Honoring the 2023 President’s Award Recipient, Mary Wright
![Mary Wright speaking at award ceremony](/sites/default/files/inline-images/cb15-2023presidentswawardrecipient.jpeg)
President's Award: Mary M. Wright, CAP®
Conferred by The American College of Financial Services’ President and CEO, the President’s Award recognizes the leadership and generosity of select benefactors and volunteers. The College is proud to announce the 2023 winner: Mary Wright.
Mary Wright attended Yankton College in Yankton, South Dakota, where she met and married Charles R. Wright, known to many at The College and elsewhere as Chuck. Together, they were leading donors to the Center for Women in Financial Services and helped to establish the State Farm Women’s Chair. Mary’s years of service through philanthropy led her to complete her Chartered Advisor in Philanthropy® designation at The College, so she could explore more ways of helping others engage in philanthropic work, as well. Mary was honored to work with The College in not only funding but in creating the scope and direction for the work that became the Wright Fellowship in the Center for Women in Financial Services.
Mary is a special example of the enduring relationships The College has been fortunate to develop, and we are so pleased to be able to recognize what that relationship has meant and continues to mean to us and everything we do here.
Honoring the 2023 Huebner Gold Medal Recipients
![2023 huebner gold medal recipients](/sites/default/files/inline-images/cb15-2023huebnergoldmedalrecipients.jpeg)
In 1975, as The American College of Financial Services approached its 50th anniversary, the Board of Trustees decided to honor those whose role in the development of the institution was of special significance. The Huebner Gold Medal, named for The College's founder, Solomon S. Huebner, is The College’s most prestigious honor and is awarded to people who, through support and dedication to The College and its programs, have moved the institution forward in its mission.
The College awards the Huebner Gold Medal each year at its annual President’s Dinner. The 2023 President’s Dinner was held this past November at the Barnes Foundation, located in the heart of Philadelphia’s beautiful museum district.
Margaret I. Bradshaw, CLU® (posthumously)
This year, we celebrated two recipients. First, we remembered and paid tribute to the late Margaret I. Bradshaw, CLU®. Margaret was a trailblazer, a successful businesswoman, an exemplary advocate of ethics in the insurance industry, and so much more. In 1931, she became the first woman in the United States to earn the Chartered Life Underwriter® (CLU®) designation. At that time, in the early days of The College, few agents recognized the CLU® —and fewer understood the value of applied knowledge in the insurance industry, or the significance of the designation. Over a relationship with The College that spanned seven decades until her passing at the age of 106 in 2011, Margaret often credited the CLU® for professionalizing the industry and elevating its practitioners in the eyes of the public.
Margaret broke down barriers and paved the way for other women to succeed in the insurance industry. At The College, she was known for the Margaret Bradshaw Lecture Series and generous investment in the Center for Ethics in Financial Services. She was a tireless advocate for ethics and professionalism. She believed that financial services professionals have a responsibility to put the needs of their clients first and she always led by example. She saw the potential of The College to make a difference in the industry—and the world.
Phillip C. Richards, CLU®, RHU®
We also recognized Philip C. Richards, CLU®, RHU®. Phil is the Executive Chairman and Founder of the North Star Resource Group and a member of The College’s Alumni Hall of Fame. Among his many contributions, he has helped drive The College’s growth as an alumnus, a board member, and a champion of our shared mission. In honor of his own mentor and a prior recipient of the Solomon S. Huebner Gold Medal, Phil helped create the annual endowed Maurice “Maury” L. Stewart Lectureship program. He also supported the One Person and Invest in the Future capital campaigns.
Phil embodies The College’s belief in the value of lifelong learning. North Star represents a fully integrated array of financial services and products for individuals and businesses of all sizes and has over 140,000 clients with offices in 22 states with client assets under administration exceeding $10 billion. In addition, he is an adjunct professor emeritus for the Carlson School of Management at the University of Minnesota and former adjunct professor at Central University of Finance and Economics in Beijing.
Ethics In Financial Services Insights
AI Ethics in Financial Services Summit to Examine Challenges of Artificial Intelligence
![Man working at his desk with AI technology](/sites/default/files/inline-images/cb15-aiethicsinfinancialservicessummittoexaminechallengesofartificialIntelligence.jpg)
On April 2, the American College Cary M. Maguire Center for Ethics in Financial Services will host an AI Ethics in Financial Services Summit in New York City examining governance and ethics challenges of AI use in financial services.
Crafted as an immersive and educational meeting of financial experts spanning diverse corporate roles, the event aims to assist leaders frame governance and ethics considerations relating to the use of AI. The discussions will center around crucial aspects, some of which include:
- The ethical risks of AI in finance: From fairness concerns to biased algorithms, we'll explore the potential pitfalls and how to mitigate them.
- Restoring trust through responsible AI: Learn best practices for developing, deploying, and governing AI ethically and transparently.
- The future of AI in insurance underwriting: Gain insights into the latest regulatory updates and ethical considerations in this critical area.
As the financial services industry grapples with the ever-expanding role of AI, this summit stands as a beacon for forward-thinking professionals. It provides a unique opportunity to engage with industry leaders, share insights, and collectively shape the narrative around responsible AI integration.
Amidst the complex challenges faced by global leaders, the recent World Economic Forum annual meeting in Davos assumed a pivotal role in addressing the pressing need for rebuilding trust between business and society. As governments navigate increased societal division and armed conflicts worldwide, CEOs expressed mixed sentiments regarding how to best navigate instability and the escalating influence of AI. This highlights the critical importance of acknowledging and navigating the intricate landscape of AI while concurrently working towards restoring trust in the global community.
This summit will showcase eminent speakers encompassing regulators, researchers, and industry leaders. Notable among them is Kathleen A. Birrane, currently serving as the Insurance Commissioner at the Maryland Insurance Administration. Additionally, Jillian Froment will be sharing her expertise in her role as the Executive Vice President and General Counsel at the American Council of Life Insurers (ACLI), while Arezu Moghadam will contribute valuable insights as the Managing Director and Global Head of Data Science at J.P. Morgan Asset Management. Furthermore, Reva Schwartz will bring valuable perspectives to the discussion as a Research Scientist at the National Institute of Standards and Technology.
Explore our AI Ethics Summit details and additional speakers. If you are interested in attending and would like an invite, email us at ethics@theamericancollege.edu.
To learn more about artificial intelligence in financial services, you can explore further with research findings from the Center for Ethics in Financial Services.
How Financial Advisors Can Effectively Leverage AI Tools in Practice
![Eric Ludwig and Chet Bennetts portrait](/sites/default/files/inline-images/cb15--khplus_live_aipromptandfinancialservices%20%281%29.jpg)
According to surveys from the World Economic Forum and the Cambridge Centre for Alternative Finance, as of late 2023 85% of financial organizations globally were using AI tools in some form, and 52% have already created at least some AI-driven products and services. Additionally, 77% of firms believe generative AI platforms such as ChatGPT, Bard, and Microsoft Copilot will become essential to the industry in the next two years.
While lawmakers, technologists, philosophers, and everyone in between may continue to debate the ramifications of developing AI and potential guardrails that should be placed on new innovations, it’s clear these platforms are not going anywhere and have already become indispensable to many businesses for one simple reason: efficiency. ChatGPT, for example, can scour the entirety of the internet and return comprehensive, conversational answers to queries in a matter of seconds, dramatically faster than a human being could reach the same conclusion. And as one of the industries most directly impacting everyday people and their livelihoods, the financial services profession has found itself at the heart of this technological revolution.
This examination of how financial professionals can use AI effectively and responsibly was the subject of a recent webcast from The American College of Financial Services, held exclusively on its subscription-based learning platform Knowledge Hub+. Eric Ludwig, PhD, CFP®, director of The College’s Retirement Income Certified Professional® (RICP®) Program, and Chet Bennetts, CFP®, ChFC®, CLU®, RICP®, CLF®, director of the Chartered Financial Consultant® (ChFC®) and CFP® Certification Education Programs, hosted the discussion based on their deep experience with testing and using AI systems: specifically, the evolving field of prompt engineering.
“Almost everyone who uses ChatGPT for the first time is blown away–but not always for the right reasons,” Ludwig says. “Its job is to respond and give you answers, but in doing so it’s not immune to ‘hallucinating’ or making up information. The question we’re trying to address is how to get the tool to do what you want it to do, and the answer is making clearer requests.”
"The question we’re trying to address is how to get [AI] to do what you want it to do, and the answer is making clearer requests.”
- Eric Ludwig, PhD, CFP®
Uses of AI in Financial Services
As Ludwig and Bennetts point out, even before the launch of ChatGPT, almost everyone was using AI in their lives in some form or another, whether it be through voice assistants like Siri or recommendations in your Netflix queue. The differences between these algorithm-driven services and something like ChatGPT are functionality, level of interactivity, and real-time updates—something that substantially changes the game.
“Consider this: when Netflix and Facebook were first introduced to the world, it took nearly 10 years for them to become universally adopted and accepted,” Ludwig says. “With ChatGPT, it took only two months. Financial professionals can’t afford to overlook these technologies.”
So, should your financial services practice start using AI in everyday work? Ludwig and Bennetts say the answer largely depends on the kind of work advisors want AI to do for them. As Bennetts explains it, there are three big questions every financial professional looking to leverage AI tools should ask themselves:
- Does it matter if the AI tool’s output is true to your practice?
- Do you or other advisors have the expertise to verify what the AI tool is telling you?
- Are you or your organization willing to take responsibility for inaccuracies that may occur based on AI-generated knowledge?
Depending on the answers to these questions, Bennetts suggests financial professionals think long and hard about how they can use AI to its maximum potential and with minimal risk to themselves and their reputations.
“Time savings from using AI tools depends on what you’re using them for,” he says. “Obviously ChatGPT isn’t going to be able to run a meeting with a client for you. But it can be great for service-level jobs, preparation for client meetings, and portfolio- or proposal-building.”
“Obviously ChatGPT isn’t going to be able to run a meeting with a client for you. But it can be great for service-level jobs, preparation for client meetings, and portfolio- or proposal-building.”
- Chet Bennetts, CFP®, ChFC®, CLU®, RICP®, CLF®
How Advisors Can Use AI Responsibly
While ChatGPT and other AI tools are powerful, Ludwig and Bennetts stress they are not infallible: ChatGPT is notoriously bad at translating written descriptions into visual images, for example, and at times even basic math appears to be difficult for it. For this reason, the thought leaders strongly advise against taking the information AI provides as gospel—at least, not without checking it first.
Bennetts says he recommends financial professionals use AI tools as a starting point for research or drafting, reviewing its output and saving the most salient points for personalization and fact-checking before use. Because of this, he says he’s skeptical AI will ever fully replace human workers.
“We generally find consumers still get their financial advice more from social media than from AI,” he says. “The medical community probably felt the same way when WebMD was first created, but WebMD didn’t stop people from going to their doctor. It’s a supplement, not a substitution.”
"[AI] is a supplement [to professional guidance], not a substitution.”
- Chet Bennetts, CFP®, ChFC®, CLU®, RICP®, CLF®
Ludwig and Bennetts also say advisors using ChatGPT and similar systems shouldn’t be afraid to get specific about what they want and how they want it when using AI: advisors can use the technology to provide output to a multitude of formats, specifications, and voices—as long as they know how to ask the right questions and keep their intended audience in mind.
Want to learn more? You can watch Bennetts and Ludwig’s full conversation, including a live demonstration of how financial professionals can use ChatGPT, as well as their AI 101 course, on Knowledge Hub+, now available exclusively to members of The College’s Professional Recertification Program–and coming soon as an open subscription model!
More From The College:
Get specialized retirement planning knowledge with our RICP® Program.
Get the details of our ChFC® Program.
See our CFP® Certification Education Program.
FinServe Ambassador on Keys to Effective Practice Management and Recruiting
![Portrait of Irv Rosenzweig](/sites/default/files/inline-images/cb15-finserveambassador-irvrosenzweig_0.jpeg)
An alumnus of The American College of Financial Services, a member of The College’s FinServe Network, and an executive business consultant at Diversified, LLC in Wayne, Pennsylvania, Rosenzweig’s career in financial services spans over 30 years – and as he doesn’t hesitate to tell people, it hasn’t always been an easy road.
Finding the Financial Services Profession
Growing up in Minnesota and following the traditional path to university education, Rosenzweig says his first diversion was discovering that college just wasn’t for him. Looking for other opportunities, he worked a variety of jobs until he, along with his brother and cousin from New Jersey, opened a “California-style” restaurant in St. Paul, Minnesota. The restaurant was named one of the top new restaurants in St. Paul in their year of opening. That experience taught him his first valuable lesson.
“There’s a few industries that people are very critical of, including food, medical care, and anything involving money,” he says. “From a client perspective, you don’t mess up any outcomes involving those topics. Because of that, there’s no shortage of opportunity in those professions for those who aren’t afraid to seek it out and pursue excellence.”
The beginnings of Rosenzweig’s ventures into financial services included some real estate investing and breaking into the fields of insurance and banking as they began to broaden their array of financial products to customers. “Black Monday,” the severe stock market crash in 1987, further molded his experience, and surviving that lesson crafted a career of working in bank financial services, global investment banking firms and then, finally, beginning and running his own firm for the last 20 years. Along the way, he noticed some common and troubling trends that made him question the assumptions of those around him.
“I became conscious that certain types of investments very popular in financial circles didn’t work well practically,” he says. “In addition, financial firms weren’t always allowing you to work for the benefit of the client. Many firms were trying to be the McDonald’s of financial services: serve as many clients as possible with little regard to the quality of product or service.”
A People-Focused Approach
It was this experience that led Rosenzweig to the conclusion that would drive the rest of his career: financial advisors and their practices must seek to be holistic in nature, encompassing as many potential client needs as possible while still maintaining excellent service and quality care. This switch from serving many clients to serving clients’ needs more effectively took him away from big firms and into the more independent space of registered investment advisors (RIAs), which at the time were still in their infancy. Today, he works with Diversified, LLC, the result of a merger between his independent practice and a larger multistate, Delaware-based company. In many ways, this merger was the fulfilling and meaningful role he’d been searching for.
“We have a very diverse client base: entrepreneurs with pension plans and 401(k)s, high-net-worth clients that have been with me from my banking days, and a large segment of middle-class clients who are fairly new or naïve in regard to investing,” he says. “Through our diligence, honest approach, and hard work, our clients trust us, and although younger advisors may lack perspective gained through experience, I was able to convey my expertise and decades-long insight in their training. It’s very important to get to know the client, their concerns, their goals, and their hesitations because I’d been where they are, understood their points of view, and had the work ethic and desire to give them excellent service. We developed a strong bond that allowed us, in many cases, to work with three generations of client relationships.”
“It’s very important to get to know the client, their concerns, their goals, and their hesitations.”
Rosenzweig says the benefits of the merger have been an increased focus on advisor education for employees, while also becoming big enough to split up responsibilities like planning, running meetings, compliance, and back-office duties, and departmentalize things he used to have to do by himself. He says these days, he’s been able to transition into a more supervisory role as the second generation takes over at the firm.
“I’m mostly there to make sure clients are confident in the direction the firm is going, especially when we’re dealing with their major inheritances,” he says. “My job is less to manage the day-to-day and more to send a unified message to clients, and with where I’m at in life now, that’s quite a relief. I’ve also been able to broaden my reach through consulting, volunteering, seeking to serve on company boards, and getting to know other prominent people in the industry.”
However, it hasn’t all been smooth sailing. Rosenzweig says he’s had issues in the past with some new hires and even longtime employees not working out, and the lesson it’s taught him has been that trust and value alignment are indispensable to a practice running smoothly.
“When you’re interviewing people, you have to make sure they’re honest, hard-working, and above all, trustworthy,” he says. “Some will get burned out too quickly because the business moves so fast and have to leave. Others may try to take your clients and go elsewhere because they feel you or the firm owes them something. A sense of ethics and responsibility is key to a good hire.”
The Importance of Expanded Education
Another aspect that makes advisors and firms stand out from their competition, Rosenzweig says, is education – and that’s where The College and its programs come in.
“The College does a great job with its retirement, tax planning, and insurance knowledge through designations like the Chartered Financial Consultant® (ChFC®) and Chartered Life Underwriter® (CLU®). What I learned gave me the confidence and knowledge to get creative with helping business owners and others in need of succession planning fund their own retirements,” he says. “There are so many nuances to product uses, tax laws, and other considerations, and even if some clients don’t perceive a difference, there’s still a huge shift in the quality of advice you can give.”
“What I learned [at The College] gave me the confidence and knowledge to get creative with helping business owners and others in need of succession planning fund their own retirements.”
Rosenzweig says another element of his life that has made him better and more successful in his career and life at large is his personal passion: a decades-long study of the martial arts earning him multiple black belts in several martial arts disciplines. “The martial arts emphasize the need to become well-rounded through the exercise and training of the mind, body, and spirit. The strengthening of will and the concept of ‘indomitable spirit’ builds patience, resilience, confidence, and moral strength,” he says. “It would be easy to succumb to circumstances, market fears, client pressure, and self-doubt that could cause me to question my strategy and financial plans to the detriment of the financial health of clients without the moral strengthening my martial arts experience has given me.
In addition to building character through the martial arts, Rosenzweig has cultivated a network of friends and classmates about whom he readily declares, “They have my back, as I have theirs.” He has even acquired new business from fellow martial artists, as the bonds they form in their classes go beyond studying, training, and perfecting fighting skills to a more personal level. “The formation of trust and respect for intelligence and acumen motivates fellow students to come to me, and I am happy to provide a second opinion on their plans or thoughts. Often, this has resulted in new clients for our firm over the years,” he says.
Returning to the financial services space, Rosenzweig notes responsibility for training today is much more on individual advisors – and advisors need to live up to their duty to give excellent service.
“Retirement planning is extremely important in this day and age, especially for retiring business owners. In general, advisors should get as much knowledge as it takes to help their clients achieve their goals in new and creative ways,” he says. “Expanding your opportunities isn’t just an option: it should be a moral imperative for all of us in the profession.”
“Expanding your opportunities isn’t just an option: it should be a moral imperative for all of us in the profession.”
AI, Prompt Engineering, and Financial Planning
![Knowledge Hub Plus AI graphic](/sites/default/files/styles/default_style/public/2024-01/rt-khplus-live-aipromptandfinancialservices.jpg?itok=ARPE-Wsm)
Our thought leaders present on the intersection of AI and financial planning, including how the science of prompt engineering can empower you with the skills to use AI to its greatest potential in your workplace and on behalf of the clients you serve. College and CFP® CE credit is available!
This webcast is only open to members of The College’s Professional Recertification Program (PRP) and available in Knowledge Hub+. Log into Knowledge Hub+ via your Learning Hub.
Presenters
What is Knowledge Hub+?
Knowledge Hub+ is a just-in-time learning and CE platform developed by The American College of Financial Services exclusively for The College's Professional Recertification Program members that curates the wisdom of leading academics, change-makers and innovators, financial planning experts, and practice management leaders into one easy-to-use learning experience for financial professionals.
Knowledge Hub+ delivers the added value of automated reporting of CE credit to the CFP Board and The College’s records, making it easier for financial professionals to fulfill their thirty-hour CE requirements every two years without administrative headaches.
With exclusive live events and new content added quarterly, there’s always something new to learn with Knowledge Hub+.
Ethics In Financial Services Insights
Executive Education from the Leaders in Applied Ethics
![Black couple talking with ethical advisor on their financial options](/sites/default/files/inline-images/cb15-executiveeducationfromtheleadersinappliedethics.jpg)
Recognizing this gap, The American College of Financial Services developed the Trust & Leadership Certificate Program, designed to equip home office leaders with the skills necessary to build and restore trust with their field force, home office colleagues, and ultimately consumers.
The program is a cohort-based model meant for 10 to 30 select leaders at a single firm working at their corporate or home office. It’s the only executive education program to address the implications of trust between home office leaders and their field force, their colleagues, and their clients.
Participants meet for 10 hours of learning either in-person, fully remote, or hybrid, with approximately five hours of pre-reading and prep time. In-person sessions can be conducted on company grounds or as part of an existing engagement opportunity (e.g., a company retreat). Summarizing their experience in the program, one leader remarked, “Understanding the different trust challenges that the groups presented will enable me to use the information when coaching my team and working with peers.“
The centerpiece of the program is a capstone project. Participants work with their peers to workshop a real-world trust and leadership challenge for review. In a final group presentation, participants offer an analysis of the challenge and a plan to address it. In doing so, the capstone enables participants to apply the insights and tools learned in the program and positions them to lead on trust within their companies.
Enrollment is limited, so don't wait!
The Elements of Greatness
![MLK quote graphic](/sites/default/files/inline-images/cb15-mlkday2024.jpg)
King valued education. Indeed, he worked hard and studied for many years to become a highly educated man. After earning his Bachelor of Arts degree at Morehouse College, King went on to earn his Bachelor of Divinity at Crozer Theological Seminary, followed by his doctorate in systematic theology at Boston University.
To understand why King pursued education at the highest levels, look no further than his own writings. Toward the start of his academic journey while at Morehouse, King wrote, “Intelligence plus character—that is the goal of true education.” (I encourage you to read King’s full article here.) Considering his perspective on education, not to mention his chosen discipline (theology), one might infer King’s experience in higher ed influenced his development as a leader, in addition to growing his knowledge base.
Like King, I have always been a believer in education. Like King, I see education as but one way to fulfill a higher calling. Many years after setting out on his journey through higher education, King would go on to say that education was not requisite for greatness. In a sermon delivered just two months before his assassination, King preached:
“If you want to be great—wonderful. But recognize that he who is greatest among you shall be your servant. That's a new definition of greatness. [And] the thing that I like about it: by giving that definition of greatness, it means that everybody can be great, because everybody can serve. You don't have to have a college degree to serve. You don't have to make your subject and verb agree to serve…You only need a heart full of grace. A soul generated by love. And you can be that servant.”
—Dr. Martin Luther King Jr.
“The Drum Major Instinct,” February 4, 1968, an adaptation of the 1952 homily by J. Wallace Hamilton (full sermon here)
As educators, as students, and as proponents of lifelong learning within our domain of applied financial knowledge, what might we make of King’s stance on education? Here’s what I believe it means: Although King loved learning, he loved service even more—and the lesson is to apply education in service to others. Formal education (whether a college degree or a College designation) itself is not the key to greatness. Instead, it helps build knowledge, intelligence, and character, which, together, equip us to lead lives of service. Only then can our impact be truly great.
This holiday, let’s align our educational goals to our life goals. Let’s pursue education that builds knowledge, intelligence, and character. And let’s apply what we learn in service to others—with faith, as MLK possessed, that our lives may serve a greater purpose.
New Members to Join the 2024 Alumni Council
![Group photo of Michaela, Heather, Jason, and Julie](/sites/default/files/inline-images/cb15-24alumnicouncilupdate.jpg)
Michaela Scott, MSFS, CLU®, ChFC®, RICP® will be stepping into the role of Alumni Council President at The American College of Financial Services in 2024, taking the baton from Scott Winslow, MSFS, ChFC®, CLU®, RICP®, CCFC. Thanks to Winslow’s stellar leadership over the past few years, the Alumni Council is stronger than ever and has established a foundation for continued year-over-year success. The College believes there is no one better than Scott to continue that momentum.
New Members to the Council
Joining the new president, along with the rest of the Council, will be four new members.
Heather Welsh, CFP®, AEP®, MSFS is a vice president and the wealth planning department leader at Sequoia Financial Group, where she determines strategic direction for the planning solutions created for clients and oversees the management and career development of Sequoia’s wealth planning team. Throughout her career, Heather has been motivated by a single ambition: to make wealth planning accessible, relevant, and personalized to each individual and family she serves. She is also passionate about supporting the next generation of professionals, serving as a mentor, women’s initiative advocate, and past “Ask the Expert '' panelist through the CFP Board and by volunteering in the classroom through Junior Achievement. Her impact has been broadly recognized, as she has received the Greater Akron Chamber’s 30 for the Future award, and she was the recipient of the Women Working in Wealth Award by The American College in 2022.
Jason Austell MSFS, CFP®, CHFC®, CLU®, CASL®, RICP®, AEP®, CAP®, CHSNC®, CPFA® has over 20 years of experience working with clients in both the personal and professional markets. In addition to his many designations, Jason completed his master’s in financial services (MSFS) at The American College of Financial Services in 2017. He is a past President of NAIFA NC and has been a member since he began his career. He is also a member of the Charlotte Estate Planning Council, Society for Financial Service Professionals, and the Rotary Club of Gastonia.
Julie A. Pinkerton, CLU®, ChFC®, LUTCF® is the CEO of Evozen, LLC. Evozen’s ClientFirstTM is the only national, fully diverse digital community that creates the right environment for people to connect in order to provide top service to their clients and solve their most challenging problems. Additionally, the ClientFirstTM community unites independent Rainmakers in insurance, investments, law, and tax as Centers of Influence. Julie is also a contributing writer for U.S. News & World Report, focusing on financial topics and she is in the midst of authoring a book, "BLINK, Because Life Isn't Neat & Clean."
Sahar Pouyanrad, EMBA, CTFA, AEP®, CEP, ChSNC® is an executive director and the West Regional Trust Team leader for the Trusts and Estates Team for J.P. Morgan Private Bank. In this capacity, she is responsible for oversight and administration of trust accounts and related services for the firm’s fiduciary clients across the West Region, with a primary focus on ultra-high-net-worth families. As the Head of New Business, Sahar is also responsible for partnering with legal, compliance, and risk to drive new business, manage risk by overseeing review of potential trust and estate opportunities, and work with senior leadership to set new business parameters relating to trusts and estates. Sahar is also an award-winning member of the Toastmasters International and a frequent speaker on trust and estate subject matters.
Mission
The Alumni Council’s mission at The College is to:
• Identify new ways to promote student success and engagement.
• Create a supportive community that values inclusivity and collaboration.
• Help students meet their full potential and exceed their own expectations.
The College is sincerely grateful for the contributions of all its returning members and is excited to welcome its new ones to the ongoing effort to embody the Council’s mission in support of helping The College embody its own.
Ethics In Financial Services Insights
Factors Influencing Trust Formation in Financial Services
![Mother and daughter shaking hands with trustworthy financial advisor](/sites/default/files/inline-images/cb15-exploringthefactorsinfluencingtrustformation.jpg)
In business, trust is critical. In financial services, it’s even more so because of the fiduciary nature of many relationships in the industry. In their presentation, Drs. Pattit and Pattit explored the factors that contribute to the formation of trust for seven types of financial services providers.
Their analysis relied on 1,697 consumer responses to a self-administered online questionnaire. The questionnaire permitted assessment of trust levels held by: (1) consumers who had a relationship with a financial institution; and (2) consumers with no relationship, but familiarity with a particular type of service. The results show that there is a marked difference in the level of trust between the two groups for all seven types of financial services.
Investigating this “gap” further showed that the factors contributing to the formation of trust differed between the two groups. These findings offer three practical implications for financial services companies. First, companies need to demonstrate consistent values in all channels, including operations. Second, companies can be intentional about creating “experience points” for building trust. Third, companies need to recognize that bad experiences negatively affect trust and spill over into other areas.
Further insight on these recommendations for practice and the analysis behind them were presented in a poster at the 7th Annual Academic Research Colloquium of the CFP Board Center for Financial Planning on December 7, 2023, in Arlington, Virginia.
A related research brief, Pathways to Trust in Financial Services: A Closer Look, is available for download from the Center for Ethics’ website. The data explored here is applied further in the Center’s Trust & Leadership Certificate Program.