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Technology > Marketing Technology

Schwab Center Opens at Texas Tech

By Kara P. Stapleton

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As part of a program of activities celebrating Charles Schwab’s twentieth anniversary serving the independent investment advisory industry, the Charles Schwab Foundation made a $1 million pledge to the Division of Personal Financial Planning at Texas Tech University in October 2007.

About a year and a half later, Texas Tech University’s College of Human Sciences has opened the new Charles Schwab Personal Financial Planning Technology Complex on the Lubbock campus, which contains the largest collection of professional software in any collegiate financial planning program in the U. S., according to Schwab. 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.

“Through its Division of Personal Financial Planning, Texas Tech has long been an advocate for the independent investment advisory model, and the new Schwab facility at Texas Tech is our way of expressing commitment to the future of the industry,” said Bernie Clark, senior VP of sales in Charles Schwab’s Advisor Services division, in announcing the facility’s official opening.

The new Schwab facility will give Texas Tech students hands-on experience with a variety of financial planning technology, including portfolio management, reporting, and customer relationship management software. To further support Texas Tech, Schwab has also made a donation of its PortfolioCenter portfolio data management software–which is being used in the university’s Advanced Technology course–to the facility.

Texas Tech’s existing Student Managed Portfolio program, as well as its “Red to Black” program where students in the financial planning program provide free financial counseling and planning services to both students and families in the university community, will be supported by the new facility as well.

“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, Texas Tech University associate professor and coordinator of this initiative, in response to the new facility opening. “This can only be a gigantic boost for advisors who need good, skilled people now.”

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