A $10 million gift to Rowan University is set to reshape the institution’s financial education by launching a new school aimed at addressing a growing national shortage.
Rowan University announced April 16 that Edelman Financial Engines has committed $10 million to establish a School of Financial Planning within the William G. Rohrer College of Business. The program is designed to address what officials describe as a widening gap in the financial services workforce.
The university leaders say the investment will not just expand on academic offerings but also create a direct pipeline of trained professionals to meet the rising demand for financial advisors.
The school seeks to offer a range of programs, including undergraduate majors and minors, graduate degrees, certificates, and executive education, to prepare students for the Certified Financial Planner (CFP) designation.
Rowan University’s President Ali A. Houshmand said the initiative reflects the university’s broader mission to serve both students and communities.
“Financial education is a logical and important part of our public service mission to equip them to contribute to their communities and professions,” said Houshmand.
He added that the partnership will allow Rowan to build a “world-class program” more efficiently by leveraging industry expertise and resources. The need for such a program is underscored by industry trends. Ric Edelman, who will serve as the school’s founding head, pointed to a rapidly aging workforce.
“There are more certified financial planners over 70 than under age 30,” said Edelman. “38 percent of financial advisors will retire within the next decade.”
He also cited projections that the U.S could face a shortage of 100,000 financial advisers in the near future, a cap that could limit access to financial guidance for millions of families.
Despite that demand, fewer than 200 colleges nationwide offer financial planning degrees, compared to nearly 1,500 business programs, according to the university. Edelman said the new school aims to help close that gap while elevating the profession.
“Financial planning is one of the most meaningful careers,” said Edelman. “Through the new Rowan University School of Financial Planning, we intend to produce the industry’s largest pipeline of CFP-ready professionals.”
The program will also focus on hands-on training and industry partnerships, which will provide students with access to networking opportunities, as well as research initiatives and professional development experiences. They’re tied directly to the financial services sector.
Ralph Haberli, chief executive officer and President of Edelman Financial Engines, emphasized the broader impact of the investment, mentioning how everything starts with investing in those who are responsible for delivering high-quality financial advice.
“We have championed greater access to financial education, literacy, and guidance for four decades,” said Haberli. “We 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.”
Officials at Rowan University say the school is expected to begin offering classes as early as this upcoming fall, aiming to position the university as a potential leader in financial planning education.
“We are forming a first-of-its-kind East Coast financial education ecosystem,” said Matthew Sarkees, dean of the Rohrer College of Business. “The significance of starting the school with Ric and Jean Edelman as expert, passionate advocates for financial education can’t be overstated. For decades, the Edelmans have shared their experience, both personal and professional, to encourage and help people improve their lives.”
The announcement comes amid continued growth at Rowan, particularly within the Rohrer College of Business, which has seen a 26% increase in enrollment in recent years and holds prestigious accreditations held by fewer than one percent of business schools worldwide.
As Rowan University expands its academic portfolio, the new School of Financial Planning is set to align education with workforce demands while preparing its students for financially stable careers.
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