In recent years, significant progress has been made in attracting more women, people of color, and young individuals into the field. The number of CFP® professionals under age 30 has increased by 83% since 2016; 6,032 new women have joined the ranks of CFP® professionals, bringing the total to 20,632; and the number of Black and Latino CFP® professionals , including those who self-identified as biracial Black and Latino, grew to 3,688 in 2020.

Recruiting, however, is just one piece of the puzzle.

Creating a more diverse and sustainable workforce also requires cultivating an environment in which financial planners want to build a career.

"As awareness of the financial planning profession continues to spread and we attract more ethically and racially diverse talent, the challenge continues to be retaining and supporting these thriving professionals," explains Rianka Dorsainvil, CFP®, Co-CEO of 2050 Wealth Partners.

In part, such support means helping financial planners feel comfortable in the field and recognize the unique skills and perspectives they bring.

"Even though I didn't necessarily look like most everyone else in the profession, I wish I realized then the power of being able to connect with someone who shares my background," says Marguerita Cheng, CFP®, CEO of Blue Ocean Global Wealth.

"There are many people from different walks of life who could benefit from the services provided by a financial planner. And the personality traits that might appeal to one person or demographic, may not resonate quite as well with women or people of color," Cheng says.

Jeanne Fisher, CFP®, CPFA, with Strategic Retirement Partners, notes that this is why financial planners need to harness their differences.

"Being a woman can be an advantage -- not a disadvantage. Embrace it. Don't try to 'fit in with the guys.' Our different approach, and the fact that we are naturally more empathetic, works in our favor," she says.

Early in her career, Dorsainvil says she felt that "in order to fit in I needed to code-switch. I could not be my authentic self." Not only was it exhausting to constantly change mannerisms or appearance to feel like she belonged with a specific audience, Dorsainvil says doing so also ignored the fact that no matter where you come from, what you look like, how you grew up or your circumstances, you can be successful in this profession for who you are and what you bring to the table.

Dorsainvil adds that overcoming that mindset and the barriers that keep women and people of color from entering or staying in the profession requires allies in the financial advisory space to act in solidarity with marginalized groups and unlearn what they think they know about race and ethnicity.

Phuong Luong, CFP®, a financial planner with Just Wealth, LLC, explains that this means having difficult conversations.

The profession "cannot truly be inclusive until we see why we've been exclusive for so long," she says, adding that financial planning as a whole is in a unique and privileged position to facilitate the reckoning that will ultimately help people become the most honest and realized versions of themselves

"If we get comfortable talking about race, imagine what we could do."

To learn more from diversity, equity and inclusion thought leaders and best practices visit www.CFP.net and plan to attend the 4th Annual Diversity Summit, taking place virtually November 17-18.

 

(NewsUSA) - It’s that time of year again: CME Group, the world’s leading derivatives exchange, is calling on college students with an interest in finance to team up and try their hand at futures trading. Registration for its 19th annual University Trading Challenge is now open through Thursday, September 29, and there is no cost to enter.     

As part of the innovative competition, teams of three to five graduate and undergraduate students from the same university are invited to learn expert techniques using a real-time, simulated trading platform provided by CQG, a leading provider of financial markets technology solutions.     

Participants will trade CME Group futures and options contracts across the exchange’s main asset classes -- including interest rates, equity indices, foreign exchange, energy, agricultural products, metals and crypto.     

CME Group will also provide students with educational content and market commentary, in addition to live market data and premium news articles from Dow Jones and The Hightower Report.       

This year’s challenge officially kicks off on Sunday, October 2 and concludes on Friday, October 28.     

“The many uncertainties in today's global economies are driving increased interest in and demand for hedging and risk management strategies,” says Anita Liskey, Global Head of Brand Marketing and Communications at CME Group. “We encourage all university students who want to learn about derivatives markets and test their trading skills to participate in this unique, hands-on educational experience.”     

Each eligible member of the winning team will receive a $2,000 cash prize*. Additional prizes will be awarded for second through fifth place.     

Student participants will also have the opportunity to attend CME Group’s Day of Market Education. This one-day forum will provide them with an exclusive look into CME Group and the derivatives industry.     

CME Group is committed to educating the next generation of finance professionals on the significance of its global derivatives markets and risk management. In addition to interactive events such as the University Trading Challenge, CME Group also partners with other industry organizations to offer educational tools, such as Futures Fundamentals, a one-stop educational resource that explains the role of futures markets in everyday life. Through interactive features and rich content, the site provides risk management education for learners of all levels and helps simplify complex market topics.     

To register and view details on eligibility, rules, regulations and requirements, please visit: https://www.cmegroup.com/events/university-trading-challenge/2022-trading-challenge.html.     

For social media updates throughout the competition, make sure to follow #TradingChallenge2022. *Eligibility to receive competition prizes is only open to residents in the United States (US), Canada (CA) excluding Quebec, United Kingdom (UK), Germany (DE), Netherlands (NL), Switzerland (CH), Republic of Korea (KR), Taiwan (TW), and Japan (JP).

(NewsUSA) - Young adults who are new to the workforce have a lot to think about. But when it comes to compensation, there are many ways to make your salary and benefits work for you. Taking full advantage of opportunities for saving and investing now will pay off later.     

One of the simplest and most effective ways to save for retirement is through an employer-sponsored plan. Many employers offer a 401(k), which allows you to invest part of each paycheck directly into the plan. That helps make saving automatic, and pre-tax 401(k) contributions reduce your taxable income.

Make a Match     

Some employers will match a percentage of what you contribute to your 401(k) up to a certain limit. The amount of the match varies, and some employers may not offer this option. But if you have this option, be sure to contribute enough to take advantage of the match. For example, an employer may match 100% of what you contribute to your plan up to 3% of your salary, then 50% of the next 2%. If your annual salary is $60,000 and you are able to contribute a total of 5% ($3,000) to your 401(k), the company match in this example adds another $2,400 to your retirement fund courtesy of your employer.

Health Insurance Helpers     

Make the most of your employer-sponsored health insurance by learning the details and choosing a plan that best meets your needs. You may have choices between a health maintenance organization (HMO) plan, which usually costs less per month but may limit the network of health care providers you can visit, or a preferred provider organization (PPO), which usually costs more but may allow more flexibility for the provider network. Either way, invest in your health by scheduling regular checkups: Most plans will cover preventive/wellness visits at 100% or with a minimal copayment.

Consider Additional Insurance     

Some employers provide their workforce with a life insurance benefit. Additional life insurance, while less important if you are young and single, may be worth considering if you have family members to support. Also, don’t discount disability insurance, which can provide needed income if you are ill or disabled and can’t work.     

Make sure to learn about other benefits that can boost your finances, such as tuition reimbursement, health savings accounts or employee stock purchase plans.     

The information can seem overwhelming. Although you may feel comfortable making decisions about employee benefits on your own, a CERTIFIED FINANCIAL PLANNER^TM professional may be helpful as a sounding board for your ideas and to discuss how current benefits decisions fit into your larger financial planning picture.     

Visit LetsMakeAPlan.org to find a financial planner who can help you navigate employee benefits and other financial aspects of your new job.

(NewsUSA) - Millions of Americans will start or return to college this fall, pursuing an education that they hope will lead to successful careers. Among them are students who aspire to become the next generation of financial planning professionals, equipped with the knowledge and skills to provide competent, ethical financial advice.     

Many of these students have enrolled in one of the more than 300 CFP Board Registered Programs available across the U.S. These programs offer coursework approved by the Certified Financial Planner Board of Standards, Inc. (CFP Board), which sets and enforces the requirements for CERTIFIED FINANCIAL PLANNER™ certification. Completing a CFP Board Registered Program is one component of the education required to become a CFP® professional.     

All of these college and university programs offer courses covering eight subjects critical to financial planning, including risk management and insurance planning, investment planning, retirement savings and income planning and the psychology of financial planning. Each program also culminates in a capstone course that requires students to apply what they have learned in these areas to develop and present a comprehensive financial plan for a hypothetical client.   

While all CFP Board Registered Programs cover the same core topics, these programs range from certificate to doctorate level. They also vary in style, length and delivery method, with some programs completed entirely online. This variety of offerings enables any student to find a program that fits their needs, no matter what their learning style or schedule is.     

The education provided by CFP Board Registered Programs sets students on the path toward a rewarding career. Financial planning careers offer many benefits, including a sense of personal fulfillment from helping others, the ability to achieve your desired work-life balance, career flexibility and the potential to earn high compensation. In addition to a knowledge of finance and investments, interpersonal skills are critical for financial planners as they work to understand their clients’ needs, goals and motivations and to communicate options for moving toward the clients’ goals.     

Research shows that financial planners who also obtain CFP® certification may enjoy greater benefits as well: Two-thirds of CFP® professionals say their certification has had a positive impact on their income, and more than 80% say it gives them a competitive edge over other financial planners.     

A financial planning education can be the first step toward a promising future.     

To find a CFP Board Registered Program and learn more about a career as a CFP® professional, visit CFP.net/programs.

(NewsUSA) - Summer is here, and the job market for teens is hot. More travel and activities this summer are driving the need for teen workers to fill jobs as lifeguards, house sitters, dog walkers, restaurant workers and retail employees.     

Summer jobs provide a great opportunity to teach kids about managing money.     

“A summer job may be the first opportunity for kids to earn enough money to need to make more critical financial decisions,” says Don Grant, a CERTIFIED FINANCIAL PLANNERTM professional. Teens may be responsible for cars, and college students may be managing their own apartments. Even younger children who are earning money from mowing lawns or other endeavors can learn about budgeting and saving.     

Some key concepts that kids can learn from summer jobs include the following:     

Budgeting basics: Budgeting is finding a balance between what you earn and what you can spend, a concept that kids of all ages can understand.     

Saving savvy: Kids and teens may be eager to spend their summer paychecks, but it’s important for parents to stress the value of putting aside a certain amount from each paycheck to get them into the savings habit early. Explain the value of short-term savings for more immediate needs, such as a trip to the beach, and long-term savings for goals down the road, including college savings accounts or even retirement accounts. “A small amount saved now could grow to a small fortune over time,” says Grant. This is a good reminder for kids.     

Teachable taxes: Teens who are making enough money at jobs such as lifeguarding or retail may be surprised when they see taxes removed from their paychecks. Grant recommends using this opportunity to teach kids about filing tax returns and to explain how they might even get a refund, depending on credits and deductions.     

Smart spending: Encourage kids with summer jobs to prioritize needs and wants. Getting a handle on these concepts can provide the tools kids need for financial success at any stage of life.     

Automated options: Make a plan with your teen to divert part of each paycheck into a Roth IRA; many banks offer options for auto-deposits. Kids can learn how to live within their means and enjoy the satisfaction of watching their investments grow through compounding.     

Meeting with a financial professional can help teens and parents address any questions or concerns about saving and spending -- and can help get kids off to a good start to build habits for a sound financial future.     

Visit LetsMakeAPlan.org for more financial planning tips and to find a CFP® professional near you.

(NewsUSA) - Whether you are at the gas pump, the grocery store or even shopping online, the higher prices resulting from the current state of inflation are hitting everyone hard. Fortunately, smart consumers can find ways to help reduce the inflation burden.     

One easy way to curb inflation is by getting cash back on your credit card purchases. For the maximum in savings and flexibility, look for credit cards that offer the highest percentages of cash back along with other benefits and opportunities to optimize your investments, as well as your purchases.     

SoFi, a modern personal finance company, has created a unique credit card designed to help you keep more money in your pocket and reach your financial goals.     

“SoFi is a one-stop shop for people’s financial needs. Our unique technology stack and broad suite of products enable us to build offerings that work better when you use them together,” says Anthony Noto, CEO of SoFi.     

It is easy to apply for a credit card online, but the ways the SoFi credit card helps consumers makes this one ideal for curbing inflation.     

- Save money simply. The SoFi credit card does not charge an annual fee and lets you earn up to 3% cash back for a full year once you are approved. To qualify for the 3% cash back reward, users must set up direct deposit through the SoFi network. Users can choose to send deposits directly to their high-yield checking or savings account. Also, there’s no need to worry about minimum balance requirements in your accompanying SoFi account; there aren’t any.     

- Enjoy extra benefits. Users who make 12 consecutive on-time payments can lower their APR by 1%. Other benefits include complimentary cell phone insurance coverage of up to $1,000, no foreign transaction fees when traveling overseas and Mastercard ID theft protection, which protects your personal information by identifying and alerting you to potential fraud.     

- Cash in on crypto. The SoFi credit card allows users to redeem their cash back directly into cryptocurrency; the funds go into your SoFi active invest account. This option allows you to trade crypto, as well as stocks and ETFs.     

- Pay down debt. SoFi credit card users earn two reward points for every dollar spent on eligible purchases, but you choose how you use these rewards. Deposit them as cash into your checking and savings account, as a fractional share in your investment account, as cryptocurrency or as payments towards SoFi personal or student loans.     

Keep these smart strategies in mind, and you can make the most of your money and credit to help manage the challenges of inflation. 

(NewsUSA) - Cryptocurrency, NFT, Web 3.0; these buzzwords have gained popularity in recent years. But what do all these terms have in common? They all have the same underlying technology, blockchain.   

Although blockchain-related projects such as NFT collections have been heavily criticized for their extensive energy consumption and negative environmental impact, a new entry into the blockchain space aims to show the world how blockchain technology can be used to benefit the environment.     

Komori, developed by Eco Labs, Inc., is on a mission to utilize NFT technology to drive environmental change on a mass scale through their global ecosystem of sustainability partners. The project follows the ancient creatures known as the Komori, awakening after millions of years, to help save our planet.     

The Komori community is a purpose-driven collective of passionate individuals who want to leave a positive mark on the planet. A primary goal for the Komori project is to help eliminate the environmental misconceptions surrounding blockchain technology, and to encourage businesses, NGOs, and individuals to embrace this technology and leverage it in their own missions to incite social and environmental change.     

“The Komori are here to serve as a clear and powerful representation of how NFTs can restore and protect our planet through direct, mass-scale, real-world impact,”. says Eco Labs founder Kiro Akira.     

“By challenging the traditional ideas and models for driving environmental change, we aim to not only empower the NFT space to adopt more sustainable practices, but to inspire the world to utilize the unprecedented levels of scalability and transparency that blockchain technology provides for social and environmental good,” Akira emphasizes.     

In alignment with Komori’s focus on education, the project intends to spotlight environmentally friendly blockchains, such as Solana.     

Solana is a notably-energy-efficient blockchain which is a key reason why Komori is being built on it and encourages others to do the same. In fact, one Solana transaction uses only 1,939 Joules, which is less than the amount of energy required to complete two Google searches, according to the Solana Foundation. The Solana Foundation, which has offset the entire carbon footprint of the Solana network and has pledged to remain carbon neutral in perpetuity.     

Visit komori.io for more information on how Komori is driving environmental change with blockchain technology.

(NewsUSA) - Making sense of your personal finances can feel overwhelming for anyone, but for LGBTQ+ couples, financial planning can be particularly complex. A patchwork of state and federal policies can make it difficult for couples to understand all the benefits and challenges the law presents for them. Many LGBTQ+ couples also invest considerable time and resources toward  ensuring that their assets are secure, and their families are protected, should the political landscape change.     

Here are five strategies that LGBTQ+ couples can use to help manage their money and reach their financial goals:     

1. Reimagine your retirement plan. LGBTQ+ couples can work together to fund their retirement in ways you might not have considered. For example, for married couples, a spouse with eligible compensation could make an IRA contribution on behalf of their nonworking spouse. Couples should also make sure their spouse, partner or loved one is named as the beneficiary on their retirement plan.     

2. Make your partnership official. The legalization of same-sex marriage means LGBTQ+ couples might gain financial benefits from getting married, such as federal protection for certain asset types. If you decide not to get married, you may want to consider creating a domestic partnership agreement that incorporates financial planning strategies to protect your assets and your loved one.     

3. Plan for your future family. If you’re interested in having children, you may need to save more and budget for adoption agency fees or fertility treatments, as well as increased health coverage for your growing family.       

4. Create an estate plan. This is particularly important if you own significant assets, such as multiple retirement accounts or real estate. You may want to establish an irrevocable trust for some or all these assets to ensure seamless wealth transfer to your loved ones. Your financial planner will walk you through estate planning to ensure your loved ones are protected. In addition to living wills, LGBTQ+ couples should have documents such as health care proxies and medical powers of attorney in place to support end-of-life decision-making.     

5. Meet with a CERTIFIED FINANCIAL PLANNER professional. CFP® professionals have the education and experience to help LGBTQ+ couples navigate their unique and complex financial situations. Working with a CFP® professional can help you focus on your financial goals and priorities, whether you want to create a holistic financial plan or just want some financial guidance on a specific topic.     

For more financial planning resources and to find a CFP® professional near you, visit LetsMakeAPlan.org. Use the LGBTQ+ Individuals/Couples filter to narrow your search to CFP® professionals who are allies or members of the LGBTQ+ community.     

By exploring your financial situation together and mapping out a path to follow, you and your loved one will feel more confident about your financial choices.

(NewsUSA) - Today, many adults have elderly parents who live independently. As the number of digital scammers preying on the elderly increases, however, your aging parents are at higher risk of financial fraud.     

“You must be ready to safeguard your parents against the growing threat of digital scammers and become their trusted advocate,” says Laura J. LaTourette, CFP.® Not long ago, LaTourette had to come to the aid of her own mother, who had been targeted by scammers pretending to help upgrade her computer.     

Here are several tips LaTourette offers for protecting your parents’ finances as they age:     

• Talk it over. Sometimes talking about money is tricky, even with close family members. Older adults need to understand that they are at risk for fraud if they don’t have someone to help manage their money as they age. Ask about spending, saving and philanthropic habits, and know who has access to your parents’ account information.     

• Form a team. Enlist other family members if needed, and identify other trusted contacts with whom your parents feel comfortable discussing money matters. If your parents work with a CERTIFIED FINANCIAL PLANNER™ professional, set up a meeting to talk about fraud protection and create an elder care plan for your parents.     

• Make safety simple. Set up online account information, and show your parents how they and you can monitor account activity. Set up automatic withdrawals for monthly bills. If your parents still like to review and balance their checking accounts each month, use that as an opportunity to identify anything that looks out of the ordinary.     

• Establish power of attorney. As parents age, they may need someone else to communicate with financial institutions or health care providers. Make sure your parents have an updated power of attorney that lists you and/or any other trusted contacts. The same goes for a medical power of attorney.     

• Shred what you can. Many older adults have financial documents that don’t need to be kept, but because of sensitive information cannot simply be thrown out or recycled. Once you identify old financial documents, either shred them yourself at home or gather boxes of material to take to a community shredding event, which occur periodically in most communities.     

• Check their credit. Be sure to monitor your parents’ credit reports at least once a year; this helps ensure that no one is opening any false accounts using their identities.     

Visit LetsMakeAPlan.org for more information on how to assist your parents in safeguarding their finances as they age.

Reissue: June 15, 2022

(NewsUSA) - Summer marks the beginning of fun warm-weather activities, which for many people may include an eagerly anticipated summer vacation. U.S. travelers spent about $150 billion on summer travel in 2021, according to the Allianz Partners’ Vacation Confidence Index. Experts predict that spending will be higher in 2022.     

While summer trips can involve a hefty price tag, they don’t have to. Setting and sticking to a vacation budget will help you keep costs down. A CERTIFIED FINANCIAL PLANNERTM professional can work with you to plan ahead and save up for the vacation you want without sacrificing your financial health.     

Here are five tips to help you make the most of your summer vacation dollars:     

1. Determine your total trip budget. Determine what you can afford and how much you are comfortable spending. Be sure to include often-overlooked costs such as parking fees, tips, internet service and souvenirs, as well as unexpected expenses. If you are traveling internationally, check the currency exchange rate and include any related fees in your budget.       
2. Plan as far ahead as possible. There are typically more options and lower prices for lodging, flights, and rental cars when you book early. Planning ahead also gives you more time to save for your trip before departure day.    
3. Get creative. You may be able to save money by booking flights for one or two family members at a time or buying one-way tickets instead of round-trip fares. In some places, private rentals may have lower nightly rates than hotels. Opting to travel by train, bus or an RV instead of flying might also cut costs.   
4. Look for free or reduced-price activities at your destination. Festivals, farmers markets and concerts in the park are a few outdoor events that are often free to attend. Museums, historic sites and other popular attractions may offer coupons, discounts for advance ticket purchases or lower rates at certain times of day. And if you have children, be sure to check if discounted rates are available for certain age groups.         
5. Pack your snacks. When possible, consider bringing food with you on a trip, or if your accommodations allow it, buying groceries when you arrive at your destination. Many grocery stores also sell pre-made sandwiches and other goodies that can save you money on lunches and snacks. If you’re staying at a resort, check to see if it offers an all-inclusive package. 

To find a CFP® professional near you to help you plan your next vacation, visit LetsMakeAPlan.org. With some thoughtful planning and careful budgeting, you can enjoy your time off without worrying about the financial consequences.