LUBBOCK, Texas & SAN FRANCISCO — Texas Tech University has announced its inaugural Financial Planning Academy, a summer program for high school students interested in learning about careers in financial planning and wealth management. Supported by a grant from the Charles Schwab Foundation, the Academy will host 100 students on the Texas Tech campus from June 12 – 17, 2016, and is designed to increase financial literacy, sharpen money management skills and generate early interest among the students in careers as financial advisors.
Curriculum for the Academy, created by Texas Tech Personal Financial Planning Professors Deena Katz and Chris Browning, will provide hands-on, immersive instruction in financial literacy and professional development. Program participants will take part in a wide array of financial planning-related activities, including real world learning opportunities in areas of personal finance and wealth planning. Working in teams with a professional financial advisor and a college student advisor, students will compete to create the best financial plan and for a chance to win scholarships and other prizes.
“We are proud to collaborate with advisors and educators alike to inspire young minds and foster the next generation of talent,” said Bernie Clark, Executive Vice President and Head of Schwab Advisor Services. “It is never too soon to start raising awareness of what a career as an independent investment advisor entails. More than ever before, developing a diverse talent pipeline, with a team who can ultimately become the next generation of leadership, is crucial to firms’ success.”
“Financial planning is both an important skill and a growing professional opportunity. We wanted to host a program that conveys this message to high school students at a time when they are starting to consider college majors and make decisions that will impact their career paths,” said Katz.
The financial advisory industry has grown from $1.6 trillion to $4 trillion in assets under management over the past decade1. Identifying and developing talent is critically important as the industry continues to expand, and advisors tap into the estimated $23 trillion in affluent assets currently outside the independent advice channel2. In fact, talent is one of the top three forces driving change inside today’s registered investment advisor (RIA) firms according to Schwab’s latest Independent Advisor Outlook Study.
“The Financial Planning Academy is an important step for an industry that must continue to attract and grow a new generation of talent. Not only will it expose teens to financial concepts that will benefit them for a lifetime, it also gives independent RIAs in the industry a chance to contribute to the future of their profession,” said Browning.
The deadline to apply to the Financial Planning Academy is May 2, 2016. To download an application and to learn more about the program, click here. For ongoing updates, follow the Financial Planning Academy on Twitter at @TTUFinPlanAca.
About Texas Tech University, Department of Personal Financial Planning
The Department of Personal Financial Planning in the College of Human Sciences educates students on the need to focus financial knowledge on families and the achievement of their goals. Undergraduate and graduate degree programs in personal financial planning are registered by the CFP Board. Students graduating from a CFP Board-Registered Program are eligible to sit for the CFP® Certification Examination.
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.