Ten-Year, $5M Initiative Seeks to Help attract a New, More Diverse Generation of RIAs and Expand Ranks of University Financial Planning Degree Programs
JERSEY CITY, N.J.–(BUSINESS WIRE)–$AMTD #RIA—TD Ameritrade Institutional1, a champion of registered investment advisors (RIAs) seeking to help the industry attract a new, more diverse generation of talent, today named the recipients of its 2020 RIA NextGen Scholarship and Grants. Now in its eighth year, the program aims to expand the pipeline of future financial planners joining the RIA industry and support the long-term sustainability of the financial planning profession.
TD Ameritrade Institutional has awarded 12 talented and deserving students with scholarships of $5,000 each, as well as grants of $15,000 each to six universities. These awards are designed to help alleviate a looming shortage of advisors, as more than 100,000 RIAs prepare to retire2, and develop a more robust, more diverse pipeline of talent.
To foster diversity in financial planning, four scholarships were awarded to students from under-represented demographic groups, including women, Blacks, Latinx, Native American and Asians. The 2020 TD Ameritrade Institutional RIA NextGen Scholarship winners are:
Abigail Adams
Utah Valley University
Valerie Carpenter
Texas Tech University
Claire Covey
Liberty University
Brad Curtis
Utah Valley University
Claire Herrmann
Kansas State University
Natalie Laggy-Coyle
University of Alabama
Garrett Leet
Western Kentucky University
Nelson Robinson
Prairie View A&M University
Anabelle Sanko
Kansas State University
Olivia Stingo
Kansas State University
Logan Sullivan
University of Missouri
Ellen Whall
Utah Valley University
TD Ameritrade Institutional also named its 2020 RIA NextGen Grant winners, schools that have demonstrated a commitment to educate and train the future financial planners. For the first time, the number of grants was expanded to six schools, each receiving a $15,000 grant, increasing the number of schools with new or enhanced degree programs.
And as part of TD Ameritrade’s commitment to fostering diversity, a grant for the first time was earmarked to support the development of financial planning programs at a Historically Black College and University, Hispanic-Serving Institution or Minority-Serving Institution. The grant winners are:
Central Washington University
Ellensburg, Wash.
Charleston Southern University
Charleston, S.C.
Franklin University
Columbus, Ohio
Rutgers University
New Brunswick, N.J.
University of Illinois at Urbana-Champaign
Urbana, Ill.
William Paterson University
Paterson, N.J.
“We’re pleased to offer scholarships to students who embody the bright future of our profession. Our industry together must do more to attract new talent to financial planning, a promising career path that’s never been more essential,” said Kate Healy, Managing Director of Generation Next at TD Ameritrade Institutional. “It’s equally important that firms offer opportunity to deserving candidates from outside traditional talent networks. With Black and Latinx planners representing less than 4 percent of CFPs,3 we have much more to do around raising awareness and building programs that can attract, support and develop professionals of color.”
Since 2013, TD Ameritrade Institutional has awarded 94 scholarships totaling nearly $500,000, as well as $1.2 million in grants to 21 universities. The RIA NextGen Scholarships and Grants program is part of a 10-year, $5 million commitment by TD Ameritrade Institutional to help RIAs attract a new generation by raising awareness of the career opportunities within financial services and helping future advisors fund their studies.
And to help the next generation secure job opportunities in the industry, TD Ameritrade Institutional in June launched RIAConnect® NextGen, an online tool that connects advisors seeking next gen talent with undergraduates and recent graduates interested in joining an advisory firm. Young professionals can create, at no charge, a profile for themselves and learn more about firms that expressed an interest in making hires.
About TD Ameritrade Institutional
TD Ameritrade Institutional empowers more than 7,000 independent registered investment advisors to transform the lives of their clients. It provides powerful technology and resources that help simplify running a business and let advisors spend more time doing what matters most — serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service, TD Ameritrade Institutional supports RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., member FINRA / SIPC, a brokerage subsidiary of TD Ameritrade Holding Corp.
About TD Ameritrade Holding Corporation
TD Ameritrade provides investing services and education to more than 12 million client accounts totaling approximately $1.2 trillion in assets, and custodial services to more than 7,000 registered investment advisors. We are a leader in U.S. retail trading, executing an average of approximately 2 million trades per day for our clients, more than a quarter of which come from mobile devices. We have a proud history of innovation, dating back to our start in 1975, and today our team of 10,000-strong is committed to carrying it forward. Together, we are leveraging the latest in cutting-edge technologies and one-on-one client care to transform lives, and investing, for the better. Learn more by visiting TD Ameritrade’s newsroom at www.amtd.com.
Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) / SIPC (www.SIPC.org)
1 TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation.
2 Cerulli Associates, U.S. Advisor Metrics: The Next Generation of Planning, 2019
3 CFP Board Center for Financial Planning, Racial Diversity in Financial Planning, October 2018
Source: TD Ameritrade Holding Corporation
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