Wisconsin School of Business and Baird Partner to Address Talent Shortage in Wealth Management

MADISON. Wis., Nov. 11, 2014 /PRNewswire-USNewswire/ -- The wealth management industry is at a crossroads. The average age of financial advisors is 50.9, and 43 percent are nearing retirement, according to Cerulli Associates, a worldwide asset management and distribution analytics firm. At the same time, the demand for wealth managers and financial advisors is expected to grow by at least 30 percent in the coming years, as Money Magazine reported in 2011. However, while the demand for younger, more diverse financial advisors has never been greater, many business school undergraduates do not necessarily have the skills to seize this career opportunity. The Wisconsin School of Business (WSB) at the University of Wisconsin-Madison and Baird, a Milwaukee-based wealth management firm, are bringing education and industry together to create a solution that prepares undergraduate business majors to enter this rewarding field.

"By collaborating with an industry leader like Baird, we are bringing an innovative applied learning experience for our students that will inspire and develop future wealth managers and answer this business need," said François Ortalo-Magné, WSB dean. "This type of partnership reflects our approach in addressing industry challenges."

The partnership provides students in the finance major with a formalized educational track that takes a holistic approach to wealth management and financial planning–emphasizing both analytical and soft skills such as communication, relationship building and teamwork. Most importantly, this capstone course, Wealth Management I, is part of a sequence that makes students eligible to sit for the CFP® Certification Examination and become a Certified Financial Planner.

Mark Fedenia, associate professor of finance at WSB, and Mike Schroeder, president of Baird's Private Wealth Management group, recognized the unaddressed demand for this educational training and worked together to develop the new, case-based course.

"Baird is thrilled to be partnering with the Wisconsin School of Business to introduce a formal wealth management and financial planning track for finance majors," Schroeder said. "Attracting young, highly trained talent to careers in wealth management is vitally important to Baird and to the future of the financial services industry. I couldn't be more proud of my alma mater for embracing this opportunity and inviting Baird to be a strong partner in preparing the next generation of wealth management professionals."

Baird financial experts are not only lending their expertise in developing the curriculum, but are also leading and teaching classes.

"This new curriculum brings the latest research with practical, hands-on learning from industry leaders to give our students the specialized knowledge to be career-ready in the wealth management and financial planning field," said Fedenia. "My goal is to train students to have the breadth and business background of an MBA at the undergraduate level."   

To learn more about the Wisconsin School of Business visit: www.bus.wisc.edu 

For more about Baird, visit: www.rwbaird.com 

Video News Release available at: https://vimeo.com/107269706 (Password: BairdVNR)

Video includes 5 sound bites and 90 seconds of b-roll.

SOURCE Wisconsin School of Business

Related Links

http://www.bus.wisc.edu