When the Columbia University School of Professional Studies rolled out its wealth program more than three years ago, it was the first time an Ivy League institution had done so.

Columbia University’s MPS in wealth management program will offer the Wealth Management Advancing Diversity Fellowship for the second academic year since its founding, a move coming at a time when the industry continues to wrestle with talent shortages.

Chicago-headquartered Hightower Advisors has made a financial gift that will help pay tuition costs. 

The fellowship is designed to diversify the financial advising industry and retain and help accelerate the careers of high-caliber professionals from underrepresented groups. 

The establishment of such a program plays to a need to widen the talent pool in the industry and make it more diverse – an important goal at a time when the average age of advisors in the US, for example, is rising even while a multi-trillion intergenerational wealth transfer is under way.

Family Wealth Report has interviewed those involved with managing the program about how it fits into the wider world of talent development in the North American wealth sector.

For years, FWR has noted that relatively few US universities and business schools have such dedicated programs in place. Nevertheless, work is being done to fill some gaps. Around the world, a variety of academic/work-linked courses are available (see here for a round-up). When the Columbia University School of Professional Studies rolled out its wealth program more than three years ago, it was the first time an Ivy League institution had done so.

“The work our advisors do to help clients achieve their definition of wealth, whatever it may be, is vitally important. And we believe the best experience, and the best conversations, come from a diversity of experience. We are proud to be able to open doors for new wealth managers,” Hightower chairman and CEO Bob Oros, said. 

Armani Miller Jackson was selected as the inaugural recipient for the 2022–2023 academic year.  

“I’m deeply grateful to Hightower for joining Columbia in shaping an exciting future in wealth management,” Tracy Schwartz, senior program director of the Wealth Management program, said. 

To be eligible for the fellowship, applicants must first apply to the Wealth Management MPS program for entry in the Fall of 2023.