Diversity, Equity & Inclusion Insights
Army Officer and Retired Veteran Thanks The Center
![Veteran giving a salute in front of the American flag](/sites/default/files/inline-images/cb15-inappreciationofyoursupport.jpg)
I want to extend the deepest feeling of gratitude for giving me this scholarship and the opportunity to learn from such an impactful organization. Everything I learn in this course will be put to work as I try to help more Active-Duty Military and Veteran families in their pursuit of financial security.
Giving back to the military community fills me with purpose and this opportunity will enhance my ability to provide families with better service as they pursue their goals.
Thank you!
Respectfully,
Jesse M. Underwood
Philanthropic Planning Insights
Dien Yuen Joins the Be Giving Podcast
![Be Giving Podcast logo](/sites/default/files/inline-images/cb15-begoodpodcastinterviewdienyuen.jpeg)
Dien Yuen, former executive director of the American College Center for Philanthropy and Social Impact, was recently a guest on the Be Giving podcast hosted by Elizabeth Wong.
In this episode, Yuen joins Wong to share her expertise in the field, discussing topics such as the importance of philanthropy in wealth management, the value placed on philanthropy by The College and the Chartered Advisor in Philanthropy® (CAP®) Program, and the unique experiences faced by advisors of color.
Hear about these topics and more in this informative and thought-provoking discussion as Yuen shares her experiences with The College.
Honoring Our Most Loyal Supporters
![2023 President's Dinner logo](/sites/default/files/inline-images/cb15-presidentsdinner2023awardrecipients-header.jpg)
The American College of Financial Services is committed to delivering the highest quality education to the professionals entrusted with the public’s financial well-being. The yearly President’s Dinner serves to highlight what’s new and exciting at The College while recognizing the significant contributions of some of The College’s most generous supporters who help make it all possible. In addition, The College welcomed former president Larry Barton and took a moment to thank four board members in attendance whose terms will conclude at the end of the year.
Awards Presentation
Each year, the President’s Dinner includes a series of award presentations to recognize the contributions of several alums who have inspired us with their passion and commitment to helping The College achieve its mission.
Congratulations to this year’s recipients:
Huebner Gold Medal:
- Phillip C. Richards, CLU®, RHU®
- Margaret I. Bradshaw, CLU® (posthumously)
In 1975, as The College 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 awarded to people who, through support and dedication to The College and its programs, have moved the institution forward in its mission.
Phil Richards is the Executive Chairman and Founder of the affiliated companies that comprise North Star Resource Group. 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 and client assets under administration exceeding $10 billion. He is a 45-year arbitrator for the Better Business Bureau, is a past chairman of the Better Business Bureau of Minnesota and North Dakota Board of Directors. He served on the Arizona Quality Council Board of Directors and on The American College of Financial Services’ Board of Trustees in Philadelphia for nine years. He was inducted into The College’s Hall of Fame in 2016.
The late Margaret Bradshaw was just the fourth woman in the United States to earn a Chartered Life Underwriter® (CLU®) designation from The American College of Financial Services, just four years after The College was founded. She was the first woman agent ever in Rhode Island. She went on to teach insurance classes at Brown University, to classes frequently comprised entirely of men. When she began in the insurance field, she noticed that few agents had any appreciation for the CLU®, let alone the designation itself. She said, “The American College [was] instrumental in making insurance a profession.”
President's Award: Mary M. Wright, CAP®
Conferred by The College’s President and CEO, this award recognizes the leadership and generosity of benefactors and volunteers.
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 American College 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® (CAP®) designation 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.
![Paul E. Vignone - Alumni Hall of Fame winner](/sites/default/files/inline-images/cb15-presidentsdinner2023awardrecipients-alumnihalloffame.jpeg)
Alumni Hall of Fame: Paul E. Vignone, CLU®, ChFC®, JD, LLM
The American College of Financial Services Alumni Hall of Fame was established in 2005 to recognize graduates of The College's designation, certification, and degree programs who have made extraordinary contributions in time, treasure, effort, and energy to the institution, their community, and the financial services industry as a whole.
Paul Vignone is an estate and business planning consultant for The Gaber Group. He spent much of his career with Penn Mutual as a managing partner and then an executive consultant. Throughout his distinguished career, he earned many of Penn Mutual’s employee awards – including its most prestigious, the National Chairman’s Award. In addition, the General Agents’ and Managers’ Association has consistently recognized his contributions to the industry, including honoring him with its coveted First-in-Class Award and 13 Master Agency Awards.
![J. Scott Davison - Second Century Society Winner](/sites/default/files/inline-images/cb15-presidentsdinner2023awardrecipients-secondcenturysociety.jpeg)
Second Century Society: J. Scott Davison, ChFC®, CLU®
The Second Century Society recognizes The College's most generous benefactors who have made lifetime gifts achieving $1 million or more in philanthropic impact.
Scott Davison is the Chairman, President, and CEO of OneAmerica. He leads the nationwide network of companies and affiliates, which offer a wide variety of products including retirement, individual life insurance, annuities, asset-based long-term care solutions, and employee benefits. He was appointed president in 2013, CEO in 2014, and chairman of the board in 2017. Scott is a past chairman at Indiana University Health, the American Council of Life Insurers, and The American College of Financial Services. He currently serves on the board of the Central Indiana Corporate Partnership and Ascend Indiana, and as a co-chair of the 2024 U.S. Olympic Team Trials for Swimming.
![NextGen Financial Services Profession Award winners](/sites/default/files/inline-images/cb15-presidentsdinner2023awardrecipients-nextgenrecipients.jpg)
NextGen Financial Services Professional Award
The NextGen Financial Services Professional Award honors young professionals under the age of 40 who made a significant impact in the financial services industry and have shown outstanding performance and leadership in their careers, with a desire to give back to the community. This year’s winners were:
- Michael Acosta, CFP®, CSLP, ChFC®
- Kay Blunck, CFP®, ChFC®, CAP®, AEP®, CRPC®
- Akeiva Ellis, MSFP, CPA/PFS, CFP®, ChSNC®
- Hannah Kantsroom, CAP®, MSW
- Padric Scott, AEP®, CFP®, CAP®, ChFC®, CLU®, WMCP®, CCFC
Venue
Located in the heart of Philadelphia’s beautiful museum district, the Barnes Foundation promotes the appreciation of the fine arts and horticulture. And like at The American College of Financial Services, education is at the heart of everything they do.
The Barnes’s core belief that art has a meaningful role to play in the service of improving society relates to The College’s belief that a more highly trained financial services profession, coupled with a more educated population, benefits society in a very real way by elevating the conversations being had around financial literacy and security.
Plus, as they are at The College, diversity and inclusion are integral to the Barnes Foundation’s excellence and success and play a necessary role in all their activities.
The President
President and Chief Executive Officer of The College George Nichols III, CAP® hosted the President’s Dinner and shared remarks throughout the evening. George recently celebrated five years at The College, a milestone that invited reflection on the transformative past half-decade at the institution. In his closing comments, he noted that it is not lost on him that he is the first Black president at The College, and that only in America could he go from being a poor Black boy in Kentucky to sharing his five-year anniversary with so many esteemed guests at the President’s Dinner. It was a fitting end to a wonderful night.
Independence in Practice: How a Florida Firm Powers Growth with Retirement Knowledge
Led by Cary Stamp, RICP®, CFP®, CDFA™, CAP®, AIF®, AEP®, a multi-time alum of The College’s programs including the RICP® and the Chartered Advisor in Philanthropy® (CAP®) designation, this registered investment advisor (RIA) firm in West Palm Beach, FL, has experienced significant growth – and many of its advisors credit The College’s programs with propelling that growth.
Stamp says he believes so much in the power and value of continuing education and The College’s programs that he requires all new advisors at his firm to enroll in a College program, whether it’s the RICP®, The College’s CFP® Certification Education Program, or others. In addition, professionals at the firm say they believe foundational knowledge is no longer enough to guarantee success in a competitive business: they see The College’s programs as key to expanding their opportunities through focused, advanced, and specialized knowledge on specific areas of planning. This knowledge, in turn, allows them to have deeper client conversations and foster better planning outcomes.
For more on how The College and its programs can provide specialized knowledge for career success, visit our RIA Resource Center.
More From The College:
Get specialized retirement planning knowledge with our RICP® Program.
See our CFP® Certification Education Program.
Gain philanthropic and legacy planning knowledge with our CAP® Program.
Ethics In Financial Services Insights
Understanding Differentiating Reasons for Trust is Key to Winning Consumers
![Consumer Trust displayed over a ruler](/sites/default/files/inline-images/cb15-therootsofcustomertrustaremorevariedthanyouthink.jpeg)
Humans hold complicated beliefs and emotions. This is evident in consumer trust in financial services. Our inaugural Trust in Financial Services Study brought to bear contradictory dynamics of trust in the financial industry. For instance, consumers may appreciate financial companies’ alignment with their belief in environmentalism, yet express skepticism when it comes to trusting financial companies to not pilfer their money.
Domarina Oshana, PhD, Director of Research and Operations of the American College Cary M. Maguire Center for Ethics in Financial Services shares additional insights in this article in American Banker on the dualities of trust and actions financial companies can take to increase trustworthiness with communities of color.
To win consumer trust, it’s important for financial companies to understand consumers’ different reasons for high or low trust, which vary depending on their community. Such insights can help close gaps in trust and build financial companies’ trustworthiness.
Ethics In Financial Services Insights
Impact of Artificial Intelligence (AI) in Financial Advisory Industry
![Advisor helping client and his child on the computer](/sites/default/files/inline-images/cb15-goingbeyondfiduarydutyonaiandadvicetech.jpg)
Participants in the program gained practical guidance on how AI can be used to improve client services, how predictive analytic technology can advance client interactions with advisors, and the U.S. Securities and Exchange Commission (SEC)’s proposed rule on predictive data analytics.
Our panelists explored the transformative impact of artificial intelligence (AI) on the financial advisory industry. In an era marked by technological advancement, financial advisors are presented with both unprecedented opportunities and notable challenges. Financial technology is increasingly being used to help mediate the advisory relationship, providing seamless ways to match with financial advisors, communicate more effectively, and increase client engagement opportunities.
As AI tools have become increasingly available, integrating these techniques into advisory relationships has been on the rise within broker-dealers and registered investment advisors. The SEC proposed a new rule in August 2023 that highlights where regulators see an increased risk of conflicts of interest that may not be in the best interest of clients. The proposed rule outlines the SEC’s potential approach to addressing these risks when predictive data analytics are used in client interactions (for proposed rule, click here).
The panelists also explored the following topics:
- Use cases for how AI can enable advisors to make informed decisions and provide timely advice and services to clients.
- How predictive analytic technology and AI-enabled services can provide tools to clients to self-manage their own financial decisions and strategies.
- Governance practices that companies can consider to manage potential negative impact to clients.
- The SEC’s proposed rule on predictive data analytics and the regulatory perspective on the risks created by these technologies.
- The potential implications of AI on advisor/client interactions, and the industry.
Diversity, Equity & Inclusion Insights
Career Pathways in Financial Services: An Introduction for Black Americans
![Black American woman interviewing for a job](/sites/default/files/inline-images/cb15-ceee-careerpathways.jpg)
Career Pathways in Financial Services: An Introduction for Black Americans is a practical guide to career pathways in financial services. It explores the challenges and opportunities facing potential Black financial services professionals, outlines the career paths available to you, and helps you chart your personal path forward.
Challenges and Opportunities
Black Americans are underrepresented in the financial services industry. While Black Americans make up almost 13% of the US population, they make up only 5% of financial professionals.1 This underrepresentation is mirrored in the wealth gap between Black and White Americans —the median Black family’s wealth was just $24,100 in 2019, about one-eighth of the $188,200 median wealth of White families.2
These statistics point to a serious schism in the relationship between Black Americans and the financial service industry. Yet the industry offers significant opportunities for potential Black professionals. Many financial services firms have a strong sense of mission and a career in financial services can be rewarding for those who want to serve their communities. A career in finance can offer generous pay - financial services jobs pay a median wage of close to $40 an hour compared to less than $23 an hour for all jobs on average.3
Financial Services
Industry Overview
For those with the right skills, there are a range of opportunities in the various sectors of the financial services industry:
- Banking
- Insurance
- Financial Planning
- Wealth and Investment Management
- FinTech
- Brokerage
Core Skills
Financial professionals need a range of skills, including:
- Skilled in leadership and able to demonstrate accountability.
- Comfortable with numbers.
- Good at communication.
- Organized.
- Proficient at problem-solving.
- Mature and have a high degree of emotional intelligence.
- Proficient at time management.
- Good at teamwork and at working and interacting with different types of people.
Your Career Path
A career in financial services can be professionally, financially, and emotionally fulfilling. Your career will generally move through three phases.
Phase 1: Learning
- Finding your first job.
- Developing industry knowledge and practical skills.
- Building relationships within your industry/firm.
- Learning industry norms.
- Building customer contacts.
- Obtaining any necessary licenses.
Phase 2: Building
- Developing specialized skills.
- Building your network inside and outside your firm.
- Pursuing new career opportunities/promotions.
- Becoming active in industry groups and professional associations.
Phase 3: Leading
- Understanding how to manage a business/department.
- Developing leadership skills.
- Staying current on industry trends and developments.
Next Steps
- Reach out to The American College of Financial Services’ Center for Economic Empowerment and Equality® to access cutting-edge research into the financial services industry, guidance on scholarships that can support your financial services education journey, and opportunities to connect with Black financial services professionals.
- Read financial media and watching financial news, as well as following financial professionals on social media.
- Reach out to any contacts you have who work in finance or connect with financial professionals through your LinkedIn network.
- Consider your current education and whether you may benefit from additional certifications or designations.
Diversity, Equity & Inclusion Insights
VetCTAP Aims to Increase Veteran Employment Rate
![Vet CTAP logo](/sites/default/files/inline-images/cb15-sitrepnov23-story3-vetctap%20%281%29.jpg)
The VetCTAP program concept grew out of the personal experience of Sandra Fichter (former US Army Officer), who is a Human Resources (HR) professional. In her HR role, Sandra reviewed resumes from transitioning veterans that did not accurately reflect all of their skills. Sandra could predict that they would not be selected for jobs they qualified for because they did not effectively communicate their strengths and skills. This realization led to the birth of the VetCTAP workshop series.
Sandra recruited senior learning and development expert, Janis Whitaker and other HR professionals to create a job search workshop series. The program was built around three key elements: one-on-one coaching, utilizing HR professionals as facilitators and coaches, and reaching military members before they leave the service, allowing for a smooth and successful career change.
The VetCTAP workshop series (formerly CTAP) began in 2012 successfully assisting military, veterans, and spouses through their career transition. The program has sustained a 90% success rate of graduates obtaining the career of their choice. VetCTAP’s success is not possible without HR and business professionals who volunteer to teach and coach, and donors who share in the passion of supporting veterans and spouses in transition, and helping those veterans find employment in the career of their choice, where they can comfortably provide for themselves and their families.
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Honoring our Heroes: Veterans Day, November 11, 2023
![Veteran giving a salute](/sites/default/files/inline-images/cb15-sitrepnov23-story1-vetday.jpg)
Veterans Day is a solemn reminder of the sacrifices made by these heroes to protect our freedom, uphold our values, and preserve our way of life.
These veterans have faced adversity on the front lines, away from their homes and loved ones, often in the harshest conditions. They have demonstrated courage, resilience, and unwavering dedication. Their service transcends political divides, uniting us in our collective gratitude for their sacrifice.
Veterans Day is a day of remembrance, reflection, and appreciation. It is an opportunity to express our profound thanks to those who have worn the uniform, to recognize the challenges they’ve faced during and after their service, and to provide our support as they transition back into civilian life.
As a nation, we must not only celebrate Veterans Day with parades and ceremonies, but also strive to make a lasting impact by supporting our veterans through initiatives that offer education, employment, and healthcare. These heroes deserve nothing less for their immense contributions to our country.
Let us stand together and salute the veterans who have given so much for us, on this Veterans Day and every day. Their sacrifices remind us that freedom is not free, and our gratitude should be boundless.
Diversity, Equity & Inclusion Insights
Military Spouse Grateful for Center Scholarship
![American Flag](/sites/default/files/inline-images/cb15-sitrepnov23-story2-thankyou.jpeg)
To The American College of Financial Services Center for Military and Veterans Affairs
I wanted to take a moment to express my sincere gratitude for your generous support through the Center for Military and Veterans Affairs scholarship program. I am honored to be a recipient of this scholarship, which will enable me to pursue new training in wealth management as a military spouse.
Your invaluable contribution has provided me with an extraordinary opportunity to enhance my knowledge and skills in the field of wealth management. I have always been passionate about financial literacy and enabling individuals to achieve financial stability and independence. This scholarship will allow me to transform this passion into a reality, and I am committed to making the most of this opportunity … using my newfound knowledge to empower military families.
I want to express my sincere appreciation for your recognition of the unique challenges faced by military spouses and your commitment to their personal and professional growth. By investing in my education and training, you are not only supporting me as an individual but also making a positive impact on the entire military community.
Thank you once again for your invaluable support which has not only lightened the financial burden but also reaffirmed my commitment to making a positive impact on the lives of military families. I will always be grateful for the opportunity you have given me and will strive to pay it forward by helping others in the future.
With heartfelt appreciation,
Sheree Couts