<b>By Paula Vasan</b>
In an effort to help attract a new generation of financial advisors, TD Ameritrade Institutional has awarded $50,000 in scholarships to 10 financial planning undergraduate students from around the country. The goal: attract new talent to the industry as the current generation of older advisors near retirement.
In multiple Q&As, five scholarship winners and next generation planners share their views on the industry's opportunities and challenges that lie ahead.
Age: 21 / Grade: Senior; School: Virginia Tech / Major: Finance CFP Certification Education Track
What is your ideal career?
My ideal career would be at an RIA with an emphasis on comprehensive financial planning. This path in particular interests me because of the client facing potential.
What is your reaction to winning TD Ameritrades scholarship?
I was extremely excited to win the scholarship, not only because of the financial benefit, but also because of the remarkable prestige that the scholarship has generated.
What do you see as the biggest challenge career-wise right now? How will you overcome it?
I believe the biggest challenge for me career-wise will be my age. It is especially difficult in this industry to overcome trust issues that clients may have with a young advisor. That being said, it does not bother me at all. I am prepared to pay my dues as a junior advisor, doing back office support and learning under senior advisors, until the point where I am ready to serve clients of my own.
What do you see as the biggest opportunity career-wise right now?
The biggest opportunity I see career-wise at this point is that there are firm owners out there looking for a succession plan. I would be ecstatic to learn and grow under a mentor in the hopes that one day he or she would have the trust in me to take over their business.
What, in general, are todays financial planners doing wrong?
Generally, I feel as though todays financial planners arent focusing enough of their efforts on finding younger clients that will sustain their businesses after the clients approaching retirement start spending down their assets. The way I see it, the financial advisory industry in 10 years will have a lot more major players in the RIA space that will become very competitive with the wirehouses.