TD Ameritrade Awards Scholarships to Foster New Generation of Financial Planners
TD Ameritrade aims to attract new talent to the industry, address looming advisor shortage
JERSEY CITY, N.J.--(BUSINESS WIRE)-- In an effort to help attract a new generation of professionals to the investment advisory industry, TD Ameritrade Institutional has awarded its inaugural scholarships to 10 deserving and talented students enrolled in undergraduate financial planning programs.
LtoR: Chris Johnson, Texas Christian University, Josh Landau, University of San Diego, Eric Siss, Virginia Tech, Tom Nally and Fred Tomczyk, TD Ameritrade, Kelsey Brooks, University of Georgia, Kelly McNerney and Kayla-Lynn Kasica, William Paterson University (Photo: TD Ameritrade)
The jobs market may be recovering in fits and starts, but there is strong demand for professionals who can help Americans manage their household finances, according to the latest Occupational Outlook Handbook produced by the Bureau of Labor Statistics ("BLS").1 This demand is expected to climb as more than 75 million Baby Boomers enter retirement and more investors seek advice.
At the same time, the country's ranks of brokers and investment advisors are shrinking, according to industry research firm Cerulli Associates2. An aging population of advisors, many Baby Boomers themselves, is nearing retirement without a ready supply of advisors to fill their shoes.
So to help head-off a potential talent shortage and encourage more students to pursue financial planning careers, TD Ameritrade established an annual Next Generation Scholarship Program earlier this year. The 2013 recipients, listed below, are the first to receive scholarship awards valued at $5,000:
University of San
SUNY College of
This Scholarship Program, combined with an annual $50,000 grant program to encourage more colleges and universities to offer financial planning degree programs, will provide $1 million over the next decade to expand the number of graduates pursuing careers in the financial services industry.
"This is an industry that is facing a critical talent shortage at a time when the need for financial advice is on the rise," said Tom Nally, president, TD Ameritrade Institutional. "By supporting students like these, we look to help cultivate the next generation of financial professionals."
With graduates facing uncertain job prospects, financial planning represents a potential oasis of opportunity. The projected growth rate for financial advisors in the decade ending 2020 is 32 percent, compared with 14 percent for all occupations, according to the BLS report. That translates to 66,000 new financial advisor jobs.
Demand for financial advice is expected to rise, as investors stung by the 2008 financial crisis seek professionals to help them make sense of the markets. A growing share of investors, the Cerulli research shows, has been migrating to independent registered investment advisors and financial planners.
"I am always seeking top talent for our firm, but I'm also looking forward and considering who will be caring for them over the next 20 or 30 years," said David Kudla, CEO and Chief Investment Strategist of Mainstay Capital Management and a member of TD Ameritrade Institutional's Next Generation Advisory Board. "I see a real need for our industry to step up efforts to support and engage a new generation."
Yet financial planning is not a popular career choice among students, according to a recent survey by the National Society of High School Scholars.3 TD Ameritrade's scholarship program intends to show more college students that a career in financial planning can be satisfying beyond monetary reward, offering an opportunity to make a difference in the lives of families and individual investors
Joshua Landau, soon starting his senior year at the University of San Diego, said that "Being an independent financial advisor will allow me to combine my entrepreneurial and financial goals to make the greatest impact I can."
"Financial advisors have the potential to make a huge difference in a client's life by providing them with confidence about their finances," said Kelsey Brooks, entering her senior year at the University of Georgia. "I want to be that person in my client's life, someone they can rely on for straightforward advice."
To celebrate their achievement, scholarship winners traveled to New York City as guests of TD Ameritrade for a visit to Wall Street, where they enjoyed VIP tours of the Museum of American Finance and the famed trading floor of the New York Stock Exchange.
TD Ameritrade is separate from and not affiliated with researchers, educators, students and other third parties, and is not responsible for their statements, data, policies or content.
About TD Ameritrade Institutional
TD Ameritrade Institutionalis a leading provider of comprehensive brokerage and custody services to over 4,500 fee-based, independent registered investment advisors and their clients. Our advanced technology platform, coupled with personal support from our dedicated service teams, allows investment advisors to run their practices more efficiently and effectively while optimizing time with clients. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation.
About TD Ameritrade Holding Corporation
Millions of investors and independent registered investment advisors turn to TD Ameritrade's (NYS: AMTD) technology,people and education to make investing and trading easier to understand and do. Online or over the phone, in a branch or with an independent RIA, first-timer or sophisticated trader, our clients want to take control and we help them decide how: We've been bringing Wall Street to Main Street for more than 36 years. An official sponsor of the 2016 U.S. Olympic Team, TD Ameritrade has time and again been recognized as a leader in investment services. Please visit TD Ameritrade's newsroom or www.amtd.com for more information.
1 Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition, Personal Financial Advisors, on the Internet at http://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm
2 Cerulli Associates, Cerulli Quantitative Update, Advisor Metrics 2011, p. 48
3 National Society of High School Scholars, "NSHSS Scholar 2013 Millennial Career Survey Results"
Photos/Multimedia Gallery Available:http://www.businesswire.com/multimedia/home/20130822006161/en/
TD Ameritrade Holding Corporation
Kristin Petrick, 402-574-6569
Communications & Public Affairs
KEYWORDS: United States North America Nebraska New Jersey
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