TD Ameritrade Institutional has awarded a $25,000 grant to Temple University’s Fox School of Business to foster development of a new financial planning degree program, as part its third-annual Next Gen Financial Planning Grants.
Through its Next Gen Financial Planning Grants, TD Ameritrade Institutional hopes to help the registered investment advisor industry remain vibrant for years to come by encouraging more colleges and universities to expand and enhance their financial planning degree programs, increasing the number of graduates produced each year. According to U.S. Department of Education data, roughly 700 students completed bachelor’s degree programs in financial planning in 2013, while only 90 U.S. colleges and universities offered degrees dedicated to financial planning.
“Independent financial planning is one the fastest-growing areas of the financial services business and may offer some of the brightest career prospects in the marketplace, but advisors need more than financial expertise. They need a strong desire to help people and a talent for building strong ties with clients,” Tom Nally, President of TD Ameritrade Institutional, said in a statement. “Schools like … Temple are helping educate and train a new generation of advisors so they can enter the workplace well-prepared for solving real world challenges.”
As part of a broader effort to encourage more undergraduates to pursue financial planning careers, and avert a talent shortage when thousands of baby boomer-era advisors leave the business, TD Ameritrade Institutional also awarded a grant to the University of North Texas, in Denton, Texas, to expand its existing financial planning degree program.
Temple University’s Fox School of Business will launch its Financial Planning undergraduate program this fall. Grant funds will help fund scholarships to attract top-tier students, underwrite a weekly “seminar series” that brings the workplace to campus, engaging financial planning practitioners in the Philadelphia area to speak with students providing insights into the profession’s challenges, trends and potential opportunities.
The Financial Planning major will prepare students for careers in the growing field bearing the same name, which takes a holistic approach to working with clients in order to enable them to identify and attain lifestyle and retirement goals. Students who complete the Financial Planning curriculum are eligible to sit for the Certified Financial Planner (CFP) examination upon graduation – a unique feature of the program.
“We are incredibly proud to have been selected by TD Ameritrade Institutional as the recipient of this grant,” said Cynthia Axelrod, Program Director of Fox’s Financial Planning major and Assistant Professor of Finance. “Professionals in this field are in high demand, and this grant will bolster Fox’s efforts to provide highly qualified students that will excel as Financial Planners. “
Innovation in the United States is not lacking. It’s just that patents are being registered in less-likely locales, according to researchers from Temple University’s Fox School of Business.
The findings are part of an ongoing research initiative spearheaded by Dr. Ram Mudambi, the Frank M. Speakman Professor of Strategic Management.
The umbrella project is dubbed iBEGIN, or International Business, Economic Geography and Innovation. A segment of the project explores innovation hubs in the United States, undertaking detailed analyses of more than 900 metropolitan areas in the U.S. In one of the first published outcomes of this research effort, Mudambi and his team examined the evolution of Detroit, a mainstay of the global automotive industry for over a century. While Detroit, a downtrodden city, continues to experience manufacturing decline, it is doing well as an innovation center, he said.
“The beauty of innovation is that it never stops,” Mudambi said. “In 1960, the U.S. was the richest country in the world, and Detroit was its richest city. And while the city has been in a continuous state of decline, we found that Detroit’s innovation numbers are very healthy.”
iBEGIN researchers define innovation through patent output, and they say Detroit’s patent output since 1975 has grown at a rate of almost twice the U.S. average. Detroit’s innovative resilience, Mudambi said, is due to its continuing centrality in global innovation networks in the automotive industry. It has maintained this centrality through connectedness to other worldwide centers of excellence in this industry, such as Germany and Japan. Its innovative links to Germany have been rising steadily over the last three decades, while its association with Japan began more recently, but also shows a steep upward trajectory.
Their research also unearthed a clearer picture of the shifting lines of American innovation. Today, Mudambi said, the Sun Belt features the country’s leading innovation hubs like San Francisco; Seattle; Portland, Ore.; Raleigh, N.C.; and Austin, Texas. Though the more traditional centers of innovation excellence in the Rust Belt cities have generally maintained healthy rates of innovation output, they have seen their shares of national innovative output decline. These include cities like New York, Philadelphia, Baltimore, and Chicago.
“In the 19th century and for most of the 20th century, the innovation hotspots were co-located with centers of manufacturing mass production,” Mudambi said. “These were concentrated in the Northeast, the Mid-Atlantic and the Midwest. That’s not the case anymore. We’re seeing the lion’s share of patents being registered in regions dominated by high-knowledge industries. These industries create mainly white-collar positions for people with a bachelor’s degree, at minimum.
“However, what Detroit’s innovative success says about economies everywhere is that the roots of innovation are very deep. Policymakers spend a lot of time worrying about manufacturing. But manufacturing can be very ephemeral and firms often relocate manufacturing plants with very little notice. Innovation is more deeply rooted and, once an innovation center roots itself in an area, it’s much more likely to stick.”
Mudambi said the ongoing iBEGIN research initiative is a collaborative effort, with professionals in centers around the world, including: Denmark’s Copenhagen Business School, Italy’s Politecnico di Milano and University of Venice Ca Foscari, the Indian School of Business, and many others.
In addition to studying innovation in American cities, iBEGIN has ongoing research exploring other contexts. These include country contexts like China, India, Brazil, Portugal, Greece and Korea as well as specialized industry contexts like automobiles, renewable energy and pharmaceuticals.