Charles Schwab and Texas Tech University Name First Schwab Research Scholar and Unveil New Schwab Technology Complex

Schwab Research Scholar to Conduct Study to Identify Necessary Skills for Entry-Level Financial Planning Positions

Tuesday, April 29, 2008 6:00 am PDT



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SAN FRANCISCO & LUBBOCK, Texas--(BUSINESS WIRE)--Charles Schwab today announced that Danielle Winchester, a doctoral student at Texas Tech University, has been named the inaugural Schwab Research Scholar. The announcement coincides with the naming of the Schwab Technology Complex, a new teaching facility located on Texas Tech Universitys campus.

Both the research fellowship and the new technology complex are funded by a $1 million grant pledged to the Division of Personal Financial Planning at Texas Tech University by Charles Schwab Foundation last October on behalf of Schwab Institutional.

As the independent advisor industry continues to experience growth, the need for firms to find more talented workers and make the most of technology will grow as well, said Kelli Cruz, director of advisor practice management at Schwab Institutional. Both the Schwab Research Scholar program and the new Schwab Technology Complex are tangible examples of our commitment to investing in the future of the independent advisor industry.

Job Analysis Study for Entry-Level Financial Planning Positions

As the Schwab Research Scholar, Winchester is conducting a job analysis study that will identify what employers in the industry expect from the next generation entering the workforce. The study will pinpoint topics employers expect financial planning majors to have studied, rank employers importance of these topics, and examine competence level in each topic employers expect of incoming entry-level employees. Study topics will range from client service and portfolio management to practice management and technology capabilities.

The national longitudinal study is designed to help academic institutions develop curriculums that will more effectively educate students studying to enter the financial planning industry. The first set of findings is expected to be released in Fall 2008. The research will be conducted through surveys of individuals responsible for hiring decisions within financial services companies, and the survey will be developed with the assistance of professionals who make hiring decisions in the area of personal financial planning.

Given the increasing demand for talent in the financial planning industry, it is important for entry-level employees to hit the ground running when they join a firm, said Winchester. The research I am conducting should increase the competitiveness of graduates from financial planning programs by indentifying what competencies employers want in the next generation of employees.

According to Deena Katz, associate professor of personal financial planning at Texas Tech University, This study will serve to bridge the gap between the classroom and the real world. It will enable us to incorporate the knowledge and skills that todays financial services firms demand into the classroom.

Schwab Technology Complex

The Schwab Technology Complex, set to open in Fall 2008, is expected to contain the largest collection of professional software in any collegiate financial planning program in the United States. The facility will house a technology classroom, a technology work lab, and resource workspace that will be used by undergraduate and graduate students in the universitys Division of Personal Financial Planning.

The facility will give Texas Tech the opportunity to provide students with a more robust Advanced Technology course that will give them hands-on experience with a variety of technological aspects of financial planning, including client portfolio management, reporting and customer relationship management. To further support Texas Tech, Schwab will also make a donation of its PortfolioCenter portfolio data management software to the facility.

The Schwab Technology Complex also will support Texas Techs existing Student Managed Portfolio program that allows students to manage actual dollars and get real-world experience in the area of money management, as well as its Red to Black program where students in the financial planning program provide free financial counseling and planning services to both students and families in the community.

Winchester is currently a doctoral student in the Personal Financial Planning Division at Texas Tech University. She earned both an M.B.A. in 2002 and a B.S. in International Business from the University of North Carolina in 1996. From 2002 to 2007, she taught in the Department of Business Education at North Carolina A&T State University. Winchester is expected to complete her studies in 2009 and plans to return to North Carolina to teach at an institution of higher education.

Texas Tech University is not affiliated with or an employee of The Charles Schwab Corporation.

About Schwab Institutional

Schwab Institutional is a leading provider of custodial, operational and trading support for independent fee-based investment advisors. Since 1987, Schwab Institutional has supported independent investment advisors by offering support and services to help grow their businesses and help their clients reach their financial goals. As of March 31, 2008, client assets custodied with Schwab Institutional stood at $569.7 billion. These assets, managed by the approximately 5,500 independent advisor firms Schwab Institutional currently serves, represent approximately one-third of total client assets custodied with The Charles Schwab Corporation. Schwab Institutional is a division of Charles Schwab & Co., Inc.

About Charles Schwab Foundation

Charles Schwab Foundation is a private, nonprofit organization created by The Charles Schwab Corporation. Its mission is to give back to the community by supporting employee-selected causes and fostering financial literacy through funding, involvement and expertise. Charles Schwab Foundation is neither a part of Charles Schwab & Co., Inc. (member SIPC) nor its parent company The Charles Schwab Corporation. More information is available at

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.2 million client brokerage accounts, 1.3 million corporate retirement plan participants, 318,000 banking accounts, and $1.4 trillion in client assets as of March 31, 2008. 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; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at (0508-0668)


Charles Schwab
Michael Cianfrocca, 415-667-3252

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