August 2016 Newsletter

Message from Leadership

Karen Schaeffer, CFP®, Chair of Campaign Development Committee

Karen Schaeffer, Chair, Campaign Development Committee
Karen Schaeffer, CFP®, Chair of Campaign Development Committee

2016 continues to be an exciting year for the CFP Board Center for Financial Planning and the thousands of donors and supporters who have joined us in this historic endeavor to advance our profession. In this second edition of the Center’s newsletter, we are excited to update you on recent accomplishments and future plans as we pursue our mission to advance a more diverse and sustainable financial planning profession that can secure the financial future of all Americans.

We have a lot to report on since our April newsletter. We were proud to release the proceedings report from the Center’s historic Design Summit that encapsulates the conversations that led to the development of the Center’s initial agenda of initiatives. We have begun implementing key aspects of each initiative, including piloting a new program to connect firms with experienced professionals seeking to return to the workforce, forming a mentorship program for women pursuing CFP® certification, launching scholarships programs to attract and develop the next generation of financial planners, partnering with Wiley to launch a book series designed to expand the financial planning body of knowledge, and launching a series of best paper awards that will be presented at the first-ever Academic Research Colloquium for Financial Planning and Related Disciplines. And our efforts aren’t going unnoticed, as you’ll see in the “Center in the News” section below.

Financial planning has been a tremendously rewarding profession for me, and so it is a true honor to serve as the chair of the Center’s Campaign Development Committee, working alongside some of the best and brightest in our profession to help raise the funds necessary to power the important work of the Center. I’m very pleased to have the opportunity to acknowledge my colleagues on the Committee in this newsletter.

I also want to recognize our generous donors who are leading the pack in making sure the Center’s vision becomes a reality. I am especially pleased to recognize Northwestern Mutual for joining us as a Founding Sponsor of the Center. As a Founding Sponsor, Northwestern Mutual will support the Center’s programs and initiatives that will advance the financial planning profession, including developing a more diverse and sustainable pipeline of financial planners, and creating an academic home for the profession.

Through these newsletters, we will continue to spotlight the Center’s achievements and recognize those from across our profession and beyond who have joined us to assure a stronger, more vibrant financial planning profession for years to come. Hopefully, this will inspire many more of you to join us. The Center and its initiatives are only possible with your support.

Sponsor Spotlight

The Center for Financial Planning is grateful to Northwestern Mutual for its support as a Founding Sponsor. With over 1,200 CFP® professionals in its ranks, Northwestern Mutual is among the top 20 employers of CFP® professionals. The sponsorship will support Center’s priorities to develop the next generation workforce, foster greater diversity in the profession and build an academic home for financial planning.

The Sponsor Spotlight Article is sponsored content, not content of the CFP Board Center for Financial Planning.  It is an opportunity for sponsors of the CFP Board Center for Financial Planning to communicate non-commercial educational information about their firm.


Advancing educational opportunities at the college level is vital to growing the financial planning profession.

It’s that mindset that has driven Northwestern Mutual’s successful college internship program, which turns 50 in 2017 and has been named the top financial services internship for the past 20 years. The company is extremely proud of its long track-record of providing college students with the tools and resources they need to achieve success after graduation. This year, more than 3,000 students are enrolled in the program across the company’s 350 offices around the country, and more than 48,000 have participated in the program since 1967.

A Northwestern Mutual internship isn’t just a box a student checks before they graduate. Rather, it’s viewed as an opportunity to build relationships with clients and receive hands-on training and mentoring from some of the best financial planning professionals in the industry, all of which is designed for them to hit the ground running post-graduation.

According to Paul Shane, Northwestern Mutual director of field recruiting, students across many majors and colleges (i.e., business and other) seek out Northwestern Mutual’s internship because of the unmatched experience and value it provides.

“We believe this provides a unique opportunity to promote financial planning programs and introduce the profession to a greater student body,” said Shane.

Northwestern Mutual expects one-third of the senior status interns will pursue full-time careers with the company. In fact, many of the company’s most successful financial representatives and more than half of the senior field management are former interns.

More information about the company’s internship program can be found by visiting the webpage.

Additionally, the company’s local offices have formed valuable partnerships with colleges and universities and their financial planning programs through a variety of engagement activities, including serving as guest lecturers, participating on panels of industry experts, bringing experiential learning to the classroom through financial planning curriculum initiatives and more.

For example, Northwestern Mutual’s “Planning Makes a Difference” scholarship competition that partners local offices with college financial planning programs aims to give financial planning students a true sense of the profession and what to expect in their chosen career path.

The company has awarded more than $65,000 in scholarships through the competition since 2014, but the true value is the experience the students take with them. The company sponsored the competition at five schools in 2016 – Utah Valley University, Louisiana State University, Minnesota State University, University of Akron and Purdue University – taking more than 130 students out of the classroom and placing them into a real-world, professional business setting.

The students worked side-by-side with financial planning instructors and program directors, receiving a unique opportunity to experience the challenges and rewards that come with being a successful financial planning professional. The goal is to set them up for success in life after college, while providing them the tools to make a real difference in people’s lives.

You can learn more information on the company’s Planning Makes a Difference competition webpage.

Partnerships Northwestern Mutual has formed through its successful college internship program, scholarship competition and initiatives of the Center for Financial Planning, for which the company will play an active role, will help the company and the industry attract and develop the next generation of financial planning professionals.

Corporate Sponsors

The Center for Financial Planning is conducting an historic $10,000,000 Capital Campaign to fund the initiatives that will advance a more sustainable and diverse financial planning profession that can secure the financial future of all Americans. We are very pleased to report that the Campaign has raised over $5,400,000 in corporate and individual commitments through August 1, 2016.

The Center for Financial Planning would like to thank the following companies for their generous support:

Lead Founding Sponsor


Founding Sponsor Circle

Northwest Mutual-50

Visionary Circle


Pinnacle Circle


Benefactors Circle


Friends Circle

Bridgewater Advisors Envestnet

TD Ameritrade Institutional and the CFP Board are separate and unaffiliated and are not responsible for each other’s services or policies.

TD Ameritrade Institutional is a division of TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2016 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

Deena Jo Heide-Diesslin Foundation $100,000 Challenge Match Scholarship

Deena Jo Heide-Diesslin
Deena Jo Heide-Diesslin

Are You Up to the Challenge?

The Center for Financial Planning is pleased to offer the Deena Jo Heide-Diesslin Foundation Challenge Match Scholarship to qualified individuals who have demonstrated a financial need, or represent underrepresented populations within the financial planning profession in terms of gender, race, ethnicity or sexual orientation. The scholarship advances Center’s workforce development goals by providing financial support to qualified individuals who are seeking to complete requirements for CFP® certification.

Don’t miss the opportunity to double your gift! If you would like to support the scholarship and make a difference in someone’s life, the Deena Jo Heide-Diesslin Foundation will provide a dollar-for-dollar match for every donation to the scholarship.  Gifts are eligible to be matched until the $100,000 challenge fund is fully committed. Click here to learn more.

Women’s Initiative (WIN) Council Donors

The Center for Financial Planning would also like to recognize the contributions from the WIN Council.  In addition to providing valuable insights and counsel on Center’s gender diversity initiatives, the following members of the WIN Council have generously donated to the Center:

Nancy Kistner, CFP® (Chair) Eleanor Blayney, CFP® Lazetta Rainey Braxton, CFP® Mindy Diamond Mary Beth Franklin, CFP® Bob Glovsky, CFP® Kate Healy Kathleen McQuiggan Elissa Ellis Sangster Karen Schaeffer, CFP®

“I am proud to be a donor to the Center for Financial Planning and very pleased to serve on the Center’s WIN Council.  I believe that the Center will be a unifying change agent for creating a more diverse and sustainable financial planner workforce through research, education and collaborative initiatives.”

– Lazetta Rainey Braxton, CFP®

Individual Donors

The Center for Financial Planning would like to recognize the following individuals who have contributed to the Center’s Capital Campaign.  The full listing of individual donors is available here. To make a donation to the Center, please click here.


  • V. Raymond Ferrara, CFP®
On August 2, Bob Glovsky, CFP®, Chair of Center’s Advisory Council and member of the Chairs Circle, hosted a reception at his residence in Boston to share updates on the Center’s progress and opportunities to get involved
On August 2, Bob Glovsky, CFP®, Chair of Center’s Advisory Council and member of the Chairs Circle, hosted a reception at his residence in Boston to share updates on the Center’s progress and opportunities to get involved

CHAIRS CIRCLE ($100,000 – $249,999)

  • David H. Diesslin, CFP®, MBA
  • Bob Glovsky, CFP®
  • Karen P. Schaeffer, CFP®
  • Rosalie J. Wolf

VISIONARY CIRCLE ($50,000 – $99,999)

  • Kevin R. Keller

LEADERS CIRCLE ($25,000 – $49,999)

  • David E. Canter
  • Cary Carbonaro, MBA, CFP®
  • Marilyn Capelli Dimitroff, CFP®
  • Charlie and Lisa Fitzgerald
  • Charles and Judith Goldman
  • Tim Kochis JD, MBA, CFP®
  • Nancy A. Kistner, CFP®
  • Ross Levin, CFP®
  • Randy Morris, CFP® & Nancy Morris
  • Richard Rojeck, CFP®
  • Maureen Tsu, MBA, CFP®
  • Bob Wacker, CFP® and Debbie Wacker, CPA
  • Stewart H. Welch, III, CFP®

BENEFACTORS CIRCLE ($10,000 – $24,999)

  • Blaine F. Aikin, AIFA, CFA, CFP®
  • Jeff Farrar, CFP®
  • Peggy M. Ruhlin, CFP®
  • Richard C. Salmen, CFP®
  • Kimberly Wright–Violich

PATRONS CIRCLE ($5,000 – $9,999)

  • Lazetta Rainey Braxton, CFP®
  • Theodore R. Daniels
  • Mike Greene, CFP®
  • Gordon and Vickie Hampton
  • Audrey Wehr Jones, CFP®
  • Steven D. Podnos, MD, MBA, CFP®
  • Neal J. Solomon, CFP®, CLU, ChFC, CASL, and Dr. Robin M. Solomon


Campaign Development Committee

The Center for Financial Planning is grateful to the following individuals who have risen to the occasion and are leading the fundraising efforts through their participation on the Campaign Development Committee:

Karen Schaeffer, CFP®
Schaeffer Financial, Committee Chair
Blaine Aikin, CFP®   fi360
David Canter 
Fidelity Investments
Cary Carbonaro, CFP®
United Capital Advisors
Charlie Fitzgerald, CFP®
Moisand Fitzgerald, Tamayo, LLC
Kate Healy 
TD Ameritrade Institutional
Tim Kochis, CFP® Kochis Global
Richard Salmen, CFP®
Northern Financial Advisors

Design Summit Proceedings

In a proceedings report memorializing its January 2016 Design Summit, the Center for Financial Planning announced the ambitious agenda of initiatives it will undertake to address the challenges facing a financial planner workforce that is aging, shrinking and lacking diversity. The Design Summit brought together 42 distinguished thought leaders in the areas of financial planning, workforce development, diversity and academia to discuss the state of the financial planning profession as well as an initial agenda of projects that the Center could undertake to begin to tackle these systemic challenges. A complete list of participants is included in the report.

“The Design Summit challenged us to reexamine our assumptions and broaden our scope of engagement, informing what the Center for Financial Planning can do to advance a more diverse and sustainable financial planning profession,” said Marilyn Mohrman-Gillis, executive director of the Center. “Armed with the insightful recommendations of our honored guests, the Center is taking steps toward creating real, measurable change in the financial planning profession.”

Fidelity Workforce Symposium

Fidelity Investments, Founding Sponsor of the CFP Board Career Center, hosted a Workforce Symposium on August 2 in Boston, Massachusetts.  This exclusive daylong event brought together dozens of wealth management leaders from around the country for a dynamic discussion about the future of the wealth management workforce.  The agenda included a presentation about the Center for Financial Planning and its unique value as a unifying platform that can convene all corners of the profession to address current workforce challenges.

Fidelity Investments is an independent company, unaffiliated with the CFP Board. There is no form of legal partnership, agency affiliation, or similar relationship between the CFP Board and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by the CFP Board and does not guarantee or assume any responsibility for its content. Fidelity Investments is a registered service mark of FMR LLC. Fidelity Clearing & Custody Solutions provides clearing, custody, and other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 771238.1.0


Based on the insights and recommendations shared by Design Summit participants, the Center for Financial Planning has committed to an ambitious agenda of programs and initiatives that it will undertake. These initiatives span the Center’s three priorities—developing the next generation workforce, fostering greater diversity in the profession and building an academic home for financial planning —and will engage a variety of stakeholders and partners both within and beyond the profession to achieve them.

Implementation of these and additional projects will be guided by the Center’s Advisory Council and strategic advisory groups dedicated to specific initiatives, which will be comprised of thought leaders, stakeholders and subject matter experts. Included below are updates related to each initiative.

Workforce Development

image046The Center seeks to attract and develop the next generation of financial planners with the goal of equipping them with the knowledge and skills to competently and ethically serve the public through the latest research-based techniques and best practices. Programs under the Center’s Workforce Development initiative include:

  • Launch the Financial Planner Reentry Initiative (FPRI) in partnership with iRelaunch, a leading career reentry consultant, to support financial services firms in establishing re-entry programs for experienced professionals seeking to return to the workforce.  FPRI is modeled after programs that have been proven successful other sectors of financial services, as well as in the engineering and technology sectors.
  • Expand the CFP Board Career Center to include a greater number of entry-level positions and internships for graduates of financial planning programs. The Career Center will host an Online Career Fair on September 13, 1:00 – 4:00 PM EDT to allow job seekers to connect directly with employers in the financial services industry.  For potential employers, the Career Fair is a convenient and economical way to recruit new talent. Registration for the Online Career Fair is available here.
  • Establish scholarship programs for qualified students seeking to complete CFP® certification and pursue careers in financial planning. The Center is currently offering two scholarship programs – the Milton Stern Scholars Fund and the Deena Jo Heide-Diesslin Foundation Challenge Match Scholarship. Additional information, including how to apply, donate or start a new scholarship fund, is available here.
  • Launch research studies to gain insight on how to raise awareness of financial planning careers and develop clear career paths into the profession.


image048The Center’s Diversity initiative seeks to address the lack of gender and racial diversity in the profession so that the financial planner workforce can better meet the growing and increasingly diverse public demand for financial planning advice. Center’s Diversity programs include:

  • Launch a “Faces and Voices of Diverse CFP® Professionals” campaign to showcase leaders in the profession from different gender, racial and age groups, highlighting reasons these professionals pursued CFP® certification and why they believe financial planning is a great career. The campaign will engage prospective financial planners through social media as well as direct outreach to colleges and universities.
  • Establish the “WIN-to-WIN” mentorship program that connects women pursuing CFP® certification with a network of CFP® professionals who are volunteering to provide mentorship and support. The program is part of the Center’s Women’s Initiative (WIN). Women interested in being mentored by a CFP® professional can register here. The webpage includes a search tool where women can find and request a mentor based on geographic location, years as a CFP® professional, language and business model.  CFP® professionals interested in participating in the program as mentors can sign up on the same webpage.
  • Continue the work of the WIN Council comprised of leading experts on gender parity in financial services to advise on the development and implementation of additional projects related to gender diversity. One of the programs championed by the Council is the WIN Advocate program that boasts over 300 CFP® professionals nationwide who are working in their communities to promote the value of careers in financial planning to women and girls.  The Center has recently partnered with national organizations focused on the empowerment of girls to offer exciting new opportunities for WIN Advocates. Interested CFP® professionals can register for the program here.
  • Establish a Diversity Advisory Group made up of diversity and recruitment experts, and leaders from financial advisory firms and CFP Board-Registered Programs. Similar to the WIN Council, the Advisory Group will provide guidance on the Center’s development of projects related to racial and ethnic diversity.
  • Conduct a research study to explore barriers to racial and ethnic diversity in the financial planner workforce, examine the perceptions and attitudes of key stakeholder groups regarding the importance of maintaining diversity and articulate the business case for a diverse workforce. The Center will publish findings and research-based recommendations for promoting diversity within the profession at a Diversity Summit.

Academic Home

image050While there is greater demand for personal financial advice and need for financial planners, there is a shortage of qualified faculty to prepare these professionals, as well as limited avenues for conducting and publishing empirical research and contributing to the profession’s body of knowledge. The Center will support the creation of an academic home to elevate financial planning to the same level as more established disciplines, such as accounting, law and medicine, though the following programs:

  • Convene first-ever Academic Research Colloquium for Financial Planning and Related Disciplines, a forum to gather, share and showcase relevant research within financial planning and related disciplines. The Center will host the Colloquium on February 7-9, 2017, in Arlington, Virginia in collaboration with the Canada-based Financial Planning Standards Council and the international Financial Planning Standards Board.  The Colloquium will feature a series of Best Paper Awards that will be presented at the event with a $2,500 cash prize for the author(s) of the winning paper.  Learn more about the Colloquium and register to receive the early bird discount here.
  • Create the Financial Planning Body of Knowledge, a searchable online compilation of research from financial planning and related disciplines for use by practitioners, academics, practitioners and the public.
  • Launch a new Wiley Book Series designed to expand the body of knowledge for Financial Planning. The series, consisting of five books over the next five years, will be designed for practitioners, faculty, students, and researchers.  Published by John Willey & Sons, Inc., the series will launch in early 2017 with the release of Communication Essentials for Financial Planners: Strategies and Techniques, written by Dr. John Grable, CFP® and Dr. Joseph Goetz of the University of Georgia.

Center in the News

CFP Board Launches New Book Series August 18, 2016

CFP Board Reports Early Success on Center for Financial Planning ThinkAdvisor June 23, 2016

CFP Board Announces Agenda for New Center for Financial Planning InvestmentNews June 14, 2016

CFP Board, TD Ameritrade to Recognize Behavioral Finance Research Financial Advisor June 9, 2016

The CFP Board Center for Financial Planning Looks to End Planning’s ‘Feminine Famine’ Financial Advisor June 2, 2016

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