Edelman Financial Engines, an RIA and managed accounts provider with over $308 billion in client assets, made a $10 million commitment to establish the School of Financial Planning at Rowan University in Glassboro, N.J. The school will aim to address the shortage of financial planning professionals in the United States.
“Expanding access to high-quality financial advice starts with investing in the people who deliver it,” Ralph Haberli, CEO and president of Edelman Financial Engines, said in a statement. “We have championed greater access to financial education, literacy and guidance for four decades, and are committed to further advancing this mission by building a strong and diverse pipeline of talent prepared to guide investors at every stage of their financial journey.”
The School of Financial Planning will offer undergraduate and graduate curricula to prepare students for the Certified Financial Planner designation. It will offer bachelor’s degree majors and minors, master’s degrees, certificate programs and executive education programs. The school also plans to create partnerships within the financial services industry, focusing on providing professional development, research, conference attendance and networking opportunities for its students. Edelman Financial founder Ric Edelman, who is already a distinguished lecturer and business executive-in-residence at the William G. Rohrer College of Business at Rowan University, will serve as the founding head of the school. He will work with the Rohrer College leadership and faculty to develop the curricula and teach in the program.
The School of Financial Planning plans to offer its first classes in the fall of 2026.
Currently, fewer than 200 U.S. colleges offer degrees in financial planning, even as the industry is projected to face a shortage of 100,000 financial advisors within the next decade, according to research by McKinsey & Co. A survey by J.D. Power administered last year found that over a quarter of working financial advisors are 65 years of age and older.
“Financial planning is one of the most meaningful careers,” said Ric Edelman in a statement. “And yet, too few college students are entering the field. Through the new Rowan University School of Financial Planning, we intend to set the benchmark for higher education and produce the industry’s largest pipeline of CFP-ready professionals prepared to help families across the country.”
According to a statement from Ali Houshmand, president of Rowan University, “Having Edelman Financial Engines as our lead partner and Ric Edelman heading the school allows us to develop a world-class program, enabling us to start delivering education far more quickly and efficiently than otherwise possible, thanks to their decades of experience and depth of expertise.”
