Held as an immersive and educational meeting of financial experts spanning diverse corporate roles, the panel-led discussions explored the pivotal concept of trust in AI within the financial services industry. Key discussions encompassed:

• The ethical risks of AI in finance: From fairness concerns to biased algorithms, including potential pitfalls and how to mitigate them.
• Restoring trust through responsible AI: Best practices for developing, deploying, and governing AI ethically and transparently.
• The future of AI in insurance underwriting: Insights into the latest regulatory updates and ethical considerations in this critical area.

During our productive roundtable discussion, issues regarding transparency, mitigating bias, and the necessity for standardized practices were highlighted. The dialogue underscored the significance of employing data ethically to cultivate consumer trust. There was consensus on the importance of collaborative efforts to develop trustworthy AI solutions that ensure fair and responsible practices within the insurance industry in particular.

Panel topics included:

• AI Regulation Update
  • Jillian Froment, Executive Vice President and General Counsel, American Council of Life Insurers (ACLI)
  • Kaitlin Asrow, Executive Deputy Superintendent, Research and Innovation Division, New York Department of Financial Services
  • Stephanie Schmelz, Deputy Director, Federal Insurance Office U.S. Department of Treasury
• Self-Regulatory Approaches to AI Governance
  • Moderator:  Sophia Duffy, JD, CPA, AEP®, Associate Professor of Business Planning, The American College of Financial Services
  • Anthony Habayeb, Co-founder & CEO, Monitaur
  • Reva Schwartz, Research Scientist, National Institute of Standards and Technology
• Fireside Chat
  • Arezu Moghadam, Ph.D., Managing Director and Global Head of Data Science, J.P. Morgan Asset Management
  • Marty Edelman, Senior of Counsel, Paul Hastings
• Unpacking “Fairness” in Insurance
  • Moderator:  Azish Filabi, JD, MA, Associate Professor of Business Ethics, Executive Director, The American College Cary M. Maguire Center for Ethics in Financial Services
  • Lisa A. Schilling, FSA, EA, FCA, MAAA Director of Practice Research, Society of Actuaries Research Institute
  • Peggy Tsai, Chief Data Officer, BigID    
• Case Study - AI Governance in Life Insurance 
  • Azish Filabi, JD, MA, Associate Professor of Business Ethics, Executive Director, The American College Cary M. Maguire Center for Ethics in Financial Services
  • Sophia Duffy, JD, CPA, AEP®, Associate Professor of Business Planning, The American College of Financial Services

The summit provided valuable insights into the evolving landscape of AI regulation and ethics, emphasizing the importance of collaboration, transparency, and responsible AI practices.

Stay tuned for forthcoming insights highlighting specific discussion topics from our esteemed panelists, including regulators, researchers, and industry leaders.

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

In March, McLennon joined The College as a full-time assistant professor in tax and estate planning and also serves as the Clark/Bardes Chair in Retirement Planning and Non-Qualified Deferred Compensation. Students in the CFP® Certification Education and Chartered Financial Consultant® (ChFC®) programs will benefit from his immense knowledge in business planning, estate planning, executive compensation, life insurance planning, retirement planning, and vast experience having served in a variety of positions over a 25-year successful career in financial services.

We posed a few questions to McLennon, and in his own words, you can learn more about his journey back to The College as a full-time faculty member and what he enjoys most about working with students.

1.  How has The College impacted your career in financial services?

My experience with The College began as I pursued my CLU® and ChFC® designations over 25 years ago while transitioning from corporate tax into an "Advanced Planning" role at a major financial services firm. Despite taking every trust, estate, and tax class I could at my law school and working as a research assistant for the tax professor, none of that prepared me as much for the practical and real-world client/advisor issues I would face as did The College's curriculum.

The knowledge and credibility that came with achieving those designations and the great people I subsequently met through The College have served me well in the varied corporate and client-facing roles I have taken on. Over the years, as organizer and host of several wealth management and financial planning conferences, I have also had the privilege of working with some of the distinguished faculty of The College. I first began teaching at The College about five years ago and am now very excited to be doing that again as a full-time member of the faculty.

2.  What are today's most significant challenges and opportunities for financial professionals?

Advisors need to know or access relevant information from multiple disciplines to provide the type of holistic advice clients expect as the marketplace has responded to such demand over the years. Combine that with the time needed to truly know your clients, much less acquire new relationships, and the significant challenge for financial professionals is how to best utilize those limited working hours.

Of course, no one can be expected to know everything, and bringing in outside expertise is something savvy clients have come to expect. The good news is that opportunities exist to acquire timely, relevant knowledge through programs such as those at The College, where one can also get assistance identifying situations where outside expertise is warranted.

3.  How do The College's CFP^® Certification Education and ChFC^® Programs work together to enhance advisors' skills?

Both the CFP® and the ChFC® programs cover the core knowledge that clients come to expect when financial service professionals hold themselves out as dedicated to providing a higher level of expertise.
The College's requirements are the same across the two programs with one additional specialized course needed for the ChFC®. It is how that knowledge is applied in practice that has somewhat differentiated the two over the years, as each has its own unique background and history.

4.  How is The College ensuring that students who enroll in the CFP^® Certification Education Program achieve success in the CFP^® exam?

There is deep and continuing coordination between the particulars of the programs at The College and the ongoing requirements of achieving the CFP® designation. The College is very much invested in the ongoing success of its students, and maintaining the curriculum to help students succeed with the exam is a priority while still emphasizing the critical importance of the application of that knowledge in practice.

5.  What do you enjoy most about working with The College's students and being part of The College's community?

I most enjoy seeing that light bulb go on over students' heads. A few subject matter areas in the financial services world have historically seemed daunting to students, even those who are experienced or "seasoned" financial advisors. I like to relay stories to my classes about how I would initially dread getting calls on certain topics, like ESOPs or generation-skipping taxes for example, as a newer Advanced Planning attorney as I felt out of my comfort zone.

However, I add, I chose instead to step back, take some time, and break down these "daunting" concepts to their core components, thus replacing that dread with the anticipation of helping someone else get past their anxiety over the issue. That is one of the things I enjoy most about working with students at The College: taking what may seem a difficult concept at first, breaking it down to its core components, shedding a little light on what something truly means, and shining a larger light on its application in practice.

Being part of The American College community has been a great experience for me, and I know my colleagues feel the same way about the importance and satisfaction of getting through to students and helping them help their clients.

Winslow is a managing partner at Nabell Winslow Investments & Wealth Management, a boutique wealth management firm affiliated with IBD Cetera Advisors, LLC, and located in the Wilmington, North Carolina area. But he often talks about his humble beginnings; of growing up on a rural farm and spending a lot of time hanging around the local general store, which served as a community gathering place. That, he says, is where he got his first taste of the importance of financial planning.

“One day, when I was 10 years old, I overheard a conversation about a family losing their farm to estate taxes,” he said. “The conversation was somber, and everyone was dismayed. At the same time, the old black and white TV in the corner was showing the current stock market numbers, and there was a lot of negative comments about how capital markets were a scam. Yet I couldn’t help but notice other families seemed to avoid losing much larger farms after a death in the family. It seemed obvious to me, even at that age, that someone was helping them create a better strategy.”

Winslow says when he got in his father’s old truck after that moment in the store, he talked about how he wanted to be someone who could help people with these sorts of matters: to help them understand money, structure their income and wealth, and to have a meaningful impact on their lives.

“My father thought I was crazy and an idealist,” he said. “But I never changed, and now I’ve been an advisor for nearly 30 years.”

From Emergence to Independence

Winslow’s career in financial services began in 1996, when he was recruited directly off his college campus by a financial services firm; from there, after an extensive training program, he moved from company to company, including stints at General Electric and a large regional bank – but he eventually realized this large-firm model wasn’t for him.

“I had a lot of problems where I felt I had managers who weren’t as skilled or well-informed as me making decisions that weren’t in the best interest of me and my family, and a few other people I knew felt the same,” he said. “My now-business partner and I wanted to be independent and client-focused, and it’s been one of the best decisions I’ve ever made.”

Winslow isn’t afraid to share his insights about the challenges of the RIA model, but he’s also quick to point out the benefits of being independent.

“There’s always a lot more risk in going it alone; we’re the people being held accountable, and if we’re not successful, we have no one to blame but ourselves,” he said. “On the other hand, our clients are now our bosses, so we’re able to focus on doing what’s best for them. It’s refreshing, but I know some advisors struggle with that being all on their shoulders.”

“There’s always a lot more risk in going it alone; we’re the people being held accountable, and if we’re not successful, we have no one to blame but ourselves. On the other hand, our clients are now our bosses, so we’re able to focus on doing what’s best for them.”

Because of the small nature of Nabell Winslow – five advisors and professional staff – Winslow says they didn’t even have to close during the COVID-19 pandemic like many other firms. While many of his peers found themselves running dry for business, the firm never once shut down and in fact saw some of the best years of its existence.

Powerful, Applied Knowledge

All that strength, however, is also owed to the fact that the Nabell Winslow team is highly educated – and Winslow says The College’s programs are in large part responsible for their success.

“My original firm was a big supporter of The College, and the people at the top of the production boards were always the ones with multiple designations,” he said. “I knew I wanted to be like them, so I made education my priority. Living in rural North Carolina, how else was I going to get a world-class education in specialized financial planning knowledge without a distance learning partner? The College was always there for me in that way, and with some of the top thought leaders in the world as part of their curriculum.”

“Living in rural North Carolina, how else was I going to get a world-class education in specialized financial planning knowledge without a distance learning partner? The College was always there for me in that way, and with some of the top thought leaders in the world as part of their curriculum.”

Winslow has earned multiple College designations over the years and says he values the knowledge he’s gained from all of them – but perhaps the most powerful and game-changing for his business has been the Retirement Income Certified Professional® (RICP®) Program. In his view, the RICP® is one of the best opportunities advisors in the industry have to serve their clients better.

“A lot of advisors are set on going after the ultra-wealthy or business owners, but when you’re working on retirement planning fundamentals like long-term care, it’s doesn’t matter if someone has a few thousand or a few million to retire on – you’re going to make a difference in their lives,” he said. “The RICP® shows you how to put so many techniques and strategies together and create a process, and with the retirement crisis facing America today, it provides an enormous opportunity.”

“The RICP® shows you how to put so many techniques and strategies together and create a process, and with the retirement crisis facing America today, it provides an enormous opportunity.”

Winslow also says that despite some concern among advisors about the fatigue of “alphabet soup” designations, the education financial professionals receive will help them in one hugely important area: standing out to their clients.

“While some designations may be more recognizable than others, what your clients really want to know is that they’re in good hands and that you’ll be thinking about what’s best for them, their family, and their situation,” he said. “They want to see you’re serious about doing right, having an applied, scientific approach to planning, and maintaining down-to-earth communication. Having designations across multiple areas really rounds you out and makes you more confident so you can provide better outcomes and a better client experience.”

Raising the Bar in Financial Services

As a former president of The College’s alumni council, Winslow remains passionate about the power of The College and its community to transform the industry and society through education. He says much of this is incumbent on individual advisors to seek out greater knowledge and opportunities to contribute to benefitting society.

“We need successful advisors to up their game; we need more mentors, more contributions of time and treasure, and to be constantly building our profession through applied financial science,” he said. “Education improves ethics, and improving ethics improves our standing and perception among consumers. We can build on that trust to increase financial literacy and lift everyone up.”

For these reasons, Winslow says he sees The College as uniquely positioned and prepared to take the lead in accomplishing these goals for the industry. He cites the work of The College’s many thought leaders, its Centers of Excellence, and its academic programs to demonstrate his belief that there is “no ceiling” to what can be achieved. However, he also emphasizes that individual advisors are also responsible for helping to build change.

“The success rates of advisors who join supportive teams and are mentored are much higher than ones who don’t. I went it alone and it was very hard; most people who I started with aren’t in the business anymore,” he said. “We need advisors to take responsibility for what they create – when you start getting up in years, you should take the opportunity to have a succession plan to ensure your business continues, for the sake of your clients and employees.”

Finally, Winslow accented a point that’s at the heart of The College’s mission with the FinServe Network and its NextGen Advisory Task Force: the power of young people.

“Lots of people I know in the industry tell me investing in young people is expensive,” he said. “That may be true, but in my experience the effort is well worth the reward.”

In the article, Meckley, who is the executive director of the American College Center for Special Needs, discusses how advisors can play a pivotal role in helping women overcome the financial challenges they may face when caring for children or adults with disabilities.

Meckley emphasizes the importance of understanding these women’s situations, listing  several financial challenges they may face in their daily lives as caregivers. She goes on to enumerate strategies advisors can leverage to provide meaningful assistance to these women and how to tailor advice to their unique circumstances.

Read on to hear what Meckley has to say about this issue and what financial advisors can do to help!

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In her article, Snell, an assistant professor of financial planning at The American College of Financial Services, reflects on the performance of the American economy in 2023 and uses this information to predict what’s next for 2024. She also presents two likely outcomes, detailing the bull case for a soft landing in 2024 and the bear case for a potential recession.

Read on to learn more on Snell’s thoughts on the economic outlook for 2024!

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In her article, Barbera, the program director of The College’s Master of Science in Management (MSM) Program, analyzes what planning for practice succession looks like in 2024, key factors that need to be considered, and how these decisions can affect a practice’s relationship with its clients.

Barbera points out the importance of a strong succession plan, noting that clients will appreciate a firm’s preparedness for the future. She also suggests firms may want to consider female clients and advisors as they plan for their futures, citing the importance of having leadership that understands diverse clients and their future goals.

Read on to learn more about how Barbera believes women can play an instrumental role as many practices pave the way for future success!

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In the article, Lewis, who is chair of the American College Center for Women in Financial Services, discusses the rapid growth of artificial intelligence (AI) and how certain tools that leverage AI can be used by financial advisors to promote efficiency and enhance overall client experience.

Lewis also shares several specific examples of AI tools advisors can use to create video content in 2023 and beyond, as well as use cases for each tool, and benefits advisors can reap by using these programs.

Read on to learn more about this topic as Lewis educates readers with several effective tips and tricks for using AI in their workplace.

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Throughout the history of America, women have always had to fight for everything they had. It took 93 years for the first women to gain the right to vote in Wyoming. It took 192 years for the first woman to serve as a member of the Supreme Court. This country still has not seen a woman president, even 248 years after the Founding Fathers came together in Philadelphia to establish this country. Simply put, America has not always been the land of opportunity for women that it has for men.

Still, it is for this exact reason that society must appreciate the strong women that have dedicated their lives to breaking down barriers and paving the way for generations of women that follow in their footsteps. As such, The American College of Financial Services is proud to spotlight the life and accomplishments of Margaret I. Bradshaw, CLU® during this Women’s History Month. Bradshaw was the first female agent hired by the John Hancock Insurance Company in Providence, Rhode Island in the late 1920s. From there, she eventually became the first woman to earn her Chartered Life Underwriter® designation in 1931, a mere four years after the designation’s creation.

Leading the Way

This was the start of a successful and influential career for Bradshaw, who went on to found the Rhode Island Chapter of the Professional and Business Women's Association, serving as the association’s president¹. She also established herself as an industry leader through her unwavering commitment to ethics throughout her lifetime until her passing in 2011 at age 106. Through the Margaret Bradshaw Lecture Series at The College and her numerous donations to the American College Center for Ethics in Financial Services, Bradshaw made it clear that the integrity of the profession was a top priority to her—a commitment she demonstrated on numerous occasions throughout her life with generous financial contributions to The College. Bradshaw sought to pass on her commitment to ethics in financial services by providing lectures and teaching courses at Brown University, demonstrating to younger generations of financial services professionals what it means to be a champion of ethics in the field.

At the President’s Dinner in November 2023, The College recognized Bradshaw by awarding her with a Huebner Gold Medal, the highest honor The College bestows to individuals who have proven their commitment to The College and its mission.

Closing the Gap

Bradshaw’s contributions are not limited to The College though. Thanks to the trailblazing of women like Bradshaw, the profession has become a far better place for women. As of 2021, 46.3% of all life insurance agents were women², and 30.1% of all financial advisors were women³. Female life insurance agents also earn 91 cents for every $1 earned by men⁴, a significantly smaller wage gap than the overall American wage gap that sees women earn 82 cents for every $1 earned by men⁵.

It is important that these trends continue. Women are expected to inherit $30 trillion by the year 2030, representing the greatest transfer of wealth in history⁶. Any individual inheriting wealth should consider speaking with a financial advisor, but many people also prefer to speak with advisors that look like them or may share similar life experiences. It is for this reason that woman financial advisors will be critical to the tremendous wealth transfer taking place over the remainder of this decade.

Honoring the Legacy

In honor of Margaret Bradshaw and other trailblazers in the industry, The College continues her legacy by serving as an advocate for women in financial services as they become a larger presence in the field like never before. Through the American College Center of Women in Financial Services, the Women Working in Wealth^SM community, and support for women staff members, The College aims to be a champion for women in the same way Bradshaw was and continues to be, even 13 years after her passing.

And statistics would indicate progress is being made. As of November 2021, according to The College’s Diversity and Inclusion Triennial Survey, 51% of full-time staff were female, a near perfect representation of the United States population, which is 50.4% women according to the United States Census Bureau.⁷

Ultimately, it is the goal of The College to help shape the financial services industry to create a better future for all Americans. Through the efforts of women like Bradshaw, progress is being made toward these goals every day. So it is with great honor that The College uses this Women’s History Month to reflect on the life and legacy of Margaret Bradshaw and express a sincere hope that her works continue to grow.
 

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As a member of The College’s FinServe Network, co-chair of its Next Gen Advisory Task Force, and host of The College’s former podcast program for next-gen professionals, NextGen in 10, Phillips has been a highly visible and active advocate for The College’s power to change the profession – as well as its responsibilities to nurture and empower the next generation of financial services leaders and innovators.

Breaking Into a Brand-New Field

In her younger years, Phillips confesses she had no idea she’d end up in the financial services industry.

“For a long time, I thought I was going to be a retail store manager or some kind of human resources professional: working in Starbucks HR or running a Target store was the height of my ambition,” she said. “I only ended up jumping into financial services because some changes in my personal life meant I needed a more stable schedule and because managing people and working in retail can be crazy.”

Initially, Phillips was hired as a recruiter for a large financial services company, a position she saw herself as well suited for. But there was an obstacle in her continued lack of knowledge about the industry she found herself in – so she decided to ask for help.

“The first time anyone at the company mentioned annuities, stock, or bonds, I had no idea what they were talking about, but I wanted to learn,” she said. “I started by interviewing the advisors I worked with to get the basics and learn the ropes. A few of them even let me sit in on their client meetings.”

Eventually, Phillips earned several financial services licenses, and her knowledge was further broadened by her professional advancement, moving from recruitment to training and development for new professionals and assisting in buying up new practices to fit them into. While the industry sometimes gets a bad rap for its competitiveness, she says she was highly fortunate in those early years that her coworkers were so open and willing to support her.

“My managers let me experiment early on; they encouraged me to get into things like website development and to get exposure to working with different types of teams at different levels,” she said. “We had some good years together, but eventually my goals and beliefs were no longer aligned with the company; I wanted to be more of an advocate for advisors. That’s when I decided I wanted to go out on my own.”

The Power of Next-Gen Professionals

After over seven years at a major firm, going it alone was intimidating – but Phillips says she was committed to her mission to expanding the opportunities of young professionals in financial services and showing them the possibilities at their fingertips. This led to her to her current role as an educator, recruiter, and guide in helping advisors seeking new options to “break up” with their broker-dealer, as well as getting involved with student and young professional groups. The more she saw from the next-gen individuals she worked with, the more impressed she was.

“A lot of people complain about the laziness and entitlement of the younger generation, but the ones I’ve met are ambitious, intelligent, educated, and know what they want,” she said. “They’re so far ahead in a lot of ways, but they often don’t know how to communicate what they’re looking for appropriately in a professional setting or navigate complex power dynamics. They believe in setting boundaries and working smarter, not harder – the challenge for them is getting their managers and organizations to buy into that worldview.”

In fact, Phillips says, next-gen professionals – especially women and those from diverse communities – represent the future of the financial services industry with their fresh perspectives, creative energy, and innovative ideas.

“There’s so much data now on how diverse teams perform better, especially teams with people of different genders on them,” she said. “If you’re a manager in the business, the idea that you still have to have a business case to justify hiring more women, for example, is absurd. Financial professionals are all about returns on investment, and having young and diverse perspectives is the key to securing them.”

In her work with other next-gen members of the industry, Phillips was introduced to The College by a former faculty member and saw the potential in its message and mission. She joined an early incarnation of its Next Gen Advisory Task Force and took on a growing leadership and advocacy role over the ensuing years, culminating in a reimagining and relaunch of the initiative under the leadership of herself and Lindsey Lewis, MBA, CFP®, ChFC® of The College’s Center for Women in Financial Services. The two continue to collaborate on many projects, including co-hosting representation-themed episodes of The College’s Shares podcast. She says in the future, she hopes to pursue a College education program such as the CFP® Certification Education Program to enhance her knowledge of financial planning further.

“These days, I tend to gravitate toward people and places that align with what I believe, and I believe very strongly in The College’s efforts to empower next-gen professionals,” she said. “Events like the Conference of African American Financial Professionals (CAAFP) and groups like the Center for Women in Financial Services do an amazing job of spreading The College’s message and I love watching them grow.”

Overcoming Barriers to Entry

While the financial services industry has made much progress, Phillips says there are still many challenges to overcome in incorporating more diverse perspectives and people into the profession. Her favorite analogy compares the industry to a piano – an instrument originally created specifically for men’s hands.

“Since men have larger hands than women, any woman who wanted to be a concert pianist would have to either have bigger hands or be willing to injure herself in pursuit of her goal,” she said. “In financial services, all the systems and structures were built around older, whiter men because for a long time that’s who had the money. Mentalities may have shifted over time and women have much more power today, but the piano still hasn’t changed, and neither has financial services. Until we rethink these basic structures and attitudes, we’ll continue to have trouble with female representation in the industry.”

Phillips says the financial services industry needs to try something different – and she sees a lot of potential in the Registered Investment Advisor (RIA) and independent space, where she gets most of her clients. With the advent of new technologies like social media and artificial intelligence (AI), she’s seen many next-gen advisors adopt them to great success.

“We need to amplify their voices so the industry establishment knows these things work,” she said.

As for next-gen professionals themselves and those new to the industry, Phillips says the key to success in the business today is threefold. Advisors need to have an ideal audience for their services in mind and know what they may need help with, whether it be child care and saving for college, starting or exiting a business, insurance coverage, or another niche they can specialize in. Additionally, transparency is of paramount importance as financial professionals need to be as open and honest with their clients and with prospects as possible. Perhaps the most important piece, however, is for advisors to be authentically themselves.

“Some of the stuff I share on social media is goofy, and while some people may choose not to work with me because they think I’m silly, I probably wouldn’t match up well with them anyway,” she said. “By being yourself, you may repel some people, but the ones you’ll attract and keep will form a much higher-quality community and better relationships.”

Phillips says she often encourages professionals to share their personal opinions on social media as part of this strategy.

“Having a strong opinion in public about something can be scary, but fence-sitting is boring and your ideal clients aren’t looking for that,” she said. “You can’t differentiate yourself without opinions, and it makes you stand out from the canned content a lot of other people put out there.”

In all, Phillips says she relishes her role as a champion of disruption in the industry whether it be through a greater role for women, RIAs, next-gen professionals, or other means.

“We need to rethink why we’re doing things the way we are and ask ourselves why we do them,” she said. “If you don’t have an answer or you think there’s a better way, experiment. The best time for growth and evolution is when someone decides to shake up the status quo.”
 

Azish Filabi, JD, MA, Executive Director of the American College Cary M. Maguire Center for Ethics in Financial Services, and Neeraja Rasmussen, Founder and CEO of Spyglaz and an advisory council member of the American College Center for Women in Financial Services, explore the vital link between responsible AI and financial progress in a recent article published by Financial Advisor Magazine. They shed light on key principles and inquiries guiding this transformative journey and uncover essential aspects to navigating this dynamic landscape, shaping the trajectory of responsible AI, and determining its impact on the financial industry.

As the financial services landscape undergoes a profound shift due to the integration of AI, cultivating responsible and trustworthy AI systems has become paramount. Filabi and Rasmussen delve into the intersection of AI and financial services, emphasizing the imperatives of unbiased, fair, and dependable AI within the context of high-stakes decision-making in the financial industry. Unveiling five pivotal questions, this article serves as a strategic guide for financial leaders. The encompassing crucial features of trustworthy AI addressed within range from the establishment of rigorous data and algorithm audit procedures to the integration of responsible AI principles throughout the technology development process.

Critical questioning is also a strategic necessity for industry leaders navigating the complex landscape of AI adoption. This dialogue ensures a commitment to developing AI technologies aligned with the highest standards of ethical responsibility and integrity. The National Institute for Standards and Technology (NIST)’s efforts to standardize trustworthy AI terminology and the inclusion of trustworthy AI principles in the DARPA AI Forward initiative further exemplify the comprehensive approach to addressing the complexities of this transformative field. As financial institutions grapple with the challenges of AI integration, these insightful questions are invaluable guidelines for discussions with both internal teams and AI vendors.

To explore these insights and other strategic guidance on fostering responsible AI, read the article published by Financial Advisor Magazine.

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