Charles Schwab gift to establish Aggie Financial Planning Clinic
New clinic to offer Texas A&M financial planning students hands-on learning and community outreach opportunities.
A gift from Schwab Advisor Services in partnership with the Charles Schwab Foundation will establish the Aggie Financial Planning Clinic within the Texas A&M College of Agriculture and Life Sciences Department of Agricultural Economics.
The new clinic will provide students in the department’s Financial Planning Program learning opportunities while expanding access to pro-bono financial services for local communities.
“This gift comes at a critical moment to meet the needs of a growing industry,” said Jeffrey W. Savell, Ph.D., vice chancellor and dean for Agriculture and Life Sciences. “Our students will not only graduate with knowledge but with the hands-on experience that sets them apart. This clinic strengthens our commitment to shape tomorrow’s financial planning professionals, guided by expertise, integrity and service. It’s an investment in our students and our community.”
“We’re so pleased to support the creation of the new Aggie Financial Planning Clinic,” said Jon Beatty, head of Schwab Advisor Services. “America faces a talent gap when it comes to financial planning as more individuals seek the guidance of financial professionals. Through this new clinic, students will have the opportunity to learn and support their community in very impactful ways while also developing critical skills and gaining valuable experience to help launch their careers.”
Hands-on training
The clinic will immerse students in a progressive training model, beginning as mentees and advancing as educators, coaches and interns under the supervision of faculty and industry mentors.
Students will learn how to deliver holistic, pro-bono financial coaching in areas such as budgeting, credit building, debt management and long-term planning, while also preparing for the Certified Financial Planner Exam.
In partnership with Bryan-College Station’s nonprofit REACH project, the clinic will extend its services to underserved community members pursuing homeownership, entrepreneurship and financial stability.
“Our department has a long track record of connecting academic expertise with real-world decision making,” said Simon Somogyi, Ph.D., department head, director of the Weston Agrifood Sales Program and Dr. Kerry Litzenberg Sales and Economics Endowed Chair. “The Aggie Financial Planning Clinic will strengthen that connection at Texas A&M by giving students applied learning opportunities while expanding financial planning resources for our community. It reflects the kind of industry partnership that advances both education and service.”
The clinic will also connect students with volunteer certified financial planners, many of them former students, who will provide pro bono financial coaching for individuals in need, said Nathan Harness, Ph.D., instructional professor and director of the Financial Planning Program.
Students will operate the clinic as though they are running a firm, with the same expectations and confidentiality a financial planning client expects, Harness added.
Building on program momentum
The department’s Financial Planning Program has quickly become one of the largest undergraduate financial planning initiatives in Texas, with more than 325 students currently enrolled across a bachelor’s degree, minor, certificate and master’s track in accounting.
That growth, Harness said, reflects both student demand and industry need.
By 2034, wealth management firms may face a shortage of nearly 100,000 financial advisers needed to meet client demand, according to a recent McKinsey and Co. study cited by the Certified Financial Planning Board.
In another study, the CFP board said more than 105,000 financial planners are expected to retire in the next decade and 1 in 4 lack a succession plan for their businesses.
“This is a direct opportunity to serve our campus and our community while putting our students in a position to engage in financial planning,” Harness said. “One of our core values is selfless service, and that is the direct outcome of this clinic. It’s not just our students’ reaching students, rather its former students partnering with current students so that selfless service is multi-generational.”
Student learning with community impact
For faculty and staff closely involved in student instruction, the clinic represents a new level of experiential learning for the Financial Planning Program.
The Aggie Financial Planning Clinic will set Texas A&M apart by creating lasting, far-reaching impact through its unique approach to financial education, said Nick Kilmer, senior lecturer in the Financial Planning Program.
While financial wellness centers are already rare and often under-resourced on college campuses, most miss a key opportunity: empowering future financial planners who will carry this knowledge into their careers, share it with clients, and influence generations of families to come, Kilmer added.
“The Aggie Financial Planning Clinic will be a force for good by being fundamentally grounded in selfless service,” he said. “This clinic won’t just help local community members and their families in the short-term, it will ultimately lead to better results for every person our students engage with professionally from here forward.”
