CHICAGO - Charles Schwab's Advisor Services group is planning to launch an internship program next year to help registered investment advisory firms develop and find new talent.
"We have a need within our advisor client base for new talent," explains Jon Beatty, a Schwab senior vice president for sales and relationship management.
"And we have these evolving educational programs that are creating technical proficiencies. But we need to bridge that. ... to help people cross into the work environment."
The company hasn't announced details for the program, including size, or where the interns will be placed, but says it is set to launch in 2013.
Industry experts lamented in Financial Planning's November cover story, "25 Great Schools," the weak career track for newly minted graduates of financial planning programs.
"Despite the strong need for planners nationally, many new graduates who emerge with planning degrees often leave the profession for higher salaried work in banking or selling insurance," Ann Marsh wrote.
Other new initiatives highlighted Wednesday morning at the San Francisco based companys annual IMPACT conference include:
- Succession Lending: Schwab says it will help provide financing for junior partners seeking equity in a firm.
- Developing Leaders: The company is developing a new executive leadership program aimed at grooming new generations for leadership at RIA firms.
- Advertising Campaign: Schwab is expanding its "RIA Stands for You" campaign, encouraging advisors to use its multimedia assets to promote their own firms at the local level.
- MarketSquare: A user rating and review site that's being added to Schwab's Intelligent Integration platform to let RIAs grade and assess technology providers.