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Edward Jones Expands Program with Securities Training Corporation to Address Industry-Wide Need - A Talent Shortage of Financial Advisors

More than 10 Universities Across the U.S. to Offer Series 7 Course Using STC Materials, Paid for by Edward Jones

Edward Jones

News provided by

Edward Jones

Sep 23, 2015, 08:04 ET

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ST. LOUIS, Sept. 23, 2015 /PRNewswire/ -- Financial services firm Edward Jones is expanding its partnership with Securities Training Corporation (STC), the nation's leading financial services training company, to help prepare students for careers as financial advisors. The effort is intended to address the industry's continued concern regarding a talent shortage of financial advisors.

The academic credit course will prepare students to take the Series 7 exam, the general securities licensing exam required by the Financial Industry Regulatory Authority (FINRA). All materials and training for faculty will be provided by STC, with the cost of the materials being covered by Edward Jones. Edward Jones has committed to paying this cost for more than 10 universities that currently offer a financial planning sequence, including:

  • Central Michigan University (Mt. Pleasant, Mich.)
  • Drury University (Springfield, Mo.)
  • Hanover College (Hanover, Ill.)
  • Marshall University (Huntington, W.Va.)
  • Maryville Unitversity (St. Louis, Mo.)
  • McKendree College (Lebanon, Ill.)
  • Purdue University (West Lafayette, Ind.)
  • Salisbury University (Salisbury, Md.)
  • University of Delaware (Newark, Del.)
  • Western Michigan (Kalamazoo, Mich.)
  • Westminster College (Fulton, Mo.)

Maryville University, Purdue University and Central Michigan University were the first adopters of the Series 7 course in the spring 2015 semester. Due to its initial success, all three schools will continue to include the program in their curricula for the fall 2015 and spring 2016 semesters. With additional universities signed on to the Edward Jones-sponsored program, hundreds of students are expected to enroll in the course.

"Our goal is to create a more defined path to the financial advisory profession," said Matt Doran, the Edward Jones principal responsible for the firm's Financial Advisor Career Development Program. "By giving undergraduate students enrolled in financial planning programs the opportunity to study for the Series 7 program prior to graduation, we are helping them succeed in the required first step of becoming a financial advisor."

As part of its effort to enrich undergraduate students' understanding of the financial advisor career path, Edward Jones has also launched a new internship program, tied to the academic year, which will include students enrolled in these Series 7 courses for the fall 2015 semester. While course enrollment is not a requirement for the internship program, the goal is to provide additional support to students who self-select to this career path by supplementing their course work with practical applications of the role.

Data reveals an impending talent crisis across various channels of the financial advisory business, as more advisors retire from the field than those entering it. According to a report from Cerulli Associates, over the next decade, more than one-third of U.S. financial advisors plan to retire, meaning the industry will need to hire more than 200,000 new professionals in order to keep up with demand.1

Adding to this issue is the lack of awareness among students regarding the role and typical work activites of a financial advisor. In fact, a 2014 study by Fidelity found that just 15 percent of college students are familiar with the profession, and 45 percent aren't aware of companies that employ financial advisors.2

"Edward Jones' sponsorship enables universities to apply a practical course to their curricula, exposing students to appropriate materials early on in their career development," said Paul Weisman, CEO of STC. "We are encouraging more universities to sign up for this program to not only educate undergraduates about the career opportunity, but address a desperate need in the industry."

About Edward Jones

Edward Jones, a FORTUNE 500 firm, provides financial services for individual investors in the United States and, through its affiliate, in Canada. Every aspect of the firm's business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work. The firm's 14,000-plus financial advisors work directly with nearly 7 million clients.  Edward Jones, which ranked No. 6 on FORTUNE magazine's "100 Best Companies to Work For 2015," is headquartered in St. Louis. Visit edwardjones.com and its recruiting site is careers.edwardjones.com. Member SIPC.

About Securities Training Corporation

Founded on Wall Street in 1969, Securities Training Corporation has successfully helped over 1,000,000 candidates pass FINRA regulatory exams and launch their careers. STC has grown to become the leading provider of financial examination training, offering FINRA , firm element, regulatory element, and introducing their most recent Life, Health and Accident Pre-licensing courses. STC is focused on the commitment to providing a wide range of superior products and updated training material to their clients to help any candidate reach their goals.

STC's corporate headquarters is located in the financial district of New York City, and maintains branch offices in Chicago, San Francisco and Boston.

1 The Cerulli Edge - Advisor Edition, 1Q 2014 Issue.
2 The Fidelity® Recruiting Redefined Study, June 2014.

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SOURCE Edward Jones

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http://www.edwardjones.com

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