Schwab and Texas Tech Celebrate Opening of Newly Remodeled Charles Schwab Personal Financial Planning Technology Complex

  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

Business Wire

SAN FRANCISCO -- March 6, 2013

Charles Schwab and Texas Tech University celebrated the opening last week of
the  newly renovated Charles Schwab Personal Financial Planning Technology
Complex^1 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 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

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 they  are  given 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 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

  *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
  *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
    receivehands-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

“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 (NYSE: 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 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 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

Follow us on Twitter: @Schwab4RIAs

Read our corporate blog: SchwabTalk

^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
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