October 2019 Newsletter

From the Desk of Marilyn Mohrman-Gillis, Executive Director

October 2019

Marilyn Mohrman-GillisWith the Center’s 2019 Diversity Summit less than a month away, our team has been busy making final preparations for this landmark event. This year’s convening will build upon the success of our inaugural Diversity Summit with a focus on accountability – highlighting steps that firms, academic institutions and partner organizations are taking to advance racial and ethnic diversity in financial planning. We recently announced an outstanding lineup of exciting speakers, highlighted below, who will share their own personal stories and talk about their experiences making diversity and inclusion a priority in their work. We look forward to seeing these individuals serve as catalysts, energizing and motivating the Summit audience to take action, and we encourage you to register for what is sure to be engaging event.

Last month, the Center proudly celebrated the first birthday of Financial Planning Review, our peer-reviewed academic journal that features research within financial planning and related disciplines. The Review was tremendously successful in its first year of publication, generating more than 25,000 downloads between October 2018 and July 2019, and 260% more average downloads per article than other finance journals. We are grateful to the Review’s hard-working editorial team of accomplished scholars and our readers who made this first year such a success. You can read the latest edition of the Review here.

We were pleased to feature the Center’s new thought leadership guide for employers, Financial Planning Career Paths: Building More Sustainable and Successful Businesses, during a session at this month’s FPA Annual Conference in Minneapolis. Mark Tibergien, CEO of Advisor Solutions at BNY Mellon/Pershing and Chair of the Center’s Workforce Development Advisory Group, stressed the importance of developing well-defined career paths to attract and retain the next generation of financial planners and provided a research-based roadmap. As Kate Healy, so clearly amplifies in our Sponsor Spotlight below, this is a must-use strategic tool for every employer.  

In closing, I would like to express my deep gratitude for the honor and privilege of serving as the inaugural Executive Director of the Center for Financial Planning. I am retiring from CFP Board after the Diversity Summit.

I leave with a sense of pride in what we have accomplished together. Since the Center was launched in November of 2015, we have made significant progress in building the capacity of the Center to advance its mission of creating a more diverse and sustainable financial planning profession for the benefit of the public. In just four years, we have raised $13 million from 62 corporate sponsors and over 9,000 individual donors; launched 15 initiatives, including a scholarship initiative with five new named scholarships; completed five research projects; developed 17 partnerships; conducted over 25 convenings of stakeholders and thought leaders; and engaged over 2,400 volunteers. Since its inception, the Center is already having impact in building a talent pipeline, fostering diversity and inclusion and advancing knowledge for practice so that every American has access to competent and ethical financial advice.

I am very thankful to the sponsors and donors, who have so generously supported the work of the Center and to the truly inspirational CFP® professionals and volunteers with whom I have had the privilege to work. 

With gratitude,

Executive Director
CFP Board Center for Financial Planning


  • 2019 Diversity Summit Speakers, Agenda Announced: The Center is pleased to announce an exciting lineup of dynamic speakers and thought-provoking sessions for its second Diversity Summit, scheduled for November 13, 2019, at the J.W. Marriott in Washington, D.C. Highlights include:

    • Keynote speeches by Maria Contreras-Sweet, Former Administrator of the Small Business Administration, with introductory remarks by Damian Rivera, CEO of the Association of Latino Professionals for America (ALPFA); and Salene Hitchcock-Gear, President of Prudential Individual Life Insurance

    • An Executive Roundtable with Craig Young, Executive Director for Merrill Lynch Wealth Management; Samuel Palmer, Managing Director and Business Executive at JP Morgan Chase; Kim Jenson, COO, SVP, Private Client Group at Raymond James; Ileana Musa, Co-Head of International Wealth Management & Head of International Banking and Lending, Morgan Stanley; and moderator Michelle Singletary, Columnist and Personal Finance Advisor at Washington Post.

    • The Future of Equality discussion with Kenji Yoshino, Chief Justice Earl Warren Professor of Constitutional Law at the NYU School of Law

    • CFP® Pro Talks: Personal Reflections on Barriers and Opportunities featuring Lauryn Williams, CFP®, three-time Olympic medalist and founder of Worth Winning, LLC; Brittney Castro, CFP®, “I am a CFP® Pro” campaign spokesperson and founder and CEO of Financially Wise, Inc.; Luis Rosa, CFP®, Founder of Build a Better Financial Future, LLC; John Campbell, CFP®, Director of Minority-Owned Business Engagement at Wilmington Trust; and moderator Mark Tibergien, CEO, Advisor Solutions, BNY Mellon Pershing and Chair of the Center’s Workforce Development Advisory Group

    • Case Studies Panel featuring examples of diversity programs, metrics for evaluation and lessons learned. The panel will feature Amy Philbrook, Head of Diversity and Inclusion at Fidelity Investments; Ronald Adams, Head of Field Diversity and Inclusion at Northwestern Mutual; Dr. Chia-Li Chien, CFP®, Director of the Financial Planning Program at California Lutheran University; Elissa Sangster, CEO of Forte Foundation; Kara Underwood, Managing Director, Head of Talent and Learning Strategy at Morgan Stanley Wealth Management; and moderator Kate Healy, Managing Director, Generation Next at TD Ameritrade Institutional.

    • Actionable Steps Panel recapping the breakout sessions that will allow attendees to provide input on actionable steps to advance diversity in the profession. The panel will feature Leslie Tabor, Managing Director, Business Consulting Services at Charles Schwab Advisor Services; Cheryl Nash, President of Investment Services at Fiserv; Crystal Hardie Langston, Principal and Chief Diversity Officer at Vanguard; Cheryl Creuzot, CFP®, President Emeritus of Wealth Development Strategies LLC; and moderator Audra Bohannon, Senior Partner at Korn Ferry. These panels will focus on case studies and actionable steps that all stakeholders can take to advance diversity.

The full list of speakers is available here.

Diversity Summit will build on the success of last year’s convening with a focus on accountability, highlighting what key stakeholder groups are doing to create a more inclusive profession, guided by the Center’s research-based recommendations.

We are seeking participation from firm executives, leaders from CFP Board Registered Programs, experts in diversity and inclusion, influencers at key organizations that can reach diverse populations, as well as current and aspiring financial planning practitioners. We encourage you to register today. Learn more and register.

2019 diversity summit sponsors











  • Additional Programming Announced for 2020 Academic Research Colloquium: The Center continues to develop the agenda for our fourth annual Academic Research Colloquium for Financial Planning and Related Disciplines. The annual event, which convenes leading scholars and researchers to showcase the latest research within financial planning and related disciplines, will be held February 20-22 in Arlington, VA.

    We recently announced that David K. Musto, the Ronald O. Perelman Professor in Finance and Faculty Director of the Stevens Center for Innovation in Finance at The Wharton School, has joined the Colloquium’s roster of distinguished keynote speakers. The keynote lineup also features:
    • Dr. Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School, a Research Associate at the National Bureau of Economic Research, an Editor of the Review of Financial Studies, and a member of the editorial board for the Review of Asset Pricing Studies
    • Dr. J. Anthony Cookson is Co-Director of the Center for Research on Consumer Financial Decision Making, an Associate Professor of Finance at the Leeds School of Business, University of Colorado – Boulder, and an Associate Editor of Financial Planning Review
    • Dr. Annamaria Lusardi is the Denit Trust Endowed Chair of Economics and Accountancy at The George Washington University School of Business (GWSB) and the founder and academic director of GWSB’s Global Financial Literacy Excellence Center. She is also the Director of the Financial Education Committee charged with designing Italy’s national strategy for financial literacy.

      The Colloquium will also feature CE-eligible sessions for practicing CFP® professionals that translate research into practical application. Continuing Education will once again be sponsored by Financial Planning Association. Registration for the 2020 Colloquium is now open. We encourage you to register early to take advantage of discounted pricing (available through December 1). Learn more and register.


The Sponsor Spotlight 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.

Understanding what’s next—the advisor career path

Kate Healy
Managing Director, Generation Next, TD Ameritrade Institutional

Next gen talent isn’t just trying to land a job, they’re looking to be part of something bigger.  They want to help make the world a better place—providing competent financial planning is one way to do that. But first, we have to make sure that they find financial planning an attractive career option. That’s why it’s important for advisory firms to think through how a next gen hire might progress at their firm, so that you can show them a career path forward. What does the career path look like for an advisor? What training and support will they need to get from one level to the next on the career ladder? And how can you showcase the growth and opportunity to be competitive during the recruiting phase? 

Developing the next generation is a major focus of the Center for Financial Planning. Through the support of the Workforce Development team, which includes advisors, program directors and development and third-party industry experts, we’ve been able to create the Financial Planning Career Paths: Building More Sustainable and Successful Businesses 

The Financial Planning Career Paths: Building More Sustainable and Successful Businesses covers everything from skills and experience for each of the five rungs on the career path to levels of responsibility and compensation.  It can serve as a roadmap for firms who have yet to create career paths, and a benchmarking guide for those who already have them.  For next gen talent, it can serve as a conversation starter for career development.

Download your copy of the Financial Planning Career Paths Guide. For more insights on developing your Generation Next talent, check out my AdvoKate blog.

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, 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. © 2019 TD Ameritrade.


  • Career Path Guide: We encourage firm leaders and CFP® professionals to read Financial Planning Career Paths: Building More Sustainable and Successful Businesses and share it within your networks. The guide is designed to help employers attract and develop talented professionals while giving financial planners a roadmap for navigating their own financial planning careers. Establishing and communicating clear career paths is crucial to helping today’s professionals achieve their full potential and to attracting the next generation of talent our profession needs. Download the guide here.

  • Report on Racial Diversity in Financial Planning: We invite you to download Racial Diversity in Financial Planning: Where We Are and Where We Must Go, to learn how you can get involved in this important issue. The paper outlines research-based, actionable initiatives to advance racial diversity in the profession that can be implemented by firms, colleges and universities with a financial planning program, partner organizations and CFP® professionals.  

  • “I am a CFP® Pro” Campaign: The Center encourages CFP® professionals to promote the financial planning career to young people through the “I am a CFP® Pro” campaign. In support of this effort, the Center has developed a customizable presentation, including social media and other communications tools, that can be delivered at local schools or alumni associations. For questions, please contact us at mail@centerforfinancialplanning.org


  • Become a Mentor to an Aspiring CFP® Professional: The Center invites CFP® professionals to volunteer as mentors in the CFP Board Mentor Program. The program is designed to match CFP® certification candidates with CFP® professionals who can provide guidance and support as they complete the certification process and begin their financial planning career. For questions, please contact us at mentor@CFPBoard.org

  • Promote Gender Diversity by Becoming a Women’s Initiative (WIN) Advocate: The Center is seeking CFP® professionals to become WIN Advocates and help raise awareness in their communities of financial planning as a rewarding career opportunity for women. Advocates receive a toolkit of resources from the Center, including presentations and handouts, and are invited to participate in periodic webinars to share updates, experiences and other information. Learn more and sign up to become a WIN Advocate.


  • Make a One-Time Gift or a Multi-Year Pledge to Support Our Programs: We hope this newsletter inspires you to support the important work of the Center for Financial Planning to advance the profession. One hundred percent of your donation helps to create a more diverse and sustainable financial planner workforce and a research-based, recognized body of knowledge for financial planning. You can make a one-time gift by donating online, or through your donor advised fund, stock transfer or IRA. If you are interested in making a multi-year pledge or planned gift, contact Diane LaVigna, CFRE, Director of Development at dlavigna@cfpboard.org or 202-379-2255. Support the Center.

  • Donate to a Specific Program

    • Financial Planning Knowledge Center Website: Be among the first to help build an online space for practitioners that translates research and ideas into practical insights. The Financial Planning Knowledge Center is being designed to share the latest in financial planning research, best practices and other emerging trends within financial planning practice. The website will feature content from the Financial Planning Review, additional papers, videos and interactive capabilities that present innovative research on financial planning and related disciplines, as well as opportunities to engage with practitioners and researchers across the profession. Make a one-time gift today (select “Financial Planning Knowledge Center” in dropdown menu) and learn about the benefits of making a multi-year pledge.

    • The Deena Jo Heide-Diesslin Foundation Challenge Match Scholarship: You will have significant impact by supporting The Deena Jo Heide-Diesslin Foundation Challenge Match Scholarship that helps qualified individuals from underrepresented populations complete the educational requirements for CFP® certification. The scholarship was established by former CFP Board Chair David Diesslin, CFP®, in memory of his wife, Deena. To date, the Center has awarded 16 of these life-changing scholarships, but there is a need for many more. With your help, we can increase our award rate so that all our most worthy applicants can receive a scholarship. In addition, your gift will be doubled through a dollar-for-dollar match. Click here to donate.

    • The Richard B. Wagner Memorial Scholarship Fund: Support aspiring CFP® professionals through the Richard B. Wagner Memorial Scholarship Fund, established jointly by the Center and FPA. We thank all of the donors who have helped us reach $247,169 of our $250,000 goal. To make  difference in someone’s life by donating to the fund, please click here.

  • For Firms: If your company is interested in learning more about sponsorship opportunities with the Center, please contact Joseph V. Maugeri, CFP®, Managing Director, Corporate Relations, at jmaugeri@cfpboard.org or 202-379-2254.

The Center is pleased to recognize the following firms for their recent commitment of support: Morgan Stanley, Wells Fargo, SEIA, Ariel Investments, Janney, PlanPlus and PNC Bank.

Thank you to the following individual major donors for their recent generous gifts: Natalie and Brad Wolfsen, Charlie Fitzgerald, III, CFP® and Lisa Fitzgerald, Richard Salmen, CFP®, Dane Snowden, and Ron Greene, CFP®.

We are very pleased to report that the Center has raised more than 13 million in gifts and pledges through September 2019. Thank you to all of our corporate sponsors and individual donors. A listing is available here.


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. © 2019 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission. The third parties referenced herein are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments. The registered trademarks and service marks appearing herein are the property of FMR LLC. Fidelity Clearing & Custody Solutions provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. © 2019 FMR LLC. All rights reserved. 784358.1.0

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