Financial Planning Philanthropic Planning Retirement Planning Insights
FinServe Ambassador Charts Career Evolution Through Specialization
![Banner image with Andrew Tudor headshot](/sites/default/files/inline-images/cb15-finserveinsight-andrewtudor.jpg)
Tudor says he entered the financial services profession via banking in 2008 during a volatile and chaotic time for the industry. Despite this, he says he found great satisfaction in his work in leadership roles – running several bank branches around Cincinnati, Ohio – and especially in areas involving lending. That was where he first started to sense the industry might have blind spots and think about how he wanted to address them.
“I really enjoyed helping people buy houses and start small businesses, but I saw gaps in knowledge and access, especially when it came to investment management,” he said. “The bank often had a minimum level of assets they would service, and I often saw more resources being afforded to affluent communities. I knew I wanted to focus on those who had been historically excluded.”
Tudor eventually transitioned into a role with Northwestern Mutual and spent several years at the company becoming a licensed advisor and directly working with clients. From those interactions, he continued to refine his sense of who he was as a professional and who he wanted to serve.
“Most people, especially those from historically excluded communities, need more education in and access to financial services and are looking for deeper advice than just receiving products,” he said. “I’ve always felt we should be building in systems to protect and educate these groups.”
In 2020, amid the COVID-19 pandemic, Tudor finally decided he wanted to start his own firm and launched Alchemist Wealth – with a focus on fee-only planning and serving women and other historically excluded communities – with his brother. Four years later, he merged the successful practice into Zenith Wealth Partners, where he continues to work as an advisor in a variety of planning fields, from investment portfolios to retirement and philanthropic planning. It’s all in service, he says, of his mission to help his clients align their money with their values.
The Role of Retirement Planning
While at Northwestern, Tudor availed himself of the company’s connection to The College to earn multiple designations and certifications: first through the CFP® Certification Education Program to get a strong financial planning foundation, and later through the Retirement Income Certified Professional® (RICP®) Program for the specialization he was seeking in retirement preparation and planning.
“The first time a client came to me and asked me questions about retirement I couldn’t answer, I knew I had to get more knowledge,” he said. “The RICP® is powerful because it impresses upon you that accumulation planning and retirement income planning are two very different things. When I was at Northwestern, we would answer questions about retirement planning with material from College thought leaders like Michael Finke, PhD, CFP® and Wade Pfau, PhD, CFA, RICP®. Their advice on using tools like annuities, home equity, and other income streams to stabilize retirement income may not be popular in some circles, but they’re mathematically proven to be better solutions.”
“[The RICP® Program]’s advice on using tools like annuities, home equity, and other income streams to stabilize retirement income may not be popular in some circles, but they’re mathematically proven to be better solutions.”
Tudor says thanks to the RICP®, he is now well-versed in retirement planning concepts and can simplify them enough for his clients to understand. He also says he sees a growing need for this specialized knowledge as America continues to age.
“The industry to me is still five to 10 years behind what’s necessary in retirement income planning, and it’s exciting to see The College continue to be out in front of the latest ideas and blaze the trail for doing things the right way,” he said.
Investing for Impact
In addition to his focus on retirement planning, Tudor says he’s always been interested in the technical side of planning and the potential of money in general to benefit society. Because of this, he enrolled in the Chartered Advisor in Philanthropy® (CAP®) Program at The College to gain more specific knowledge about how to use investment strategies to help his clients live their values.
“We often ask clients about their goals for impact: whether they’re broad or specific, for family, community, globally, or causes they support,” he said. “Clients constantly bring these subjects up, and I don’t know how I would be an advisor without being able to have those conversations. I believe eventually those kinds of conversations will be table stakes for the industry, and everyone will need to know how to talk about charitable giving with clients and organizations.”
While he loves working directly with clients, Tudor says it’s the institutional side of giving that he’s fallen in love with thanks to the CAP® Program.
“It’s about how you use money and make it work for what you believe in the real world, not just on your spreadsheet,” he said. “That kind of mission-aligned investing, where organizations use their capital to benefit society, is exactly where I want to be. The CAP® Program’s donor strategies were helpful, but its full course dedicated to working with nonprofits has allowed me to sit on board committees and lead conversations about aligning investment portfolios with an organization’s mission. I think that’s a serious gap in the market to be addressed.”
“[The CAP® Program] has allowed me to sit on board committees and lead conversations about aligning investment portfolios with an organization’s mission. I think that’s a serious gap in the market to be addressed.”
Finding Community and Purpose
After being inaugurated into The College community as a recipient of the NextGen Financial Services Professional Award, Tudor says he has been consistently impressed by what The College is able to do for financial professionals – especially in its events like the annual Conference of African American Financial Professionals (CAAFP).
“CAAFP feels like a homecoming every year for me,” he said. “It’s my one opportunity to see and reconnect with a lot of people I know from the industry, and the workshop and keynote sessions are consistently incredible. It’s a safe bet for me to invite a new advisor to CAAFP. There aren’t many places Black professionals in financial services can go and see mostly people who look like them, and the level of excellence in the execution of the event is always impressive.”
“It’s a safe bet for me to invite a new advisor to CAAFP. There aren’t many places Black professionals in financial services can go and see mostly people who look like them.”
Tudor says he’ll be present at this year’s CAAFP, to be held August 12-14 in Atlanta, Georgia. In the meantime, he advises young professionals in the field to be open to challenging themselves and thinking intentionally about their career path.
“Go to places that stretch you and be mindful of how you feel when you’re doing things,” he said. “This field affords you 40 years to build a career and have an impact, so thinking long-term is key. I love working with personal clients and enjoy financial planning in general, but I really live for doing organizational and institutional planning. Fill your day with things you enjoy doing, and success will come.”
Philanthropic Planning Insights
Dien Yuen Joins the Be Giving Podcast
![Be Giving Podcast logo](/sites/default/files/inline-images/cb15-begoodpodcastinterviewdienyuen.jpeg)
Dien Yuen, former executive director of the American College Center for Philanthropy and Social Impact, was recently a guest on the Be Giving podcast hosted by Elizabeth Wong.
In this episode, Yuen joins Wong to share her expertise in the field, discussing topics such as the importance of philanthropy in wealth management, the value placed on philanthropy by The College and the Chartered Advisor in Philanthropy® (CAP®) Program, and the unique experiences faced by advisors of color.
Hear about these topics and more in this informative and thought-provoking discussion as Yuen shares her experiences with The College.
Philanthropy Resources for Advisors
Philanthropic Planning Insights
FinServe Network Advisors Explore the Future of Philanthropy
The College’s President and CEO George Nichols III, a Chartered Advisor in Philanthropy® (CAP®), hosted a panel discussion that focused on prominent trends in philanthropy, ranging from the growing role of women in charitable giving to the importance of building a more collaborative philanthropic ecosystem.
A $30 Trillion Wealth Transfer
The first topic the panelists tackled was the role of women in philanthropy. Observing that an estimated $30 trillion will transfer to women over the next 10 years, President Nichols asked his guests what advisors can do to better serve the charitable giving needs of these future decision-makers.
“In my experience with women, they are very philanthropic. They are very attuned to their communities and helping other people, but they're also concerned about saving enough for retirement and so on,” said Rick Peck, CFP®, CHFC®, CAP®, a special advisor to the philanthropy services team at the New Hampshire Charitable Foundation. “So, they do want to make a difference and they are looking for their advisors to help open the door for that discussion.”
Unfortunately, however, advisors do not always meet their needs. As President Nichols pointed out, 80% of women who inherit money change their advisors within the first year. This is understandable, according to Mary Fischer-Nassib, CAP®, co-founder and director of Sow Good Now, given that advisors have not planned on how best to serve these clients.
“How are we going to be able to serve those women? They're already proven leaders, they've already proven that they want to impact society, they're proven that they have causes that are important to them, and where do we belong? What seat are we taking at the table? How often and who are we bringing in that's needed? I think those are questions we have to start thinking about to serve them better,” she said.
According to the panelists, to connect with their female clients advisors need to engage in meaningful conversations and ask open-ended questions. By understanding their values, interests, and aspirations, advisors can help women align their philanthropic goals with their personal and financial objectives. Providing education and resources early on can also help empower women to become lifelong philanthropists.
Building a Better Ecosystem
Switching gears to the broader business of philanthropic advising, President Nichols asked the panelists how the philanthropy ecosystem could improve and expand the impact of giving across communities.
In response, Fischer-Nassib highlighted the importance of improving collaboration and innovation.
“In the non-profit space, they talk about collaboration and innovation, but the funders don't know what that looks like. And if you've ever tried to get your family to go out to pick a restaurant, it's really hard. So you're asking these nonprofits to work together and keep their mission aligned, and I say, well, you get your family that restaurant first, and then we'll start seeing how we can, as nonprofits, can collaborate,” she said.
Fischer-Nassib added, “The innovative piece is also very important. You need the full team to come together in order to innovate. You need to have the wealth managers, the estate planners, the attorneys, the CPAs, and the philanthropic advisors to start having conversations.”
Peck agreed. “Corporations are part of the ecosystem along with foundations, family foundations, and nonprofits,” he said. “And when you think of an ecosystem, it means that everything is positively coexisting and feeding off each other and thriving. And I think that, by bringing these different parts to the table for conversation and understanding what each party's looking for, that's going to be helpful in the grand conversation, and I don't know that we do that as well as we could.”
Bringing Diversity into Giving
The panelists moved on to a discussion on how philanthropy can become more diverse and work successfully with the clients of the future. In practice, this means not only recruiting more diverse philanthropic advisors, but also looking at new and emerging causes and expanding the definitions of where to give and how to partner with communities.
On the topic of America’s racial tensions, for example, Peck said, “George Floyd being killed, it sparked an absolute fervor. But the reality is, it just magnified something that's been there for a long, long time. I think there's a reactionary way that people respond to something like that, and people pop up with all the best intentions, and try to create things that can be helpful. But does it last? Is it part of an ecosystem of change?”
He continued, “I have not seen anything that feels as cohesive as it should be three years later. Now, there are community foundations in my world that were doing good stuff long before George Floyd was killed. And it's a marathon, and not a sprint. There's a lot of cultural work that needs to be done in communities, and we need to be sitting down and having conversations with individuals, not in a reactionary way, but more collaboratively. If we're sensitive to the differences that we have and how positive that can be in our society, we will all be better for that.”
A Brighter Way Forward
President Nichols wrapped up the session by asking the panelists about the one thing they would do to improve the philanthropic space if they had a magic wand to make any change they wanted.
Peck focused on the importance of communication. “I'd wave it to bring people together to have an open discussion, a substantive discussion, leaving time to hear different points of view that lead, slowly but surely, to positive change,” he said.
For Fischer-Nassib, engaging young people was most important. “If you really want to leave a legacy, pour some of what you have to give into these willing and able young people, give them power and a structure around those funds, and let them learn and practice and grow so that 10 years from now, we have risen up and have a good handle on what's needed, as well as teams of people who are set to do really good work.”
The Many Ways to Leave a Legacy, with ACFS President George Nichols III
Philanthropic Planning Research
Philanthropic Advisors in the 21st Century
The CAP® program was created to foster greater philanthropic impact throughout our communities by bringing nonprofit gift planners and financial, tax, and legal advisors together in a common, cross-disciplinary curriculum to help better serve clients and donors. Today, over 2,500 CAP® designees are doing just that.
Our research found that CAP® designees work in various disciplines and represent an expanding number of nonprofit, for-profit, and hybrid organizations. They’re facilitating complex philanthropic gifts through vehicles that didn’t exist when the CAP® program began. They’re also navigating numerous cultural issues and societal needs, in addition to the effects of the global pandemic.
Through the participation of 486 CAP® designees and students, we now have a greater understanding of the ever-increasing diversity and interests of the CAP® community. For example, respondents credit CAP® with helping them gain credibility, confidence, recognition, and greater knowledge of donor motivations and charitable tools. We also received many responses to our open-ended questions that mentioned the need to update the curriculum with diversity in voices, perspectives, and current practices. Many expressed a desire to continue learning beyond the CAP® program through mentoring and networking programs.
Philanthropic Planning Research
Mapping the Future of Philanthropic Advising
![Three financial advisors walking together in the park](/sites/default/files/inline-images/cb15-futureofphilanthropicadvising.jpeg)
We will also look into the future and ask practitioners what trends they are seeing and what skill sets are needed for the next three to five years. Findings will help organizations better prepare advisors for success and provide much needed data on our changing profession.
A Conversation with Dien Yuen, JD/LLM, CAP<sup>®</sup>, AEP<sup>®</sup>
Philanthropic Planning Insights
5 Ways Financial Advisors Help Charitable Giving
While philanthropy appears to be simple — you identify the organizations and causes you want to support, determine what you can afford to give, and donate — professionals who specialize in the field can take your giving to the next level.
Here are five ways that financial advisors and professionals with philanthropic expertise add value.
1. They can maximize your philanthropy.
The rules, regulations, and tax codes related to charitable giving are anything but simple. And, because these can vary at the state level, advisors who understand the ins and outs of your particular situation can help you maximize your philanthropy.
For example, the Tax Cuts and Jobs Act of 2018 changed the allowable standard deduction and charitable giving deductions. Because the bill represented a significant overhaul of the 1986 tax code, it’s not surprising that many of its features were oversimplified in reports, with some observers suggesting that charitable donations were no longer tax deductible. In reality, the bill increased allowable deductions at certain levels.
There are also strategies such as “bunching” that an informed advisor can help you understand and utilize, if appropriate — all of which can help you increase the impact of your giving.
2. They can help you define your goals.
Advisors who counsel clients on philanthropy follow the same process as any financial advisor.
They begin by gaining an understanding of your overall goals and objectives.
- What are your priorities in giving?
- How do you want your giving to change over time?
- What do you want your philanthropic legacy to be?
Thinking of charitable giving strategically and in the long-term helps you define your goals in a way that annual giving does not. Equally important, your advisor works with you to develop and implement a giving plan to realize those goals.
3. They are connected to the charitable community.
Advisors who specialize in giving are connected to the charitable community. Many advise nonprofit organizations on financial matters, so they can be valuable resources in directing you to effective organizations that align with your interests.
They will also be familiar with like-minded donors who can broaden your community network.
4. They can incorporate giving into your larger financial planning.
Advisors with expertise in philanthropy can help you incorporate giving into your overall financial planning.
Do you want to keep giving during your retirement? Do you want to include philanthropy in your business exit planning, estate planning, or legacy planning?
For help with these and other questions, you’ll want to work with an advisor who understands how to translate your goals into realities.
5. They can support your big ideas.
If you’re in the fortunate position to set up a family foundation, you will definitely need the skills of an advisor with experience in long-term charitable planning.
Family foundations not only leave a personal and family legacy — often in perpetuity — but also bring your family together during the planning and implementation phases. This creates a life-long-and-beyond connection that spans current and future generations.
Whatever your philanthropic vision, a financial advisor or professional with specialized education and experience can make a difference in how you make a difference.
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.
Philanthropic Planning Insights
How You Can Create a Philanthropic Legacy Without Being Ultra-Rich
While few of us are in that position, there’s no reason to exclude charitable giving from our estate planning. And yet, many of us are doing just that. Although 60% of U.S. households donate to charity every year, 86% of charitable donations made at death come from the wealthiest 1.4%. Put another way: we give during our lifetime, but we don’t think to give as part of our legacy.
There are reasons for this disconnect. To begin with, we don’t like to think about death, so a surprising number of us avoid estate planning completely. Caring.com’s 2020 Estate Planning and Wills Study found that the number of adult Americans who have a will or estate plan has dropped 25% since 2017, and procrastination and avoidance are likely contributors to that trend.
Here are some insights on how to make sure you include your philanthropic inclinations in your estate planning.
1. You are passing on your values, not just your money
Consider this definition of legacy: “something that someone has achieved that continues to exist after they stop working or die.”
That perspective changes the entire conversation around legacy giving. It shifts estate planning from a somber realization of the end of life to a positive way to leave lasting memories behind.
What charities do you support now? What organizations and causes do you think will be most important and impactful for the people you care about — your children, their children, your loved ones?
Asking and answering those questions can give you real insight into who you are and what you value, regardless of how much money you have.
2. Your support will encourage others to give
Charitable legacy planning can provide the organizations you care about with additional support, similar to challenge grants during fundraising drives. Nonprofits have created legacy societies to recognize, celebrate, and publicize the names of individuals who included their organizations in their estate planning. Your support becomes a public declaration of your belief in an organization’s mission and vision, and can inspire others to take action.
Legacy societies also connect you to like-minded people and allow you to appreciate the impact of your philanthropy. For example, the Kennedy Center Legacy Society, whose mission is “to promote dignity, empowerment, and opportunity for all individuals with disabilities and special needs,” lists its members on its website and publications and invites supporters to an annual endowment event. Legacy planning can enrich your life now.
Studies also show that people who are intentional about charitable legacy planning give, on average, three times the amount they’ve contributed throughout their lifetime, making it one of the most impactful decisions you can make.
3. Charitable legacy planning brings families together
Include your family early on in your charitable legacy planning discussions. That will avoid any future surprises and, more importantly, reinforce your belief in the importance of private giving.
These discussions can also bring us closer together. As family units become increasingly diverse and nontraditional, we can't assume that our current priorities and future intentions are understood by all.
Sharing your thoughts and motivations about your legacy plans can open rich avenues of dialogue. Use sources like Charity Navigator to ensure that the organizations you are considering have a track record of maximizing gifts.
4. Legacy planning can be simple
You don’t need fancy legal or financial instruments to include charitable giving in your estate planning. Unless you have complicated and extended assets, your contribution can be made through traditional means, including:
- Wills
- Trusts
- Retirement funds
- Life insurance policies
- Physical assets
There are tax implications that can maximize the gifts you leave for all of your beneficiaries. For example, assets from an IRA or 401(k) plan are subject to income tax when bequeathed to an individual, but are tax-exempt when left to a 501(c)(3) charity. Engaging legal and financial professionals who have the credentials and experience in estate planning is often the best way to understand which options are best for you, your family, and the causes you care about.
Why not maximize the impact you can have, now and in the future?
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.