Northwestern Mutual will renew its support as a founding sponsor of the CFP Board’s Center for Financial Planning with a $1 million gift “to advance the financial planning profession,” the CFP Board of Standards announced today.

The Milwaukee-based life insurer, which has $308.8 billion in assets, has been a founding sponsor since 2016, donating a total of $6 million to the center, which describes its mission ad developing programs and initiatives to create a more diverse and sustainable financial planning profession and a stronger pipeline of financial planners. The goal is that “every American has access to competent, ethical financial planning advice,” the center’s website states.

“We know that our profession needs to grow and change in order to serve a diverse marketplace that is in need of trusted advice,” Tim Gerend, chief distribution officer and executive vice president of Northwestern Mutual, said in a statement. “We are proud to continue our partnership with the Center and we are aligned in our commitment to sustainably change for the good of our industry and the clients we serve.”

Northwestern is one of the center’s 20 corporate donors, which include Envestnet, Charles Schwab Foundation, Fidelity, Vanguard and AssetMark.

The center has helped the CFP Board increase the number of CFP professionals under 30 years of age by 83% since 2016. At the same time, women CFP professionals increased 6,032 and African American and Latino CFP professionals grew by 3,688 since 2016.

“We are grateful for the continued support of Northwestern Mutual,” said CFP Board CEO Kevin R. Keller. “Their generosity will help make possible the center’s efforts to create lasting change in the financial planning profession, challenge the status quo, develop innovative solutions and foster a more diverse financial planner workforce.”

According to Gerend, the gift underscores Northwestern Mutual’s commitment “to help make a career in financial planning more attractive and more inclusive at all levels in our profession.”

The center’s managing director, D. A. Abrams, called Northwestern Mutual “a valued  partner” in building the capacity and impact of the center.
“Sponsors like Northwestern Mutual provide important support for the center’s ongoing efforts to create a stronger financial planning profession,” Abrams said.