Schwab donates $1.25M to universities

Citing the increased need for more financial planners and advisers, the Charles Schwab Foundation last night pledged $1.25 million in charitable contributions to Texas Tech University and the University of California at Irvine. The charitable arm of San Francisco-based Charles Schwab Corporation pledged $1 million to the division of personal financial planning at Texas Tech in Lubbock to be used for a teaching facility and to support a research scholar. The foundation’s $250,000 pledge to UC Irvine’s Center for Investment and Wealth Management at the Paul Merage School of Business will be used to award two graduate student fellowships for the next five years. Making the announcement at a panel discussion in New York on trends in the RIA industry, Charles Goldman, executive vice president of Schwab Institutional, cited a “significant” demand for qualified advisers in the industry. Schwab made the donations to the schools, he said, “so that they can educate a larger next generation of capable advisers.”