<p><span class="p-body">Colin Slabach came to NYU's School of Professional Studies during a robust career in finance, hoping to share his years of experience with the next generation of trailblazing professionals. Hailing from Central Illinois, Slabach's academic life began with an associate degree from Lake Land College. He then pursued his undergraduate degree at Eastern Illinois University before earning a Master's degree, a graduate certificate in charitable giving, and a PhD in Personal Financial Planning from Texas Tech University.</span></p> <p><span class="p-body">Driven by a strong desire to build a financial planning program, Slabach seized the opportunity at NYU SPS and hasn't looked back since. &quot;When the opportunity arose to set one up at NYU SPS I applied, and the rest is history,&quot; he shared.</span></p>

<p><span class="p-body">Slabach's initial career plan did not include teaching—his goal was to conduct research full-time. However, his time as a graduate student at Texas Tech University introduced him to the joys and challenges of teaching. &quot;I was given the opportunity to be a teaching assistant and then an instructor. This experience revealed how challenging and rewarding it is to present information in an engaging and effective manner,&quot; Slabach recalled. This revelation shifted his focus to curriculum development and teaching.</span></p> <p><span class="p-body">What keeps Slabach motivated in his teaching career is the lasting impact on his students. &quot;The true reward comes when a former student reaches out years after graduation to express how much your teaching impacted their lives,&quot; he said. This long-term influence makes teaching a fulfilling endeavor for him.</span></p>

<p><span class="p-body">Students in the MS in Financial Planning program at NYU SPS experience what Dr. Slabach refers to as &quot;the dip.&quot; Initially, there is excitement about being accepted into a prestigious university and moving to New York. However, as the weather turns cold and classes become more challenging, students face difficulties. &quot;It is during these times that the life-long bonds within the cohort are formed,&quot; Slabach explained. By the end of the program, students gain a profound understanding of how money works and learn to use it as a tool to achieve their goals and reduce stress in their lives.</span></p>

<p><span class="p-body">Setting up the financial planning program at NYU SPS was Slabach's biggest challenge. As the first faculty member hired, he was tasked with building the program from the ground up. &quot;In the first year, there were numerous opportunities, and it was challenging to prioritize which ones to pursue,&quot; he admitted. However, his dedication has paid off, with students describing his class as &quot;smooth sailing.&quot; Dr. Slabach emphasizes simplifying complex topics to ensure students are not overwhelmed but are still challenged to grow.</span></p>

<p><span class="p-body">The financial planning industry is rapidly evolving, and Slabach believes this trend will continue. With a growing number of baby boomers retiring and needing assistance in converting their savings into retirement income, the demand for financial advisors will increase. Additionally, wealthy individuals will need guidance in transferring their assets to their children or donating to charity. This presents opportunities for advisors to collaborate with families and non-profits to transfer wealth and values effectively.</span></p>

<p><span class="p-body">Slabach advises students to focus on a career track rather than just a job. High-stress jobs may offer higher initial salaries but often lead to burnout and job changes. &quot;Prioritize long-term growth and learning over immediate financial gain to build a sustainable and fulfilling career,&quot; he advised.</span></p> <p><span class="p-body">With the average age of financial advisors over 50, many are underutilizing financial technology (FinTech). Slabach encourages the next generation to integrate fintech into their business practices. &quot;The goal is to leverage fintech to expand the number of clients an advisor can service or enhance the level of service they provide,&quot; he emphasized. Viewing fintech and AI as tools to accelerate and enhance an advisor's capacity and capabilities is crucial.</span></p> <p><span class="p-body">For prospective students, Slabach stresses the importance of having clear goals. An undergraduate degree may be about exploration, but a master's program should be focused on achieving specific objectives. &quot;Set clear objectives for what you want to accomplish and ensure that, by the end of the program, you are closer to achieving those goals,&quot; he advised.</span></p> <p><span class="p-body">Start moving the needle toward your goals by joining the next cohort of students in the <a href="/content/sps-nyu/explore/degrees-and-programs/ms-in-financial-planning.html" title="MS in Financial Planning program">MS in Financial Planning program</a>. &nbsp;</span></p>