After launching its first chapter, a professional fraternity for aspiring financial advisors is launching Planning Student Affiliate Groups in five of the most prominent college planning programs.
Coed Fraternity at Nu Upsilon, or “MNY” for short, began its freshman chapter at the University of South Florida last fall. It is now working to establish a foothold at Texas Tech University, the University of Georgia, Kansas State University, Arizona State University and the University of North Florida. The organization is also seeking to raise $100,000 to provide scholarships of $5,000 each to 20 college planning students.
Focus on undergraduate and graduate students Personal Financial Planning Across the Country Or with them in mind, MNY is looking to leverage existing university networks such as “Student Associations” South Florida Financial Planning Association and dozens of other institutionssays Mac Gardner, founder of fintech company MNY Entrepreneur and 20-year industry veteran.
“Because schools don’t teach financial literacy, they don’t even realize financial literacy itself, let alone as a career path,” Gardner said. “That’s the core message of MNY Fraternity, which is to educate the community. If you Someone who wasn’t from the family, you probably wouldn’t have heard of it.”
this Demographics of Certified Financial Planners Demonstrate why many advisors and wealth managers believe scholarships and other outreach to young people and career changers are critical to the future of the industry. Less than 29 percent of CFPs are under the age of 40, less than a quarter are women, and less than 5 percent are Black or Hispanic. to the CFP Committeeit works with companies Various Scholarship Programs these years.The organization launched a new organization in March aimed at female college student planning student.
Additional resources for those seeking to enter the industry include Off-Campus Online Training Programthis BLatinX Internship and Annual Diversity Symposium Hosted by the Planning Program at the University of Akron, according to consultant Dominique Henderson, whose Jumpstart Coaching Lab Also helps aspiring planners break into the field.
Young adults and career changers considering entering the planning stage “must start with their ‘why’,” Henderson said in an email.
“The marketing machine for ‘financial services’ can be very confusing,” he said. “I often tell my clients to really understand why they want to be in the industry. This leads them to the next step (talking to current professionals, joining a program, etc.).”
Gardner was one of the original board members when the Tampa-based South Florida began offering services plan as a major Launched in 2017 through its Muma School of Business. The university has an FPA chapter, an investment club that has become the largest student-led group on campus, according to Gardner, MNY vice president Tyler Lesnick and MNY president Gianfranco Esposito Luis. As members of the Investment Club Wealth Management division, Lesnick and Esposito Luis partnered with Gardner to launch MNY’s first chapter.
“We’ve had people come to us and say, ‘We want to switch majors,'” Esposito Luis, an MBA graduate student, said in an interview. “One of my family members is a financial advisor. It’s really hard to break into the industry if you don’t have that experience or exposure.”
Lesnick, a planning major who will begin his junior year next fall, said the fraternity aims to clarify how planning works and why it is wrong to think the process boils down to the sale of insurance and investment products .
“When I see people who don’t know about the program, some of them have preconceived notions about what it actually is, and some of them don’t even know the university offers it,” he said.
In addition to Lesnick and Esposito Luis, Treasurer Galo Rebelo is a leading member of the inaugural USF Alpha Chapter.South Florida faculty Bob Tiller and Robin Snell, and Tampa-area advisors Jody Perez Independent Financial Services and Raymond James, and Kevin O’Connell Northwestern Mutual’s directors are members of MNY’s board of directors. Five events each year, each focusing on investment, insurance, banking, taxation and estate planning, will serve as a model for more groups at other schools in the future.
Gardner said any advisor looking to start a student or mentor chapter at a school in their area, or anyone looking to get involved with an MNY fraternity, should contact the organization and start networking with students in their area.
“They know their stuff,” he said. “They’re part of something that we think is going to be transformative. We want them to really move this thing forward.”