Apply Now For A TD Ameritrade NextGen Financial Planning Scholarship Or Grant

By Megan Weyrauch on April 23, 2015

When you look at the financial advisory industry, you will discover that it is mostly composed of white males. Women comprise just 12 percent of all financial advisors and 10 percent of RIAs, according to Cerulli Associates in a recent press release

In addition, the Bureau of Labor Statistics reports that women represent 36 percent of personal financial advisors and that black or African-Americans represent just 8 percent of all financial services employees versus 11 percent across all industries.

However, the makeup of the population in our country is constantly changing. According to the press release, census data show non-white minorities combined are expected to represent the majority of Americans by 2040, which is up from a third today.

Thus, the folks at TD Ameritrade Institutional are working to make some changes in the financial industry.

“Our country is growing increasingly diverse and we, as an industry, should take measures to better reflect the communities we serve,” said Kate Healy, managing director of marketing at TD Ameritrade Institutional.

TD Ameritrade Institutional, a leading provider of comprehensive brokerage and custody services to more than 4,500 fee-based, independent registered investment advisors and their clients, allows their investment advisors to run their practices efficiently and effectively with advanced technology platforms.

According to the release, there aren’t enough investment advisors to keep up with the demand for financial advice, which is good news for young  people looking for such careers with long-term growth potential.

The U.S. Bureau of Labor Statistics projects that the number of personal financial advisor jobs will grow three times as fast for all other professions, making it one of the fastest-growing career fields through 2022.

In addition, millennials are projected to overtake Boomers as the largest generation segment in the U.S. this year.

“RIAs as a group are aging: roughly half are 55 years or older, and many of them will be looking to retire over the next decade,” said Tom Nally, president, TD Ameritrade Institutional. “Add that with the fact that fewer than 8 percent of advisors are under 35, and it’s clear our industry needs more young professionals to join us and help families better manage their finances.”

And TD Ameritrade Institutional is working to bring this desired younger talent and greater diversity to the registered investment advisor (RIA) industry through its NextGen Initiative, planning to invest $2 million toward helping attract next generation talent and raising awareness of the RIA industry on campuses around the nation.

The company will do this through its annual scholarships, grants and a long-term sponsorship agreement with Texas A&M University.

In its third year, the TD Ameritrade Institutional NextGen Financial Planning Scholarship & Grant Program for 2015 has been expanded to offer a total of 12 scholarships of $5,000 each to undergrad students pursuing financial planning degrees.

Scholarships 

The release noted that two new scholarships will be awarded to deserving scholars from under-represented demographic groups in the profession including blacks, Hispanics, American Indians, Alaska and Hawaiian natives, other Pacific islanders, Asians and women.

These new scholarships are designed to ensure the NextGen program’s winners represent a broader spectrum of talent.

According to the press release, scholarship applicants:

• Should be a current college freshman, sophomore or junior with a satisfactory academic standing
• Must be pursuing a Bachelor’s degree in Financial Planning at an accredited 4-year college or university
• Members of under-represented demographic groups may choose to apply instead for one of the two NextGen Diversity Scholarships.

Grants

TD Ameritrade Institutional will also provide two grants to universities and colleges with the goal of increasing the number of graduates with bachelor’s degrees in financial planning emerging from U.S. schools–$50,000 for an established program and $25,000 for an emerging program.

Past winners have used these grants to introduce innovative programs and approaches to help ensure their graduates are well prepared for the workplace.

The release said that grant applicants should be accredited colleges or universities in the United States that either:

• Offer a Bachelor’s degree program in Financial Planning, or
• Plan to offer a Bachelor’s degree program in Financial Planning in the next academic year

Scholarship and university grant applications are accepted now through June 1. To learn more about the program, and to submit an application, visit the TD Ameritrade Institutional NextGen Scholarship & Grant website.

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