Rowan receives $10M gift to launch financial planning school

The basics:

• Rowan University to launch New School of Financial Planning
• Backed by $10M pledge from Edelman Financial Engines
• Ric Edelman to serve as founding head of the program, classes to launch fall 2026
• Initiative aims to address projected shortage of 100,000 financial advisors

Rowan University received a $10 million pledge from Edelman Financial Engines to start a School of Financial Planning that will begin offering classes in fall 2026.

The Glassboro-based school announced the gift April 16. Headquartered in Short Hills, Edelman Financial Engines is an independent wealth management firm serving 1 million clients with $396 billion in assets under management. Ric Edeleman, whose wife, Jean, serves on Rowan’s board of trustees, founded EFE in 1986.

Ric Edelman is executive in residence at Rowan’s Roher College of Business and will serve as founding head of the new financial planning school. A longtime benefactor of the university, several institutions bear his name, including the Ric Edelman College of Communication, Humanities & Social Sciences, the Edelman Fossil Park and the Edelman Planetarium.

While he says he has stepped away from day-to-day management of his firm, he is still the largest shareholder and remains on the board.

A ‘better model for higher education‘

“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,” said Rowan University President Ali Houshmand. “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.”

The School of Financial planning will aim to create professionals who possess the technical and communication skills needed to succeed as financial planners, according to Rowan. The institution will also forge partnerships within the financial services industry, creating professional development, research, conferences and networking opportunities for students.

According to officials, full-time faculty along with adjuncts with experience in the field will provide the teaching.

“We’re going to bring people who have done it into the classroom to impart their knowledge to students,” Houshmand said during a news conference announcing the gift. He called that arrangement a “better model for higher education.”

Building a pipeline

The so-called Silver Tsunami is increasing demand for financial planning services as more and more Americans approach and reach retirement age. At the same, many financial planners are part of the same cohort. That is expected to create a shortage of about 100,000 advisors over the next decade, Rowan said.

The university added that fewer than 200 U.S. colleges offer financial planning degrees, while more than 1,500 offer business degrees.

“Financial planning is one of the most meaningful careers,” Edelman said. “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.”

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Rohrer College of Business recorded a 26% increase in enrollment over the past three years. According to Rowan, the school ranked among the Best 295 Business Schools by Princeton Review, its entrepreneurship program ranking 39th nationally.

“We are forming a first-of-its-kind East Coast financial education ecosystem,” said Roher Dean Matthew Sarkees. “The significance of starting this 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 – personal and professional – to encourage and help people improve their lives.

“They both bring great enthusiasm to this new endeavor, and we’re honored by their commitment, and that of their professional colleagues, that sets our new school apart nationally.”

Rowan has embarked on a $690 million West Campus expansion project that Houshmand said will create 5,000 jobs in the region. The school is also creating a network of public-private partnerships and innovation hubs as it positions itself as a catalyst for economic growth, workforce development and regional transformation across South Jersey.

“We want to build a university that fits today’s economy,” Houshmand recently told NJBIZ. “That’s the message that I go around and tell people. We need more partners. I need to work with more people in order to make this the kind of institution that I think it should be.”