Research on ethical decision-making is often closely tied to gender. Some studies have concluded that women act more ethically than men in various business situations, including negotiating and recognizing unethical behavior. Research has also told us that when women are appointed to top management positions, there is a change in strategic approach from mergers and acquisitions to research and development, and organizations become more accepting of change.

The American College of Financial Services is committed to advancing women and ethical, evidence-based decision-making in financial services. Our Center for Women in Financial Services, led by Executive Director Hilary Fiorella, and our Cary M. Maguire Center for Ethics in Financial Services, led by Executive Director Azish Filabi, are delivering critical research to inform the financial services industry on how to better connect with consumers and build trust with all communities.

Join us as we honor the women in research at The College, working to deliver the insights needed to cultivate clarity and shape the future of financial services. These women include Domarina Oshana, PhD, Director of Research and Operations for the American College Center for Ethics in Financial Services, Timi Joy Jorgensen, PhD, Assistant Professor and Director of Financial Education and Well-Being, Kaylee Ranck, Research Director of The American College Center for Women in Financial Services, Martha Fulk, PhD, researcher, educator, and financial planner, Sophia Duffy, PhD, CPA, Associate Vice President of Curriculum Quality and Associate Professor of Business Planning, and Chia-Li Chen, PhD, Associate Provost, Graduate Programs.

I invite you to learn more about The College's women in research, their areas of focus, and how the insights they are gleaning are serving to change the face of financial services.

We continue to make significant strides, with many made recently, following America's reawakening to social and economic injustice, including:

• One-third of newly appointed independent directors to corporate boards in 2021 were Black - three times the number of new Black directors appointed in 2020 - as reported by the U.S. Spencer Stuart Board Index.
• The College's creation of the Center for Economic Empowerment and Equality with a plan, the Four Steps Forward initiative, to narrow the wealth gap and promote economic justice with lasting collective, community-focused solutions.
• Our Black Women, Trust, and the Financial Services Industry study that delivers evidence-based data for the financial services industry to better understand Black women's perception of financial services, their financial wants and needs, and the role they play as decision-makers in their households and communities.

Yet as we recognize our progress, we also acknowledge that the depths of Black history in financial services remain shallow from doors bolted shut for over 150 years to Black Americans. The numbers tell the story.

• According to Financial Times research released last year, Black representation among senior financial services positions barely held ground for over a decade at 2.62%.
• Less than 6% of financial advisors are African American.
• Additionally, while Black people represent 13% of Americans, there have only been 19 Black CEOs of Fortune 500 companies since 1955, representing less than 1%.

There is so much more work that needs to be done.

This month, The College celebrates today's Black pioneers in financial services: the Black innovators, leaders, and change-makers transforming the financial services industry and creating a new tomorrow for Black America - for all Americans.

Our list includes Sharon Bowen, the first Black woman to chair the New York Stock Exchange Board; Mellody Hobson, Chair of Starbucks Corporation and Co-CEO and President of Ariel Investments; and Thasunda Brown Duckett, President and CEO of TIAA. I invite you to join me in this celebration by learning more about some of today's Black history-makers here.

Together, let's celebrate Black History in the making!

A few weeks ago, I had the privilege to tour several key military sites with our Executive Director for the American College Center for Military and Veterans Affairs, James "Jim" Roy, PMP CMSAF #16 (retired), and our Senior Vice President of Business Development, David Stoeffel. The purpose of our tour was to deepen our understanding of how to better assist service members and their spouses, who are also students at The College, and build partnerships with others who are eager to support the military community.

We began our tour with a meeting at USAA headquarters with USAA Life Company leadership committed to supporting those who serve, including Brandon Carter, President of USAA Life Company. Next, we proceeded to the Noncommissioned Officer Academy (NCOA), where we met with Robert D. Gaylor. The NCOA is the second level of Enlisted Professional Military Education (EPME), after Basic Training, and prepares Technical Sergeants to be professional, war-fighting Airmen and Space Professionals.

We toured a US Air Force Base to look at USAF Basic Training to gain further understanding and respect for those who choose to serve in the US Military. In one dorm hung the Tuskegee Airmen emblem, which was an honor to see. We also had the exciting privilege to witness young men and women graduate from Air Force and Space Force Basic Training alongside their families.

Lastly, we visited the 149th Fighter Wing, also known as The Lone Star Gunfighters, whose mission is "To produce the finest airmen for global engagements and domestic operations." The 149th Fighter Wing is a Texas Air National Guard unit stationed at Kelly Field Annex, Joint Base San Antonio, Texas. Here I had a firsthand view and discussion with those who maintain and fly the F-16, deepening my appreciation of the precision required by these professional Airmen.

Our team's insights from these experiences will strengthen The College's initiatives focused on helping active duty, guard, reserve members, veterans, and their spouses, transition to civilian life and pursue career success in financial services.

We are privileged at The College to work alongside several veterans who are part of our team, including Jim, who I'm proud of for his work to advance and advocate for our heroes. This Memorial Day, I invite you to learn more about our Center for Military and Veterans Affairs, including the scholarship program and our upcoming 8th Annual Clambake & Soldier-Citizen Award scheduled for September 15 at the National Constitution Center in Philadelphia.

And to all those who have served and are currently serving, THANK YOU!

At The College, our mission remains the same today as it was in 1927: to benefit society by delivering applied financial knowledge and education. Our platform extends beyond financial professionals to profit and non-profit executive leaders, underserved communities, and consumers. As a steward of trust in the financial services industry, organizations have relied on us throughout history in their pursuit of “doing well by doing good.”

In our 2021 President's Report released last week, you can read about the innovative initiatives we have developed to help an industry forge new pathways to trust with their clients, veterans, and underserved communities, beginning with Black America. The President's Report will inform you on:

• New research soon to be released by the American College Cary M. Maguire Center for Ethics in Financial Services that changes how the industry measures and thinks about trust.
• An innovative executive leadership program developed by the American College Center for Economic Empowerment and Equality bridging the divide for Black executives in financial services.
• The ways behavioral finance affects how advisors do business, and research from Michael Finke, PhD, CFP®, that is preparing them for the future.
• What is now mission-critical for the American College Center for Military and Veterans Affairs with new Executive Director James Roy, PMP®, CMSAF (Ret.) at the helm.

We promise to keep you informed in the months ahead as these groundbreaking initiatives continue to be executed–and, as always, we welcome your support and involvement. 

One doesn't have to look far these days to see examples of the sacrifices made by a few to protect the many. The nightly news, with their broadcasts from the War in Ukraine, reminds us of the realities faced by those who enlist to defend their country's freedom.

Every day, our U.S. military is prepared to protect our liberties and to do so at any cost. While America's longest war has ended, our military continues to serve in dangerous conflicts overseas. They are often the first to arrive with much-needed humanitarian assistance when disaster strikes at home and abroad.

Those who serve allow us to proceed with our daily lives uninterrupted. We can enjoy our freedoms and pursue opportunities for personal prosperity. Yet, the nearly 200,000 men and women who return to civilian life each year face unique obstacles as they, too, strive to achieve prosperity.

Many require additional education to launch new careers or are inexperienced at conducting a job search, applying for, and interviewing for, a civilian job. Creating a resume and figuring out how to translate military skills and experience into transferable job skills can also be daunting.

We serve veterans because they deserve the same opportunities we've had the chance to pursue because of their sacrifice.

The American College Center for Military and Veterans Affairs seeks to help our military community overcome challenges transitioning to civilian life. We anticipate a record-breaking 425 scholarships to be awarded this year to military members and their spouses, including 120 scholarships for entry into our master's program last month. Our scholarship program is one of very few that extends this opportunity to military spouses, who also can struggle to find permanent careers after spending years relocating.

The Center's Executive Director, James "Jim" Roy, PMP®, has been working tirelessly to expand our services. In addition, under the leadership of Career Services Director Amanda Raymond, we are developing new services to help support the career progression of our military members and their spouses. Further initiatives we are exploring include the following:

• Partnering with organizations with military-affiliated employee resource groups
• Making the GI Bill and other federal funding streams available for designations for military members
• Awarding college credits for completed military consumer finance education

The Center has also partnered with McKinsey & Company to research how to attract more military members and their spouses into financial services and the impact on companies with military-trained employees.

We serve veterans at The American College of Financial Services and invite you to join us in this pursuit. Visit our Center for Military and Veterans Affairs to learn how to get involved in answering the call to serve veterans with us.

Even after surviving an almost fatal stabbing in 1958, King continued to lead the civil rights movement until his assassination in 1968. He sacrificed his life for a cause: a dream that he had that America could be better, do better, for the benefit of others. His adoption of nonviolent resistance to achieve equal rights for Black and Brown Americans earned him the Nobel Peace Prize in 1964.

King recognized the need to place others before self to propel society. In a speech he gave in 1957 in Montgomery, Alabama, he stated, "Life's most persistent and urgent question is, 'What are you doing for others?'"

I am often asked by people, "What should I do to celebrate MLK Day?" I respond with three suggestions taken from King's quotes and speeches. First, "Dream and dream big!" Follow your dreams and put them into action. Hopefully, those dreams include uplifting others. Second, ask yourself the question he posed in 1957: "What are you doing for others?" Then, go do something! Third, King also said, "The time is always right to do what is right." Go do right by others today and every day!

As the holiday approaches, thoughts of Dr. King's life of service lead me to think about the things, people, and causes I believe in. What and who do you believe in? Consider yourself, the ones you love, your community, and our great nation.

This holiday, let's do more praying, demonstrate more expressions of love, and make more sacrifices to help others. Let's work to change lives in any capacity and possibly inspire others in the process. In following his dream, King lived his life with the purpose of a higher calling that was more about others than it was about himself. 

In our lifetime, many historical events are shifting America's perspective. We've witnessed the first African American president elected, the first African American and Asian American woman elected vice president, and the first Black woman appointed to the Supreme Court. We've also seen the murder of Black people by police and the social unrest to follow, opening America's conscience to racial and economic inequality.

We are now at the beginning of the end of economic inequality. While economic equality will not occur in two years, five, or maybe even ten, our hope is that it is progressing, ensuring the day is coming when all Americans, regardless of race and gender, will have equal economic opportunity. The College will be part of this legacy.

In two short years, the American College Center for Economic Empowerment and Equality, under the leadership of Karim Hill and Dr. Pamela Jolly, has introduced Know Yourself, Grow Your Wealth, the Black Women, Trust, and the Financial Services Industry research study, which Wealthmanagement.com has recognized as a 2022 Wealthies finalist for Industry Research, and the Black Executive Leadership Program, also recognized as a 2022 Wealthies finalist for Industry Disruptor.

Our work is awakening the financial services industry, and I'm proud to announce The College has also been named a finalist in ALL FOUR categories of this year's ThinkAdvisor LUMINARIES.

I hope Juneteenth is a day of celebration for you, celebrating our freedom and the ability to unite and transform for the better. 

Peter was a long-time leadership volunteer, loyal donor, and consummate champion for The American College of Financial Services. He served on The College's Board of Trustees and was a past chairman of The College's Foundation Board. He was currently serving on the President's Roundtable and actively working to deepen the partnership between The College and Ameritas that he tirelessly cultivated during his career with Union Central, which then merged into Ameritas Life. Peter's passion for The College and Union Central is best exemplified through his leadership to help establish the Union Central Larry R. Pike Chair in Insurance and Investments at The College in 2002.

Through the personal philanthropy he and his wife of almost 60 years, Mibb, bestowed to The College and the corporate philanthropy he inspired, Peter received The College's President's Award in 2010. Because of his transformational impact, Peter was also awarded the Solomon S. Huebner Gold Medal in 2013, The College's highest honor. Peter was a member of The College's Loyalty Society and Legacy Society.

Peter was a past NAIFA National treasurer, president of NAIFA-NY, and president of GAMA. Serving for over 60 years in the life insurance industry, Peter was honored with countless industry awards and recognition, including the 2015 John Newton Russell Memorial Award—the highest honor bestowed upon a living member of the insurance and financial planning industry.

Peter has left a lasting mark on the profession, and his legacy lives on at The College. CJ and I would like to extend our condolences and offer our prayers on behalf of The College's faculty and staff to Peter's daughters, Beth and Heather, and his grandchildren.

For those unfamiliar with the CAP® Program, it provides professionals with the knowledge and skills needed to help others realize their philanthropic goals for themselves, their families, and society. The program delivers a shared body of knowledge in the arts and sciences of philanthropic planning for philanthropists, fundraising coordinators, and financial advisors, increasing their ability to collaborate effectively and realize philanthropic intent.

Philanthropy and giving have been a part of my life for as long as I can remember. When CJ and I were first married, long before we had dollars to give, we were committed to serving others by donating our time. Philanthropy has always been our passion.

When I came to The College, I knew I wanted to advance my knowledge by enrolling in one of The College's specialized programs. Coupling my interest in philanthropy with the excitement I heard from CAP® alums about how the courses had significantly expanded their knowledge and impacted their careers, I enrolled.

While my intention was there, accountability to commit the time was lacking. I kept saying to myself, "I have to start. I have to start." I needed an accountability partner in this pursuit, so I decided to add the completion of the CAP® Program to my 2022 goals and objectives, which I submitted to The College's Board of Trustees. Now I had an accountability partner, which I am a strong proponent of in most purposeful endeavors.

The second course was the most challenging because it focused on charitable tax strategies and implications. When you stop and think about it, there is not one financial product or service that doesn't have some tax implications, yet, the lack of tax knowledge is a known issue in the industry. It wasn't long before I realized, from a personal standpoint, that my philanthropy lacked efficiency and I was disappointed that our financial advisors did not possess this knowledge.

The depth of knowledge I learned from completing the CAP® Program has given me a whole new perspective on what we could have been doing. As a CAP®, I have also grown in my understanding of fundraising and appreciation for philanthropic sacrifices.

When we think of philanthropy, we tend to envision someone writing a million-dollar check, yet we overlook people's daily sacrifices. Today someone donated to their child's school; another purchased groceries to feed a family; and another visited an elderly neighbor to make needed household repairs — all philanthropy. Our philanthropy should not be celebrated for the number but rather for the sacrifice.

It reminds me of a congregation in Kentucky with well over twenty thousand members. Years ago, they had a fundraising campaign with the slogan, "Equal sacrifice, unequal giving." If all I have is $5 and I give $1, and you have $1 million and give $200,000, we have made an equal sacrifice. As a CAP®, my respect for the sacrifices made by everyday people is more profound, as is my admiration for my fellow CAP® alums, those who care deeply about ensuring philanthropic intent is maximized, no matter the sacrifice.

I hope my recent accomplishment inspires you to pursue your next lifelong learning goal. The need for specialized knowledge and skill in financial services is significant, and The College offers many avenues to expand your opportunities. I encourage you to find an accountability partner — maybe your spouse, partner, or a peer — and get to work on your next learning goal this year. 

The President’s Report is an annual publication, carefully crafted by our Marketing & Communications Department, that serves as a testament to the hard work of our leadership volunteers, faculty, and staff.

This year's report showcases several of The College's strategic initiatives well underway that are expanding opportunities for financial professionals, leaders, underserved communities, and consumers. You can read about our work to democratize financial education, diversify financial services, and widen perspectives surrounding special needs planning.

You'll learn how retirement planning is evolving and how our programs are at the forefront of this revolution in thought. We also introduce you to independent advisory firms leveraging our programs to disrupt traditional business and service models. Additionally, we share a celebratory update on our progress in transforming The College's culture.

And, if you prefer to watch than read, you'll enjoy interviews with several of our esteemed faculty and staff as they update you on their disruptive plans to benefit society. I hope you feel inspired to share this year's report with your family, friends, and networks. 

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