How do you get more college students interested in a career in financial planning? You start early, according to a new program announced Friday by Texas Teach University and funded by Charles Schwab.
The Financial Planning Academy is a one-week summer program for high school students intended to nurture interest in financial planning. It starts this summer with 100 students on the Texas Tech University campus in Lubbock, Texas.
"It is never too soon to start raising awareness of what a career as an independent investment advisor entails," said Bernie Clark, executive vice president and head of Schwab Advisor Services, in a statement announcing the academy.
The Charles Schwab Foundation is supporting the program with a grant and previously funded the university's Charles Schwab Personal Financial Planning Technology Complex.
The academy is focused on reaching high school students before they attend college and choose a major because even at Texas Tech, "most students" in the financial planning program didn't learn about it or the profession until after they arrived at college, says Deena Katz, associate professor of personal financial planning at Texas Tech.
The Financial Academy Program runs from June 12 to June 17 and is currently accepting applications from students. Teachers are financial advisors and doctoral students in financial planning. The cost is $150, and students have to arrange their own transportation to Lubbock, Texas.
"We're looking for student sophomores through seniors who are interested in learning more about financial planning and coming together with other students … to increase their financial knowledge and know-how and give them team building and leadership skills," Katz tells ThinkAdvisor.
