Schwab Foundation Expands Scholarships, Marks $25M in Total Grant Funding

News November 20, 2024 at 03:33 PM
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Schwab Advisor Services and the Charles Schwab Foundation have announced enhancements to their Registered Investment Advisor Talent Advantage Student Scholarship program, increasing the number of students from 13 to 15 and the amount received from $10,000 to $15,000.

The enhancements, meant to recognize the scholarship program’s fifth anniversary, come as the Charles Schwab Foundation expects to see the separate Schwab University Grant Program reach $25 million in total funding for 2025. To date, grants have been awarded to 35 colleges and universities across 28 states.

“We are focused not only on investing in individual students, but also in the educational systems, the communities that nurture them and the industry that will one day benefit from their contributions,” Jon Beatty, head of Schwab Advisor Services, said in a statement. “Our continued commitment reflects our firm belief that the future of financial services lies in the hands of the next generation of talent.”

The announcement cites Schwab Advisor Services’ latest RIA Benchmarking Study, which shows that the industry will need to hire an estimated 70,000 professionals over the next five years to keep pace with growth and best serve clients. To support this need, firms have become more focused on new avenues to source talent, including by recruiting from colleges and universities.

Lisa Salvi, head of business, consulting and education for Schwab Advisor Services, added that investing in the next generation of talent is not only a priority for the business — it is essential to the future of the RIA industry.

“We believe that creating accessible pathways towards a career in the financial planning profession will help meet the critical demand for talent and fuel the industry to serve the growing base of investors seeking to realize their financial goals,” Salvi said.

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