Black people make up 2% of the certified financial planner sector. You saw that right–2%.
This is especially troubling since the pervasive racial wealth gap is growing between Black and non-Black groups and it has been reported that representation in money management industries lead to impactful financial decisions later down the line.
In answer to this, UNCF (United Negro College Fund) and J.P. Morgan Wealth Management joined forces earlier this year to launch a scholarship program for aspiring financial planners at HBCUs. Now, they’re making sure more students have access.
Today, the organizations announced the program has expanded to 17 HBCUs.
The eligible schools include Alabama A&M University, Central State University, Clark Atlanta University, Delaware State University, Florida A&M University, Howard University, Morehouse College, Morgan State University, North Carolina A&T State University, Paul Quinn College, Prairie View A&M University, South Carolina State University, Spelman College, Tennessee State University, Texas Southern University, Wilberforce University and Winston-Salem State University.
“Many students have never thought about becoming a financial advisor or even know what the job entails. We believe this program can help change that,” said Christopher Thompson, Head of Diverse Talent Experience for the Consumer and Community Bank at JPMorgan Chase in a news release. “Advisors have a unique opportunity to positively impact the lives of their clients and find their job rewarding and fulfilling. We want to raise awareness around this career and create a path for diverse young professionals into the wealth management industry.”
Per a news release, students will receive an initial $2,000 scholarship and have the opportunity to participate in two paid professional summer programs to gain the skills to build a career as financial advisors. Students who complete both the Advancing Black Pathways Fellowship Program and the Financial Advisor Development Track Summer Analyst Program will receive an additional $5,000 scholarship during their senior year.
“Our mission is critical to so many across America,” said Maurice E. Jenkins, Jr., executive vice president and chief development officer, UNCF. “J.P. Morgan’s commitment to our students is a great example of how public companies can make a real difference in the lives of deserving, talented students across the United States. We thank them for the investment in us, our students and our HBCUs, and look forward to working together to build better futures for us all.”
