New Financial Planning Lab will give students access to the tools of the trade

The third floor of McClelland Park will soon be home to a new multiuse laboratory space equipped with a host of industry-standard financial planning technology, thanks to a generous gift from Schwab Advisor Services and the Charles Schwab Foundation. Beginning in September 2025, financial planning students will have access to the University of Arizona Financial Planning Lab, where they'll get practical experience with the same software that professionals use to advise clients on everything from setting up college funds, to saving for retirement, to tax and estate planning.

"We're honored to be a part of this work and to help provide U of A the space for outstanding learning opportunities for students and graduate them into the talent pipeline," said Jon Beatty, Head of Schwab Advisor Services. "They have remained steadfast in their commitment to educating students on financial services and the possibilities of this career path, service to community, and sending out highly skilled professionals to a rapidly growing industry."

The five-year gift includes support for developing a lab space designed for direct instruction on the use and application of a wide range of state-of-the-art financial planning technologies. The Financial Planning Lab will also serve as a venue for professional mentorship and networking opportunities, and eventually for a planned peer-to-peer advising program.

“We’re envisioning it as a lab providing students with applied and experiential learning opportunities, as well as a dedicated area where they can engage with industry partners,” said Andrew Waldum, an associate professor of practice in the Norton School of Human Ecology and chair of the Personal and Family Financial Planning program. “Our students will be able to utilize and analyze the technology, and they’ll understand how professionals actually engage with it in the industry, all of which will serve them well as they begin their careers.” 

Designed for learning and collaboration

The Financial Planning Lab will be equipped with software that’s been carefully selected based on recommendations from working professionals.

“We engaged with practitioners at the Financial Planning Associations of Phoenix and Southern Arizona to learn what software they find most useful,” explained Thomas Korankye, assistant professor in the Norton School of Human Ecology. “We also used technology reports that analyze the top software programs used by financial planning professionals, so we know which programs students are most likely to encounter when they graduate into the workforce.”

The lab’s construction will take place over the summer. When it opens to students in the fall 2025 semester, the space will be equipped with built-in computers running industry standard software, as well as interactive touchscreens enabling students and faculty to collaborate in real time.

“It’s more than a traditional computer lab,” said Robert Lanza, the Norton School of Human Ecology’s principal information technology support analyst, who will oversee construction and installation. “It’s designed to involve students in a more collaborative, interactive way than just sitting behind a laptop screen.”

Kimberly Walsh, an associate professor of practice in the Norton School of Human Ecology, emphasized the important role of developing interpersonal skills for future financial planning professionals.

“This business is all about relationship management,” she said. “A financial planning firm is always a team environment, where they’ll have to figure out how to collaborate with professional and support staff to give their clients the best advice possible. The lab will allow our students to marry both worlds – building software expertise while strengthening the ability to work in teams – essential skills for future financial planners.”

Peer-to-peer support

Eventually, the financial planning faculty hopes the lab will give their students the opportunity to apply what they’ve learned for the benefit of their fellow Wildcats through peer-to-peer advising.

“It can be intimidating for a young person to enter an industry like financial planning, where they’re positioned as experts giving advice,” Waldum explained. “Peer-to-peer advising is a way to help bridge that. They get a hands-on opportunity to hear people’s questions and concerns around different financial matters and provide advice, while also having a professional oversee their work.”

Laura Scaramella, the director of the Norton School of Human Ecology, believes the program will be mutually beneficial for both the student advisors and their clients.

“It’s exciting to think about students supporting other students,” she said. “It’ll be much easier for students to ask their peers, people who look like them and are facing the same challenges.”