Schwab Expands Program For Next Generation of RIAs

Schwab Advisor Services aims to develop, enrich and diversity the next generation of independent financial advisors through their RIA Talent Advantage Scholarship Program. Recently, Schwab announced that the expanded initiative had surpassed $10 million in university grants for financial planning-based programs.

At this year’s first ever virtual IMPACT, Schwab welcomed more than 120 students from 25 different universities. These students were able to have one-on-one time with practicing advisors, participate in virtual career fairs, and ask a panel of young advisors open-ended questions about their career path and what their futures may look like at an RIA.

This tradition of welcoming students to IMPACT each year is part of Schwab’s commitment to helping advisors reach and connect with the next generation of talent, while also helping students reach their potential and make the most of their education outside of the classroom.

In the past thirteen years, Schwab has hosted nearly 1,000 undergraduate students, many of whom now attend the industry conference as advisors. For quite some time, the financial services industry has been under fire for its lack of diversity and barriers to entry.

“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,” Bernard Clark, head of Schwab Advisor Services said in the November 10th announcement.

Schwab’s RIA Talent Advantage Scholarship Program comprises of a number of student scholarships and IMPACT scholarships. Half of the student scholarships with be reserved for underrepresented groups.

To learn more, head here.