Why is Regent’s Financial Planning Program in the Law School?

by Paul Allen, Associate Director of  M.A. in Financial Planning & Law

Does a financial planning program really belong in a law school? I wondered about that when I first joined the Regent University team. Financial planning is primarily about finance and money. Those topics are typically taught in business school. Why, then, would Regent put the Financial Planning Master's Degree program in the School of Law?  Turns out there are some good reasons for it!

Let me state upfront that Regent University would not have a financial planning program that meets the CFP Board’s standards at Regent Law without assistance from the School of Business and Leadership (SBL). The faculty and administration at the SBL consistently exceed the CFP Board’s learning requirements. The program may be housed in the law school, but it is truly a team effort.

Here are five advantages of earning your master's degree and becoming a CFP® through the School of Law at Regent University: 

1. Providing financial advice is a regulated activity. Investment advisors are regulated by the various states or the Securities and Exchange Commission (SEC), depending on the size of the firm. Dually registered advisors may also be regulated by FINRA or the state insurance commissioner. The states, the SEC, FINRA, insurance commissioners, and the CFP Board all have testing requirements to ensure knowledge, understanding, and compliance with the applicable regulations. Teaching about regulations is a core competency of the law school. 

 

2. Comprehensive financial planning integrates estate planning. At the heart of every estate plan lies a will, a durable power of attorney, a healthcare directive, and medical power of attorney. Trusts and foundations are also common. Even non-attorney financial planners must be knowledgeable about these various legal instruments to advise clients about the necessity to involve an estate planning attorney in the financial planning process. Teaching estate planning is another core competency of the law school. 

 

3. Comprehensive financial planning involves tax planning. While there are numbers and math involved in tax planning, tax law is created and revised by acts of Congress, Internal Revenue Service regulations, and case law. The formation and taxation of various business entities is also a key knowledge topic for both financial planners and law practitioners. It is well within the law school’s compass to teach tax law. 

 

4. A different perspective. Having the program in the law school provides a different perspective on financial planning than what is found in ‘typical’ financial planning programs. Business generally lends itself to distinct ‘black or white’ choices.  Compared to the law there are fewer shades of grey. The law tends to be more nuanced, with the ‘right’ answer often being situationally dependent. Financial planning is similar in this regard. The right solution for one client may be unsuitable for another. Exposure to a non-businesslike perspective on financial planning provides a refreshing perspective to many candidates. 

 

5. Lawyers have the Accelerated Path option to pursue the CFP® designation. Certain professionals, including lawyers, have the option to bypass the bulk of the CFP Board’s education requirements. They can sit for the CFP® exam after completing the Capstone Course in Financial Planning (MLAW 545). By having the financial planning program in the law school, we make the Accelerated Path more readily available to the greatest number of Regent graduates who would qualify to pursue it. 

 

One of the first questions I asked myself when I considered becoming part of the Regent team was ‘why is the financial planning program part of the law school?’ Now I ask why more colleges and universities have not thought about doing it this way. It is another example of how Regent University is blazing a path for others to follow.