Diversity, Equity & Inclusion Insights
CAAFP 2023 Focuses on Reclaiming Black Wealth
![CAAFP 2023 logo](/sites/default/files/inline-images/cb15-caafp2032.jpeg)
The three-day event entered its 17th year during a time of great changes. Since the nation’s renewed racial awakening in 2020, progress has been made on many fronts in the mission to bring greater equality and opportunity for African Americans to public and business spheres. However, the recent Supreme Court decision regarding affirmative action has sparked new conversations about the future of diversity, equity, and inclusion.
Given this state of affairs, speakers at CAAFP 2023 focused on renewing attendees’ passion for pursuing change in their organizations and other environments and increasing the power of Black communities through cooperation and commitment. Through inspiring workshops, coaching sessions, networking opportunities, keynote addresses, and more, the conference once again served as a vehicle to bring people of all personal and professional backgrounds together for an exciting and empowering experience.
Finding Balance in Trying Times
The CAAFP’s general session opened with words of welcome from College figures including Dr. Pamela Jolly and President and CEO George Nichols III, CAP®. Dr. Jolly, a leader affiliated with the American College Center for Economic Empowerment and Equality, told attendees that while protests and demonstrations can raise awareness about issues of diversity and inclusion, what’s really needed is actionable plans to back up the desire for change.
“There was a moment. Now, what we need is a movement,”
Dr. Pamela Jolly
“I want us to be bold, but I don’t want us to be spontaneous. I want us to be strategic. Reclaiming Black wealth involves reclaiming our memories, our history, our sweat equity, our communities, and our models of wealth.”
Dr. Jolly was followed by Eszylfie Taylor, President of Taylor Insurance and Financial Services, who discussed the interconnectedness of mind, body, and money. A financial and personal wellness guru, Taylor emphasized the need for balance in all elements of life, as well as for ongoing transformative action.
“Your diet isn’t only what you eat; it’s what you watch, what you listen to, and who you surround yourself with,” he said. “I don’t believe in winning and losing: I believe in winning and learning. And you can’t get upset about results from work you didn’t do.”
Planning for Success
Day 2 of the conference opened with an address from Lauren Simmons, who at 23 years old became the youngest woman to be a full-time trader in the New York Stock Exchange. Simmons is now a personal finance expert for women and youth, and she detailed how her own relationship with money influenced her career journey.
“Black wealth is a power beyond imagination, but we’re running a marathon, not a sprint,” she said. “Being wealthy is about having a long-term plan. If we continue to think in a short-term mentality, we will continue to repeat history over and over again.”
Simmons also spoke about many pioneers of Black wealth, including Jeremiah Hamilton, who was the first Black man on Wall Street. Having invested in the construction of the country’s modern railroad system, Hamilton died with the equivalent of $65 million in assets – and yet very few people know his story, much like the success and destruction of the “Black Wall Street” community in Tulsa, Oklahoma.
“There is power in entrepreneurship. Education alone is not going to close the wealth gap,” Simmons said. “We need to stop people from erasing the power we’ve historically had in this country – and that can be ours again.”
In between keynote sessions and workshops on subjects from crypto assets and financial psychology to professional development and other topics, attendees also had the chance to network to form new connections of fellowship and to shop various Black-owned businesses in the Chicago area. The evening was capped off by the annual CAAFP White Party, where speakers, attendees, and other professional guests and staff came together to celebrate the transformative nature of the conference and its legacy of bringing people of all different backgrounds together in solidarity.
A Powerful Call to Continued Action
After more workshops and networking time, the final day of the conference concluded with a panel discussion of Black business leaders, including President Nichols, on how they could combine their efforts to create lasting change.
As leader of The College, President Nichols continued to drive home the message that Black communities, and all communities, are “Stronger Together.”
“You can’t advance what we are aiming to unless you perform and do the work,” he said. “You need to reclaim your own wealth so you can help others reclaim theirs.”
With the need for concerted and connected action at the forefront, attendees of CAAFP 2023 left energized and inspired to bring the lessons they learned back to their places of business and communities. The College looks forward to CAAFP 2024, coming August 12-14, 2024, in Atlanta, Georgia!
Smart Social Security Strategies for Women
![Group of women reading about social security benefits](/sites/default/files/inline-images/cb15-socialsecuritystrategiesforwomen.jpg)
More women are working than ever before, but their average benefits are lower than those for men because women typically earn less over their lifetime. In addition, falling marriage rates mean fewer women are in a position to claim spouse’s and survivor benefits.
Here are some important points for women to consider when planning to apply for Social Security benefits:
Claiming Benefits
Benefits can be reduced by up to 30% if you claim as soon as you are eligible, before your full retirement age. If you have other income sources you can use after retirement, such as a 401(k) or IRA, you can delay claiming your Social Security benefits. This delay will result in increased monthly benefits when you do begin receiving them. The increased monthly amount can have a positive impact on your financial security because you will receive a greater amount for the rest of your life.
Your Health
Delaying your claiming age makes sense if you are in good health. If you are in poor health, it may make sense to claim earlier.
Ethics In Financial Services Insights
The Fork in the Road for Social Enterprises
![Group of employees walking together](/sites/default/files/inline-images/cb15-forkintheroadforsocialenterprises.jpg)
Published: Brown, J. A., Forster, W. R., & Wicks, A. C. The Fork in the Road for Social Enterprises: Leveraging Moral Imagination for Long-Term Stakeholder Support. Entrepreneurship Theory and Practice, DOI 10422587211041485 (in 2021); in print ET&P, 2023, 47(1), 91-112 (2023).
This manuscript was accepted for a special issue on stakeholder theory and entrepreneurship. It went online September 20, 2021, and in print in 2022/23. Entrepreneurship Theory and Practice (ET&P) is considered a top, AJG-4 rated journal,1 applied to journals that “publish the most original and best-executed research.”2 It has a five-year impact factor of 14.105. The paper has been downloaded over 1000 times as of May 2023. I am lead and corresponding author on the article. In 2022, it won the Best Published Paper Award at the annual International Association of Business & Society (IABS) conference—an international conference and institution dedicated to research and teaching about the relationships between business, government and society.
This article was motivated by reading about the popular philanthropic shoe company, the TOMS company. Founder Blake Mycoskie introduced a “one-for-one” business model, where he promised that for every purchase of shoes, the company would give away a pair of shoes to some needy child or person. The initial response from customers was highly supportive, but less than five years from its formation, the company found itself subject to a firestorm of critique from disillusioned observers who accused the company of being more focused on getting consumer dollars than making a tangible impact through their social mission. The cause of the criticism was associated mainly with TOMS’s failure to create opportunities for needy communities to better themselves. TOMS was accused of making people in developing countries dependent on the goodwill of others, in addition to preventing local markets from thriving.
Hence, my co-authors and I decided to unpack the issues that left TOMS (at least temporarily) on the bad side of its stakeholders. We were left wondering, what are the key factors for social enterprises (SEs) like TOMS that enable a company to sustain the support of their stakeholders beyond their nascent stage? Put another way, how can SEs capture positive social judgments and avoid a loss of moral legitimacy and stakeholder support, as happened in the TOMS case? And finally, what aspects of stakeholder theory are most relevant to social entrepreneurs in their quest to create and sustain long-term value creation?
To answer these questions, we develop a conceptual process model and testable propositions that have both theoretical and practical significance. The model shows that after SEs secure the support of primary stakeholders like financiers, suppliers and customers, they then face a “fork in the road” where they are assessed for social impact. If they continue their focus on primary stakeholders to the exclusion of secondary stakeholders like communities, they risk losing the moral legitimacy of both their primary and secondary stakeholders, which will ultimately cause their failure (i.e. they end up on the “low road”). However, our model shows how social entrepreneurs and their enterprises can leverage their moral imagination---the ability to understand the activities of business from a number of perspectives---to affect the ways their stakeholders envision their legitimacy (i.e. they end up on the “high road”). They can do this: 1) in broadening stakeholder awareness and engagement, 2) in empathizing with secondary stakeholders, and 3) in establishing microsocial norms. Thankfully, TOMS became aware of broader stakeholder concerns and chose to engage with both primary and secondary stakeholders, using moral imagination to regroup and take ‘the high road’. In sum, our manuscript provides a nuanced stakeholder lens that identifies factors critical to the longevity of SE businesses.
I use the TOMs case study and my developed process model in my current graduate classes, in executive education and in my pro bono ethics/stakeholder training for compliance professionals. There is a message for social entrepreneurs in the need to pay attention to secondary stakeholders, and I find that it is received well by leaders across all stages of entrepreneurship.
In sum, this article has been recognized by a highly regarded journal and is beginning to contribute to the advancement and refinement of stakeholder theory and social entrepreneurship.
Military Support Organization of the Month: MFAA
![MFAA Logo](/sites/default/files/inline-images/cb15-mfaa.jpg)
With a motto of “military veterans and spouses serving military and veteran families,” the MFAA’s qualifications and standards exceed those of most financial services organizations—but more importantly, they know the life. You don’t need to explain what SBP (Survivor Benefit Program) and BAH (Basic Housing Allowance) mean to them. They already know.
Andrea Clark, CFP®, AFC®, one of the founders of MFAA, has a special connection to The College. She is a previous scholarship recipient from the American College Center for Military and Veterans Affairs, having been awarded one by The College to pursue the CFP® Certification Education Program around the time her husband retired from the military. Along with several other Center of Military and Veterans Affairs scholars, Andrea went on to found MFAA: a non-profit professional association of independent financial planning experts specializing in financial advice and planning services for military and veteran families.
MFAA realizes the military community has long been overlooked by financial planners, and there is now a greater need than anyone in the industry can possibly satisfy on their own. They believe that only by working together can we all accomplish our objective of providing military and veteran families with the highest quality financial advice.
All MFAA members must meet these standards:
- XY Planning Network member in good standing
- Sign a fiduciary oath to act in the best interests of our clients at all times
- Operate as a fee-only financial advisor, meaning that we don’t collect any kinds of commissions or other earnings for the recommendations we make to clients
- Offer a fee structure other than assets under management
- Have no derogatory marks on our records as financial professionals
- Primary focus on providing comprehensive financial planning, not just investment management
- Prior service as a military member or a military spouse
- Committed to continually furthering our education in order to better serve clients
- Own or work at an independent Registered Investment Advisory (RIA), avoiding the issues that may exist among advisors at large broker-dealers or insurance companies
- Have a positive reputation among local professionals in our industry, as membership in MFAA is by invitation only
- Maintain their status as a CFP® professional or a candidate currently pursuing the designation (members may also maintain additional certifications related to financial planning)
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Air Force Master Sergeant Expresses Gratitude for WMCP<sup>®</sup> Scholarship
![Military serviceman writing a letter](/sites/default/files/inline-images/cb15-militarycenterwmcpgratitudeletter.jpeg)
I would like to say thank you and provide a few words to express my gratitude for the WMCP® scholarship.
I’m going to retire from the Air Force next year, and this is going to make my transition out of the military a lot easier. This scholarship is going to afford me the luxury of not waking up and saying, “I need to go into work today,” but waking up and saying, “I get this opportunity to go do something I enjoy today.” For almost two decades I have enjoyed talking about personal finances with those around me, and now the time has come for me to get a formal education in it and to help others meet their own goals.
Again, I’m excited for this next chapter in my life, and this scholarship has helped create this opportunity for me.
Respectfully,
MSgt Steven Ziegler
The Center Partners with Take Command and First Command Educational Foundation
![First Command Education Foundation logo](/sites/default/files/inline-images/cb15-fcef-takecommand.jpg)
Take Command is developed and delivered by First Command Educational Foundation, a non-profit group dedicated to improving the financial readiness and economic position of the men and women who protect our country and preserve our freedom.
The Take Command Program is an interactive financial education program for active duty, reserve, and cadets of any branch of the U.S. Military and their spouses or partners. Students who complete the Take Command Program will be eligible to complete a Transfer of Credit through The American College of Financial Services to receive college credit through our consumer financial education courses.
This partnership supports the mission of both First Command Educational Foundation and the American College Center for Military and Veterans Affairs. Through our work together, we aim to provide education in financial readiness and career opportunities to men, women, and their spouses who have honorably served.
Ethics In Financial Services Insights
Can You Tell the Difference Between Acceptable Networking and Wrongful Hiring Practices?
![Two work colleagues speaking together](/sites/default/files/inline-images/rt-acceptablenetworkingandwrongfulhiring.jpeg)
Prudential PLC’s CFO resigned earlier this year because of an investigation into a code of conduct violation. A recent WSJ article reveals that the breach was in connection with the CFO’s efforts to help the son of an insurance regulator in Hong Kong, who had approached him about a potential job opportunity.
The regulator led the Insurance Authority of Hong Kong’s oversight of Prudential PLC and other life insurance companies. She too left her job at the Insurance Authority at the termination of her contract this summer. The company has declined to comment on the case to the Journal.
Networking and doing informational interviews are the norm in business for job seekers. It’s an understandable approach to recruitment, as hiring managers would generally prefer to hire someone that comes with a known reference than one selected at random by an algorithm. But when do relationships cross the line towards nepotism and unethical favoritism?
Conflicts of interest in hiring can be a murky area of ethics for employees. Many believe that using your relationships and networks are critical to finding a good hire. LinkedIn’s top tip for how to get hired by a large company is to develop a strategy to get an internal referral. Reconnect with an old friend, they suggest, or befriend someone who works there.
Yet favoritism and conflicts of interest are among the highest incidents of observed unethical behavior in practice, according to the annual Global Business Ethics Survey (GBES). The Ethics and Compliance Initiative has been administering this research for 20 years. One of their conclusions from the 2023 results is that the observations of all types of misconduct are at an all-time high level, at 63 percent.
Two-thirds of employees around the world indicated that they’ve observed at least one instance of a violation of a company code, policy, or law. Among the top observed misconduct is favoritism among employees, and inappropriate hiring practices.
The discrepancy between the norms of hiring and these survey results may be because of the differing characterizations of conflicts of interest. A common description of a conflict is a circumstance when you or your company benefits at the expense of another person or company – e.g., the company makes money by doing a financial trade that benefits the company but not the client, who suffers a loss. Consistent with this view, when there are decisions that make everyone better off, then it’s not a conflict. Both parties are better off when that decision is made, so it’s a win-win.
An alternate view is that even when both parties benefit, there is a potential conflict of interest when one party stands to benefit and could sway the situation without full disclosure of those influences; or when there are personal relationships involved that could have skewed the decision-making in favor of a third party.
I’ve observed these divergent perspectives when teaching. One case I often use involves an employee who is responsible for hiring company vendors. He’s identified two vendors that are, on paper, equally qualified. In a casual conversation with one vendor, the employee mentions that his wife has a rare cancer and is struggling to find good care. The vendor knows a specialist at the local hospital and can get her to the top of the list for treatment.
The case is designed to heighten the emotional sensitivity of the situation, yet the key takeaway should be that the employee should remove himself from the decision-making process and let someone else lead. Students often resist that recusal is necessary because the employee can make everyone better off. By choosing the vendor who has the relationship with the hospital and helps his wife at the same time, it’s a win-win!
Managing conflicts matters not only because favoritism is unfair to others, but also because it could be an early warning signal for other issues. In 2016, JPMorgan Chase paid a $246 million penalty to settle FCPA charges relating to their referral hiring program in China. Over the seven-year period reviewed, the company retained $100 million in revenues by hiring approximately 100 interns and employees of high-level government officials. These practices seemed to have slid down the slippery slope beyond favoritism to bribery.
Being precise about the definition of a conflict of interest can help thwart potential misperceptions. Prudential PLC said the CFO’s resignation was “in light of an investigation into a code of conduct issue,” according to the WSJ, that was “flagged by Prudential [PLC’s] HR function as a potential conflict of interest.”
Ethics training should also go one step further to provide guidance on conflicts of interest. Many companies provide employees a bonus for referring their friends to the firm. This referral practice is not problematic but when embedded within a goal-oriented, high-paced business culture, employees need clarity to identify the line where banking on personal relationships is indeed a win-win.
Inspiration and Impact at the 2023 Leadership Symposium
![2023 Leadership Symposium Panel](/sites/default/files/inline-images/cb15-leadershipsymposium2023.jpeg)
The Leadership Symposium and its panel of keynote speakers was made up of knowledgeable leaders from various backgrounds in academics, finance, and the military. The panel included Glenn Gonzales, USAF (Vet.) CEO and Founder of Jet It, Chia-Li Chien, PhD, CFP®, PMP®, CPBC Associate Provost, Graduate Programs at The American College of Financial Services, and Major General Everett Thomas, USAF (Ret.) PhD, Vice President of Mission Solutions Defense & Space Security at Lockheed Martin. It was moderated by Kevin Crawford, USA (Vet.) Vice President of Field Learning & Development at Northwestern Mutual and Center for Military and Veterans Affairs advisory council member.
Crawford directed the panel of speakers in a thoughtful discussion on adaptation of leadership styles to workforce changes pre- and post-COVID-19. Each panel member discussed their various leadership styles, as well as how they changed their styles from in-person to online management and training. All panel members gave keen insights into how to adapt and change during times of stress and difficult economic conditions through both failures and success.
After the Leadership Symposium panel discussion, attendees were treated to a vibrant presentation from Colonel Nicole M. E. Malachowski (USAF, Ret.) as she discussed her theme of “Harnessing Headwinds: Successfully Navigating Change & Adversity."
A 2019 National Women's Hall of Fame inductee and recent Presidential appointee, Colonel Malachowski has over 21 years of experience as an officer, leader, and fighter pilot in the United States Air Force. Upon her commission into the military, she was competitively selected to fly combat aircraft and embarked on an adventure among the first group of women to fly modern fighter aircraft. She has had the honor of commanding a fighter squadron, flying as a USAF Thunderbird pilot, serving as a White House Fellow and as an advisor to the First Lady of the United States.
Malachowski kept the audience captivated through highly entertaining anecdotes of her time in the military as a female and her challenging journey to become one of the first female fighter pilots, as well as the first USAF Thunderbird pilot. She imparted impactful pearls of wisdom on overcoming adversity and self-doubt while following your dreams.
2023 Clambake and Soldier-Citizen Award Honors Service Members and Veterans
![Clambake event photo](/sites/default/files/inline-images/cb15-2023clambakeandsoldiercitizenawardhonorsservicemembersandveterans.jpeg)
The Clambake is the signature event of the American College Center for Military and Veterans Affairs. Along with its Founding Partner and Sponsor, Penn Mutual, the Center for Military and Veterans Affairs aims to support service members, veterans, and spouses in transition to civilian employment. The annual Clambake is the centerpiece of this effort, and as always, it proved to be an evening to remember.
Honoring Our Heroes
The 2023 Clambake was held at the National Constitution Center in Philadelphia, Pennsylvania: a stone’s throw from The College’s headquarters and a perfect venue for a celebration of service and sacrifice in our nation’s proudest tradition. With flags hanging overhead in the grand upstairs gallery, surrounded by full-length windows looking out on Independence Mall and by the words of the Constitution of the United States emblazoned on the walls, the location lent even more gravitas to an event already overflowing with it.
After a cocktail hour in which leaders from The College, the financial services industry, and the military mixed and mingled, the evening’s program began with Jim Roy, PMP®, CMSAF (Ret.) Executive Director of the Center for Military and Veterans Affairs, welcoming the crowd and opening the Clambake with the National Anthem. John Bernesky, an officer of the Pennsylvania State Police Bureau of Liquor Control Enforcement, sang the anthem, accompanied on the stage by a color guard of Reserve Officer Training Corps team members from local colleges, and received a rousing ovation.
Following the anthem, Center Director Phil Easton, CMSGT, USAF (Ret.) presided over another Clambake tradition: the Prisoner of War/Missing in Action tribute. ROTC team members assisted with the ceremony of setting an empty dinner table, featuring many symbolic objects, as a representation of prisoners of war and missing-in-action service members and honoring the memory of those who never came home–a number, as Easton pointed out, that includes 82,000 American soldiers in the last century.
Furthering the Mission
After the tribute, Roy returned to the stage to thank the event’s sponsors and supporters, as well as deliver an update on the Center for Military and Veterans Affairs’ many initiatives to assist service members, veterans, and spouses through financial knowledge and education. The list of accomplishments included a major realignment of the Center’s scholarship program for those in transition to civilian employment and a partnership with The College’s Career Services team to focus on resources for service members, veterans, and spouses–including a Career Pathways Guide outlining how the financial services industry can be an ideal environment for such individuals to grow professionally and carry on their commitment to serving others.
One of the biggest announcements of the evening was Roy’s introduction of the Center’s partnering with First Command Educational Foundation and their Take Command e-learning program. Similar to The College’s consumer financial education program Know Yourself, Grow Your Wealth, Take Command is focused on providing former military service members essential financial financial readiness tools to improve their post-service lives.
Dr. Tracey Jones, head of the Center’s advisory board, then took the stage as the Clambake’s official emcee. With her signature style, Dr. Jones introduced several guests of honor for the evening: military scholars who have benefitted from the Center and The College’s efforts to provide education to transitioning service members, veterans, and spouses. Several of the military scholars spoke to their experiences via video or at the mic, thanking both entities and everyone present for their generosity and support.
Recognizing a Living Legend
Of course, the Clambake wouldn’t be complete without the yearly presentation of The College’s Soldier-Citizen Award. Given to individuals who have made exceptional contributions both to the defense of our nation and to the financial services industry, the Soldier-Citizen Award is the Center for Military and Veterans Affairs’ highest honor. Past recipients have included such pivotal figures in our country’s military as General Lester Lyles, USAF (Ret.), Admiral Thomas Fargo, USN (Ret.), and General David Petraeus, USA (Ret.).
Inducted into the pantheon of Soldier-Citizen Award recipients this year was another legendary figure: Admiral Michael Mullen, USN (Ret.). Most notably, Admiral Mullen served as Chairman of the Joint Chiefs of Staff, the highest position in the US military, from 2007 to 2011 under Presidents George W. Bush and Barack Obama. While in this position, Admiral Mullen spearheaded the elimination of the controversial “Don’t Ask, Don’t Tell” policy instituted in 1994 to curtail debate about LGBTQIA+ individuals serving in the military. Under Admiral Mullen’s leadership, the US military threw its doors wide and committed to openly accepting the service of those from all backgrounds and orientations. He also presided over the military during a tremendous time of change both domestically and globally.
True to form, many of Admiral Mullen’s contemporaries and fellow military members spoke of him as a man of character and integrity above all else. From guest speaker CAPT Karin Vernazza, USN, to the numerous military members who offered congratualtions to Admiral Mullen via video, all identified him as a principled leader who put others before himself and who is unflinchingly committed to doing the right thing. Admiral Mullen accepted the award, a bust of warrior-philosopher Pericles, along with Roy and George Nichols III, CAP®, President and CEO of The College, and humbly thanked everyone present for the honor.
As is tradition, President Nichols closed the Clambake evening by recognizing the team from The College’s Center for Military and Veterans Affairs for all the work they do in serving those who have served us. He also identified the military, service members, and veterans as a key demographic for the financial services industry to mine for the future leaders and advisors of tomorrow.
The College Wins Wealthies Award for RIA Survey
![The College team at the 2023 Wealthie awards ceremony](/sites/default/files/inline-images/cb15-wealthieswin2023.jpg)
The College was nominated for multiple awards, including their survey analyzing how Registered Investment Advisor (RIA) firms and their independent advisors think about growth, prioritization to scale, and specialized knowledge. In this survey, The College found that over 75% of RIAs valued education beyond the CFP®. To find out more about what type of education they’re seeking, read the results of the survey here! A study conducted by the Cary M. Maguire Center for Ethics in Financial Services that gathered insights from nearly 2,000 consumers about their beliefs and behaviors regarding the financial services industry, was also nominated. And for the second straight year, WealthManagement.com named The College as the recipient of their Wealthie award for industry research, recognizing The College’s survey on RIA growth and specialized knowledge as the top submission in this category.
The College’s president, George Nichols III, CAP®, described this as an “opportunity to amplify our value, expertise, and initiatives focused on shaping the future of financial services.” Nichols’ message embodies the goal of The College’s RIA Resource Center and the survey piece looking at RIA growth and the value of specialized knowledge. This study seeks to grant independent advisors the specialized knowledge they need to grow and scale their business in order to compete with larger firms.
About the RIA Resource Center
The RIA Resource Center’s main function is to help emerging RIAs grow their practice. This is accomplished through three different parts that make up the entirety of the RIA Research Center: the profitability plan, the research survey, and the RIA Stories webinar and video series. RIAs can utilize these resources to gain insights on practice building, service specialization, and potential growth areas from the latest research and field leaders.
The profitability plan is a guideline that allows RIAs to maximize their profit and growth. From providing insights on market trends to assisting in the identification of specialty programs, the RIA profitability plan serves as an opportunity for RIA firms to focus on developing an integrated planning approach through specialized, applied knowledge.
The goal of the research survey is to provide RIAs with information on specialized education and explain the benefits of this type of education using the testimonies of other growing RIAs as examples to validate these points. For this survey, The College surveyed nearly 400 independent advisors who weighed in on their path to growth. Their responses provided critical insights into the state of the industry, the pressures they face from changing client demands, and the solutions they’ve identified to increase earnings and grow their teams.
The RIA stories webinar and video series allows visitors to the RIA Resource Center to view how The College and its designations benefit members of the financial industry, providing them with specialized knowledge that allows them to better serve the needs of clients and deliver the type of financial advice that best suits their specific needs. Through these video testimonials, The College hopes to assist more RIAs in discovering how the right education can offer a path to real differentiation and sustained success.
The common theme across all of these areas is assisting RIAs in growing their practice, scaling that growth, and competing with larger firms. Specialization in an emerging RIA firm can allow for a diverse, expert team of financial advisors that can serve a wide array of clients and provide them with the financial advice that best suits their unique financial situations.
How the Survey Assists RIAs
In the survey, The College asked nearly 400 independent advisors a variety of questions pertaining to growth and their opinions on specialized knowledge as an emerging RIA. When analyzing the results of this survey, The College found that growth was a top priority for many RIAs as they sought to obtain a larger market share through recruitment and business planning. They also valued professional designation programs as effective methods of improving their skills as financial planners and felt these programs were critical to the development of those skills and the skills of their team members.
Ultimately, the survey concluded that RIAs believe that “specialization will help them become more efficient, more client-centric, and more profitable.” The College and the RIA Resource Center aim to provide RIAs seeking to grow with solutions that will allow them to take advantage of these opportunities and grow into industry leaders with the goal of benefiting more Americans and changing more lives.