BILL NUMBER: S6850
SPONSOR: WEBB
 
TITLE OF BILL:
An act to amend the education law, in relation to establishing a state
university of New York pilot program to encourage individuals in college
to enter the financial planning industry; and providing for the repeal
of such provisions upon expiration thereof
 
PURPOSE:
The purpose of this bill is to require the State University of New York
(SUNY) to create a three-year financial career pilot program.
 
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend the Education Law by adding a new
section 355-f, establishing the SUNY financial career pilot program,
which requires that such program be well-rounded and include diverse
enrollment. Additionally, the SUNY Board of Trustees would be required
to release a report within one year of the effective date and on the
first January thereafter on the program's effectiveness.
Section 2 of this bill would provide that the effective date shall take
effect immediately and shall expire and be deemed repealed three years
after such date.
 
JUSTIFICATION:
The financial planning industry struggles with efforts to attract new
talent and boost diversity, despite firms emphasizing the issue in their
recent recruiting strategies. For example, Black and Hispanic certified
financial planners represented just 4% of the 87,784 total Certified
Financial Planners (CFPs) in 2019 - despite being nearly 30% of the U.S.
population, according to a Center for Financial Planning Board report
published in 2019. In addition, women have made up about 23% of CFPs for
a decade, despite accounting for more than half the U.S. population,
according to the 2019 report. This bill would require SUNY to create a
three-year financial career pilot program to educate students on oppor-
tunities and train them for professions within the financial planning
industry.
 
LEGISLATIVE HISTORY:
2023-24: S.2361
2021-22: S.8756-A (Mannion) - Referred to Higher Education.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed three years after such date.