The Externship, the only online training program focused on a career in financial planning, opens 2024 registration

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Apr 15, 2024, 10:00 ET

Now in its fifth year, The Externship offers an 8-week virtual curriculum designed to help college students, new advisors and career changers succeed in the financial planning profession.

DALLAS, April 15, 2024 /PRNewswire/ -- Hannah Moore, CFP^®, creator of The Externship, announced today that registration is open for The Externship, the only online training program focused on a career in financial planning.

The 2024 online summer program will run from June 3 - July 26, with registration ending on May 24. Externs who complete the program earn 180 CFP Board standard pathway experience hours, as well as 180 experience hours from the Association for Financial Counseling & Planning Education®.

This flexible 8-week program is taught by more than 50 professionals and industry experts who cover fundamental areas within financial planning, such as retirement planning, investment management, and tax and estate planning.

Now in its fifth year, The Externship is considered by many within the profession to be a must-attend training program for new and future planners. Designed with educational best practices, the experiential program allows participants to see behind the curtain of the profession. Externs get to experience what a career in financial planning could look like while also gaining the knowledge and skills to succeed.

A Solution to Financial Planning's Talent Shortage

"I often hear people in the profession say that we have a talent shortage. What I would say is that we actually have a training and retention problem." said Hannah Moore, CFP^®, Founder of Amplified Planning, and Owner and Principal financial planner at Guiding Wealth. "In addition, barriers to entry keep our talent pool small. The Externship is a key factor in solving for many of these challenges," she continued.

The affordable, virtual and flexible format provides access to individuals normally underrepresented within the profession.

The demographics of Externship alumni provide a glimpse into the future of the financial planning profession. In the 2023 Externship, close to 60% of Externs came from underrepresented groups—a number that is estimated to grow in 2024.

"The talent is out there. Many different kinds of people have a strong desire to join this profession," said Moore. "But the same old ways of recruiting, training, and retaining will produce the same old results. After four years and 3,200 alumni, I can say with confidence, that The Externship is a game-changer and is a catalyst for providing underrepresented groups with access into and education around a career in financial planning," she continued.

With close to 700 people on the waitlist before registration was open, Moore and her team are anticipating close to 1000 Externs in this year's cohort.

An Additional Option for Firms

The Externship is expanding its reach this year by helping financial planning and RIA firms enhance their training and internship programs.

Beta-tested last year, the Internship/Externship Program provides a framework for firms hosting summer interns.

What began as an internship replacement program during COVID has evolved into an internship supplement program.

Now in its first official year, the Internship/Externship Program boasts an array of actionable and efficient resources for firms. These resources include a comprehensive toolkit and guide, checklists, and recommended cadences. The program is adaptable to firms of all sizes.

The deadline for firms wishing to participate in the Internship/Externship program is May 15. There will be a dedicated informational webinar about the program on April 17.

Trusted by Financial Planning's Leading Organizations

From its launch in 2020, some of the most trusted names in financial planning have partnered with The Externship for the betterment of the profession and new planners.

In 2024, Charles Schwab's RIA Connect will be back as one of two lead partners. It will provide scholarships, speakers, and a showcase of current job opportunities in the RIA profession.

"We are thrilled to sponsor the Externship again this year," said Leslie Tabor, director of Business Consulting and Education at Schwab Advisor Services. "Finding the right talent is a top priority for many RIA firms. In fact, according to Schwab's RIA Benchmarking Study, the median firm will need to hire four new roles over the next five years just to accommodate firm growth. The Externship is an extension of our efforts to strengthen awareness of the RIA industry with prospective talent – and to connect them with firms who share their vision and values for the future."

Seeing the value that The Externship brings to future financial planners, The CFP Board has increased its level of involvement in the 2024 Externship. It will provide multiple speakers and provide Externs with valuable insights for navigating the path to becoming a CFP®. The CFP Board is also underwriting part of the registration fee for a number of future CFP® professionals. "The CFP Board is committed to expanding access to the education and experience that future financial planners need to successfully enter the workforce," said CFP Board CEO Kevin R. Keller, CAE. "We are proud to expand our support of the Externship and its proven program introducing students and career changers to this rewarding profession."

Key partners eMoney, XYPN, Kaplan, Orion, Morningstar, Asset-Map, the FPA, the BLX Internship, and Diversitas are back for 2024.

New Externship partners this year are Dimensional Fund Advisors, EncorEstates, and a partnership with Association for Financial Counseling & Planning Education®.

Integrating Human Interaction with Cutting-Edge Technology

Among the Externship's standout features is the real client experience.

This year's real clients, Sara and Steve, become focal points of the program. Externs will journey with them as they openly discuss their financial goals, obstacles, and potential solutions.

"Our Externs watch real client meetings. These are not role-playing exercises or actors. By observing the meetings, which include everything seasoned planners come to expect from client meetings – emotion, lost paperwork, a few curve balls – our Externs gain invaluable practical guidance," said Moore.

Externs pair real client meetings with industry-leading technology, a combination that adds another layer of practical training to The Externship. They will use eMoney throughout The Externship, and even have the opportunity to earn an eMoney certification at no additional cost. Other platforms include:

Orion/Redtail for Customer Relationship Management software.
EncorEstates for estate planning
Morningstar for investment research
AssetMap for visual financial mapping

About Amplified Planning

The Externship is an initiative of Amplified Planning. Founded by financial planner Hannah Moore, CFP^®, Amplified Planning is on a mission to provide guidance, education and resources to current and future financial planners. Learn more about Amplified Planning and The Externship at Externship - Amplified Planning.

High-resolution images of Hannah Moore, CFP® can be found here.

SOURCE The Externship