By Caroline Boden
She had a pom-pom in her hand and pockets fuller than the day before; the ringing of the bell would mark a day she would never forget. She was a winner, one of a group of 82 that made up the next generation in a dying industry.
Zill Momin, accounting and finance junior at the University of Houston, was awarded the TD Ameritrade NextGen Scholarship worth $5,000. In addition to this financial prize, she, as well as the other recipients from around the country, was invited to the NASDAQ Marketsite in Times Square in New York City to help ring the closing bell on July 23.
“The experience was surreal,” Momin said. “It felt like I was in the middle of a huge milestone in my life, career wise and as a person. I felt super proud of myself and accomplished in the moment and hope that this is just the beginning of all my experiences.”
Hundreds of submissions from around the U.S. are submitted to TD Ameritrade Institutional to be considered for a scholarship that promotes the rising group of financial planners. The awards aim to promote this industry and alleviate the growing shortage of advisors.
“A challenge the industry is having recruiting students is … a lot of students don’t even know this career exists, so [the industry is] making them aware of things like that,” said UH Faculty Director of Personal Financial Planning John Lopez. “That’s the thing that NextGen at TD Ameritrade and other firms are trying to do. There’s going to be a huge need for younger people as these older folks age out.”
According to the U.S. Bureau of Labor Statistics, 100,000 financial brokers and advisers are expected to retire over the next decade. However the financial industry is forecasted to grow 15 percent by 2026, presenting many job opportunities to current college students.
TD Ameritrade Institutional, with founding sponsors Northwestern Mutual and Charles Schwab Foundation, have created the campaign “I am a CFP (Certified Financial Planner) Pro” to entice a younger, more diverse demographic into the financial planning profession. Their mission is to bring CFP professionals, firms of all sizes, educators, researchers and experts to address shared challenges and create a chain of diverse, qualified financial planners in the industry.
“For more than ten years, TD Ameritrade Institutional has been leading the charge to attract young talent to become independent RIAs (Registered Investment Advisors), to bring in new blood that can help sustain the industry for decades to come,” said Amy Headlee, a spokesperson for TD Ameritrade. “Now in our seventh year, we offer our NextGen Scholarships and Grants as part of a multi-million dollar commitment to raising awareness of the strong career prospects of personal financial planners and elevating the profile of the profession on campuses across the United States.”
Every year, for the past six years, TD Ameritrade Institutional has awarded 82 scholarships to college students totaling nearly $410,000 and $500,000 in grants to universities across the country. The NextGen program is part of a decade-long, $5 million commitment to help attract a new generation of RIAs. This scholarship has helped alleviate some of the financial burden higher education has placed students such as Momin.
“Before the scholarship, two summers in a row I worked two jobs to save up money just in case I needed it for school to pay off my college expenses,” Momin said. “This semester I don’t have to work and I can focus on recruiting, getting a job after college and my classes.”
With a plan to graduate in 2022 with a master’s in accounting, Momin hopes to start her career in public accounting and then shift into financial planning. Her decision to work as a RIA stems from the example her parents set for her.
“When you come from a family of immigrant parents, knowledge and exposure on critical information regarding American financial literacy can be blurry,” Momin said. “Because of [my parents’] hard work and perseverance, I believe that the greatest achievement I can have in life is to be a guidance to families like mine, individuals and business owners in helping them kick start their lives.”
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