As the CEO of Finseca, Marc Cadin leads an organization dedicated to financial security professionals, advocating for the industry and driving policy changes that impact both advisors and their clients. His career began in an unexpected placeÑas a seventh-grade teacher and lacrosse coachÑbefore shifting into financial advocacy. Over the past two decades, he has played a key role in uniting fragmented industry groups into a single, influential voice.
In this interview, Cadin discusses the evolution of Finseca, the challenges facing financial professionals today, and the policies shaping the future of financial security. He shares insights on regulatory hurdles, public perception, and the growing role of AI and cybersecurity in financial planning. As the industry faces talent shortages and economic uncertainty, he outlines Finseca's mission to expand the profession, improve accessibility to financial advice, and push for policy changes that support holistic financial planning.
With a firm belief in servant leadership and industry transformation, Cadin offers a compelling vision for the future of financial securityÑand the vital role professionals play in helping Americans navigate it.
Could you give me a brief history of your journey to becoming CEO of Finseca? I understand the organization is the result of multiple mergers. How did that process unfold, and what is Finseca today?
My career actually started as a seventh-grade teacher and a varsity lacrosse coach. I later moved to Washington, D.C., and joined an association called AALU in 2000. At the time, I had no background in politics, public policy, associations, or financial advice, but I learned as I went.
In 2015, I noticed a problemÑour profession lacked a unified voice. There were multiple organizations with different messages, and we didn't have the scale needed to make a real impact. That realization led to discussions about merging various organizations. We ultimately formed Finseca to create a platform capable of integrating these groups.
Since then, we've successfully brought together seven different organizations, forming a single entity that represents financial security professionals. For over 130 years, people had talked about uniting these groups, but we finally made it happen.
Now that you've consolidated these organizations, have you seen a tangible increase in your influence?
Absolutely. We've doubled our membership in the last four years and now represent over 10,000 financial security professionals. That growth has given us significantly more scale to influence policy, elevate the profession's reputation, and support members in serving more clients.
Our organization is built on four pillars:
1. Elevating the profession's brand and reputation
2. Accelerating business outcomes so members can serve more people
3. Advocating for good public policy
4. Educating the general public
Across all these areas, we've seen measurable improvements.
When you talk about financial security professionals, who exactly does that include? Are we talking about wealth planners, retirement advisors, estate planners essentially, the full spectrum?
Yes. We represent anyone who believes in the power of a holistic financial plan. That means professionals working with life insurance, investments, annuities, and retirement planning. Some focus more on certain areas than others, but the key is a comprehensive approach to financial security.
What are the key challenges facing your members right now? Given the current political and economic landscape, how do you see it impacting them?
One of the biggest challenges has been the regulatory burden. The Department of Labor, for example, attempted to regulate commissions out of existence, and we had to fight that battle in court. Fortunately, we won, and the regulatory environment is improving.
Another major issue is the potential tax code changes. If the 2017 tax cuts aren't extended, we could see a $4 trillion tax increase. That would have major implications, and we're actively engaged in those discussions.
Beyond regulation, do your members express concerns about public perception? There's often scepticism around commissions and conflicts of interest in financial advising.
That's a huge issue. The public perception of our profession doesn't always align with the reality. Many in the media and certain organizations suggest that commission-based advisors can't act in clients' best interests, which is simply not true. The financial advice landscape has evolvedÑ30 years ago, it was more of a sales job, 15 years ago it became an advisory role, and today, it's all about comprehensive financial planning.
The real focus should be on client outcomes. A recent Ernst & Young study found that consumers who have a holistic financial planÑincluding permanent life insurance, investments, and annuitiesÑachieve better financial security. That's the message we need to communicate.
Do you have any concrete goals for increasing the number of Americans with financial plans? Where do things stand now?
Right now, there are around 500,000 financial professionals serving 340 million Americans. That's not enough. McKinsey estimates a gap of 100,000 to 200,000 professionals due to retirements outpacing new entrants.
We need to grow the profession, and public policy can help. If financial planning fees were tax-deductible, more people would seek financial advice. Similarly, providing tax incentives for life insurance and annuities could encourage holistic planning. These are the types of changes we're advocating for.
AI is transforming many industries, including finance. Do you see it as a threat or an opportunity?
AI will be a game-changer, but it's not going to replace financial advisors. It will enhance productivity, simplify transactions, and make purchasing life insurance and annuities easier. But financial planning isn't just about numbersÑit's about values, relationships, and emotions.
AI can calculate financial projections, but it can't help clients navigate the emotional side of planning for their families' futures. That human element will always be essential.
On the topic of technology, cybersecurity is a growing concern. How do you see the profession addressing risks like AI-driven fraud and data breaches?
Cybersecurity is critical. As financial planning firms scale up, they need infrastructure to protect sensitive client data. Larger firms have the resources to invest in robust security measures, which is one reason we're seeing increased consolidation in the profession.
Additionally, a strong advisor-client relationship is the best defense against scams. Clients who have a trusted advisor are less likely to fall victim to fraud because they have a clear financial plan and a professional guiding them.
Let's talk about your leadership approach. How do you define your leadership style, and how do you go about raising Finseca's profile?
I always go back to values. As Roy Disney once said, ÒWhen your values are clear, decisions are easy.Ó At Finseca, we have three core values:
1. Elevate and Innovate - We created Finseca with a unique identity, not just another association with an acronym. We wanted to build a movement, not just an organization.
2. Servant Leadership - We're here to serve our members, our teams, and ultimately, the consumers they help. That service mindset is at the heart of everything we do.
3. Delivering Results - Growth is essential. We need more members, greater scale, and financial resources to drive change. We measure our impact in tangible ways.
I believe in leading by example. When something goes wrong, the first place I look is in the mirror.
Leadership is about taking responsibility and fostering collaboration. My deep conviction is that financial security professionals are essential to the well-being of Americans, and I don't just say thatÑI believe it to my core.
Looking ahead, where do you see Finseca in the next few years? What are the biggest risks and opportunities?
I'm extremely optimistic about the next four years. The regulatory environment is improving, and there's momentum for policies that support financial security.
The biggest long-term challenge is the national debtÑ$36 trillion and growing. If we don't address that, we could see economic instability like the UK experienced with the bond market's reaction to Liz Truss's mini-budget.
On the opportunity side, we plan to go on offense. We want to push for public policies that increase demand for financial planning and make it easier for people to access professional advice. If we get this right, we could be entering the golden age of our profession.
Finally, for those considering a career in financial security, what's your message to them?
There's no other profession where you can make such a meaningful impact on people's lives while building a successful career. We need to bring more people into the profession, including more women and people of color.
If you want to help others, work with amazing people, and make a real difference, this is the place to be.
