Rowan University receives $10M gift to establish school for financial planning

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Rowan University in Glassboro, New Jersey, has received what university officials said may be the largest financial gift of its kind in the nation. The $10 million commitment by Edelman Financial Engines will be used to establish the School of Financial Planning within the William G. Rohrer College of Business, as part of the accredited business education program.

University officials said the new school will be designed to address the nation’s increasing shortage of qualified financial planning professionals, preparing students to attain the Certified Financial Planner professional designation.

The school is developing curricula that will offer students bachelor’s degrees with majors and minors, master’s degrees, and certificate and executive education programs.

Rowan University President Ali Houshmand said this financial gift will allow the university to quickly develop a world-class financial planning program.

“The need of the country is massive in this area,” he said. “Over the next 10 years there will be a shortage of financial planners because the country is aging.”

“Financial education is a logical and important part of our public service mission as a state research institution — to educate people and equip them to contribute to their communities and professions,” he said.

Ric Edelman, a graduate of Rowan University and a trustee, will be the founding head of the new school. He said he’s been focusing throughout his career in financial services on helping ordinary people.

He said that the wealthy have access to financial advisors, lawyers, accountants and investment managers who help them make money.

“But the vast majority of Americans aren’t wealthy and they’re struggling to achieve financial security, and there aren’t as many outlets available to them,” he said.

He said that when his firm was founded in 1986, it focused on serving those with limited means who wanted to achieve financial independence, and that remains their focus today.

Edelman noted that today’s college students face a major challenge in their career development aspirations.

He said that tens of millions of American families need effective financial advice, and that many students are looking at career paths that offer a good living and a positive impact on society.

“Financial planning not only offers one of the best career opportunities in America, because jobs are abundant and will remain so, and it’s one of the most AI-resistant occupations because it’s such a human connection activity,” Edelman said. “We care very much about the development and growth of the university and the opportunities that it is supporting, particularly in the South Jersey region where there aren’t as many academic opportunities as elsewhere.”

Matthew Sarkee, dean of the William G. Rohrer College of Business, said the university can aspire to be a national leader for financial planners and financial education.

“We’re very excited about this unique opportunity,” he said.

The new school will begin to offer classes next fall.