The InvestmentNews Women Advisor Summit provided a unique platform for advisors and their supporters to explore the latest industry trends, practice management strategies, and career development opportunities. The American College of Financial Services, serving as the education partner, was proud to contribute its expertise to this talented group of financial professionals.

Returning from the summit, attendees, including myself, felt inspired and equipped with practical ideas, new tools, and invaluable connections with peers and industry leaders. Some of the key lessons that resonated with me included the following:

• The practice of a financial professional is to become a translator and speak the language of your clients
• Spend the time getting to know your clients during all seasons of life and put in the reps to develop a rapport with clients
• Organic growth aside from M&A takes concentrated effort

At the Wealth Management EDGE conference, discussions centered on the future of diversity, equity, inclusion, and belonging (DEIB) in the industry. Representing The College, I had the privilege to discuss how the industry can increase awareness and accessibility for diverse communities. Addressing the obstacles that hinder entry into the financial services industry and ensuring firms retain and invest in diverse talent is crucial.

As the financial services industry continues to evolve, embracing diversity and fostering an inclusive environment will be key to its sustainability and success. By engaging with passion and committing to DEIB principles, the industry can ensure a bright and equitable future for all professionals and clients. Read more about the discussion here.

On June 6, the Center for Military and Veterans Affairs’ Military Resource Group Consortium hosted its first free hour-long webinar featuring panelists from various tribes in the financial services industry. The webinar began with each panelist describing their transition from the military into the industry and highlighting the opportunities and challenges they each experienced. They continued by discussing the educational opportunities they each took advantage of and how it has led to their success in the industry.

Each panelist delved into which hard and soft skills learned in the military they believe are most transferable to the industry. “In the military you learn how rules and regulations work and how to apply and live by them, but you also learn humility which will come when helping clients navigating life,” said Daniel Kopp of Wise Stewardship Financial Planning.

Matt Stephens of Willow Chute Financial also felt that the military provided him with valuable skills that he has transferred to financial services. “You learn how to ask pointed specific questions and network well, which strengthens your influence,” Stephens said.

Christopher Smiley stated his belief that the regimented environment prepared him for success in financial services as well, “In the military you are always used to having a manual that helps you build efficiency; you can build efficiency and discipline into financial practices.”

In total, the webinar had 57 registrants with many scholars from the Center for Military and Veterans Affairs and members from each consortium’s company resource group in attendance.

The consortium will be hosting its next webinar during the 2024 Military Summit. 

With the growth of AI in the workplace, it may be time to consider how you can best implement AI tools to automate busywork and turn your attention to more valuable tasks that directly support your clients. Fortunately, our new practice management workbook is here to assist!

Learn more about common AI topics like the risks associated with AI, how much time you can save, and the best way to get started. We’ll also provide a closer look into more specific topics such as evaluating the prompts you provide to your AI tools and which activities in your workplace are best to delegate to AI.

Increase your knowledge on these trending topics and more as you propel your practice into the modern era of advising with help from our informative practice management workbook.

Download My Copy

In 1999, the United States Congress designated May as National Military Appreciation month to provide citizens the opportunity to publicly honor and recognize the contributions, sacrifices, and services of members of the armed forces, past and present.

According to Military.Com, “the month plays a crucial role in raising awareness and understanding the challenges faced by the military community and provides a platform for education and dialogue about the experiences of service members, veterans, and their families.”

The month highlights several military anniversaries and events including Military Spouse Appreciation Day, Children of Fallen Patriots Day, U.S. Armed Forces Day, and provides an opportunity to pause and reflect on those who gave all on Memorial Day.

May was chosen because of the military’s historic achievements throughout the month including Victory in Europe (VE) Day, which commemorated the end of WWII in Europe in 1945.

There are numerous opportunities for citizens to show their appreciation, including attending events in their local community, purchasing a meal for a service member in uniform, volunteering at a VA hospital or veterans’ shelter, donating to a veterans’ charity, or sending a care package.

From April 25 through April 27, staff from the American College Center for Military and Veterans Affairs attended MilMoneyCon in Denver, Colorado. For the past three years, the Center has been in attendance as a Bronze Sponsor in support of Advisory Council Member, founder, and CEO of MilMo and MilMoneyCon, Lacey Langford, U.S. Air Force (Vet.), AFC®.

Langford founded MilMoneyCon with a mission to bring service members, veterans, and military spouses together to build and progress their careers, continue their education, and grow their earning power as practicing or rising financial professionals. At the center of this mission is an expression Langford uses as the philosophy behind her powerful mission: “Rising tides lift all ships.” By coming together to solve problems and supporting each other members of the military community not only help themselves, but uplift others within the community.

Throughout the event, the Center had the opportunity of meeting many of its partners and providing attendees with information about The American College of Financial Service’s various designations, the Center’s scholarship program, and initiatives. It also had the privilege of meeting numerous scholarship recipients and learning first-hand the difference these scholarships had made in their careers, to their families, and in their life. 

The Center for Military and Veterans Affairs has named the recipient of the 2024 Soldier-Citizen Award, Major General Suzanne Vautrinot, USAF (Ret.). This marks the first time in the award’s 10-year history that a woman has been named as the winner. Major General Vautrinot will receive the award at the Military Summit on September 11.

Military Background

Over her 31 years of service, Major General Vautrinot was critical to the development of cyberspace as an operational domain within the military. She was instrumental in the establishment and early operation of U.S. Cyber Command with responsibility for offensive and defensive cyber activities for the Department of Defense.

Major General Vautrinot also served in numerous staff positions throughout her service, taking up the roles of joint planner and warfighting capabilities analyst on the Joint Staff, Deputy Executive Assistant to the Chairman of the Joint Chiefs of Staff, Deputy Director, Air and Space Operations, and Strategic Security at Headquarters Air Force. Major General Vautrinot also served as Special Assistant to the Vice Chief of Staff of the Air Force.

Civilian Leadership

Major General Vautrinot leads in other aspects of her life as well, serving as the president of Kilovolt Consulting Inc. and a member of the board of directors for Wells Fargo, ECOLAB, CSX, Parsons, Battelle Memorial Institute, and City of Hope. In these roles, she leverages her expertise to advise on cybersecurity matters.

Recognized by all those who know her as an excellent motivator and leader, Major General Vautrinot embodies what it means to be a Soldier-Citizen. Acting as a leader throughout her history with the military and in her civilian activities, Major General Vautrinot has demonstrated strength and skill on her way to numerous honors extolling her capabilities, including National Defense citations, the Symantec Cyber Award, the Women in Aerospace Leadership Award, the Air Force Association Aerospace Citation of Honor, “Women Worth Watching” from Profiles in Diversity Journal, the Presidential Award for Training, Cyberscoop’s Top “Women in Cybersecurity”, and “50 Politicos to Watch.”   She was inducted into the National Academy of Engineering in 2017.

Major General Vautrinot will be honored as the Soldier-Citizen Award recipient at the Center for Military and Veterans Affairs’ annual Military Summit on September 11 at the W Hotel and the National Constitution Center in Philadelphia.

The panelists discussed the regulation of artificial intelligence (AI) and its impact on the insurance industry. Panelists highlighted the industry's demand for AI guidance and frameworks, leading to regulatory action through new rules and guidance on how AI can be safely integrated into insurance processes.

In recent months, state insurance regulators have responded to the widespread adoption of AI in multiple ways. The National Association of Insurance Commissioners (NAIC) finalized its model bulletin on the use of AI systems by insurers, which establishes a blueprint that state regulators can use to address the topic in their jurisdictions. In addition, on January 17, 2024, the New York State Department of Financial Services (NYDFS) issued a proposed insurance circular letter emphasizing the use of artificial intelligence systems (AIS) and external consumer data and information sources (ECDIS) in insurance underwriting and pricing. This proposal aims to enforce compliance with existing laws and regulations while promoting transparency, fairness, and governance to address potential discrimination and bias risks.  The Colorado Division of Insurance has also addressed the risks of ECDIS in life insurance underwriting, and proposed new rules to test algorithms for outcomes that may be unfairly discriminatory.  

Summit participants discussed challenges such as underrepresented markets in the insurance space and the need for compliance tools to evolve for novel risks, with an emphasis on balancing innovation while safeguarding consumer interests and ethical considerations. The evolving regulatory framework aims to incorporate risk management and transparency principles consistent with the new technology used, with stakeholder engagement seen as crucial in supporting informed and effective regulation.

The panelists highlighted approaches for navigating the risks posed by algorithms developed by unregulated third-party vendors with respect to ethical considerations, acknowledging challenges associated with proxy factors that may lead to unfair outcomes. Regulatory efforts to establish approaches to auditing models could improve risk management processes. Ongoing efforts were discussed to refine regulatory frameworks addressing ethical issues, with an emphasis on risk management, transparency, and new methodologies for outcome testing.

Audience questions reflected industry concerns about regulatory readiness and governance in AI implementation. Proactive engagement from industry stakeholders was encouraged. The dialogue underscored the complexity of integrating AI into decision-making processes and emphasized the ongoing need for human oversight to ensure good outcomes, consistent with law. Overall, the discussion highlighted collaborative efforts between regulators and industry stakeholders in navigating the evolving landscape of AI regulation in financial services.

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

In the piece, Flood discusses the Servicemembers Civil Relief Act (SCRA) and the Military Spouse Residency Relief Act (MSRRA). She points out several of the key advantages offered to servicemembers and their families by these laws, and explains why any financial advisor working with military members should be well-versed in their policies.

Read on to hear what Flood has to say about optimizing the finances of military clients!

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What is the meaning of Memorial Day?

Going back as far as I can remember, Memorial Day in my family has meant remembering the loved ones we have lost. Honoring the memories of beloved family members, including my infant sister who died at only six months of age. Bringing flowers to their graveside on an almost summer and almost always hot day. Celebrating the love of family by spending time together outside of work and school. That is the original, personal meaning I carry with me each Memorial Day.

Of course, as I grew older and gained more life experience, my worldview changed. Only then did I come to realize all the meanings of Memorial Day. Today, I think of the families preparing to bring flowers to the gravesides of their beloved soldiers, men and women who sacrificed their lives in service to our great country. I think of the young – and the young at heart – eager to wear red, white, and blue at local parades.

Today, I think of the families preparing to bring flowers to the gravesides of their beloved soldiers, men and women who sacrificed their lives in service to our great country.

Indeed, there is no one way to celebrate Memorial Day. I sincerely hope, however, that we all take a moment to appreciate those who have protected our freedoms, including the freedom to choose how we will spend the day.

Originally called Decoration Day when it was formalized in 1868, Memorial Day is the final of three designated days to honor the military community in May, following Armed Forces Day and Military Spouse Appreciation Day. In fact, May is National Military Appreciation Month.

What is the meaning of appreciation?

The word appreciation derives from the Latin word for price. I believe it is very important to appreciate that members of the military community are willing to pay the ultimate price for our country.

Perhaps another way to translate this word is to think of appreciation as the act of pausing to consider someone or something not in the literal sense of a price or sum, but rather, in the sense of intangible value. Freedom, sacrifice, leadership, determination, the resiliency of the human spirit – these are ideals we value, and ideals that the best of the military community represent for us.

Latin origins aside, to me appreciation means acknowledgment. National Military Appreciation Month gives citizens the opportunity to acknowledge the current, former, and departed men and women of the military community – including active-duty, guard, reservists, and veterans. If you’re not in this group, you likely know someone who is.

Freedom, sacrifice, leadership, determination, the resiliency of the human spirit – these are ideals we value, and ideals that the best of the military community represent for us.

What does the military mean to financial services?

There’s a strong connection between the military community and the financial services profession – and one we continue to strengthen.

Back in 2021, the U.S. Department of Veterans Affairs reported 200,000 service members transitioned to civilian life per year. As of late last year, that number has increased to 250,000 per year. I am hopeful many will join us by pursuing careers in financial services.

When veterans search for well-paying and fulfilling careers that emphasize service and leadership (careers to which they are well-suited), financial professional and financial advisor consistently appear in the top 10 of many lists (here’s an example). Likewise, in my experience, if I had to come up with a list of the greatest leaders in financial services, there’s no doubt military veterans would make it into that top 10.

As I like to say within our College community, and something that certainly holds true within the military-College community: We are stronger together!

When veterans search for well-paying and fulfilling careers that emphasize service and leadership (careers to which they are well-suited), financial professional and financial advisor consistently appear in the top 10 of many lists

How can you get involved?

I want to take this chance to appreciate and acknowledge the military community directly. Thank you for your service! And thank you for being part of The College – whether you’re a student, an alumna, alumnus, or designee, or just getting started.

Others, please join me in recognizing our colleagues who have military backgrounds, or who have family members who are serving or have served. If you can’t connect in person or by phone, you may share this message or acknowledge them on LinkedIn.

You’ll recall I opened this blog by suggesting you ask your friends about their traditions, and I hope you do. I’ll close by asking about yours: Would you please thoughtfully consider starting a new tradition of honoring those who have strengthened our nation – and our profession – by supporting College scholarships, events, or other efforts in the military community?

The American College Center for Military and Veterans Affairs and Center founding partner and sponsor Penn Mutual invite you to join the cause – to help members of the military community expand their opportunities.

Although we can’t put a price on their contributions, we can acknowledge how much we appreciate and value the military community.

Get Involved

Welsh is a 17-year veteran of Sequoia Financial Group, a growing RIA firm based in Akron, Ohio. Founded in 1991, the practice has seen explosive growth over the last several years and currently features 14 offices in eight states, as well as $18.3 billion in AUM as of 3/31/2024. She says her time with Sequoia has been an incredible journey – not least of which is because financial services wasn’t the life she had originally planned for herself.

“I didn’t know I wanted to go into finance at first: I double-majored in that and dance in college,” she said. “I’d also never been to Ohio before I come to Sequoia, which I did because my cost of living math as a dancer wasn’t really adding up. I had initially been in the Midwest for college, but after interviewing back east and deciding I loved this company, I moved and have been here ever since.”

Welsh described her company’s driving belief to be the idea that planning and investment strategy inform one another to create a foundation that enriches the lives of clients. She also explains that her current position as a senior vice president and leader of the group’s wealth planning department wasn’t something she had planned either.

“Originally I was on the advisor track with Sequoia, working directly with clients and doing typical advisor work – but a year or so into my time with the firm, the country went through a massive market crash,” she said. “All our clients, no matter how well-off, seemed to want to work on their wealth plan or put one in place if they didn’t have it. It was an all-hands-on-deck situation, and some of us junior advisors were called on to help the planning team. I was one of them, and I found I had a real passion for it.”

Specializing for Success

As the market recovered, Sequoia’s leaders decided to dedicate more employees to their technical planning endeavors – and that included Welsh. She rededicated herself to professional development, seeking additional learning opportunities to get the expertise she needed to succeed. The College and its specialized knowledge offerings, she says, were a huge help.

“My initial contact with The College was through my master’s degree, the Master of Science in Financial Planning (MSFP) – then the MSFS,” she said. “I was looking to build my technical depth of knowledge on the planning side and looked at many options, including an MBA, but I didn’t think they were deep enough. The strength of The College’s curriculum is what drew me to it, and it’s what allowed me to expand my opportunities and accelerate my career through that knowledge.”

“The strength of The College’s curriculum is what drew me to it, and it’s what allowed me to expand my opportunities and accelerate my career through that knowledge.”

Welsh also went through The College’s CFP® Certification Education Program to attain her CFP® mark, along with the Accredited Estate Planner® (AEP®) Program to specialize further in retirement and estate planning areas. Like many advisors in the business, she sees retirement planning as the next vital frontier for professionals looking to expand their knowledge.

“Everyone wants something different out of retirement. For some clients it’s about financial independence – how much can they spend safely, or before they run out of money?” she said. “For high-net-worth clients it’s about how they can transfer their assets to future generations in the most efficient way possible. The people I work with are asking about taxes especially, and how things will change as of 2026 with Roth conversions, charitable distributions, and other things. No one can know everything, so the power of specialization is that your business can have a much larger impact on clients the more team members who can help.”

“No one can know everything, so the power of specialization is that your business can have a much larger impact on clients the more team members who can help.”

When considering her plans for the future, Welsh says she remains dedicated to lifelong learning and is interested in pursuing the Chartered Special Needs Consultant® (ChSNC®) designation, which would provide her with an in-depth understanding of the financial planning challenges those caring for individuals with special needs face.

“Sequoia recently acquired a firm that specializes in working with caregivers, and it’s helped us realize it’s not such a niche focus: special needs or similar areas like aging issues or disabilities can affect any client, regardless of net worth or occupation – and all of these issues tie into retirement planning,” she said.

Being a Woman Working in Wealth

Welsh says she remains a champion of this kind of professional development, as does her firm: ongoing learning is at the core of Sequoia’s business model and her own beliefs as a financial professional. However, she has also looked outside the company for further opportunities – especially when it comes to networking with other women in financial services. For her efforts in mentoring, supporting, and advocating for women in the profession, Welsh was honored with the American College Center for Women in Financial Services’ Women Working in Wealth Award.

“I was part of the Women Working in Wealth Summit when we walked down Wall Street together,” she said. “We all took pictures with the famous “Fearless Girl” statue, including me, and at the time I didn’t think much of it. Later on, though, I had several male colleagues tell me they showed my picture to their young daughters to prove to them that financial services could be a place for them to succeed.”

Welsh described recent industry trends that have, in her view, greatly benefited women: the trend away from commission-only models that remove barriers to entry or to staying in the industry for women, who are traditionally the caregivers to their families; companies setting aside more time for their female employees to take maternity leave; and the growing popularity of hybrid work models that allow for the juggling of personal and professional responsibilities. She recognizes, however, that there are still challenges to overcome, including a lack of visibility and confidence that many women face.

“If you’re not physically in front of your leaders regularly due to hybrid work or other reasons, are they overlooking you more?” she said. “Financial services is still a highly male-dominated industry – most of the faces of the business are men, and not even 25% of CFP® professionals are women.”

To combat these issues, Welsh suggests young women and especially advisors find opportunities to build their confidence in professional settings – and calls on their senior leaders to offer those opportunities more readily.

“Think about how you’re introducing a junior member of your team in a meeting: build them up, or maybe spend a little extra time having a prep call or post-call to talk about results of a meeting,” she said.

Welsh also advised financial services leaders to avoid falling into the stereotypical thinking that women aren’t interested in finance, especially when it comes to working with female clients or families.

“Planning is a process, not an event. We need to be prepared to serve clients’ changing needs, and that means continuously enhancing our knowledge.”

“If you’re working with a couple and the woman isn’t at the meeting, there’s probably a good reason for that,” she said. “If both partners are there, make sure you engage both of them equally as much as you can. Most statistics say women live longer than men, and there’s an increasing rate of divorce among older adults, so there are more and more times when women are in control of the money. Not all women want to work with women, of course, but having a depth and diversity of talent available is important and something the industry needs to take seriously.”

Welsh also advised financial professionals working with women to try to avoid jargon in conversations and elevate their clients’ knowledge without talking down to them. She says explaining financial terms in ways that are more digestible and encouraging clients to ask questions removes a discomfort about asking them – and empowers better decision-making. First and foremost, she says lifelong learning is the key to being successful.

“Planning is a process, not an event,” she said. “As financial professionals, we know the economic and legislative landscape is always changing; we can’t just give clients a written plan and tell them they’re good to go. Things around them will change, and their circumstances will change. We need to be prepared to serve their changing needs, and that means continuously enhancing our knowledge.”