Texas Tech University's College of Human Sciences has opened the new Charles Schwab Personal Financial Planning Technology Complex in Lubbock, Texas. The new center contains the largest collection of professional software in any collegiate financial planning program in the United States, the company says.
The facility, dedicated this week, 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 of Personal Financial Planning at Texas Tech. The pledge was used to build the new complex and fund a scholar who will conduct original research, which will initially result in a financial planning job analysis study to be released later this year.
The new Schwab facility will help Texas Tech expand its Advanced Technology course for financial planning students by offering them more experience in client portfolio management, reporting and customer relationship management. As part of the course, students learn how to use PortfolioCenter, Schwab's portfolio data management software. Schwab donated the software to the school.
The new complex also will support Texas Tech's existing Student Managed Portfolio program, which allows students to manage actual dollars and get real-world money-management experience. Students in the program also provide free financial counseling and planning services to both students and families in the community.
"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. "This can only be a gigantic boost for advisors who need good, skilled people now."