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Dec. 27—Financial Advisor Jaclyn Wangen of the financial services firm Edward Jones in Austin, has received the Certified Financial Planner or CFP, certification, granted by the Certified Financial Planner Board of Standards (CFP Board).

Becoming a CFP professional expands a financial advisor's knowledge base in the following areas:

* Financial management

* Tax-sensitive investment strategies

* Retirement savings

* Insurance planning

* Education planning

* Estate Considerations

In addition to the education and examination components of certification, Wangen also has committed to abiding by the CFP Board's Code of Ethics and Standards of Conduct.

Wangen's office is located at 1405 15th Ave NW in Austin. She and branch office administrators Mary Flaherty and Shelby Hullopeter can be reached at 507-437-7601. You can also visit her website at www.edwardjones.com/jaclyn-wangen.

BANGOR – Acadia Federal Credit Union is pleased to announce that collections officer, Kate Vaillancourt, has successfully finished the required coursework and test to become a Certified Credit Union Financial Counselor.  

CCUFC designation is earned through the Credit Union National Association Financial Counseling Certification Program eSchool and demonstrates proficiency in critical financial counseling skills and concepts. The program is designed for credit union staff who work in financial counseling, collections, and loan departments, to help Improve the financial well-being of credit union members. 

The demand for expert assistance is significant, particularly as many individuals confront uncertain economic futures. Vaillancourt’s expertise will be used to assist Acadia FCU members facing financial challenges and guide them toward greater financial stability. This may ultimately help reduce delinquencies and increase adoption of credit union products and services, while showcasing the distinctive advantages of credit union membership.

“Kate’s exact certification is more than just an individual achievement; it embodies our mission of creating exceptional experiences that enrich the lives of our members,” said Acadia FCU Executive Vice President, Joey Cannan. “With each stride we make in professional development, we draw closer to providing unparalleled resources and support to our community, always aiming to elevate the standards of excellence.”

To earn the CCUFC designation, Vaillancourt completed a combination of educational objectives and passed the required exam. She will keep her financial counseling knowledge current by recertifying every three years. 

Acadia FCU is committed to offering continuous educational opportunities, empowering our team to excel in their respective roles and provide meaningful guidance to our members.

With a rich history dating back to 1963, Acadia Federal Credit Union is the culmination of seven smaller community credit unions and proudly serves Aroostook, Penobscot, Hancock, Washington, and Piscataquis counties. With eight branch locations, over 16,000 members, and assets exceeding $327 million, our mission, “Creating exceptional experiences to enrich your life,” guides our dedication to delivering top-tier support and financial solutions, while contributing to the vibrancy of our communities. Discover how our member-owned financial institution can enhance your financial journey by visiting acadiafcu.org.

Live within your means. Contribute to your 401k immediately. Create an emergency savings fund, because there will be a rainy day.

Those are among the tips that high school students in Hampton Roads hear from financial literacy teachers.

Those tips appear to be paying off, at least on course exams that show high pass rates for students at several area schools, including in Newport News and Chesapeake.

Teachers and schools across the area recently received awards for their high student pass rates on the W!SE Financial Literacy Certification Test.

For about a decade, Virginia has required that all high school students take a financial literacy class. This year, the state was one of seven given the top “A” grade on a “report card” from the Center for Financial Literacy at Champlain College, in Burlington, Vermont, for requiring a personal finance course before graduation.

Tina Shorter, from Woodside High School in Newport News, was among those from the area receiving a Gold Star Teacher Award because at least 93% of her students passed the certification test.

Shorter said she’s glad that the financial literacy class is state mandated, adding that it can be life-changing.

“Everybody that’s in my generation or a little bit younger made so many mistakes,” Shorter tells her students, because they did not learn financial literacy while in school. This class is about trying to help students avoid some of those mistakes.

Many of the lessons are eye opening, Shorter said. “Some students don’t know how much groceries are.”

Shorter said the class covers various topics, including credit, money management, insurance and investments. Some of her students also are able to help their parents and families with personal finances after taking the class.

David Thaw, a teacher at Chesapeake’s Grassfield High School, said the class makes students more “financially savvy” as they leave high school.

“They’re prepared to live on a budget, to live within their means and hopefully to get off to a really good start in their financial journey,” he said.

Grassfield won the Platinum Star Award from W!se for achieving a 90% student pass rate in the certification course for the second consecutive year.

Thaw said that the class includes games that feature scenarios and simulations to help students understand some of the more complex subjects, such as the stock market.

Nour Habib, nour.habib@virginiamedia.com

Rep. Marissa Magsino of the OFW party-list group has pushed for the enactment of the proposed “No Permit, No test Prohibition Act.”

Magsino, the principal author of the bill in the House of Representatives, made the appeal after the measure had been approved in the bicameral conference committee.

Magsino stressed the proposed No Permit, No test Prohibition Act is a significant step toward promoting equitable access to education.

“By allowing disadvantaged students to take exams without financial barriers, the legislation ensures that education remains accessible to all, regardless of economic challenges,” Magsino said.

Magsino also expressed her appreciation to her fellow lawmakers, advocates, and stakeholders who contributed to the crafting of this policy.

“I am grateful for the collaborative efforts that have led to the passage of this legislation. The No Permit, No test Prohibition Act reflects our commitment to inclusivity in education and addresses the challenges faced by students in times of crisis or financial hardship,” Magsino added.

The measure contained in Senate Bill 1359 and House Bill 7584 imposes sanctions on private elementary and high school educational institutions that will bar learners from taking scheduled periodic examinations due to unsettled financial obligations.

Under the provisions of the Act, disadvantaged students, certified as such by the Department of Social Welfare and Development (DSWD), who are unable to pay tuition and other fees due to calamities, emergencies, and other justifiable reasons, shall be allowed to take periodic and final examinations.

However, schools may require the submission of a promissory note and retain the credentials of the student until the financial obligation is fully settled. In a balanced approach, schools may also voluntarily permit students to take examinations and release credentials even with outstanding financial obligations without the need for DSWD certification.

The No Permit, No test Prohibition Act applies to all public and private basic, higher education institutions, and technical-vocational institutions offering long-term courses exceeding one year.

The Act not only recognizes the diverse circumstances that students may face but also encourages educational institutions to play a proactive role in supporting their students during challenging times, Magsino said.

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As the New Year approaches, many people are addressing financial resolutions. But a significant number of Americans feel like they’re behind on achieving their money goals.

About 80 percent of Americans didn’t increase their emergency savings this year, according to a exact Bankrate survey. Nearly one-third of households (32 percent) have less emergency savings now than at the start of 2023.

Generative AI has emerged as a useful tool for financial advice, offering consumers a free way to receive customized guidance on everything from creating a budget to managing an investment portfolio.

Key takeaways

• Generative artificial intelligence (AI) is a technology that picks up patterns and uses that information to create content, including financial advice.

• Americans are becoming more comfortable with using AI tools to help manage their personal finances and achieve financial goals.

• Financial advisors are also incorporating generative AI into their services to streamline tasks like research, stock market analysis and generating reports.

AI financial advice data and statistics

Despite a strong economy, many Americans are struggling to achieve their financial goals as 2023 comes to a close.

Nearly half of Americans are struggling to be financially secure, according to a Bankrate survey. Still, many of the Americans surveyed are optimistic about their financial future — 46 percent of Americans who don’t feel financially secure believe that they will someday.

About 2 in 5 Americans (41 percent) surveyed blamed insufficient retirement funds as the primary factor fueling their feelings of financial insecurity. Building an emergency savings fund is another common aspiration, yet 60 percent of Americans feel they’re behind on meeting this goal, too.

More people are now turning to AI platforms, like ChatGPT, as a cost-effective way to manage their finances. The public debut of ChatGPT in November 2022 has boosted consumer awareness of AI’s potential: The chatbot currently has over 100 million users and the website generated 1.6 billion visits since June 2023.

Americans and their financial goals

For many Americans, their financial landscape feels like a battlefield — an on-going struggle to save for major life events while combating rising prices.

While inflation is down significantly from the summer of 2021, interest rates remain at their highest level in more than 15 years. From buying a car to purchasing a home to paying down credit card debt, consumers are feeling the impact of broader economic factors on their bottom line.

Americans feel behind in achieving their financial goals due to a variety of factors:

• 57 percent of Americans who have not increased their emergency savings since the beginning of 2023 blame rising prices and inflation.

• 56 percent of Americans who are employed believe they’re behind on retirement savings, according to a September Bankrate poll.

• 73 percent of aspiring homeowners cite affordability as their primary obstacle keeping them from owning a home, according to a Bankrate report.

For Americans struggling to get ahead, AI offers a way to obtain personalized advice and financial information at home for free.

“AI can be a useful tool to understand how to organize basic finances like budgeting, saving, and paying down debt,” says Stephanie Genkin, a certified financial planner and founder of My Financial Planner, LLC in Brooklyn, New York. “While not always 100 percent reliable, it’s a great place to start to gain financial literacy.”

AI financial tools

In the not-so-distant past, managing money often meant sitting down with a financial advisor or conducting your own in-depth research. Information wasn’t always readily available — or free.

Flash forward to today, when the financial industry is experiencing a digital revolution. Consumers now have access to easy online banking, handy budgeting apps and even robo-advisors that use complex algorithms to help with investing.

While these advancements make money management more convenient and accessible, the advice they offer — if any — is often generic.

That lack of personalized guidance is changing with artificial intelligence, specifically AI chatbots. These digital assistants offer the potential to fill the gap between individuals struggling with financial goals and the guidance they need to achieve those goals.

Platforms like ChatGPT offer more than just casual conversations with a robot. They provide access to financial planning information and insights once only available for a fee from an advisor.

One big advantage of AI is its ability to analyze vast data sets quickly. AI can review your income, expenses, savings, investments and financial goals, offering advice tailored to your unique situation. Users can also get guidance on creating a budget or understanding insurance products.

Other AI-driven financial tools include:

• Automated budgeting and expense tracking

• AI-driven investment platforms for smart investing

• Personalized financial planning tailored to your goals

• Debt management strategies

• Improving financial literacy

Consumers are also getting more comfortable with the idea of AI-integration in financial planning. In fact, nearly 1 and 3 investors would be comfortable using generative artificial intelligence to receive financial advice, according to a report by CNBC.

However, it’s crucial to note that while generative AI can be a valuable tool, it can’t replace human judgement. Sure, AI can analyze large amounts of data, but it’s not going to provide you with specific investment recommendations. Certain aspects of your financial life still require a more nuanced approach.

Also, OpenAI, the company that developed ChatGPT, warns that the chatbot “sometimes writes plausible-sounding but incorrect or nonsensical answers.”

For consumers, AI can enhance financial decision-making but it can’t replace it. Experts recommend finding a reliable source to vet information provided by a chatbot.

“I wouldn’t make any big financial decisions without also speaking to a fiduciary,” says Genkin.

Keep in mind:While AI chatbots are efficient tools for time-saving activities, some of the content generated can be unreliable or outdated.

How AI can be used in financial advising

Consumers aren’t the only ones using AI to manage money.

For years, financial firms have utilized the technology for everything from fraud detection to credit scoring. As generative AI evolves, more financial advisors are finding new ways to incorporate the technology into their workflows to streamline everyday tasks such as research, stock market analysis and report generation.

Jeremey Finger, a certified financial planner and founder of Riverbend Wealth Management in Myrtle Beach, South Carolina, says he thinks chatbots can be an efficient tool for advisors by helping them simplify tasks like drafting emails to clients.

“I think the danger, especially for clients, lies in assuming the information it provides is true,” says Finger. “It also can’t ask a client thoughtful follow-up questions. It only works off the information you put in.”

For example, if someone with a disability or terminal illness fails to input those details into a chatbot, the advice they receive won’t be tailored to their needs.

“To assume AI is taking those things into consideration is poor judgement,” says Finger.

How to choose the right financial advisor

Robo-advisor: A type of automated financial advisor that provides algorithm-driven portfolio management and investing services with little to no human intervention.

Financial advisor: A professional who is paid to offer financial advice to clients. They typically offer guidance on retirement, personal finances and investments.

Rather than turning to AI chatbots, there are other options available if you need personalized financial guidance, including traditional advisors and robo-advisors.

The rise of AI has seen a parallel surge in the popularity of robo-advisors. While not a new concept, robo-advisors have become more sophisticated with the integration of AI, offering users a cheaper and more convenient way to invest.

But creating a comprehensive financial plan involves more than a data-driven investment strategy. Selecting the right financial advisor, whether human or AI-driven, is an important step in achieving financial goals.

Not everyone needs to work with a human advisor, but doing so provides valuable insight and context you might not get with generative AI or even a robo-advisor. Estate planning, which involves drafting legally-binding documents to pass along your assets after you die, is one example of a complex situation that warrants speaking to a human advisor.

But how do you select the right financial advisor? Here are a few tips:

• Look for a fiduciary: A fee-only fiduciary is a professional that’s ethically bound to work in your best interest — not the interests of insurance companies or financial institutions. They’ll provide unbiased, personalized advice that you can trust.

• Check their designations: Certain designations carry more weight in the financial planning industry than others. A certified financial planner, for example, must complete at least three years of experience, pass a rigorous test and maintain on-going education.

• Understand their fee structure: Advisors can get compensated in several ways. Make sure you understand how an advisor is paid and that the price fits your budget.

• Ask questions: Interview several advisors before making your decision. When you meet with potential advisors, ask about their experience and inquire about specific cases they’ve handled. Pay attention to their communication style and transparency.

If you need expert guidance when it comes to managing your money or planning for retirement, Bankrate can help you get matched with a financial advisor in minutes.

Frequently Asked Questions

• What is a financial advisor?

  A financial advisor provides guidance to help clients manage their money and plan for their financial future. They help track, manage and balance investments as well as offer advice on syllabus like retirement planning, insurance, buying a home and budgeting.

• What is generative AI?

  Generative AI is a branch of artificial intelligence that involves machines creating content — such as text, images or videos — based on patterns and information learned from massive datasets.

  Generative models, like ChatGPT, produce human-like responses and can assist in a range of tasks, including financial planning.

• How do I achieve financial goals?

  While the process of achieving financial goals looks a little different for everyone, there are three general steps to follow: Clearly define your goal, identify your time frame and monitor your progress.

  You can set yourself up for success by making your goals specific, measurable and achievable. For example “I want to make more money” isn’t a specific goal, but “I want to increase my salary 30 percent over the next three years” is.

  Once you’ve defined your goal, don’t just set it and forget it. Designate specific times to check your accounts and make adjustments as needed. It’s generally recommended to review your progress at least once a month for short-term goals and once or twice a year for long-term goals.

Early in the 1980s, when Board Toppers were pursuing Electronics Engineering, I took inspiration from their success and began my own educational journey to become an Electronics Engineer. After completing my degree in engineering, I started my career in the CAD/CAM domain, which had various applications across different industry segments.

In 1990, after completing my engineering degree and starting work, India was navigating through severe economic challenges. When I completed my MBA in Finance in 1995, the financial sector was experiencing a downturn, and the overall market conditions were extremely challenging. At that point, I started exploring sectors that could be a sunrise industry for the future. During this phase, I learned about the Government of India’s efforts to open the insurance sector to private players. While interacting with experts in the field, I stumbled upon the term 'risk management', which was then considered synonymous with plant or factory risk management. I was convinced that there’s a risk in everything we do, and it applies to every business or domain, irrespective of the industry or sector.

After completing my PGDBA in Finance, I secured a job at a Non-Banking Finance Company (NBFC). My learning journey continued as I had the opportunity to work in various areas of the financial services sector. Moreover, I was asked to prepare for a Joint Venture with a leading Insurance Firm worldwide as a Steering Committee member.

While serving as a Steering Committee member for the Insurance JV, I enrolled in and completed the Insurance Exams conducted by the Insurance Institute of India and the IRM. This helped me fulfil my responsibilities more effectively. I also briefly worked at a bank leading the Bancassurance initiative and started taking exams from the Indian Institute of Bankers.

When working on any risk assignment, I can bring diverse skills and knowledge, including engineering, financial analysis, insurance, banking, contractual expertise, economics, and more. This is due to the qualifications and experience I have gained in these domains, allowing me to tackle any challenge with confidence and efficiency.

How my company has benefited from my IRM certification and Fellowship in ERM:

Key success factors for a CRO of the future: Based on my experience, I believe that the following is essential:

Career Tips for aspiring students and professionals

The author Rajeev Tanna is CFIRM, Head of Risk Management and Internal Compliance, at Tata Consulting Engineers Limited.

• A Ghanaian man has triumphed over the Certified Public Accountant (CPA) Exam, conquering all four sections with excellence
• Over the past year, Nana Owusu Ansah Doe navigated significant life changes, including a job transition and the pursuit of a master's degree in Financial Economics
• He became a state-licensed Insurance Agent, showcasing a diverse skill set in the financial sector and dedication to professional growth

Nana Owusu Ansah Doe has successfully conquered the challenging Certified Public Accountant (CPA) Exam, passing all four sections with flying colours.

Over the past 12 months, Nana Owusu Ansah navigated significant life changes, including a job transition and pursuing a master's degree in Financial Economics, where he achieved an outstanding 3.967 GPA.

In a post he shared on Twitter, he indicated that the journey didn't stop there for him, who also attained state licensure as an Insurance Agent, showcasing a diverse and expanding skill set in the financial sector.

Despite the numerous commitments, Nana Owusu Ansah demonstrated unwavering dedication to professional growth and excellence.

Comments on Nana's post

Friends, family, and colleagues have applauded Nana Owusu Ansah's achievements, recognising the significance of obtaining a CPA certification in finance and accounting. Read some of their reactions below:

@ClintonEleto said:

Congrats bro. Send momo make we cello for you here.

@Derrick_Ayim10 wrote:

HARD GUY.. CONGRATULATIONS

@readJerome said:

Fantastic accomplishment. Congrats!

@Opokuduke wrote:

Congratulations chief

@staksottieGH said:

Congrats, bro... @awere_jnr @wen_dell_now we have licensed insurance agent in AMELIKAAA

@josh_muesi wrote:

Eii all 4 in 12 months. Chale congrats bro

Ghanaian Man Conquers Academic Heights With Back-To-Back Master's And Law Degrees

In another story, Alhassan Duani Amin earned an MSc in Energy and Sustainable Management and a Bachelor of Laws degree within two days from KNUST.

His remarkable dedication to education is evident in his third post-graduate certificate, showcasing expertise in energy and sustainability, while the LLB degree sets the stage for potential contributions to the legal field.

Admitted to the Ghana School of Law, he aspires to be called to the Bar in the near future.

Source: YEN.com.gh

Dec. 27—Financial Advisor Jaclyn Wangen of the financial services firm Edward Jones in Austin, has received the Certified Financial Planner or CFP, certification, granted by the Certified Financial Planner Board of Standards (CFP Board).

Becoming a CFP professional expands a financial advisor's knowledge base in the following areas:

* Financial management

* Tax-sensitive investment strategies

* Retirement savings

* Insurance planning

* Education planning

* Estate Considerations

In addition to the education and examination components of certification, Wangen also has committed to abiding by the CFP Board's Code of Ethics and Standards of Conduct.

Wangen's office is located at 1405 15th Ave NW in Austin. She and branch office administrators Mary Flaherty and Shelby Hullopeter can be reached at 507-437-7601. You can also visit her website at www.edwardjones.com/jaclyn-wangen.