Amplified Planning’s Externship program, which helps college students, new advisors and career changers enter the financial planning profession, is educating its largest cohort to date: 2,078 externs.
The eight-week virtual training program is in its sixth year and is led by Hannah Moore, CFP, founder and owner of Amplified Planning. It gives participants exposure to recorded client meetings, specialized training with financial professionals and community-based learning.
“This year’s growth signals something bigger than numbers. It shows that new talent entering the space is hungry for training, as well as purpose-driven careers in financial planning,” said Moore. “The Externship gives them the access, confidence and clarity they need to take their first step — or their next step — into this profession.”
This year’s group of externs are exposed to the full financial planning process, from onboarding to investment planning, college planning, estate planning and other services. They also get access to technology tools from firms like eMoney, Morningstar, Redtail, Asset-Map and EncoreEstate Plans, and learn from more than 60 professional speakers.
Roughly 40% of this year’s externship cohort are career changers, 28% are students or recent college graduates, and 24% work in financial services, according to Amplified Planning. In terms of their age, 31% are between 18 and 24 years old, and close to 50% are between 25 and 44 years old.
About 56.5% are male, and 42.5% are female — with 40.5% identifying as people of color and almost 30% identifying as first-generation college attendees.
Research from Cerulli Associates and McKinsey & Co. indicates that the financial advisory field is likely to lose up to 110,000 advisors over the next decade — representing 38% of current professionals.
In addition to support from the Certified Financial Planner Board of Standards, the Externship program is supported by Charles Schwab, eMoney, XY Planning Network, Kaplan, Redtail, Asset-Map, EncorEstate, Dimensional Fund Advisors and Morningstar, as well as by the Financial Planning Association, National Association for Personal Financial Advisors and National Association for Financial Counseling and Planning Education.
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