Schwab and Texas Tech Celebrate Opening of Newly Remodeled Charles Schwab Personal Financial Planning Technology Complex.
New Schwab Study Finds Next Generation Financial Professionals Drawn
to Relationship Management Roles and Want to Create Careers on Their Own
, city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden
and Texas Tech University celebrated
the opening last week of thenewly renovated Charles Schwab Personal
Technology Complex1 at a ribbon cutting event
attended by university faculty, students and financial professionals
currently studying at Texas Tech for CE credits. Over the past several
years, Schwab has contributed millions of dollars in support to
universities and has developed programs to help mentor, train and
provide hands-on learning experiences for future financial services
Schwab’s Bernie Clark addresses the crowd at ribbon cutting
event at Texas Tech. (Photo: Business Wire)
The Charles Schwab Personal Financial Planning Technology Complex at
Texas Tech, originally constructed in 2009, is used today by more than
300 undergraduate and graduate students in the University’s
Personal Financial Planning Department. It is an approximately 4,500
square foot facility that now includes two state-of-the art classrooms,
a 16-unit technology lab, a high-tech conference room, and a recording
room to produce high-quality distance education modules.
“Attracting young people to the RIA space is critical to the
channel’s success going forward,” said Bernie Clark, head of
Schwab Advisor Services. “We are honored to be working with Texas
Tech and other universities to provide support for young people entering
the business so that they can be strong champions for the independent
advice model in the decades to come.”
In early February, Schwab conducted a study with students at Texas
Tech to gain their perspective on the financial services industry.
Schwab Study Findings: Attracting and Retaining the Next Generation
Today’s developing financial advisors are gravitating to a
career where they can interact daily with people and have a role in
relationship management (69%), as well as do work that matters and help
others achieve their goals (63%), according to a recent survey conducted
by Schwab Advisor Services among more than 100 students studying
Personal Financial Planning at Texas Tech University.
Additional study findings include:
* When it comes to working in financial services, 92 percent of
students consider strong communication and relationship-building skills
as ‘very important’ followed by the ability to understand
challenges and apply tailored solutions (89%).
* Understanding financial markets and complex data is still
considered ‘very important’ by most students (60%) versus 40
percent who see it as only ‘moderately important’.
* The majority (73%) value independence in their career, however,
they do see themselves thriving when theyaregiven specific objectives to
achieve (43%) and half indicate that they would value a strong training
* Financial remuneration is seen as important, but less than five
percent of students consider it a number one condition.
* The number of students spending the most time actively staying in
touch with people offline (40%) is almost double that of those relying
on online platforms (23%).
“While they don’t want to go it alone, these young
professionals are clearly seeking the opportunity to put their own stamp
on their careers – a path clearly offered in the independent
model,” Clark noted. “As the industry looks ahead to how it
will meet the needs of a new generation of clients, we believe it is
critical to cultivate the aspirations of the next generation of
professionals and to help them become highly-skilled future business
For detailed results, see the attached slide presentation.
Schwab’s Commitment to the Next Generation
In addition to Schwab’s efforts with Texas Tech University, the
company is committed to developing the next generation of financial
professionals and RIA leaders.
* Schwab is currently accepting candidate applications from junior
year students for a ten-week intern program launching this summer. The
program will rotate participants through several disciplines, providing
them with hands-on practical knowledge of the industry, alongside
corporate work experience.
* Last month, Schwab joined the groundbreaking on the new
Merage School of Business
building at the
University of California
Irvine which will feature Schwab’s new Trading and Technology Lab.
The Lab will provide a tutorial environment, complete with demo data, so
that students can receive hands-on experience as well as learn about a
wide range of advisor activities from business development and client
service to investment management and back office operations.
* For the past several years, Schwab has invited students to its
IMPACT([R]) Conference, the industry’s largest event serving RIAs.
In 2012, Schwab hosted 50 students from seven schools who attended and
participated in activities and sessions providing them with direct
exposure to the RIA industry.
“With each of these initiatives and more, Schwab is focusing on
making sure RIAs capitalize on the enormous opportunities ahead of them
and that we create a direct connection between the next generation of
advisors and the RIA firms of today,” said Clark. “Our goal is
to help fuel RIA growth for generations to come and to ensure that the
independent model remains a destination for students, advisors and
individual investors alike.”
About the survey
Schwab Advisor Services conducted the survey during the month of
February 2013 in conjunction with Texas Tech University. The
questionnaire was completed online by 103 students currently enrolled in
the Personal Financial Planning Program at the university. The
respondents included Undergraduates (36%), Masters (35%), PhD (24%) and
Advanced Bachelors to Masters (5%).
About Charles Schwab
The Charles Schwab Corporation (
) is a leading provider of
financial services, with more than 300 offices and 8.8 million active
brokerage accounts, 1.6 million corporate retirement plan participants,
874,000 banking accounts, and $2.01 trillion in client assets as of
January 31, 2013. The Company was ranked ‘Highest in Investor
Satisfaction With Self-Directed Services’ in the 2012 US
Self-Directed Investor Satisfaction Study(SM) from J.D Power and
Associates. Through its operating subsidiaries, the Company provides a
full range of securities brokerage, banking, money management and
to individual investors and independent
investment advisors. Its broker-dealer subsidiary, Charles Schwab &
Co., Inc. (member
, www.sipc.org), and affiliates offer a complete
range of investment services and products including an extensive
selection of mutual funds; financial planning and investment advice;
retirement plan and equity compensation plan services; compliance and
trade monitoring solutions; referrals to independent
advisors; and custodial, operational and trading support for
independent, fee-based investment advisors through Schwab Advisor
Services. Its banking subsidiary, Charles Schwab Bank (member
See Federal Deposit Insurance Corporation (FDIC).
Equal Housing Lender
), provides banking and lending services and
products. More information is available at www.schwab.com and
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Read our corporate blog: SchwabTalk
1The remodeling of the complex is made possible by funds from
Charles Schwab Foundation and a donation of portfolio management
software and packaged technology solutions including best practices
workflows each by Schwab Performance Technologies([R]) and Schwab
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