The financial planning program in the Department of Agricultural and Consumer Economics at the University of Illinois Urbana-Champaign is growing and thriving. The program, a concentration in the ACE undergraduate major, has doubled in size over the past eight years, and now serves 175 students who are preparing for careers as financial advisors.

“It’s important to recognize that we’re proudly part of the College of Agricultural, Consumer and Environmental Sciences and not a business school, and that distinguishes our program from many others in the United States. Our students learn about economics, commodities and futures contracts, and small business planning as would be reflected on a farm or other type of ag or rural institution,” said Craig Lemoine, associate professor in ACE and director of the financial planning concentration.

“Financial planning is a high-growth area, as current financial advisors and wealth managers are retiring, and we can expect upcoming multi-trillion-dollar wealth transfers from Baby Boomers to the next generations, so there is a big demand for graduates,” he added.

Online courses and professional certificates

The financial planning program offers several online classes, including Personal Financial Planning (ACE 240), which accommodates hundreds of students across the U. of I. campus, and regularly recruits new students into the concentration.

In addition to the undergraduate major, the financial planning program also offers an agriculture-focused financial planner (AFFP) designation for working professionals such as insurance agents, bankers, brokers, or financial advisors.

“The AFFP designation is a training program we've established here at the U. of I. It includes content from some of our financial planning classes, but it's aimed more at a professional, non-traditional student,” Lemoine said.

Women, Money and Power is another popular online class aimed at a broad audience. Now in its third year, the class was created in partnership with the Charles Schwab Foundation, which provided a generous donation to build the class and create content.

The financial planning program has recently introduced two classes on the open, online platform Coursera: “Alternative Investments and Taxes: Cracking the Code,” and “Regulatory Landscape of Alternative Investments.”

Eventually, learners can build coursework to obtain the Land, Agriculture and Alternative Investing Graduate Certificate, a 12-credit-hour program that will consist of three graduate courses and six Coursera components. The program is designed for professionals seeking to enhance their expertise in diversifying investments, mitigating risk, and employing essential tax strategies.

New podcast features alternative investments

Earlier this year, Lemoine and the financial planning team launched the Land and Everything Else podcast, which features guests discussing various types of alternative investments.

The podcast explores non-stock and bond investing from baseball cards to water rights or land valuations, aiming to guide financial planners, wealth managers, and consumers. It also delves into behavioral finance, discussing why and how people make financial decisions.

The podcast is hosted by Craig Lemoine and Ailie Elmore, an instructor in ACE. The team puts out two episodes per month, and they have recorded the first, year-long season so far. Among recent guests were Jamie Hopkins, CEO of Bryn Mawr Trust Wealth Management; Randy Bruns and Alex Offerman of Model Wealth; and Steve Bruere, president of People’s Company, as well as faculty from the Department of ACE.

“We've had amazing success with our guests, and we’re in the top 5% on Apple educational podcasts. A donor has provided a gift to keep it moving, so we have enough funding to do three seasons,” Lemoine said.

“We also use segments from the podcasts in our courses so a wider audience can benefit from the information. If we are going to invest in creating really good content, we want to leverage it as much as we can when it’s appropriate for the platform,” he added.

Students are at the core of the program

Lemoine emphasized that serving U. of I. students and preparing them for the job market is at the core of everything his team does. The other endeavors build networks and connections in the industry, which also helps with recruitment efforts.

Student opportunities also include a very active financial planning club, which Lemoine advises along with ACE Instructor Donovan Sanchez, and an annual career day that features dozens of financial service firms and hundreds of students from the U. of I. and other Midwestern universities. The financial planning concentration has highly successful placement rates for graduates, especially if they are willing to look for employment outside of the Chicagoland area, Lemoine noted.

Financial Planning Career Day 2024 will be held on Friday, Oct. 11, at the I-Hotel in Champaign. Registration is free and open to students with an interest in financial services or wealth management.

The Department of ACE offers 9 concentrations in the undergraduate major. For more information, visit ace.illinois.edu. To learn more about ACES online courses and certificates, check out the online programs website.