of them, I stayed in the industry.”

Empowerment Through Education

Despite her difficulties with her first firm, Ribuffo said they were open to her pursuing additional education as a financial advisor, and the CFP® certification seemed like a sensible place to start.

“I was encouraged to look around for a good prep course to prepare for my CFP® exam, and The College’s on-demand CFP® Certification Education Program fit my busy schedule well,” she said. “I eventually became part of a cohort group within my company all studying for and sitting for the exam at the same time.”

During the course of those studies, The College launched its Retirement Income Certified Professional® (RICP®) Program, and Ribuffo said she was immediately drawn to its promise of specialized planning knowledge to serve her growing number of retiree and pre-retiree clients.

“I remember talking to a business development professional from The College about the RICP® Program, and while they encouraged me to take the program, they weren’t sure I’d be able to do it and the CFP® Certification Education Program at the same time,” she said. “Well, I just took that as a challenge and did both programs at once – I got my dual certifications within months of each other!”

While she has since gone on to get other College designations including the Wealth Management Certified Professional® (WMCP®) and the Chartered Financial Consultant® (ChFC®), Ribuffo says the RICP® remains her favorite thanks to its in-depth, product-agnostic, and client-focused approach to retirement planning.

“Seeing subject matter experts from across the industry having conversations with each other and debating different strategies was hugely beneficial for me because it gave me permission to think outside the box,” she said. “It showed me there’s no one perfect solution to retirement planning and that it always comes down to what your clients’ goals are and what a successful retirement looks like to them. The knowledge I gained was invaluable, and I know I’ll always rely on The College to tell me what the next big thing in the industry will be.”

“[The RICP®] showed me [retirement planning] always comes down to what your clients’ goals are…The knowledge I gained was invaluable, and I know I’ll always rely on The College to tell me what the next big thing in the industry will be.”

Supporting Communities Through Financial Services

With her background in retirement planning and military service, Ribuffo says many of the clients she currently serves in her independent practice, Raion Financial Strategies, are military members and federal employees looking for help in understanding the complex web of benefits and savings vehicles available to them. Like many other advisors, she notes retirement planning has in recent years become a much more “do-it-yourself” process, with consumers expected to work things out for themselves with 401(k)s and savings accounts, rather than being provided with prescribed options like a pension plan.

“Oftentimes the expansion of options to military members, veterans, and their families for financial planning haven’t been accompanied by more explanation of how to use them,” she said. “Things are changing and improving, but it’s often slow-moving for the people who most need it.”

These are the situations, Ribuffo said, where a knowledgeable financial advisor in tune with the issues facing these communities can make a big difference – something the industry should also keep in mind when recruiting or approaching women.

“Many people will tell you recruitment numbers for women are climbing, and that’s great. But the flip side of that is retention has not improved,” she said. “More women are being drawn into the industry, but aren’t given a compelling reason to stay. They need to be able to see a successful career path for the future, whether it’s advising or not, and have the mentors and advocates we always hear them say they’re looking for. A mentoring program should be table stakes if you’re a financial services company today.”

“More women are being drawn into the industry, but aren’t given a compelling reason to stay. They need to be able to see a successful career path for the future…and have the mentors and advocates we always hear them say they’re looking for.”

While women as CEOs are becoming a somewhat more common sight in the industry, Ribuffo said more women are needed in middle management positions to really improve representation. She also offered advisors and professionals new to the field advice that would be especially useful in approaching female clients.

“Women as clients want to be heard and understand what is going on, and our industry is often full of jargon,” she said. “I remember having to ask my husband to clarify some of the things our advisor talked about before I joined the industry. Building a relationship with your clients, especially women, is key. Women crave more financial literacy and independence, and if you present yourself authentically, it creates trust, which solidifies that relationship. Listen to what brought them in to see you today – and from there, you can move forward.”

More From The College

• Get Retirement Planning Expertise with RICP®
• Visit Our Center for Military and Veterans Affairs
• Learn About Our Center for Women in Financial Services