Schwab Advisor Services has announced the recipients of its new scholarship programme helping underrepresented talent build careers in the financial planning industry.

Their first annual RIA Talent Advantage Student Scholarship programme has awarded half the scholarships to students from underrepresented groups, where 12 students will be given a $10,000 scholarship each to support their future career in financial planning.

The programme was introduced in partnership with the Charles Schwab Foundation to help remove financial barriers, advocate for diversity, and open doors for future talent within the independent registered investment advisor (RIA) industry.

The programme is open to undergraduate students seeking a major or minor in financial planning and a future career in the RIA sector.

The news of the scholarship follows growing concerns about the lack of diversity in the financial planning world, where white males continue to dominate the sector.

Earlier this year, the Financial Planning Association (FPA) launched an initiative to create safe spaces and better support for its Asian, Asian-American and Pacific Islander financial planner community following a rise in anti-Asian-American discrimination in the US.

With the financial advisor industry being overwhelmingly male, it’s of note that more female financial advisors could give clients access to unique insights and life experiences when making financial decisions.

To find out more about the scholarship programme, please click here.