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Schwab Advisor Services Surpasses $10 Million in Grants to Support and Develop the Next Generation of RIA Talent

11/10/2020

New scholarship program aims to open doors for new and diverse talent to enter the independent investment advisory profession

SAN FRANCISCO--(BUSINESS WIRE)-- Schwab Advisor Services™, in partnership with the Charles Schwab Foundation, today unveiled the RIA Talent Advantage Scholarship Program to remove barriers and open doors for the next generation of talent to engage in and pursue a career in the independent investment advisory profession. This program expands on Schwab’s longstanding University Grant Program, another partnership with Charles Schwab Foundation that, on behalf of advisors, aims to raise awareness of the RIA profession and establish a pipeline of top talent for firms to hire. Since launching the program, Schwab has now surpassed $10 million in grants to financial planning programs at universities across the country.

“For young people, a career in the independent advisory profession offers so much opportunity for growth and success,” said Bernie Clark, executive vice president and head of Schwab Advisor Services. “It is essential that we attract a new generation of advisors to help carry the industry forward and meet the needs of increasingly diverse investors. We at Schwab, as well as our new colleagues from TD Ameritrade, have long championed this goal, and we are excited to come together to continue raising awareness of the RIA profession and actively supporting the development of next generation advisor talent.”

The RIA Talent Advantage Scholarship Program comprises two scholarships:

  • Student Scholarship: Twelve students will be selected annually to each receive $5,000. Half of the scholarships will be reserved for underrepresented groups. The winners will also be invited to attend Schwab IMPACT®, the largest and longest-running annual gathering of independent advisors in the nation.
  • IMPACT Scholarship: Each year, 80 students will have the associated expenses covered so they can travel to attend Schwab IMPACT as part of an extended learning experience.

For years, Schwab has worked to raise awareness of the RIA profession by bringing the conversation to college campuses. Grants funded by Advisor Services, in partnership with Charles Schwab Foundation, have enabled universities to build or renovate state-of-the-art facilities and establish or develop financial planning curricula. Schwab’s University Grant Program has also provided opportunities for local independent investment advisors to engage with students through guest speaking opportunities and career networking.

“Through our annual RIA Benchmarking Study and consulting work with firms, we know that people are a firm’s most important asset, and building a talent pipeline is a critical component of a firm’s long-term success. Working closely with universities and students allows us to not only raise awareness of the RIA profession as a compelling career choice, but also to make connections among RIA firm leaders and the students who could be their next hires,” said Lisa Salvi, vice president, Business Consulting & Education, Schwab Advisor Services. “As investor demographics shift, it is increasingly important for firm leaders to develop diverse teams in terms of gender, generation, and race.”

In addition to the Scholarship Program and University Grant Program, Schwab Advisor Services also offers an eight-week rotational RIA Summer Internship Program to prepare undergraduate students for employment at independent investment advisory firms.

STUDENTS AT IMPACT 2020

More than 120 students from 25 different universities, including historically Black colleges and universities (HBCUs) and Hispanic-serving institutions (HSIs), participated in the virtual Schwab IMPACT conference, which concludes this week. In the past thirteen years, Schwab has hosted close to 1,000 undergraduate students at the conference as part of its commitment to helping independent advisors attract and develop top emerging talent.

In addition to joining keynotes and education sessions, students at IMPACT have opportunities to network with peers and advisors. Highlights of this year’s IMPACT student program include:

  • Virtual Mentoring: Close to 100 advisors volunteered their time to host 1:1 virtual mentoring sessions with students.
  • Virtual Career Fair: Students met with representatives from independent investment advisory firms to learn about the industry and to discuss potential internship and job opportunities.
  • Young Advisor Panel: In a candid session, advisors who have worked in the profession for fewer than five years will share their experiences at independent investment advisory firms, offer career advice, and answer students’ questions. The discussion is designed to allow students to speak openly with their peers and envision what their careers could look like in a few years’ time.

“We were able to host a record number of students during this year’s virtual IMPACT conference. We are inspired by their enthusiasm and pleased that they were able to make connections and learn about this great profession despite the unique circumstances of this academic year,” said Salvi. “It is so important for students to have the opportunity to hear directly from advisors about the unique benefits of the independent model, and we encourage advisors to work with local schools and organizations to continue to share their stories.”

About Charles Schwab

At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

More information is available at www.aboutschwab.com. Follow us on Twitter, Facebook, YouTube and LinkedIn.

About Charles Schwab Foundation

Charles Schwab Foundation is a private, nonprofit organization funded by The Charles Schwab Corporation. Its mission is to create positive change through financial education, philanthropy, and volunteerism. More information is available at www.aboutschwab.com/community. The Charles Schwab Foundation is classified by the IRS as a charity under section 501(c)(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab & Co., Inc. nor its parent company, The Charles Schwab Corporation.

Disclosures

Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) 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, 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 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, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.

Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab.

Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. For informational purposes only.

TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc., members FINRA/SIPC, are separate but affiliated companies and subsidiaries of TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation is a wholly owned subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

©2020 Charles Schwab & Co., Inc. (“Schwab”) All rights reserved. Member SIPC.

(1120-0288)

Meredith Richard
Schwab Corporate Public Relations
646-343-7419
meredith.richard@schwab.com

Travis Fishstein
The Neibart Group
631-745-3559
tfishstein@neibartgroup.com

Source: The Charles Schwab Corporation

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