In an effort to promote careers in financial planning and attract top talent to the advisor industry, TD Ameritrade Institutional1 announces a series of initiatives to support the next generation of financial advisors. The TD Ameritrade Institutional NextGen Scholarship program and Financial Planning Education Grant will provide funding to increase student enrollment in financial planning programs and encourage universities to innovate in the area of financial planning curriculum.
Over the next decade, the financial planning industry is expected to grow by 32 percent, nearly twice the average growth rate of all other occupations (14 percent) 2. Strong demand for advisory services, coupled with the fact that less than six percent of existing advisors are under the age of 30, points to a worsening talent shortage 3.
“Advisors tell us recruiting is a top business challenge. They are concerned about succession planning and want to leave their clients in capable hands once they decide to retire or exit the business,” said Tom Nally, president, TD Ameritrade Institutional. “TD Ameritrade Institutional is committed to raising the profile of financial planning as a worthwhile career. Programs to recruit and develop younger talent can help mid-sized registered investment advisor (“RIA”) firms close the gap with their larger counterparts and position the RIA channel as a destination for new advisors, a market position previously held by wirehouses.”
In 2013, TD Ameritrade Institutional will provide individual scholarships valued at $5,000 each to 10 deserving and talented students enrolled in undergraduate financial planning programs. A $50,000 grant will be provided to a university which best demonstrates a commitment to educating the industry’s future financial professionals. “We believe competition for this grant among higher education institutions will encourage innovation and support greater investment in financial planning curriculum,” added Nally.Applications will be accepted starting April 1, 2013.
- Scholarship applications are due May 15, 2013 and will be awarded Aug. 1, 2013.
- Grant applications are due June 1, 2013 and will be awarded Sept. 1, 2013.