Wellspring Announces Creation of Diversity in Finance Scholarship

Wellspring Financial Advisors (Wellspring), a registered investment adviser and multi-family office catering to ultra-high-net-worth individuals and families, is pleased to announce the establishment of the Diversity in Finance Scholarship Fund, which aims to increase diverse representation in business-related professions, specifically in the wealth management industry. The scholarship program will be funded by four wealth management firms in the greater Cleveland-Akron area over the course of four years, granting a total of eight renewable scholarships to Northeast Ohio students. Participating firms include, Ancora, Cerity Partners, Sequoia Financial Group, and Wellspring Financial Advisors, with College Now Greater Cleveland serving as the administrator.

College Now, in coordination with the funding organizations, developed the eligibility guidelines for the scholarship, which include graduating from a high school in Northeast Ohio served by College Now, earning 2.5 GPA, a score of at least 18 on the ACT, or a score of at least 960 on the SAT, and pursuing a degree in business, accounting, or finance, among other requirements. College Now will administer the application process, including student evaluation and selection, and distribute the scholarship funds. Selected recipients also will participate in College Now’s impactful mentoring program, which has played a pivotal role in increasing the retention and graduation rates of its scholarship students. In addition, the four partnering firms will also work with College Now to develop a strategy to increase awareness of the opportunities available in the financial services industry.

“We recognize the importance of building a more diverse talent pool in order to encourage and leverage different perspectives to ensure the industry continues to grow and evolve to better serve our clients”, said Michael Novak, President and CEO at Wellspring. “We are thrilled to collaborate with Ancora, Cerity Partners, Sequoia, and College Now to provide both financial support and education on industry opportunities to underrepresented students seeking business degrees.”

The recruitment process for the Diversity in Finance Scholarship will begin May 2023, with selections made June 2023, and initial funding granted this upcoming Fall. The scholarship awards $2,500 annually to each student and is renewable for up to three additional years.