NY State Senate Bill 2021-S8756A

Senate Bill S8756A

2021-2022 Legislative Session

Establishes a state university of New York pilot program to encourage individuals in college to enter the financial planning industry

download bill text pdf

Archive: Last Bill Status - In Senate Committee Higher Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 27, 2022	print number 8756a
May 27, 2022	amend and recommit to higher education
Apr 11, 2022	referred to higher education

Bill Amendments

Original

A (Active)

2021-S8756 - Details

See Assembly Version of this Bill:: A9912
Current Committee:: Senate Higher Education
Law Section:: Education Law
Laws Affected:: Add §355-f, Ed L
Versions Introduced in Other Legislative Sessions:: 2023-2024: S2361, A2288
2025-2026: A991

2021-S8756 - Summary

Establishes a state university of New York career pilot program to encourage individuals in college to enter the financial planning industry; utilizes campus resources to encourage a well-rounded program and diverse student involvement.

2021-S8756 - Sponsor Memo

                                 
BILL NUMBER: S8756

SPONSOR: MANNION
 
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::

This legislation will create a three-year State University of New York
pilot program to educate college students on the opportunities within
the financial planning industry.

 
SUMMARY OF PROVISIONS::

Section 1. Amends education law by adding a new section, establishing
the State University of New York (SUNY) financial career pilot program
designed to educate students on career opportunities within the finan-
cial planning industry. The Board of Trustees shall create a pilot

program that includes a paid internship program at an approved financial
institution, career counseling, preparation for the Security Industry
Essentials (S.I.E) Exam, and has a 2.8 GPA requirement for partic-
ipation.

An application process must also be established for financial insti-
tutions to become part of the pilot program. This application must
include an agreement to pay students the wage set by the Board of Trus-
tees, an orientation, reporting requirements, and an approved student to
mentor ratio.

To create a well-rounded program with diverse enrollment, the campus
multi-cultural center, career counseling center, and any other resource
deemed necessary, must be involved in creating this program.

The Board of Trustees will release a report within one year of the
effective date and on the first January thereafter on the program's
effectiveness.

Section 2. Effective date.

 
JUSTIFICATION:

The efforts against poverty and for economic justice are multifaceted;
diversifying the financial planning industry would have a direct, posi-
tive impact on these efforts. Unfortunately, the financial planning
industry continues to struggle 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 finan-
cial planners represented just 4% of the 87,784 total Certified Finan-
cial 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 legislation creates a pilot program that would allow the Board of
Trustees to collaborate with SUNY to create a pathway for individuals in
college to learn about and enter the financial planning industry.
Students who participate in this program will benefit from preparation
to take the Security Industry Essentials (S.I.E) Exam and have a semes-
ter of relevant work experience, putting them in an ideal situation to
enter the field. In addition, through the application process and guide-
lines set, the program also guarantees that only financial institutions
who are serious about taking on a mentorship role for these students are
participating. Overall, this legislation would provide opportunities for
students that may not have been available prior and works in collab-
oration with other efforts to encourage financial security and economic
development.

 
FISCAL IMPLICATIONS::

To be determined

 
EFFECTIVE DATE::

Immediately.

2021-S8756 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8756
 
                             I N  S E N A T E
 
                              April 11, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Higher Education
 
 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

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section  355-f
 to read as follows:
   §  355-F. STATE UNIVERSITY OF NEW YORK FINANCIAL CAREER PILOT PROGRAM.
 1.  THERE SHALL BE ESTABLISHED BY THE BOARD OF  TRUSTEES  OF  THE  STATE
 UNIVERSITY,  A  STATE  UNIVERSITY  OF  NEW  YORK  FINANCIAL CAREER PILOT
 PROGRAM DESIGNED TO EDUCATE COLLEGE STUDENTS ON THE CAREER OPPORTUNITIES
 IN THE FINANCIAL PLANNING INDUSTRY.
   2. THE BOARD OF TRUSTEES SHALL, THROUGH ITS OWN MEANS OR BY PARTNERING
 WITH A COMPANY THAT IMPLEMENTS FINANCIAL  CAREER  PLANNING  INITIATIVES,
 CREATE A PILOT PROGRAM THAT:
   (A)  IN CONJUNCTION WITH THE STATE UNIVERSITY, CREATES A PILOT PROGRAM
 THAT INCLUDES:
   (I) A PAID INTERNSHIP AT AN APPROVED FINANCIAL INSTITUTION;
   (II) CAREER COUNSELING;
   (III) PREPARATION FOR THE SECURITY INDUSTRY ESSENTIALS EXAM; AND
   (IV) A GRADE POINT AVERAGE REQUIREMENT OF 2.8;
   (B) IN CONJUNCTION WITH THE  STATE  UNIVERSITY,  DETERMINES  FINANCIAL
 INSTITUTION  ELIGIBILITY  CRITERIA  TO  RECEIVE A STUDENT EMPLOYEE WHICH
 SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING:
   (I) AN APPLICATION TO BE COMPLETED BY THE FINANCIAL INSTITUTION;
   (II) A MANDATED, VIRTUAL ORIENTATION TO BE ATTENDED  BY  THE  APPROVED
 FINANCIAL INSTITUTIONS' REPRESENTATIVES;
   (III)  AN  AGREEMENT  TO PAY THE STUDENT EMPLOYEES AT A SET WAGE TO BE
 DETERMINED BY THE BOARD OF TRUSTEES;
   (IV) REPORTING REQUIREMENTS ON STUDENT AND PROGRAM SUCCESS, INCLUDING,
 BUT NOT LIMITED TO, A MID-SEMESTER  AND  FINAL  REVIEW  OF  THE  STUDENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD15066-06-2
 S. 8756                             2
 
 EMPLOYEE  INCLUDING,  BUT  NOT  LIMITED  TO, THE FOLLOWING ON A SCALE OF
 EXCEPTIONAL, GOOD, FAIR, AND UNSATISFACTORY:
   (1) QUALITY OF WORK;
   (2) ABILITY TO MEET DEADLINES;
   (3) WRITTEN COMMUNICATION SKILLS;
   (4) ORAL COMMUNICATION SKILLS; AND
   (5) INITIATIVE; AND
   (V) AN APPROVED STUDENT TO MENTOR RATIO; AND
   (C) IN CONJUNCTION WITH THE STATE UNIVERSITY, WORKS WITH THE FOLLOWING
 STATE  UNIVERSITY  CAMPUS RESOURCES TO CREATE A WELL-ROUNDED PROGRAM AND
 DIVERSE STUDENT INVOLVEMENT:
   (I) CAMPUS MULTI-CULTURAL CENTER;
   (II) CAMPUS CAREER COUNSELING CENTER; AND
   (III) ANY OTHER CAMPUS  RESOURCE  DEEMED  NECESSARY  FOR  THE  PROGRAM
 ESTABLISHED PURSUANT TO THIS SECTION.
   3. THE BOARD OF TRUSTEES SHALL BE RESPONSIBLE FOR MONITORING THE QUAL-
 ITY,  APPROPRIATENESS AND EFFECTIVENESS OF SUCH PROGRAM AND SHALL REPORT
 TO THE LEGISLATURE WITHIN  ONE  YEAR  OF  THE  EFFECTIVE  DATE  OF  THIS
 SECTION,  AND  ON  THE  FIRST  OF  JANUARY  ANNUALLY THEREAFTER, ON SUCH
 PROGRAM'S EFFECTIVENESS.
   § 2. This act shall take effect immediately and shall  expire  and  be
 deemed repealed three years after such date.

2021-S8756A (ACTIVE) - Details

See Assembly Version of this Bill:: A9912
Current Committee:: Senate Higher Education
Law Section:: Education Law
Laws Affected:: Add §355-f, Ed L
Versions Introduced in Other Legislative Sessions:: 2023-2024: S2361, A2288
2025-2026: A991

2021-S8756A (ACTIVE) - Summary

2021-S8756A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8756A

SPONSOR: MANNION
 
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:

This legislation will create a three-year State University of New York
pilot program to educate college students on the opportunities within
the financial planning industry.

 
SUMMARY OF PROVISIONS:

Section 1. Amends education law by adding a new section, establishing
the State University of New York (SUNY) financial career pilot program
designed to educate students on career opportunities within the finan-
cial planning industry. The Board of Trustees shall create a pilot

program that is a well-rounded program with diverse enrollment, the
campus multi-cultural center, career counseling center, and any other
resource deemed necessary, must be involved in creating this program.

The program includes a paid internship program at an approved financial
institution, career counseling, preparation for the Security Industry
Essentials (S.I.E) Exam, and has a 2.8 GPA requirement for partic-
ipation.

An application process must also be established for financial insti-
tutions to become part of the pilot program. This application must
include an agreement to pay students the wage set by the Board of Trus-
tees, an orientation, reporting requirements, and an approved student to
mentor ratio.

The Board of Trustees will release a report within one year of the
effective date and on the first January thereafter on the program's
effectiveness.

Section 2. Effective date.

 
JUSTIFICATION:

The efforts against poverty and for economic justice are multifaceted;
diversifying the financial planning industry would have a direct, posi-
tive impact on these efforts. Unfortunately, the financial planning
industry continues to struggle 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 finan-
cial planners represented just 4% of the 87,784 total Certified Finan-
cial 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 legislation creates a pilot program that would allow the Board of
Trustees to collaborate with SUNY to create a pathway for individuals in
college to learn about and enter the financial planning industry.
Students who participate in this program will benefit from preparation
to take the Security Industry Essentials (S.I.E) Exam and have a semes-
ter of relevant work experience, putting them in an ideal situation to
enter the field. In addition, through the application process and guide-
lines set, the program also guarantees that only financial institutions
who are serious about taking on a mentorship role for these students are
participating. Overall, this legislation would provide opportunities for
students that may not have been available prior and works in collab-
oration with other efforts to encourage financial security and economic
development.

 
FISCAL IMPLICATIONS:

To be determined

 
EFFECTIVE DATE:
Immediately.

2021-S8756A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8756--A
 
                             I N  S E N A T E
 
                              April 11, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Higher  Education  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 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
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section  355-f
 to read as follows:
   §  355-F. STATE UNIVERSITY OF NEW YORK FINANCIAL CAREER PILOT PROGRAM.
 1.  THERE SHALL BE ESTABLISHED BY THE BOARD OF  TRUSTEES  OF  THE  STATE
 UNIVERSITY,  A  STATE  UNIVERSITY  OF  NEW  YORK  FINANCIAL CAREER PILOT
 PROGRAM DESIGNED TO EDUCATE COLLEGE STUDENTS ON THE CAREER OPPORTUNITIES
 IN THE FINANCIAL PLANNING INDUSTRY.
   2. THE BOARD OF TRUSTEES SHALL, THROUGH ITS OWN MEANS OR BY PARTNERING
 WITH A COMPANY THAT IMPLEMENTS FINANCIAL  CAREER  PLANNING  INITIATIVES,
 CREATE  A  PILOT  PROGRAM THAT WORKS WITH THE FOLLOWING STATE UNIVERSITY
 CAMPUS RESOURCES TO CREATE A WELL-ROUNDED PROGRAM  AND  DIVERSE  STUDENT
 INVOLVEMENT:
   (A) CAMPUS MULTI-CULTURAL CENTER;
   (B) CAMPUS CAREER COUNSELING CENTER; AND
   (C)  ANY OTHER CAMPUS RESOURCE DEEMED NECESSARY FOR THE PROGRAM ESTAB-
 LISHED PURSUANT TO THIS SECTION.
   3. (A) IN CONJUNCTION WITH  THE  STATE  UNIVERSITY,  THE  BOARD  SHALL
 CREATE A PILOT PROGRAM THAT INCLUDES:
   (I) A PAID INTERNSHIP AT AN APPROVED FINANCIAL INSTITUTION;
   (II) CAREER COUNSELING;
   (III) PREPARATION FOR THE SECURITY INDUSTRY ESSENTIALS EXAM; AND
   (IV) A GRADE POINT AVERAGE REQUIREMENT OF 2.8 ON A 4.0 SCALE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15066-07-2
 S. 8756--A                          2

 
   (B)  THE  BOARD  SHALL DETERMINE A FINANCIAL INSTITUTION'S ELIGIBILITY
 CRITERIA TO RECEIVE A STUDENT EMPLOYEE WHICH SHALL INCLUDE, BUT  NOT  BE
 LIMITED TO, THE FOLLOWING:
   (I) AN APPLICATION TO BE COMPLETED BY THE FINANCIAL INSTITUTION;
   (II)  A  MANDATED,  VIRTUAL ORIENTATION TO BE ATTENDED BY THE APPROVED
 FINANCIAL INSTITUTIONS' REPRESENTATIVES;
   (III) AN AGREEMENT TO PAY THE STUDENT EMPLOYEES AT A SET  WAGE  TO  BE
 DETERMINED BY THE BOARD OF TRUSTEES;
   (IV) AN APPROVED STUDENT TO MENTOR RATIO; AND
   (V)  REPORTING REQUIREMENTS ON STUDENT AND PROGRAM SUCCESS, INCLUDING,
 BUT NOT LIMITED TO, A MID-SEMESTER  AND  FINAL  REVIEW  OF  THE  STUDENT
 EMPLOYEE  WHICH  MAY  INCLUDE, BUT IS NOT LIMITED TO, THE FOLLOWING ON A
 SCALE OF EXCEPTIONAL, GOOD, FAIR, AND UNSATISFACTORY:
   (1) QUALITY OF WORK;
   (2) ABILITY TO MEET DEADLINES;
   (3) WRITTEN COMMUNICATION SKILLS;
   (4) ORAL COMMUNICATION SKILLS; AND
   (5) THE ABILITY TO ASSESS AND INITIATE THINGS INDEPENDENTLY.
   4. THE BOARD OF TRUSTEES SHALL BE RESPONSIBLE FOR MONITORING THE QUAL-
 ITY, APPROPRIATENESS AND EFFECTIVENESS OF SUCH PROGRAM AND SHALL  REPORT
 TO  THE  LEGISLATURE  WITHIN  ONE  YEAR  OF  THE  EFFECTIVE DATE OF THIS
 SECTION, AND ON THE  FIRST  OF  JANUARY  ANNUALLY  THEREAFTER,  ON  SUCH
 PROGRAM'S EFFECTIVENESS.
   §  2.  This  act shall take effect immediately and shall expire and be
 deemed repealed three years after such date.

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