Schwab invests in next generation of investment advisor talent

Firm announces its next round of scholarships for those aiming to become RIAs.

Twelve next-generation investment advisors are heading to college on a scholarship thanks to one of the industry’s largest firms.

They are recipients of the 2023 Registered Investment Advisor Talent Advantage Student Scholarship from Schwab Advisor Services and Charles Schwab Foundation and will each receive $10,000 and mentorship.

They were chosen from over 470 applications nationwide, and 62% are from unrepresented populations, up 25% from last year.

“We are proud to continue the tradition of supporting university students in more ways than one,” Sherri Trombley, director of business consulting and education for Schwab Advisor Services, said in a statement. “By reducing financial barriers and providing students with hands-on mentorship, we are fueling the future of the industry and increasing opportunities for students of underrepresented backgrounds.”

Last year, 37% of firms of all sizes hired from colleges and universities, according to Schwab’s research.

“The increased level of interest and commitment from RIA firms to work with talent new to the workforce showcases why the RIATA scholarship is increasingly important. It is another reason why we are dedicated to helping provide students with the right tools for establishing a career,” Trombley said.

Ria Karcherla, one of the scholarship recipients and a senior at the University of Illinois Urbana-Champaign, says it validates her passion for making a positive impact on people’s finances.

“As a member of underrepresented groups, I aim to be a role model, promoting diversity and inclusion in the RIA industry,” Karcherla said. “This scholarship sets an example for future talent, showing that opportunities within the RIA industry are available for everyone. I am committed to contributing to a more inclusive RIA industry, where diverse perspectives drive innovation and better serve clients.”