High schoolers to test whether they're smarter than a financial adviser

100 teens to give financial planning a shot this summer in new Schwab, Texas Tech program, which aims to introduce students to the profession earlier.
MAY 03, 2016
About 100 high school students will learn firsthand what life as an adviser is like this summer through an industry program aimed at showing them that financial planning is very different than what they see in movies like "The Wolf of Wall Street." Funded mostly through a Charles Schwab Foundation grant, for one week in June these students will live at Texas Tech University in Lubbock and spend 12 hours a day engaged in financial planning activities, such as competing to build the best financial plan, and team-building exercises. “For 10 years we've been working with Texas Tech to try and introduce the profession to finance majors and making sure students understand planning is a viable career opportunity,” said Bernie Clark, head of Schwab Advisor Services. “But we need to get them interested earlier so they can pick colleges that make sense for their choices.” (Related read: Why it's time to make way for the next generation) The program is open to sophomores, juniors and seniors from around the U.S., and is one of many efforts financial services firms are making to try to guide more students into the planning field. Some analysts say the nation will face a shortage of financial advisers in coming years as more planners exit the profession than enter it. Deena Katz, a Texas Tech personal financial planning professor, said they are asking high schools and financial advisers to encourage students to apply to the program in its first year. Future years will involve advisers working regularly in high schools and nominating the best applicants, she said. An application for the Financial Planning Academy can be found on the Texas Tech website.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.