TD Ameritrade Institutional Seeks Applicants
for its 4th Annual NextGen Financial Planning Scholarships and
Grants, Applications Accepted Now Through June 1, 2016
Registered investment advisor (RIA) firms frequently hear that
hiring a “next generation” advisor is the right thing to do as a
graying industry faces a talent shortage, but hiring a millennial
can also help firms boost growth and profitability, new TD
Ameritrade Institutional1 research shows.2
Next to investing in technology and operational efficiencies,
adding young advisors may have the biggest impact on RIA firms,
according to a new study, The Rise of the NextGen Adviser.2 Firms
employing a nextgen advisor saw their assets increase by an average
of 20 percent annually between 2012 and 2014, compared with 11
percent among firms that did not.2
“Hiring young advisors today and helping them grow as
professionals can help RIA firms in the years to come,” said Kate
Healy, TD Ameritrade Institutional’s managing director of
marketing. “We believe that developing young talent can help RIAs
generate and sustain higher, long-term growth as well as let them
build greater enterprise value for their firms.”
By now, most RIAs have been told that the profession has reached
a critical juncture. Just 21 percent of financial advisors are aged
40 and under, whereas 45 percent are over the age of 50, which
means retiring baby boomers will be leave the industry at a much
faster pace than they can be replaced. TD Ameritrade Institutional
has been leading the charge, encouraging advisors to hire young
talent to ensure their firms can continue to serve investors even
when the founders move on.
Yet the new study shows that advisors who bring on younger
advisors also can realize faster rates of growth. Firm partners and
principals can delegate more work to staffers, freeing their own
time to cultivate new business and serve top clients. The study
found that two-thirds of larger firms, those generating at least $5
million in annual revenue, had at least one nextgen advisor. Firms
that have at least one nextgen advisor average about 20 percent
higher income per owner than among those firms that do not.
As RIAs evolve from small practices operated by owners to big
enterprises staffed by employees across a range of roles, there are
more job opportunities for graduates as para-planners, support
advisors or analysts.
“We as an industry should be doing everything we can, right now,
to develop new talent and ensure RIAs remain well positioned to
serve investors for decades to come,” said Healy. “But fostering
the next generation is more than just a demographic challenge for
the industry: it should be part of every RIA’s growth
strategy.”
With that in mind, TD Ameritrade Institutional over the past
several years has developed a series of nextgen programs to attract
more undergraduates to the financial planning profession, help more
students land their first jobs, and encourage more U.S. schools to
offer financial planning degree programs.
NextGen Scholarships and Grants
Now in its fourth year, the TD Ameritrade Institutional NextGen
Financial Planning Scholarship & Grant Program offers 12
scholarships of $5,000 each to undergraduates pursuing financial
planning degrees. Two of the scholarships recognize scholars from
minority demographic groups – including women, blacks, Hispanics
and Asians – to ensure the nextgen program attracts a more diverse
pool of talent.
TD Ameritrade Institutional also provides two university grants
– $50,000 for an established program and $25,000 for an emerging
program. The goal is to increase the capacity of U.S. schools to
produce graduates with financial planning degrees and elevate the
quality of those programs, so more young advisors can meet the
real-world needs of RIA firms. TD Ameritrade Institutional has
committed to investing more than $2 million in grants and
scholarships over 10 years.
Applications for scholarship and grants will be accepted April
11 through June 1. Scholarship applicants should be a freshman,
sophomore or junior at an accredited 4-year college or university
with a satisfactory academic standing and pursuing a Bachelor's in
Financial Planning. Members of under-represented demographic groups
may apply for a Diversity Scholarship.
Grant applicants should be accredited colleges or universities
that currently offer a financial planning degree or plan to launch
a degree program in the next academic year.
To learn more about the program and to submit an online
application, visit the TD Ameritrade Institutional NextGen
Scholarship & Grant home page.
Career Exchange and RIA Intern Network
TD Ameritrade Institutional’s NextGen Initiative continues to
add new programs and partners to help new advisors join the
industry and then grow. The RIA NextGen Career Exchange is free
resource that connects advisors and candidates for job and
internship opportunities. Advisors can post job openings and search
a resume database for qualified candidates. Job seekers can post
resumes and search for job opportunities.
The RIA Intern Network helps advisors design and implement more
effective internship programs and seeks to foster the professional
development of young advisors and interns. More than 1000 advisors
and 500 students and young professionals have engaged in the RIA
Intern Network since launching in 2014.
About TD Ameritrade InstitutionalTD Ameritrade
Institutional is a leading provider of comprehensive brokerage and
custody services to more than 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 CorporationMillions of
investors and independent registered investment advisors turn to TD
Ameritrade’s (NASDAQ: AMTD) technology, people and education
resources to help make investing and trading easier. 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 - bringing Wall Street to Main Street for more than
40 years. An official sponsor of the 2016 U.S. Olympic and
Paralympic Teams, as well as an official sponsor of the National
Football League for the 2016 season, TD Ameritrade has time and
again been recognized as a leader in investment services. Visit TD
Ameritrade's newsroom or amtd.com for more information.
Brokerage services provided by TD Ameritrade, Inc., member FINRA
/SIPC
1 TD Ameritrade Institutional is a division of TD Ameritrade,
Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation2
The Rise of the NextGen Adviser, InvestmentNews Research, December
20153 CFP Board of Standards Inc., August 2015
Source: TD Ameritrade Holding Corporation
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160420005172/en/
TD Ameritrade Holding CorporationJoseph A. Giannone,
201-369-8705Communications + Public
Affairsjoseph.giannone@tdameritrade.com
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