Empowering Women in Wealth: IWI's 100-Day Scholarship Initiative
Posted by Allison Edmondson, Director of Communications
Mar 15, 2021 3:00:00 PM
Denver, CO — March 15, 2021 — In the middle of Women’s History Month, and on the heels of International Women’s Day, Women in Wealth Week, and the #ChoosetoChallenge initiative that is taking the internet by storm, the Investments & Wealth Institute announced a “100-Day Scholarship Giveaway” for Women in Wealth. The Institute established an ambitious goal to award 100 certification-based, partial scholarships to women practitioners in the wealth management industry over the next 100 days.
Launched January 1, 2020, the Investments & Wealth Institute Certification Scholarship Fund was established to promote diversity and grow the number of certified professionals who currently are underrepresented in the profession, thereby enhancing the competency and professionalism of advice delivered to the public. In its first year of operation, the Scholarship Fund awarded $226,870 to 191 students, 38% of whom were women.
As a result, the percentage of women applying for one of the Institute’s advanced certifications rose by 22% over the average percentage of women in the financial advice profession, using benchmarks established in a recent report produced by Cerulli Associates. The percentage of women who applied for an Institute certification in 2020 increased by nearly 30% over the Investment & Wealth Institute’s total female membership percentage.
“It is no surprise that a huge number of professionals have enhanced their careers by undertaking professional development throughout the pandemic, making themselves more marketable,” said Cindy Chaifetz, chief marketing officer. “Quite frankly, it is impressive, considering the added family responsibilities many have with child and eldercare demands and homeschooling schedules. The workforce shifts have encouraged individuals to be more agile and forward-thinking,” continued Chaifetz.
Numerous studies support a rise in compensation for professionals who earn credentials. Through their “100 Day Giveaway” for Women in Wealth, the Institute hopes to expand upon the success of its Women in Wealth initiative launched in 2018, the Scholarship Fund launched in 2020, and the THRIVE Center for Diversity & Inclusion launched in 2021.
“Financial advisors who earn advanced certifications experience a tangible impact on client outcomes, like client loyalty, satisfaction, willingness to refer business, and retention. But they also clearly generate practice outcomes like increased AUM, assets per client, advisor compensation, and career satisfaction.” said Sean R. Walters, chief executive officer. Adding, “Our goal is to foster a profession where financial advisors from ALL backgrounds THRIVE, thereby creating a more diverse and sustainable workforce within the profession.”
For more information on the Institute’s advanced-level certifications, the CIMA®, CPWA®, and RMA® visit us to learn how you can get started on your executive educational journey.