A gap between studying to be an adviser and being one

'Based on supply and demand, the Kansas States, Virginia Techs and Texas Techs will become the prestigious financial planning schools,' Mr. Bratz said. 'Those schools will deliver the next generation of talent to the industry, and they will become the standard.'

Written by: Jessica Behnham

By and large, few would disagree that there is a disconnect between academia and real-world financial planning.

"We as academics don't communicate often enough with practitioners, and we need better communication in order to find future opportunities for our students," said L. Ann Coulson, principal of an eponymous fee-only financial planning firm in Emporia, Kan., and a professor at Kansas State University in Manhattan. "I think there needs to be better communications between professors, advisers and between students."

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