February 23, 2009
Bernie Clark, senior vice president of Schwab Institutional Sales and Relationship Management along with Deena Katz, associate professor of personal financial planning, help dedicate the new facility. Photo by Artie Limmer.
The College of Human Sciences has opened the new Charles Schwab Personal Financial Planning Technology Complex, which contains the largest collection of professional software in any collegiate financial planning program in the United States. The facility houses a technology classroom, technology work lab and resource workspace that will be used by more than 300 undergraduate and graduate students in the university’s Division of Personal Financial Planning.
In October 2007, Charles Schwab Foundation made a $1 million pledge to the division to build the Charles Schwab Personal Financial Planning Technology Complex and fund a research scholar who will conduct original research which will initially result in a Financial Planning Job Analysis Study to be released later this year. The pledge was part of a program of activities celebrating Schwab’s twentieth anniversary serving the independent investment advisory industry. Charles Schwab is a leading provider of custodial, operational and trading support for more than 5,500 independent investment advisory firms.
The new Schwab facility will help expand Texas Tech’s advanced technology course by giving students hands-on financial planning experience, including client portfolio management, reporting and customer relationship management. Students also will learn how to use PortfolioCenter, Schwab’s data management software which the company donated to the facility.
The new complex also supports Texas Tech’s existing Student Managed Portfolio program, which allows students to get real-world money-management experience, as well the “Red to Black” program where students provide free financial counseling and planning services to the Texas Tech community.
“Texas Tech has long been an advocate for the independent investment advisory model, and the new Schwab facility is our way of expressing commitment to the future of the industry,” said Bernie Clark, senior vice president of sales in Charles Schwab’s Advisor Services division.
The dedication of the Charles Schwab Personal Financial Planning Technology Complex was part of Texas Tech Opportunity Days, a three-day event held February 18-20, designed to provide employers, such as investment advisory firms, banks and insurance firms, with the chance to interview students in the university’s Division of Personal Financial Planning for both internship and full-time positions.
“Schwab has given us the opportunity to focus on experiential learning at the university level so that graduates of the program are ready to work from day one,” said Deena Katz, associate professor and initiative coordinator. “This can only be a gigantic boost for advisors who need good, skilled people now.”
The division educates students on the need to focus financial knowledge on families and the achievement of their goals.
The New Schwab Technology Complex is part of a $1 million grant to the Personal Financial Planning Division and contains the largest collection of professional software in any collegiate financial planning program in the U.S.