Envestnet, Inc. (NYSE: ENV) announces that 3,388 students have completed the Envestnet Institute On Campus program as of June 30, 2020. Five years after its establishment, the online asset and wealth management career-training initiative now includes 40 participating colleges and universities across the country.
“The energy and resources we have invested into the Envestnet Institute On Campus have created a diverse pool of workforce-ready, entry-level talent for asset and wealth management firms,” said Bill Crager, CEO of Envestnet. “We are proud to work with colleges, universities, and other partners to build a vital foundation for the future of our industry. It is our sincere hope that the next generations we inspire will define the future of advice—and utilize their training and connections to bring financial literacy, support, security, and wellness to their communities.”
For the first time, the Envestnet Institute On Campus (http://www.envestnetinstituteoncampus.com) has launched a summer session to meet the increasing demand for its courses. More than 200 students are currently enrolled in the five-week course. To learn more about Envestnet’s commitment to shaping the future of financial literacy and education, please visit https://envestnet.blog/2020/07/07/3-ways-we-can-shape-the-future-of-financial-literacy-and-education/.
The Envestnet Institute On Campus (EIOC) curriculum consists of seven self-paced, hour-long eLearning classes which have required exams and are available at no cost to participating schools and students. Participants can also receive an additional four hours of optional professional training and add their résumés to the program’s Résumé and Internship Hub, powered by DAKdirect. This database can serve as a useful tool for asset and wealth management firms seeking diverse young talent to fill internships and entry-level positions.
Over the past five years, the EIOC has achieved a completion rate of 71 percent. Most participants manage the coursework alongside their regular classes. In addition:
- Fidelity Investments joined the EIOC as a sponsor this year, giving the program a broader reach for connecting students with advisor employers via job fairs and other initiatives.
- A total of 3,388 participants have completed the program as of the end of the 11th session in the spring of 2020, including over 1,100 women and minorities. The EIOC’s goal is to train more than 5,000 students for careers in asset and wealth management by year-end 2021.
- The EIOC continues to pursue partnerships with more colleges and universities to strengthen the program’s geographic and population diversity. Recently added partners include Baylor University, Butler University, University of California-Los Angeles, and historically Black colleges and universities, such as Howard University. The EIOC, which launched in 2015 with five schools, seeks to add 10 to 12 new schools per year.
- This is the second year that Envestnet has teamed up with the CFP Board Center for Financial Planning to provide scholarships to aspiring financial planners from populations underrepresented in the financial planning profession—and especially women and people of color—who are pursuing the Certified Financial Planner™ certification. This year, the Envestnet Scholarship Program has awarded 20 scholarships of $5,000, an increase from 11 in 2019. To learn more about this scholarship opportunity, please visit http://envestnetinstituteoncampus.com/cfp-board-scholarship-program/.
- Cheryl Nash, CEO of Tegra118 and the first EIOC partner, significantly expanded the EIOC Women in Wealth Management Initiative’s mentoring program in 2019, more than doubling the number of mentoring partnerships. Ms. Nash continues to be the driving force behind the Women in Wealth Management Initiative, which organized an additional four webinars last year for women interested in careers in the industry.
“We have worked closely with the Envestnet Institute On Campus since its genesis to build a strong network connecting young women with experienced leaders dedicated to helping them grow and thrive,” said Cheryl Nash, CEO of Tegra118. “The Women in Wealth Management Initiative broadens the diversity of entry-level talent in our dynamic industry, and importantly, gives students the skills and support to succeed after they graduate and join the workforce.”
“Cultivating awareness of career opportunities in wealth management on campuses around the country is critical at a time when the industry is working to increase its diversity and develop the next generation of talent,” said Anand Sekhar, Vice President of Practice Management & Consulting at Fidelity Institutional. “Through this initiative, we’re able to move beyond building awareness and give students the foundational and practical knowledge to get their careers started—and help shape our industry’s future.”
The Envestnet Advisor Summit On-Demand’s growing video content library (https://www.envestnet.com/advisorsummit) also features discussions about the Envestnet Institute On Campus and the future of the asset and wealth management industry.