Diversity, Equity & Inclusion Insights
The Future of Finance: Generation Z
![Alisha Cook headshot](/sites/default/files/inline-images/cb15-thefutureoffinancegenerationz.jpg)
This opportunity is made possible by the generosity of exemplary donor Mary Wright. The research fellowship is not just a position, but a commitment to help shape the future of financial services for those now at the forefront of defining it. With Wright’s standing support, we have the opportunity to delve deep into the world of Gen Z, exploring the perceptions, aspirations, and nuances of our next generation of financial professionals.
According to a report published by Deloitte in May 2023, 65% of financial services institutions reported they expect a shortage of critical workers over the next two years, and only 61% believe their organization is effective in aligning the right talent with the work required.”
As the financial services industry faces significant talent shortages and an aging workforce, ample opportunity arises to attract and align Gen Z talent to fill this gap. In response to this challenge, our research aims to set forth actionable strategies the industry can implement to attract but retain Gen Z talent. So far, through an initial pilot study, extensive literature reviews, personal insights, and discussions with fellow researchers, we have designed a comprehensive survey to be launched this spring. The survey explores a wide scope of topics, from financial literacy to industry perceptions and career intentions. Through a thorough analysis of the respondents, we can gather invaluable insights from Generation Z.
Diverse, dynamic, socially engaged and self-advocating, Gen Z brings a fresh new perspective to the table, and they deserve to not only be heard, but also understood. They're not just looking for jobs; they’re seeking opportunities to make meaningful impact both within and outside of the workplace. As we navigate the challenges and opportunities presented by the evolving landscape of financial services, let us embrace the insights and aspirations of Generation Z in driving the financial sector towards a more prosperous, diverse, and sustainable future.
Diversity, Equity & Inclusion On-Demand Webcasts
The Multi-Generational Wealth Planning Challenges That Face Your Clients
Watch as members of our FinServe Network engage in an in-depth discussion on multi-generational wealth planning along with an analysis of the systemic barriers in place that may impact Black families’ ability to build and sustain generational wealth. By taking part in this webcast, you can elevate your expertise, deepen your impact, and join in a conversation that aligns with the historical significance of the moment.
Diversity, Equity & Inclusion Insights
Women Working in Wealth on the Road
![Financial professional speaking at conference](/sites/default/files/inline-images/cb15-womenworkinginwealthsmontheroad.jpg)
At these prestigious events, the Center for Women in Financial Services showcased its expertise and dedication to empowering women in the financial industry. Lewis’s presence underscored The College's commitment to advancing gender equality and fostering leadership among female professionals. Here are some of the Center’s favorite takeaways.
Five Key Themes from the Invest In Women Conference and Osaic W Forum
- Empowering Female Clients: The conferences emphasized the importance of empowering financial advisors to effectively address the unique needs of female clients. With a focus on inclusivity and diversity, attendees gained valuable insights into tailoring financial strategies to meet the evolving preferences of women in the rapidly changing financial services landscape.
- Insights Into Longevity Planning: A standout session shed light on the implications of female clients' longevity on Social Security and Medicare planning. Advisors learned valuable strategies to ensure the financial security of their clients in later years, equipping them to navigate the complexities of retirement planning with confidence.
- Supporting Clients Through Major Illnesses: Another session addressed the sensitive topic of assisting clients in surviving major illnesses. Attendees gained practical tools and resources to support clients during challenging times, fostering stronger client-advisor relationships built on trust and empathy.
- Navigating Divorce and Transitions: The conference tackled the harsh reality that marriages often end in divorce, offering insights into the financial implications of divorce and strategies for navigating this complex transition. Advisors learned how to effectively guide clients through divorce proceedings while safeguarding their financial wellbeing.
- Visionary Approaches to Scaling Firms: Attendees explored three visionary approaches to scaling their advisory firms, gaining inspiration and practical knowledge to achieve their professional goals. From leveraging technology to expanding service offerings, advisors left with actionable strategies to drive growth and innovation in their practices.
In summary, both the Invest In Women and Osaic W Forum conferences serve as catalysts for change, ushering in a new era of excellence for financial advisors, industry leaders, and their valued clientele. By empowering advisors to better serve female clients and fostering a culture of inclusivity and innovation, the event set the stage for a more impactful and inclusive approach to wealth management in the years to come.
Diversity, Equity & Inclusion Insights
Empowering the Next Generation: Women Alumni Leading The College’s Next Gen Advisory Task Force
![NextGen award ceremony](/sites/default/files/inline-images/cb15-empoweringthenextgenerationwomenalumnieadingthecollegesnextgenadvisorytaskforce.jpeg)
The American College of Financial Services’ Next Gen Advisory Task Force stands as a beacon of innovation and forward thinking within the financial services industry. Comprising a diverse group of talented alumni and active students, this task force is dedicated to providing fresh perspectives and driving positive change within the profession. At its helm are a cohort of remarkable women alumni, whose leadership and dedication are shaping the future of the industry.
Purpose of the Next Gen Advisory Task Force
The Next Gen Advisory Task Force serves a crucial role in advancing the mission and vision of The College. Through initiatives like the Next Gen Award, The College’s podcasts, and industry events, the task force aims to provide a platform for the rising generation of professionals to thrive. By fostering transparency in career paths, conducting research, and promoting inclusion and belonging, the task force is attracting and retaining top talent.
Guiding Principles
The Next Gen Advisory Task Force is guided by a clear mission and vision, driving its efforts to enhance financial services through innovative ideas and diversity of thought. Its mission is to attract more next gen professionals to the industry, provide opportunities for learning and growth, and create environments that foster talent retention. With a vision focused on enhancing diversity and innovation, the task force is committed to driving positive change within the profession.
Women Alumni Leading the Way
Among the alumni serving on the task force are a group of talented and dedicated women, each bringing their unique expertise and perspectives to the table.
- Amber Stitt ACP, CHFC®, CLU®, GALLUP®
- Hannah Kanstroom, CAP®
- Katlyn Orton, RICP®
- Kay Blunck, CFP®, CHFC®, CAP®, CRPC®, AEP®
- LeTian Dong, CFP®, WMCP®, RICP®, CHFC®, RMA®
- Lindsey Lewis, MBA, CHFC®, CFP®
- Morgan Marlin, CRPS®, WMCP®
- Stephanie Hohenshell, RICP®, LACP®, LUTCF®
Join our standout women alumnae serving on the task force!
Supporting Women Champions
In addition to the alumni serving on the task force, The College is fortunate to have the support of women who champion its mission and values.
- Anna Kareis, APMA
- Alanah Phillips
- Chandress Williams, CPWA®
- Crystal Roseman
- Diana Cabrices
- Gloria S. Garcia Cisneros, CFP®
- Jackie Wilke
- Jessica Flynn
- Julie Ragatz, PhD
- Kristin Dorm
- Lea Landaverde
- Liv Gagnon
- Mariana Llamas
- Mariel Walker
- Nabia Jenkins-Johnston
- Nicole Casperson
- Paxon Stofcheck
These women are dedicated to supporting The College's initiatives and driving positive change within the profession.
Together, the women alumni and supporters are leading the charge towards a more inclusive, innovative, and vibrant future for the financial services industry. Their dedication, leadership, and commitment to excellence will inspire the next generation of professionals and shaping the future of the profession for years to come.
Diversity, Equity & Inclusion Insights
Celebrating Women's History Month: Inspiring Inclusion in Financial Services
![Group of inspiring women in financial services speaking together](/sites/default/files/inline-images/cb15-celebratingwomenshistorymonthInspiringinclusioninfinancialservices.jpeg)
International Women's Day serves as a poignant reminder of the strides made towards gender equality while highlighting the ongoing journey to break down barriers and foster a more inclusive society. The theme of “Inspire Inclusion” resonates deeply within the financial services industry, emphasizing the significance of diversity and empowerment in all facets of our work.
In the realm of financial services, inspiring inclusion means celebrating the diverse perspectives, talents, and contributions of women from all backgrounds. It means recognizing and valuing the unique experiences and insights they bring to the table, enriching our industry and driving innovation forward.
At the heart of inspiring inclusion lies a commitment to challenging stereotypes and dismantling barriers that hinder the progress of women in financial services. It involves creating environments where all women feel supported, empowered, and encouraged to reach their full potential, regardless of their race, ethnicity, sexual orientation, or socioeconomic background.
As advocates for gender equality, it is incumbent upon us to not only celebrate the achievements of women but also to actively work towards creating a more inclusive and equitable financial services industry. This entails implementing policies and practices that promote diversity and inclusion at all levels of leadership, ensuring women have equal opportunities for advancement and representation.
Moreover, inspiring inclusion requires us to amplify the voices of women from marginalized communities, recognizing their unique challenges and advocating for meaningful change. By fostering a culture of inclusivity and belonging, we can create a more vibrant and resilient financial services industry that reflects the rich tapestry of human experience.
As we honor Women's History Month and International Women's Day 2024, let us reaffirm our commitment to inspiring inclusion in financial services and beyond. Together, let us celebrate the diversity, resilience, and strength of women, recognizing that true progress towards gender equality is only possible when we embrace and uplift all women, without exception.
Diversity, Equity & Inclusion Insights
Kickoff Military Resource Group Consortium Lunch and Learn
![](/sites/default/files/inline-images/cb15-sitrepq12024story4insight%20%281%29.jpeg)
In 2023, the Center for Military and Veterans Affairs partnered with The American College of Financial Services’ Career Services Office and Nationwide’s Military Affiliated Resource Group, led by President, Director of Broker Dealer Licensing, and Advisory Council Member Melvin Smith, USMC (Vet.), to develop a Military Resource Group (MRG) strategy mission and vision:
Mission Statement: “Building Bridges to Success”
Our mission is to bridge the gap between transitioning military scholars who are pursuing careers in the financial services industry through awareness, education, professional development opportunities, and networking with and between esteemed financial services companies.
Vision Statement:
We envision a future where the unique skills and experiences of our military scholars are recognized and harnessed, contributing to a more diverse, resilient, and innovative financial services sector. As a catalyst, we connect scholars with industry professionals, raise awareness for The College, and strengthen Military Resource Groups to shape the future of finance
On February 6th, the Center hosted its first virtual MRG Consortium Lunch and Learn collaborating with multiple financial services companies to discuss several topics key to the military and financial services communities, including:
- Military members transitioning into the financial services industry
- Best practices to foster and grow successful industry MRGs
- Methods to effectively support our military communities
The consortium will support the Center in organizing quarterly webinars to introduce Center scholars to the MRGs and provide educational and professional development opportunities at the 2024 Military Summit.
Diversity, Equity & Inclusion Insights
Center News
![Military veteran sits with financial advisor](/sites/default/files/inline-images/cb15-sitrepq12024story1insight.jpeg)
On January 17th, Admiral Michael Mullen, USN (Ret.), 2023 recipient of the Soldier-Citizen Award and Former Chairman of the Joint Chiefs of Staff, joined the Center for Military and Veterans Affairs to discuss how he believes military members, veterans, and their spouses provide value to the financial services industry.
Admiral Mullen expressed his gratitude as the award recipient and how special the 2023 Clambake was: “One of the thrills was to see the number of people there who were in financial services who were either veterans themselves or who were employers bringing veterans into the space. This area is a particularly challenging one because it is not well-known to us in the military.”
Admiral Mullen discussed the challenges the military community faces when transitioning during his experience as the 17th Chairman of the Joint Chiefs of Staff. His experience led him and his staff to develop a paper called “A Sea of Goodwill,” which connects the goodwill of the American people to support those who serve as they transition through the pillars of education, employment, and health.
“The key for anyone in transition is you need to have a network. There are many things tied to a good transition, but to me that is key, recognizing how hard it is, going somewhere and connecting with those who have done it, and going somewhere you really want to go,” Mullen stated.
He recommended for those in transition to list what they do and do not want in their next career to help identify a purpose, find a company with leadership who supports hiring military members, veterans, and their spouses, and effectively communicate your myriad of skills.
Mullen stated “one of the hardest things is how do you create the right vocabulary for your skillset that would match the vocabulary in the civilian sector. We in the military, right down to the most junior person, bring skills that are really valued in the private sector.”
He emphasized that for those interested in transitioning into the financial services industry, education is key.
To financial service companies looking to hire military members, veterans, and their spouses, Mullen stated, “it is a really good bet for your company, you will find individuals who are proud and young, they are loyal, they are team-oriented, disciplined, selfless, they lead, they perform really well under pressure and in a crisis, they are responsible and accountable individuals, and they can handle change. If you want to hire someone who wants to make a difference in your outfit, go to our community. I have heard it from leaders who have hired vets, and it is one of the best things they have ever done.”
Author
Subscribe to Newsletter
Related Posts
Multi-Generational Wealth Planning and the Impact for Black Families
Diversity, Equity & Inclusion On-Demand Webcasts
A Soldier Citizen Recipient's Perspective—Value of Military Members to the Financial Services Industry
In this webcast, Admiral Mullen will share his personal perspectives on the skills military members, veterans, and spouses can offer to companies, how these skills can be utilized to make a positive impact on a company’s workforce, and the characteristics held by military members, veterans, and their spouses hold which can aid the integrity and sustainability of their professions.
Author
Subscribe to Newsletter
Related Posts