Diversity, Equity & Inclusion Press
Karim Hill Named Executive Director of the Center for Economic Empowerment and Equality at The American College of Financial Services
As Executive Director of The College’s newest Center of Excellence, Hill will oversee the Center’s research, thought leadership, curriculum and course development, programming, and scholarships aimed at promoting economic justice for underserved communities.
“Our exhaustive national search has come to an end and was well worth it. Karim brings a unique skillset to The College that complements our near century in financial services, having earned significant career success at some of our nation’s largest banks, representing his dedication to the industry and his ability to communicate and execute upon complex ideas to improve the lives of others,” said Nichols. “His embrace of the possibilities that could come through a collective impact approach to economic justice is what we need to start operationalizing Four Steps Forward for Black America and laying the foundation for The Center’s success.”
The Center for Economic Empowerment and Equality’s mission is to cultivate lasting relationships between the financial services sectors and all underserved groups. Under Hill’s leadership, The Center will catalyze, convene, and promote evidence-based knowledge in partnership with the financial services industry, nonprofit organizations, government agencies, and broader corporate America to drive solutions that grow businesses and uplift communities in need.
“I’m honored to lead the new Center for Economic Empowerment and Equality at The American College of Financial Services,” said Hill. “Joining The College in this inaugural position is an exceptional opportunity for me to take part in re-imagining how the financial services industry approaches diversity, equity, and inclusion. I look forward to developing and implementing a viable, actionable plan for sustainable, generational change that will help narrow the wealth gap and have a lasting effect on how the profession best serves an increasingly diverse nation.”
Hill has devoted two decades of his career to the financial services industry, spending many years at some of our nation’s biggest banks, including Wells Fargo, Bank of America, Capital One, and Citizens Bank. In September 2020, he became a Board member and Interim Executive Director of BDC Capital Community Corporation, a Consumer Development Financial Institution focused on reducing the racial wealth gap in Massachusetts by deploying capital to underrepresented groups via term loans, equity investments, mezzanine loans, and financial based technical assistance. Some 80% of the capital raised has been distributed to Black business owners.
Since 2015, Hill has led the New England Business Association as its President and Chief Executive Officer, identifying gaps and fixing processes, as well as growing the organization’s membership from 399 member companies to nearly 1,600. As Foundation Market President for northern California at Bank of America, he managed a $1.5 million philanthropic budget for the company, and in a similar role as Foundation Market President for New York State at Capital One Bank, he oversaw its philanthropic budget.
Hill is the Co-Founder of the Black Vanguard Alliance, a former Board member for the United Way of Northern California, and is a contributor for New England Blacks in Philanthropy and the New England Board of Higher Education. He earned a Bachelor of Science degree from Ohio University and a Master of Business Administration degree from Florida International University – Chapman Graduate School of Business. He is green belt certified in Six Sigma Methodology, a quality and process improvement methodology.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
Diversity, Equity & Inclusion Press
The American College of Financial Services and the Society for Financial Education & Professional Development Announce Partnership to Amplify Financial Literacy and Economic Mobility Programs for Underserved Communities
Underrepresented communities have faced institutional barriers to financial security and wealth for decades, leaving a significant gap between those benefiting from the current system, and those being left behind.
“It’s more important than ever for all generations in underserved communities to learn financial literacy principles so that they can effectively manage their money throughout their lifetime and act as ambassadors in closing the economic equality gap,” said Nichols. “That’s why we are pleased to partner with SFE&PD on this crucial program to equip our next generation with a roadmap for financial well-being at this important point in their financial journeys that will last for years to come.”
Through the collaboration between The College, the nation’s largest accredited, nonprofit institution devoted to applied financial knowledge and education, and SFE&PD, a national non-profit leader in the financial literacy movement, the two organizations will be able to improve financial education and wellness for underserved communities by offering access to tools and support, like HBCU scholarships, mentorship and internship opportunities, access to The College’s education programs, and peer-to-peer financial literacy programs that help students build out successful career-pathways.
“Thanks to our partnership with The American College of Financial Services, SFE&PD can expand our reach and give HBCU students access to a financial toolkit that can help them increase their economic prosperity and the communities they serve throughout their lives,” said Ted Daniels, SFE&PD Founder and President. “Collaborative partnerships like this help to level the playing field for diverse students who want to enter the field of financial services but often do not have access to information or a support system to make informed financial choices or build a career in the industry.”
“The mission of The American College Center for Economic Empowerment and Equality is to help close the wealth gap and promote economic justice with collective, community-focused solutions that last,” said Karim Hill, Executive Director of the Center for Economic Empowerment and Equality. “Empowering underserved communities and positioning them for success requires action. With our collaboration with SFE&PD, we hope to amplify their decades-long work educating Black men and women through our strong partnerships with the nation’s leading financial services companies. We are confident this program will help develop a new pipeline of well-qualified and aspiring professionals who will innovate and lead across the industry.”
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
ABOUT THE SOCIETY FOR FINANCIAL EDUCATION AND PROFESSIONAL DEVELOPMENT
For more than 22 years, SFE&PD, based in the Washington, D.C. area, has served as an award-winning financial literacy and professional development nonprofit teaching financial skills to people of all ages and backgrounds with a focus on underserved communities and HBCU college students. SFE&PD is led by President and Founder Ted Daniels, a leader in the global financial literacy movement. Learn more at sfepd.org and connect with SFE&PD on social media: Facebook, Instagram, LinkedIn, Twitter, and YouTube.
Diversity, Equity & Inclusion Press
Economic Empowerment Day—A Philanthropic Partnership Announced Between The American College of Financial Services and the Tulsa Community
The goal of Economic Empowerment Day is to create a collective focal point for the national conversation on the racial wealth gap and the inequality in access to capital.
“The College’s commitment to Black America, and to the Greenwood District and the Tulsa community, transcends our sponsorship. We are proud to partner with and support philanthropic actions in Tulsa through The College’s Chartered Advisor in Philanthropy® (CAP®) program and the CAP® Impact Scholarship,” says George Nichols III, President and CEO at The American College of Financial Services. “The spirit of Economic Empowerment Day mirrors The College’s mission to uplift Black and underserved communities across America.”
Through the partnership with Economic Empowerment Day, The College is offering the CAP® Impact Scholarship to the Tulsa philanthropic community to support nonprofit gift planners from historically underrepresented communities in their pursuit of advanced knowledge that will enable them to better facilitate the generosity of donors for the benefit of their communities and society.
Tulsa CAP® Impact Scholarship recipients will join The College’s Advisors of Color network, created in 2021 to engage 100 advisors of color with local communities in the program this year and are currently recruiting for a Tulsa CAP® study group for a fall launch. The College has longstanding partnerships with 19 community foundations across the country who host interdisciplinary CAP® study groups to amplify the impact of philanthropy through knowledge.
“Hosting an economic empowerment conference of this caliber with a critical focus on closing the Black wealth gap is transformational,” said Phil Armstrong, Project Director of the 1921 Tulsa Race Massacre Centennial Commission. “This discussion is essential to reviving the legacy of Black Wall Street and will help set the course for Black entrepreneurs to establish a legacy of wealth for themselves and generations to come.”
The hybrid conference, held in person and online June 1, 2021, will have three tracks for different audiences focused on specific areas of wealth disparity. One track is for institutional investors, one is for entrepreneurs and business owners, and the third is for individuals and families. President Nichols and Dr. Pamela Jolly, Senior Strategist at The College and Founder and CEO of Torch Enterprises, will be participating in sessions throughout the day.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
The 1921 Tulsa Race Massacre Centennial Commission pays homage to the martyrs of the 1921 Tulsa Race Massacre and celebrates the resilience of the Greenwood spirit and the Black Wall Street mentality. The projects of the 1921 Tulsa Race Massacre Centennial Commission will educate Oklahomans and Americans about the Race Massacre and its impact on the state and Nation; remember its victims and survivors; and create an environment conducive to fostering sustainable entrepreneurship and heritage tourism within the Greenwood District specifically, and North Tulsa generally.
Diversity, Equity & Inclusion Press
Wealth Management Certified Professional® (WMCP®) Scholarship for the Advancement of Women in Financial Services Winners Announced
This is the inaugural year of the scholarship program, an unparalleled educational experience focused on transforming the way you approach wealth management through applied knowledge exclusively offered by The College in collaboration with Ameritas and WIFS.
“At The American College of Financial Services, we’re committed to supporting women in their aspirations for success in the financial services profession through education, research, and awareness. This scholarship program aligns perfectly with our mission to attract and develop more women in the industry,” said Hilary Fiorella, Executive Director of The American College Center for Women in Financial Services. “Our partnership with industry leaders like Ameritas and WIFS allows us to provide our applied investment management knowledge to two dozen female financial professionals, who will in turn, provide comprehensive wealth management practice to their clients.”
The College received nearly 50 applications for the newly created scholarship program, with 24 applications accepted, three of which will be mentors who will take part in the WMCP® program and were chosen by WIFS to lead three cohort groups.
Winners of the 2021 scholarship program represent a diverse group of women, with 42 percent Black, 45 percent Caucasian, and 13 percent Hispanic/Latina participation. The range of tenure breaks down between early career, mid-career, and more tenured/experienced. (See full list of winners below.)
“This scholarship is a creative and powerful way for us to bring together the strength of three influential organizations,” said Heather Nagengast, Vice President of Wealth Management and Investment Services at Ameritas. “Ameritas has long-standing relationships with both WIFS and The College. Funding this scholarship through our Pike Chair Endowment, we are doing something deeply impactful to grow our next generation of women in this great industry.”
Ameritas has sponsored $75,000 to support the 24 WMCP® scholarship recipients and mentors in 2021. Starting in 2022, the company will contribute $25,000 for eight WMCP® scholarships each year. Funds for this new program were provided by the Larry R. Pike Chair in Insurance and Investments endowment, established by The College and Ameritas. Complimentary WIFS membership will also be provided by Ameritas.
“WIFS is proud to partner with The American College of Financial Services and Ameritas on this exciting new scholarship opportunity for women in the profession," said Carrie D. Sayre, WIFS National President. “Our mentoring program continues to be one of the most highly-popular and well-attended programs we offer, and it is gratifying to help other women advance in their careers with this education program.”
The scholarship program is available to those identifying as female who work in the financial services industry, are interested in earning the WMCP® designation and expanding their advanced financial planning skills, and are not being reimbursed with employer-sponsored education benefits. Ameritas employees are not eligible.
2021 WMCP® Scholarship for the Advancement of Women in Financial Services Scholarship Recipients
*2021 program mentors
- Christy Aleckson, Single Point Financial Advisors, Inc.
- Brenda Catugno, BPC, LLC
- Alexandra Cepeda, Boundless Financial Consulting
- Joanna Craney, 1847 Financial
- Karen Darby, Jacobi Capital Management, LLC
- Joan Gilles, Financial Planning Partners LLC
- Carolyn Humphrey, Horner Townsend & Kent
- Elyse Jurman, Diversified Financial Solutions, Inc.
- Sophie Lancaster, Heritage Wealth Management
- Patrisha Lee, Self Employed
- Morgan Marlin, Cetera Advisors
- Emily Miller, UCL Financial Group, LLC
- Aywanna Monroe, Self Employed
- April Murdaugh, National Life Group
- Tracy Payne, Baltimore Life Companies
- Ashlee Rehbein, Family First Life
- Patricia Schutt-Aine, One South Florida Wealth Advisors, LLC
- Karlene Sears
- Davina Sims, Linda Mitchell State Farm Insurance
- Diana Smith, Cetera Advisors LLC
- Crystal Sudbury, Baacke Insurance & Financial Services
- Kimberly Turner, Retirement Planning Doctors
- Jodi Vawdrey, Jodi Vawdrey DBA OakBridge Asset & Tax Management
- Clarissa Williams, Capital Financial Group/MassMutual Financial Group
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
ABOUT WIFS
Founded in 1936, Women in Insurance and Financial Services (WIFS) is an association of financial services professionals working together to Attract, Develop and Advance women in an underrepresented profession. No other financial services organization provides programming designed for women, by women. WIFS is devoted to advancing career opportunities, providing professional development, and representing women's interests in a male-dominated industry. Through attraction, retention, and a unique focus on mentoring and networking, WIFS is the largest women’s association empowering women in the finance and insurance professions to succeed. For more information, visit wifsnational.org.
ABOUT AMERITAS
Ameritas is a marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans; investments; asset management; and public finance. Securities offered through affiliate Ameritas Investment Company LLC (AIC), member FINRA/SIPC, and investment advisory services offered through the business name of Ameritas Advisory Services. AIC is not affiliated with any third-party entity mentioned herein. For more information, visit Ameritas.com.
Diversity, Equity & Inclusion Press
The American College of Financial Services Hosts the 15th Annual Conference of African American Financial Professionals (CAAFP)
The mission of CAAFP is to advance and foster professional relationships and development among African Americans working in the industry.
#CAAFP2021 will be held virtually on August 10-11, and this year focuses on Four Steps Forward, a bold plan from The College’s Center for Economic Empowerment and Equality to foster upward mobility and wealth building in Black America. Racial injustice and inequality have continued for decades, but everyone is saying that this time feels different. The financial services industry has the opportunity – and the obligation – to make sure it really is different by coming together to create sustainable, generational change in Black communities across America.
The two-day event features inspiring and thought-provoking keynote addresses led by change agents from a variety of backgrounds and industry experts delivering timely and engaging breakout sessions, including:
Master of Ceremonies: Mike James, Head of Individual Solutions and President, NFP Life Solutions
Keynote Speakers:
- Tiffany Aliche, Author and Founder of “The Budgetnista”
- Maggie Anderson, JD, MBA, Author, CEO and Founder of The Empowerment Experiment
- Chris Gardner, Author, Entrepreneur, award-winning Film Producer, Philanthropist, and CEO of HappYness
- Pamela Jolly, EdD, Author, CEO, and Founder of Torch Enterprises
- Wes Moore, Author, Combat Veteran, and former CEO of Robin Hood
- Ramesh Srinivasan, Author and Professor at UCLA
Entertainment:
- Spoken Word: Ras Asan, Co-Founder and Co-CEO of BREAUX Capital
- Musical Entertainment: Rob Base, Recording Artist
- Inspirational Message: Caroline Clarke, Author
- Comedy Break: Dwayne Perkins, Comedian, Podcaster, and Actor
“The CAAFP celebrates the history and accomplishments of African Americans in the financial services profession, empowers professional development, and facilitates learning to help professionals on their journey to success,” says George Nichols III, President and CEO of The American College of Financial Services. “Society’s commitment to fostering change can sometimes be fleeting, but we have a responsibility to make sure we don’t miss this opportunity to build solutions that live past the moment. Join us for this landmark event as we take Four Steps Forward to promote upward mobility and wealth-building in Black America and be part of a network of your fellow financial services professionals dedicated to creating lasting change.”
Financial professionals are entrusted with the public’s financial well-being and play a significant role in helping individuals and families achieve long-term financial security. The CAAFP was designed to help advance participants’ careers and deepen their expertise to better serve their clients of all backgrounds in need of guidance and financial security.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
Diversity, Equity & Inclusion Press
Guardian Life Makes Transformational Contribution to The American College Center for Economic Empowerment
This is the first major gift The College has received in support and celebration of The College’s commitment to promoting economic justice with collective, community-focused solutions that last. It will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility, as well as educate and empower Black financial professionals as they start and grow their careers.
“The College is tremendously grateful to Guardian Life for their generous support and the opportunity to collaborate with others seeking to write a new narrative in history around economic equity and social justice,” said George Nichols III, President and CEO of The American College of Financial Services. “This critical investment will allow the Center for Economic Empowerment and Equality to make a measurable impact in our collective effort to close the racial wealth gap and uplift underserved communities.”
Guardian Life’s financial support is critical seed funding to expand the Center’s financial education programs for Black women, bolster the Center’s scholarship programs for HBCU and early-career financial professionals, and implement a new approach to study groups for Black financial professionals. Beyond the financial commitment, Guardian Life financial professionals will have the opportunities to play an active role in serving as financial education trainers, mentors, and sponsors within their communities and businesses. For their leadership, Guardian Life will be recognized as a Founder’s Circle donor to the Center.
“At Guardian, we help communities thrive and we invest in creating more equity and access in underserved communities," said Andrew McMahon, Chief Executive Officer and President at Guardian Life. "We take pride in sharing our know-how to help individuals build the essential life skills needed to manage their own finances, plan for their financial futures and share the opportunities available in new and fulfilling career options within financial services.”
Guardian Life’s important investment in the Center for Economic Empowerment and Equality underlines their focus on supporting their clients and their families at a time they need care the most; hiring and developing talent that can have a positive change in their communities, and giving back to the people they serve.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
Diversity, Equity & Inclusion Press
Northwestern Mutual Makes Significant Contribution to The American College Center for Economic Empowerment and Equality
This major gift, announced at the 15th annual Conference for African American Financial Professionals (CAAFP), is one of the first The College has received in support and celebration of The College’s commitment to close the racial wealth gap with lasting, collective community-focused solutions. For their leadership, Northwestern Mutual will be recognized as a Founder’s Circle donor.
“We are tremendously grateful to Northwestern Mutual for their generous contribution which will allow us to take huge strides towards measurable impact in our collective effort to partner with underserved communities and promote economic justice,” said George Nichols III, President and CEO of The American College of Financial Services. “These critical investments our industry leaders are making will allow the Center for Economic Empowerment and Equality to collaborate with others seeking to write a new narrative in history around economic equity.”
As part of Northwestern Mutual’s ongoing commitment to advancing diversity, equity, and inclusion, their financial support will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility, as well as educate and empower Black financial professionals as they start and grow their careers. This critical seed funding will help to expand the Center’s financial education programs for Black women, bolster the Center’s scholarship programs for HBCU and early-career financial professionals, and implement a new approach to study groups for Black financial professionals.
“We are proud to be a partner of The American College and, through this investment in the Center for Economic Empowerment and Equality, work together to advance our common goals of addressing the racial wealth gap and accelerating the success of Black/African American financial professionals,” said Tim Gerend, executive vice president, chief distribution officer, and a member of Northwestern Mutual’s Sustained Action for Racial Equity (SARE) task force. “Northwestern Mutual has a long-standing commitment to diversity, equity and inclusion and this investment reflects our belief that, by partnering with The American College, we can leverage our efforts and achieve a greater impact in our efforts to drive financial inclusion and Black/African American prosperity.”
In August 2021, Northwestern Mutual announced a new $100-million impact investing fund to deliver on the company's commitment to addressing inequality and the racial wealth gap in the U.S. The fund, which will direct investments to Black communities nationally and locally in the Milwaukee area, will focus on three key opportunities: physical and social infrastructure, access to capital for individuals and businesses, and healthy sustainable neighborhoods and communities. The fund is an outcome of the company's SARE task force, which launched in 2020 and focuses on making a bold, real, and long-term impact that drives equity and inclusion in Black communities.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
ABOUT NORTHWESTERN MUTUAL
Northwestern Mutual has been helping people and businesses achieve financial security for more than 160 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With $308.8 billion in total assets, $31.1 billion in revenues, and $2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.75 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $200 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 90 on the 2021 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2021.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
Diversity, Equity & Inclusion Press
New York Life Contributes $1.25 Million to The American College Center for Economic Empowerment and Equality
These major gifts, announced at the 15th annual Conference of African American Financial Professionals (CAAFP), are some of the first The College has received in support of The College’s commitment to closing the racial wealth gap with lasting collective, community-focused solutions. For its leadership, New York Life will be recognized as a Founder’s Circle donor and the New York Life Foundation will be recognized as a Partnership Circle donor to the Center.
“The generous support of New York Life and the New York Life Foundation is a seed of opportunity to take huge strides towards measurable impact in our collective effort to promote economic justice and uplift underserved communities,” said George Nichols III, President and CEO of The American College of Financial Services. “We are tremendously grateful for these critical investments that will allow the Center for Economic Empowerment and Equality to collaborate with others seeking to write a new narrative in history around economic equity and social justice.”
New York Life and the New York Life Foundation’s financial support will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility, as well as educate and empower Black financial professionals as they start and grow their careers. This seed funding is critical to expanding the Center’s financial education programs for Black women, bolstering the Center’s scholarship programs for HBCU and early-career financial professionals, and implementing a new approach to study groups for Black financial professionals.
“Growing and developing a diverse and educated force of financial professionals who mirror the diversity of our communities is aligned with New York Life’s mission of providing financial security and peace of mind to our customers, “ said New York Life Chairman and Chief Executive Officer Ted Mathas. “We are proud to partner with The College to help provide access and education to financial professionals of color so that more families in America have a chance to build financial security and economic mobility.”
New York Life’s contributions align with the company’s initiatives to close the racial wealth gap, which includes the company’s $1 billion impact investment initiative. As part of this initiative, New York Life is partnering with diverse asset managers, federally chartered community development financial institutions, and other mission-driven organizations to invest in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development. Overall, New York Life has a longstanding record of supporting organizations that support the Black community. During the last 20 years, the company has provided more than $28 million to such organizations.
Inspired by New York Life’s tradition of service and humanity, the New York Life Foundation invests in programs that benefit young people, focused on educational enhancement and childhood bereavement support. In particular, it recognizes the systemic inequities in the educational system. Since 2014, the New York Life Foundation has dedicated over $63 million in grants and programs to support education for middle school youth students and since its founding in 1979, it has made nearly $380 million in charitable contributions to national and local nonprofit organizations.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/2021. For methodology, please see http://fortune.com/fortune500/.
2As reported by “Fortune 2021 World’s Most Admired Companies ranking within Insurance (Life and Health),” Fortune magazine, 2/1/2021. For methodology, please see https://fortune.com/franchise-list-page/methodology-worlds-most-admired-companies-2021/.
Diversity, Equity & Inclusion Press
Black Women Critical Market for Financial Services Industry, Yet Three in Five Expressed Difficulty Finding Advisors They Trust
The research found that engagement of the Black community within the financial services industry is largely transactional – not advisory – and that Black women are less aware of the different types of relationships they can have with financial advisors and institutions, an especially concerning finding given Black women play a prominent earning and financial decision-making role in Black households and communities.
The Trust Study, comprised of 3,500 middle-income Black women, found that they experience discrimination and difficulty accessing wealth-building tools, with ‘lack of trust’ as the second most cited reason why this group is not accessing financial services.
These findings are part of the inaugural iteration of the Black Women, Trust, and the Financial Services Industry Study from the American College Center for Economic Empowerment and Equality (CEEE). The research sought to understand Black women’s unique financial, social, and emotional insights concerning their wealth journey, its linked impact on their families and communities, and what Black women want and need from the financial services industry to succeed financially.
“Black women are aspiring for financial stability for themselves, but at the same time they want to use their economic power to build a better future for their families and their communities,” said Karim Hill, executive director of the Center for Economic Empowerment and Equality. “The financial services industry has an opportunity to increase awareness of what is possible for Black women and their wealth with trusted advisory services, products, professionals, and investments in advisor diversity and Black-owned financial institutions. The industry must begin providing trusted advice uniquely tailored to Black women who desire to better navigate the world we are living in.”
Need for More Culturally Relevant Research and Analysis Essential to Uncover Opportunities for Change
This Trust Study provides a reintroduction to Black women through their own words, in a narrative exploration with statistical significance, and explores new thinking around better serving Black women, their households, and their communities concerning their wealth wants and needs. According to this research, providing information about the questions to ask about savings, investing, and transferring wealth is an easy way to build trust and better relationships with Black women.
The research underscored three cultural norms critical to Black women’s financial decision-making and relationships with the financial services industry. Among the emerging themes:
Importance of trust in decision-making
- 60% of respondents expressed difficulty in finding financial professionals or advisors who they trust
- ‘Lack of trust’ was the second most cited reason after ‘too expensive’ for why this group is not accessing financial services
Priority of community / family rather than a focus on ‘rugged individualism’
- 62.5% of respondents in higher-income households stated it was important to build wealth for the community
- 58% believe Black institutions can provide the tools to serve their needs
Value of interpersonal community and relationships Black women trust financial services professionals to a greater degree (~10% more) than financial services organizations – reiterating the importance of trust and personal relationships Black women (58%) are more likely to report that racial identity affects how they are treated by financial services professionals than gender
“This research validates how our Four Steps Forward approach charts a collective pathway for impact that goes beyond the transaction, beyond savings and debt products, to deliver culturally relevant messages embedded in deep, personal advisory relationships across a Black woman’s wealth journey,” said George Nichols III, President and CEO of The American College of Financial Services. “Black women are gatekeepers of their families and communities, and many serve as the primary breadwinner and financial decision-maker of their households. The College is committed to evidence-based, data-driven indicators – like this inaugural Trust Study – that serve as an inquiry of what Black women need to succeed financially and an invitation to be part of an industry-wide solution.”
The Trust Study highlights why a cultural lens must be used when investing in ways to accelerate the economic strength of Black women, a key customer segment that needs increased awareness and support from the financial services industry.
Among other key takeaways from the research:
- Emergency savings, retirement funds, and credit scores are top priorities for Black women – as well as major sources of concern
- Racial identity is significant for Black women in both their financial decision-making and their financial services institutions
- Black women do trust financial services, but they are more trusting of Black-owned institutions
“The research underscores that industry engagement of the Black community is largely transactional, not advisory. What really works are long-term advisor relationships that lead to wealth creation across generations,” said Dr. Pamela Jolly, Senior Strategist, The American College of Financial Services.
“We must identify ways to better connect Black women with advisory relationships,” Jolly continued. "That starts with establishing an understanding of who Black women are before selling to them, connecting products and services to Black women’s values, highlighting Black professionals’ role in the industry as trusted brokers, and building a diverse network of formal and informal channels to connect Black women to their desired wealth outcomes.”
The financial services industry has an opportunity to move beyond a transactional relationship with Black women to one that provides planning with product support – not product as an insular solution. By creating greater access to applied financial knowledge and community solutions, The College strives to narrow the wealth gap and benefit society through generational financial literacy that empowers and educates. The financial services industry can complement these efforts with products and services specifically designed to help Black families create and sustain wealth-building practices.
STUDY METHODOLOGY
Information for this study was gathered between July and September 2021. The quantitative study of 3,500 Black women explored the central reasons for and places of Black women’s trust and distrust of the financial services industry. These findings informed a qualitative study in which The College spoke with respondents to gain deeper insights into the needs, wants, and aspirations of Black women. The median income of survey respondents was $60,000. The study goes beyond basic financial characteristics to look at the role of cultural beliefs, racial identities, and linked fate in financial decision-making. By combining quantitative and qualitative methods, the study creates a holistic picture of Black women as financial consumers and decision-makers.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
Diversity, Equity & Inclusion Press
Pacific Life Foundation Makes $1 Million Transformational Contribution to the American College Center for Economic Empowerment and Equality
Announced at the 15th annual Conference for African American Financial Professionals (CAAFP), this significant gift is one of the first The College received in support and celebration of our commitment to close the racial wealth gap with lasting, collective, community-focused solutions. For its leadership, the Pacific Life Foundation will be recognized as a Founder’s Circle donor.
“The critical support of the Pacific Life Foundation and other industry leaders will allow the Center for Economic Empowerment and Equality to collaborate with those seeking to change our history’s narrative around economic equity,” said George Nichols III, president and CEO of The American College of Financial Services. “We are tremendously grateful to the Pacific Life Foundation for this generous investment toward measurable impact in our collective efforts to partner with underserved communities and promote economic justice.”
This important seed grant from the Pacific Life Foundation will help with the expansion of the Center’s Four Steps Forward initiative and programs to reach underserved communities and increase their opportunities for economic mobility. The funding will help the Center educate and empower Black financial professionals as they start and grow their careers. The Pacific Life Foundation’s commitment will help to expand the Center’s financial education programs for Black women, bolster the Center’s scholarship programs for Historic Black Colleges and Universities (HBCUs) and early-career financial professionals, and implement a new approach to study groups for Black financial professionals.
“Addressing the racial wealth gap and creating economic mobility starts with uplifting underserved communities and committing to lasting community-focused solutions,” said Jim Morris, chairman, president and CEO, Pacific Life and chairman of the Pacific Life Foundation. “The education and empowerment of Black financial professionals and the Black community is of paramount importance to the financial services industry’s future and growth. We’re proud to partner with the American College Center for Economic Empowerment and Equality in support of its efforts as it writes a new narrative around economic equity."
Pacific Life and the Pacific Life Foundation are committed to ensuring an inclusive workplace and strengthening the communities where its employees live and work. The Pacific Life Foundation has a long history of focusing its giving on uplifting communities and investing in programs and organizations whose specific mission is to empower and provide stability to underrepresented individuals and families, with more than $2 million in annual funding and support toward these efforts.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
ABOUT PACIFIC LIFE AND THE PACIFIC LIFE FOUNDATION
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2021 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit PacificLife.com.
The Pacific Life Foundation (the Foundation) was established in 1984. Together with Pacific Life, the Foundation has contributed $131 million to community and national nonprofit organizations. Grants are made to organizations that address a broad spectrum of social needs.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.