Reggie Rabjohns was a member of the Board of Trustees for nine years and of the President’s Circle for 17; he was a member of The American College Foundation Board for 18 years, and he served two years on the President’s Advisory Council as well. In recognition of his “Distinguished Service to Education and Professionalism,” Rabjohns was the 2008 recipient of the Solomon Huebner Gold Medal, and he was inducted into the Alumni Hall of Fame in 2014.

Asked about his belief in the importance of education, he said: “Part of the definition of being a professional means being committed to a lifetime of continuing education… and in our industry, it’s very rare to come across someone who isn’t a graduate of The American College.” In that vein, Rabjohns exemplified The College’s mission to uplift the profession and society.

Rabjohns often spoke of the “magic of life insurance.” At The College, we also celebrate the magic of people like Reggie Rabjohns, whose investment in The College sustains us and helps us continue to evolve.

Read the full article and learn more about Reggie and how you too can support The College’s mission in our 2023-2024 President’s Report.

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Created in 2004 by the industry education group Life Happens, Life Insurance Awareness Month seeks to educate Americans about life insurance and how it can help provide financial security for them and their families. In conjunction with LIMRA, Life Happens reports every year on the status of the American people with regard to life insurance in their Insurance Barometer Study–and their work appears to be paying dividends. Findings from the 2023 Study include:

• Self-reported life insurance ownership continued to rise from 50% of survey respondents in 2022 to 52% in 2023
• Non-insurance owners who say they want and need a policy hovered around 30%, a similar number to 2022
• Up to 48 million middle-income consumers could be interested in obtaining a life insurance policy

During the month of September, social media is flooded with calls by financial professionals and companies for the general public to consider the value of a good life insurance policy. In addition, with the holidays coming up and bringing with them family get-togethers, multigenerational discussions, and New Years resolutions, it can be a great time even after Life Insurance Awareness Month is over to talk about the need for life insurance.

As the preeminent designation program for financial professionals in the insurance field, The College’s CLU® designation proves its ongoing importance in these conversations.

Life Insurance: A Foundational Concern

The American College of Financial Services was founded in 1927 by pioneering financial services professional and educator Dr. Solomon Huebner. While Huebner had an expansive vision for improving the financial services industry for the betterment of society, he was an insurance field professional by trade–and this showed in The College’s first-ever designation program, the CLU®.

Over nearly a century, The College grew and expanded to cover such subjects as retirement income planning, wealth management, special needs and philanthropic planning, diversity, equity, and inclusion initiatives, and more, but the CLU® designation remains a fundamental part of its legacy. The CLU® is still recognized as the gold standard in the financial services industry for life insurance education.

The CLU® designation program offers financial services professionals an in-depth understanding of the practical, legal, and ethical aspects of life insurance and its techniques and tools, accepting life insurance as a vital part of a holistic financial plan. The CLU® curriculum includes not only concepts and law within overall risk management, but also the necessary knowledge to help clients address estate planning needs and to gain an understanding of solutions that address life insurance for business owners and professionals. These include key person insurance and other related employer and employee benefits.

A Personal Appeal for Life Insurance Planning

While life insurance may not capture public or professional attention the way the stock market, investment management, or retirement planning sometimes do, the importance of life insurance planning and the insurance field in general is something many financial advisors deeply believe in.

In a video posted for Life Insurance Awareness Month in September 2023, College Business Development representative Anthony “Tony” Boquet reflected on the financial security a life insurance policy can bring to clients no matter what stage of life they are in. He also shared a deeply personal story from his own experience as a life insurance professional.

Boquet related that years ago, he had visited two recently married friends with the goal of selling them additional life insurance policies. The husband repeatedly declined to apply, jokingly citing his youth as evidence that he had no need of a life insurance policy. Tragically, within 24 hours of that conversation, he was killed in a freak accident when a car ran off the highway and struck him while he was cutting grass in his front yard. He was only 22 years old.

“If you’re a life insurance planner or a financial professional, you owe it to your clients to make sure they’re aware that our future is not guaranteed,” Boquet said. “My friend didn’t plan on dying that weekend, and his wife later told me he was planning on buying the life insurance policy from me when I returned to work on Monday.”

Boquet said this story constantly reminds him about the importance of Life Insurance Awareness Month, and how people of all ages and backgrounds need to be prepared for anything.

“He may be gone, but his story has lived on in me and helped protect countless others over the years,” he said. “Please take the time to talk to your clients and those you love about the importance of life insurance planning during this Life Insurance Awareness Month.”

You can also see another video story from Boquet here.

Even well-respected experts have opposing viewpoints on life insurance. 14 million listeners tune into Dave Ramsey's podcast on personal finance each week. Ed Slott is a respected tax advisor and keynote speaker on tax planning. Both men have decades of experience. Both are also authors of best-selling personal finance books. 

Dave Ramsey fiercely defends that life insurance protection should never be permanent. He believes term insurance is the best type of life insurance, period. Ed Slott believes that permanent life insurance should be the "bedrock of any serious financial plan." He believes permanent life insurance is an attractive asset due to its favorable tax treatment. 

Why would two knowledgeable experts have completely opposing viewpoints? Which expert should we listen to? An in-depth Google search often leads to more confusion. You definitely don’t feel like you are receiving the full picture when you speak to a life insurance agent. 

Researching life insurance facts should not have to be so tedious and overwhelming. After 13 years in the insurance industry, I decided I had had enough of seeing one-sided arguments. I became fed up with hearing professionals and media preach that only one type of life insurance was best for all. 

This guide provides a balanced perspective of each policy type, so you can make a wise decision. Your specific situation, needs, and goals should dictate what a wise decision is. This guide includes insights from over a decade of industry experience. Reading this guide will give you a clear understanding of your options. You will have the knowledge to secure a policy that is best suited for you today. You will also learn how to position your family for success in the future. 

• Here is what you are about to learn: 
• The basics of each type of life insurance 
• The advantages and disadvantages of each policy type 
• Who each policy type is most suitable for 
• Unique policy provisions and features to look for to maximize the value of your policy 
• How to create a plan that provides the greatest flexibility in the future 

Term Insurance 

Basics of Term Insurance 

Term insurance is the most straightforward type of life insurance policy to understand. When setting up a term policy, you select your desired coverage amount and duration. The duration of your coverage will determine when your coverage expires. 

Advantages 

Term life is the most cost-effective type of life insurance in the marketplace. Most term policies have premiums that will remain the same for the entire term duration. This transparent setup makes term policies predictable and easy to manage. Your beneficiaries will receive the full insurance benefit if you die before your policy expires. 

Disadvantages 

Although very affordable, over 97% of term life policies end up not paying out a death benefit. According to the statistics, you have a high likelihood of outliving your term policy. 

If you decide you want to extend your term coverage, you will need to apply for a new life insurance policy. At this point, you will be applying based on your age and health when submitting your new application. If you are still very healthy, you will still pay higher coverage rates based on your older age. If you are no longer as healthy, your policy may receive a lower health rating or get declined. 

Who Term Insurance is Most Suitable For 

Term insurance is most suitable for individuals or families with a limited budget. Many families have a hard time finding more money to save. Additionally, young families often need higher life insurance coverage for the following reasons: 

• Higher amounts of debt (student loans, consumer debt, mortgages) 
• More years of income to replace 
• Children are younger 
• Low amount of assets saved 

This combination makes term life insurance the easy choice for most younger families. 

Term insurance may also be most suitable if you need coverage for a finite period. This assumes you have already accounted for other factors, such as income replacement and education costs. Some examples include protection while paying down your mortgage or business debt. Since you have a clear idea of when you will pay the debt off, you can select an appropriate term duration. 

Key Considerations

Convertibility feature 

Most term life policies include a conversion feature. The conversion feature allows you to convert your term insurance to permanent insurance. When converting to permanent insurance, you are purchasing a new policy. The key advantage here is you will not have to take a new medical exam. Instead, you will be able to apply the same health rate class from your term policy to your new permanent policy. This can be very impactful if you are no longer as healthy as you were when you started your term policy. 

You do not have to convert your entire term to permanent insurance. A partial term conversion may be affordable and make perfect sense. 

Although your health rate class remains the same, your age is not locked in for your new policy. You will pay insurance rates based on your age when you convert to a permanent insurance policy. Since insurance costs more as you age, converting at a younger age can help you save on insurance costs. 

Make sure your term policy has a conversion feature if you plan to buy permanent insurance in the future. You can ask your insurance agent to run options to convert your term during your annual review. You will be able to weigh costs and benefits to make a wise decision for your family. 

You can only exercise your term conversion with the carrier you placed your term policy with. For this reason, you'll want to know if the permanent policies offered are in alignment with your goals. Be clear on when your policy's term conversion period expires, as it varies among carriers. 

Unique Policy Features 

Some carriers offer innovative features that may be valuable for some policy owners. Be sure to ask your agent about options available to you based on your goals. 

A few carriers offer a term policy with return of premium. These policies may cost 20-30% more than a traditional term policy. If you outlive your term policy, you can receive a full refund of all premiums at the end of your term duration. 

One carrier offers a policy that allows you to keep coverage beyond the term duration. You will have the option to pay the same premium for a reduced amount of life insurance coverage. If you are no longer as healthy or can't afford a new term policy, this feature can benefit you. 

Some carriers even offer term policies with an accelerated death benefit. Qualifying trigger events may include chronic, critical or terminal illness. 

Life insurance bands (cheaper cost at certain benefit amounts) 

Many life insurance buyers are not aware of face amount bands, also known as premium bands. Face amount or premium bands offer a lower cost for coverage at higher insurance amounts. Although rate bands vary among carriers, a standard rating band may look like this: 

• Band 1: 100,000-249,999 
• Band 2: 250,000-499,999 
• Band 3: 500,000-999,999 
• Band 4: 1,000,000+ 

This knowledge will help you get the best value for your life insurance premium dollars. 

Permanent Insurance 

Basics of Permanent Insurance 

Permanent life insurance protection lasts for your entire life. Unlike term life, permanent insurance policies do not expire. Your death benefit is guaranteed to pay out as long as you pay enough premiums. Since you have lifetime protection, premiums are much higher for permanent policies. 

Most permanent life insurance policies have a cash value component. Cash value is the equity you build within your policy during your living years. You can draw money from the policy's cash value while you are still alive. 

Permanent Insurance Policy Types 

There are variations of permanent life insurance policies, each having unique features. This summary covers each permanent insurance policy type, along with its unique features. 

Whole life 

A whole life policy is generally considered the most secure form of insurance. Whole life policies have more rigid premium payment requirements than universal life policies. As long as scheduled premium payments are paid, the cash value is guaranteed to increase each year. A whole life policy may be most suitable for you if you are seeking the greatest predictability in your future policy values. 

Universal life 

Universal life policies provide more flexibility in premium payments. These policies offer more transparency around fees and expenses as well. There is a premium schedule of minimum payments to cover annual insurance costs. Premiums paid above the required amount are added to the cash-value account and earn interest. A universal life policy may be suitable if you are seeking premium flexibility. 

The life insurance company determines the interest rate credited to the universal policy. Factors that impact interest rates include expenses, mortality rates, and investment experience. An indexed universal life policy is a variation of a universal life policy. Interest rates credited in these policies are based on annual returns of one or more indices selected. A universal life policy may be suitable if your income fluctuates. Flexibility in your premium payment schedule can be a valuable feature. IUL policies may be suitable for those seeking upside potential from linking cash value returns to a stock market index. It is important to consider other nuances (i.e. cap and participation rates) when buying an IUL policy. 

Guaranteed universal life 

Guaranteed universal policies work similarly to term insurance policies. Instead of lasting for a specific amount of years, you select an age to have protection through. Policies will remain in force as long as premiums are paid. Since GUL policies have little to no cash value buildup, premiums are much lower than traditional permanent policies. A GUL policy can be suitable if you are looking to make minimal premium payments to have pure protection. 

Variable universal life 

A variable universal life policy provides the policy owner more control. You can select from a list of sub-accounts (similar to mutual funds) to create a portfolio. You can also adjust investment allocations to align with your investment objectives. Your cash value returns directly correlate to your investment allocations. One key difference is that you risk the potential for loss of cash value in a VUL policy. VUL policies generally have a minimum death benefit guarantee as long as you continue to pay premiums. VUL policies may be suitable for those seeking more control over policy performance, while accepting the accompanying investment risk. 

Overfunded permanent policy 

An overfunded policy refers to extra premiums paid into a permanent insurance policy. The surplus premiums buy more coverage and increase cash value in the policy. You can choose to overfund either whole life or universal life policies. This can be an attractive strategy if you want the option to withdraw cash from your policy in the future. A knowledgeable agent may be helpful in designing and servicing an overfunded policy. 

Advantages of Permanent Insurance Protection 

The main advantage of a permanent insurance policy is the security it provides. There is certainty that your life insurance will pay out when you die, not if you die during the term duration. The certainty of a death benefit provides flexibility to your financial plan. 

One example is having a paid-up permanent insurance policy during retirement. A paid-up policy is when no more premiums are due for the rest of the policy owner's life. This policy can provide peace of mind for a family in many ways. Here are some reasons a couple may value a permanent insurance policy: 

• What if there is a major stock market or real estate correction before the insured dies? The beneficiary may avoid selling a depreciated asset at a bad time. 
• What if the couple spends more than they originally planned while enjoying retirement? The surviving spouse will have some assets replenished through life insurance proceeds. 
• What if there is still debt outstanding when the insured dies? The surviving spouse will have the option to pay down the debt. 
• What if their goal were to leave an inheritance behind for the next generation? Life insurance proceeds pay out in a lump-sum, tax-free at the time of death. 

The instant liquidity life insurance provides leaves beneficiaries with options and flexibility. This peace of mind can be invaluable for many families during retirement. 

Permanent life insurance provides an efficient way to pass wealth to future generations. If you know how much to expect your policy to pay out, you can spend down your retirement assets with confidence. Since the death benefit is income tax free, you will know the exact amount of wealth that will pass to future generations when you die. 

Having access to the cash value in a permanent insurance policy while you are alive can be a major benefit. You can access the cash value in a permanent policy while you are still alive. Assuming you've selected the right type of policy, you can expect your cash value to exceed the premiums paid into your policy over time. 

Life insurance policies experience unique tax treatment. Cash value grows on a tax-deferred basis. This means taxes are not paid on interest earned within a permanent insurance policy. You can access cash value in any policy year on a tax-favored basis. 

Here are some examples of when having access to cash value can be beneficial: 

• You have an emergency that requires immediate cash. 
• You want to make a major purchase. 
• You want to make a major investment. 

You may prefer to avoid liquidating existing investment holdings or incurring debt. In these instances, you may find the access to cash value in your policy to be an attractive option to have. 

Disadvantages 

Permanent insurance policies require much higher premiums than term insurance policies. This factor in itself makes permanent insurance unaffordable for many households. 

Properly funding a permanent life insurance policy is a long-term financial commitment. You need to pay premiums for many years to sufficiently fund a permanent policy. Stopping premium payments early will result in lower cash value and death benefit. Sometimes, you may lose life insurance protection altogether. This commitment may become a challenge if your income becomes disrupted. 

Permanent insurance policies are more complex to understand and manage. Ongoing monitoring is necessary with policy components such as cash value and policy loans. Two examples that may need attention are outstanding policy loans or changes to policy interest rates.

Who Permanent Insurance is Most Suitable For 

A permanent insurance policy is suitable for one seeking a permanent death benefit. 

A permanent insurance policy is suitable for you if one or more of the following applies to you: 

• You are seeking a permanent death benefit 
• You are looking to build cash value 
• You are a disciplined saver with a long-term time horizon

Key Considerations 

Life insurance receives unique tax treatment. 

It is important to understand the different ways you can access your cash value. Options such as surrendering your basis or policy loans can avoid incurring taxes. It is important to understand the impact of withdrawals have on your policy values. Be sure to work with a knowledgeable agent or financial planner when you decide to withdraw cash. A professional can help create a plan to avoid a policy lapse or tax consequences. 

Adding a disability rider to your policy is worth considering. Also called a waiver of premium rider, this rider waives your premiums in a disability event. According to the Social Security Administration, a 20-year old has a one in four chance of becoming disabled during their working years. For this reason, the cost of the rider may be worthwhile for many professionals. 

Some carriers offer an optional long-term care rider. This rider gives you access to your death benefit in the event you need long-term care. Studies show over 66% of 65-year-olds will need long-term care in their lives. With LTC costs being a major financial risk during retirement, this rider has gained popularity. Unlike a standalone LTC policy, you will not lose unused benefits with a rider. 

Conclusion 

At this point, you have learned that the best type of life insurance policy for you today depends on factors such as your:

• Budget and savings habits 
• Expected future income
• Length of protection desired 
• Desire for living benefits such as accumulating cash value 
• Financial plan 

If you have a limited budget, chances are a term life insurance policy will be the most suitable for you today. There are some important considerations to keep in mind as you set up your term policy. 

Your life insurance program does not have to be 100% term or permanent insurance. Having a combination of both policy types can make great sense for many policy owners. It may be affordable to complement your term policy with a smaller permanent policy. Setting up a permanent policy today locks in the lower cost of insurance at a younger age. This results in more efficient growth of policy values. 

Change is the one constant we are guaranteed to experience in our lives. Most professionals find that their income peaks in their early 50s. What is most suitable for you today may change in your future. Your future may not play out according to your original plans, for better or for worse. The best type of life insurance program should suit your needs today, while providing flexibility for your future. Work with an insurance expert to set up a term policy through a carrier who provides strong conversion options. 

Last but not least, be sure to review your policy once a year. If you need to increase or lengthen coverage, make the changes while you are young and healthy.

This content and information was created by a third party and not The College. The College assumes no legal liability for the accuracy, completeness, or usefulness of any such content and information and the views expressed therein do not necessarily represent the views of The College.

The financial services industry has long relied on the Chartered Life Underwriter® (CLU®) designation as the benchmark to determine who has extensive knowledge of life insurance. The CLU® designation is issued by The American College of Financial Services. The CLU® designation is helpful when evaluating the life insurance underwriting and risk management needs of business owners and professionals, and can be an important factor in debt agreements. The CLU® designation is also instrumental in regards to life insurance law within the context of overall risk management and helping clients to address their estate planning needs.

The CLU® designation is a five-course program that studies the practical application of risk management and the ability to manage complex financial services. The program is made up of four core courses, plus one elective. In addition, candidates must pass five 100-question, 2-hour exams (one at the end of each course). Course topics include:

• Fundamentals of Insurance Planning
• Individual Life Insurance
• Life Insurance Law
• Fundamentals of Estate Planning and Planning for Business Owners and Professionals

Other course topics include financial planning, income taxation, group benefits, investments, and retirement planning.

What does the CLU^® designation mean?

A CLU® designation means a financial professional has gained an in-depth understanding of the practical, legal, and ethical aspects of life insurance underwriting and can provide the best solutions to a diverse clientele facing a range of risks and financial situations.. The CLU® designation is a significant designation for U.S. securities entities, as well as the designated business owners for securities companies and securities broker-dealers.

What is the CLU^® pledge?

The CLU® designation requires a pledge to uphold the highest ethical and professional standards of conduct established by The American College of Financial Services:

“I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself.”

In addition, maintaining the designation requires 30 hours of continuing education (CE) credit every two years.

How difficult is the CLU^® designation?

The CLU® designation is usually obtained after a number of years in the insurance business and passing licensing exams. The licensing exams are considered by most to be quite difficult, with thousands of people attempting them each year. The exams are lengthy, with many hours of study time required before taking them. The credential will ensure that you are recognized as a general insurance knowledge specialist. 

What are a CLU^® and a ChFC^®? 

The ChFC® is an acronym for Chartered Financial Consultant®. This certification program is offered by The American College of Financial Services to individuals who have completed an intensive program of study in the area of financial planning. The designation is earned once the financial professional has met all requirements to be recognized as an authoritative practitioner in financial counseling and planning. The designation is also available for individuals who have met specific educational and experience guidelines.

A CLU®, on the other hand, is the designation earned by financial professionals who have studied in-depth the risks involved with certain insurance annuities and policies, such as life insurance.

A CLU® or ChFC® designation indicates that an individual has completed a comprehensive program of study that has been developed and governed by The American College of Financial Services. Although these designations are available to all qualifying candidates, they are especially popular among those who work in financial services businesses.

What is the difference between ChFC^® and CFP^® certification?

The designation Chartered Financial Consultant® (ChFC®) reflects that an individual has completed advanced coursework in personal financial planning and passed comprehensive exams. A CFP® professional has also completed a college degree plus met specific coursework and passed comprehensive exams.

The CFP Board of Standards sets and enforces standards for the CFP® mark in their privacy policy, and ensures that CFP® professionals are held to the highest standard of integrity, ethics, and professionalism. The CFP Board owns the CFP® mark, CERTIFIED FINANCIAL PLANNER™, and federally registered CFP® certification.

ChFC® implies that the applicant possesses expertise in various financial planning processes, similar to the CFP® certification. ChFC® is important for advisors who offer assistance with retirement planning, estate planning, wealth management, and sell life insurance, disability income, or long-term care policies that are regulated by state insurance departments.

More From The College:

See our CFP® Certification Education Program

Learn about our CLU® Program

Get the details of our ChFC® Program

As a financial advisor serving the busy Washington, DC metro area and its suburbs, as well as the Managing Director of his own consulting business—Modern Wealth Strategies, LLC—Gonzalez is constantly traveling to meet new clients and refresh his relationships with long-term ones, as well as keep his practice on top of the latest financial trends and developments. He says he was always fascinated by finance, and investments in particular, and was recruited to the industry in 2009 by a college friend.

Firm Facts: Joshua Gonzalez and Modern Wealth Strategies, LLC

• Independent since 2018
• 13 years in the industry
• Financial planning & investment advisory services for 40-50 clients
• $500,000 average client assets

“I started with a part-time, low-commitment position,” he says. “But I quickly learned that unless I was totally committed to the business and the craft full-time, it wasn’t going to be worthwhile. Signing to be an agent with New York Life in 2014 was a watershed moment when I turned ‘pro’ and really dove into the practice, discipline, and career.”

“Success Leaves Clues”

It was around this time that Gonzalez became aware of The College and its programs, and it sounded immediately like something he wanted in on.

“When you look at the elite top producers in the industry, almost all of them have designations, and many of them are from The College,” he says. “Success leaves clues, and it was obvious to me that this was the kind of service I wanted to be able to provide to clients.”

The first designation Gonzalez earned from The College was the Chartered Life Underwriter® (CLU®)—a program considered the gold standard of life insurance education.

“The CLU® is the unsung hero of this profession,” he says. “Anyone who is licensed for life insurance coverage should make this investment in themselves. The coursework and curriculum is illuminating, and it helps you understand how Social Security, life insurance needs, Medicare/Medicaid, health insurance, annuities, and so many other things work that are key to tailoring advice to specific clients.”

Gonzalez says the program was so transformative that he even found it changing his own financial life outside of his work with clients.

“I didn’t know what umbrella liability was until I read about it in the CLU® program,” he says. “As soon as I was done with that course, I was on the phone getting insurance coverage for everything I could. If bad luck visits you the way it does all of us, it would be a shame not to have protection that affordable and meaningful.”

Building Authentic Relationships      

Gonzalez says the CLU®’s focus on financial plan building, investment advice, estate planning, beneficiary concerns, death benefits, and other features of life insurance policies allow him to speak confidently to many different people.

“My usual clients are 40-60 years old, high-paid professionals or small to medium-business owners with kids at home who want to pay off their house, pay for college, or get out of working for a living. Others may need to handle complex life insurance needs and business concerns,” he says. “The College’s training lets me holistically tie all these things together and help people in almost every major financial consideration of their life.”

While serving clients’ financial needs is a major part of the relationship between advisors and those they work with, Gonzalez says the enjoyment he gets out of his job is the ability to become part of a client’s life story, helping them to make the financial decisions that positively affect the way their life turns out.

“Money may not be everything and it may not be able to buy happiness, but the fact is things get a lot harder when you don’t have money or do the right things with it,” he says. “Most people’s problems come from what happens to their extra money, and some days I feel like a psychologist as well because if you’re doing your job right, you’ve become a friend and confidant to clients rather than just a tool. Not many other professionals can say that.”

To that end, Gonzalez says financial advisors working in today’s market have to take many things into account, including their promotion, presentation, and most importantly, projecting a sense of authenticity.

“I’m the product for clients as much as anything else. They buy me first,” he says. “You can’t change who you are to please your clients because the real you will always come out in the end. When my name pops up on a client’s caller ID, I want them to be excited to hear what I have to say. If they roll their eyes or get a pit in their stomach, I’m probably not for them.”

Cutting Through the Noise    

A big part of conveying these ideas to potential clients, Gonzalez says, is by cutting through the constant noise of social media and advertising that have trained people to become indifferent and tuned out and speak to them in a way that resonates and grabs their attention. But when asked what effective “elevator pitch” strategies might be, he offers a counterpoint.

“I don’t even think there’s time for an elevator pitch anymore,” he says. “In an elevator, you have a captive audience for maybe a couple minutes. On social media, you’re shouting into a void to capture a tiny slice of someone’s attention span while they’re bombarded by a million other things. Like it or not, we live in a sound-byte-driven world, and financial professionals have to be able to articulate their entire planning philosophy and value proposition to consumers in as few words as possible.”

As the average consumer continues to become more complex and gain access to various tools and sources of information online, including life insurance calculators, some may question the need for professional financial planning when they can just do it themselves—but Gonzalez says they need to consider where that information comes from and what financial future they want for themselves and their loved ones first.

“Doing your own research today is difficult because you can find evidence to fit whatever bias you might have. Do you want to have to fit your lifestyle into whatever Social Security will give you when you get older, or do you want to be able to pay yourself in the long term?” he says. “You have to decide whether you want to go it alone or if you’d be better-served finding someone you like and trust who has the knowledge to back you up. That’s the real value financial advisors, designations, and institutions like The College provide.”