Schwab and Texas Tech Celebrate Opening of Newly Remodeled Charles Schwab Personal Financial Plannin


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 Terms

SAN FRANCISCO--(BUSINESS WIRE)-- Charles Schwab and Texas Tech University celebrated the opening last week of thenewly renovated Charles Schwab Personal Financial Planning 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 professionals.

Schwab's Bernie Clark addresses the crowd at ribbon cutting event at Texas Tech. (Photo: Business Wi ...
Schwab's Bernie Clark addresses the crowd at ribbon cutting event at Texas Tech. (Photo: Business Wi ...

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 program.

  • 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 leaders."

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 Paul 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® 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 (NYS: SCHW) 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 StudySM from J.D Power and Associates. Through its operating subsidiaries, the Company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC,, 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 fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at and (0313-1836)

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1 The 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® and Schwab Intelligent Technologies™.

Photos/Multimedia Gallery Available:

Charles Schwab
Anita Fox, 415-667-1308
The Neibart Group
Sarah Gormley, 718-875-2122

KEYWORDS: United States North America California Texas


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