Grants Help Mark Schwab's 20th Year Serving Independent RIAs
SAN FRANCISCO, Oct. 3 /PRNewswire-FirstCall/ -- Charles Schwab
Foundation has pledged $1.25 million in charitable contributions to Texas
Tech University and the University of California at Irvine to support and
promote financial planning education for the next generation of
professionals.
Since 1987, Schwab Institutional division has provided services to help
independent Registered Investment Advisors (RIAs) grow their businesses and
help their clients achieve their financial goals. Today Schwab
Institutional is a leading provider of custodial, operational and trading
support for more than 5,000 independent RIAs.
A $1 million pledge to the Division of Personal Financial Planning at
Texas Tech University in Lubbock, Texas, will be used to build a modern
teaching facility and support a PhD student or post-doctoral researcher.
The teaching "lab", combined with the largest collection of professional
software in any financial planning program in the United States, is
expected to establish a new standard for entry-level professionals
graduating from higher education financial planning programs. The research
scholar will become involved in financial planning industry projects on
such diverse topics as retirement planning, behavioral finance and
financial planning for health care issues.
At UC Irvine, a $250,000 pledge will be used by the Center for
Investment and Wealth Management at the Paul Merage School of Business to
award two graduate student fellowships each year for the next five years
beginning with the 2007-2008 academic year.
According to Charles Goldman, executive vice president of Schwab
Institutional, "Independent advisors' practices are growing so rapidly that
there is a significant, increased demand for qualified people. We are
investing back into the industry by making donations to these fine schools
so that they can educate a larger next generation of capable advisors."
Goldman noted that at the end of 2006, nearly 16,500 independent RIAs
managed $2.1 trillion of U.S. wealth. Between 2001 and 2006, RIA assets
grew by 66% and the number of RIA firms grew by 33%.
Neither Texas Tech University nor University of California at Irvine
are affiliated with The Charles Schwab Corporation.
On October 28-31, Schwab Institutional will host IMPACT(R) 2007, the
largest annual event in the country for independent investment advisors.
The event will be held at the Mandalay Bay Convention Center in Las Vegas,
Nevada. More information on IMPACT 2007 is available at
http://www.impact.schwab.com.
About Schwab Institutional
Schwab Institutional is a leading provider of custodial, operational
and trading support for independent 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 June 30, 2007, client assets custodied
with Schwab Institutional stood at $556 billion. These assets, managed by
the approximately 5,000 independent advisor firms Schwab Institutional
currently serves, represent approximately one-third of total client assets
custodied with The Charles Schwab Corporation. Brokerage products offered
by Schwab Institutional are not FDIC insured, are not guaranteed deposits,
and are subject to investment risk, including the possible loss of
principle invested. Schwab Institutional is a division of Charles Schwab &
Co., Inc.
About Charles Schwab Foundation
Funded by The Charles Schwab Corporation, Charles Schwab Foundation is
committed to giving back to the community by supporting employee-selected
causes and fostering financial literacy through funding, involvement and
expertise.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of
financial services, with more than 300 offices and 6.9 million client
brokerage accounts, 1.2 million corporate retirement plan participants,
200,000 banking accounts, and $1.4 trillion in client assets. 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, http://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;
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, N.A. (member FDIC) provides banking and mortgage services and
products. CyberTrader(R), Inc. (member SIPC, http://www.sipc.org) is an
electronic trading technology and brokerage firm providing services to
highly active, online traders. More information is available at
http://www.schwab.com. (1007- 1435)
SOURCE Charles Schwab
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Related links:
http://www.schwab.com/
CONTACT:
Alison Wertheim of Charles Schwab,
+1-415-636-5812, alison.wertheim@schwab.com
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