Financial advisors can’t always help you plan, but they can help you make better decisions.
That’s the case with financial planning workshop The New York State Office of Financial Education.
The program is run by the Office of Consumer Financial Protection (OCFP), which is headed up by Elizabeth Hsu, a former top CFP official who left the agency in 2014.
“We want to make sure that students are fully informed about the financial services they are receiving and the risk they are taking,” says Stephanie Lauer, director of the office.
“Students need to understand the types of services they can access to make decisions about how to invest in them.”
That’s one of the primary reasons the program is being funded by the New York City Department of Consumer Affairs, which oversees financial services in New York.
The financial services sector in New Yorkers is expected to grow by more than 5% this year, according to a recent report by financial service consulting firm McKinsey & Company.
But it’s not a place for people who want to save for retirement.
That is why the office’s goal is to provide students with information about the types and amount of financial services available to them.
That information will help them to make better choices about how much money they can spend on each day.
For example, if you’re on a budget and you’re looking for a financial advisor, you may want to know that the average financial adviser charges $1,800 per hour.
“The real world is different, and it’s important to know what you can and can’t do,” says Lauer.
The Office of consumer financial protection is an umbrella group for state and local agencies, including the OCEP, to coordinate financial education and guidance programs.
The office, which is also known as the Financial Services Advisory Council, is part of the state’s Department of Financial Services, which manages the city’s financial services.
The group has about 3,500 staff members and provides services to students, residents and the public.
The goal is for the OceP to develop and expand its financial education offerings.
One of the group’s first initiatives was to expand the scope of the program in the city.
In the past, financial planners were primarily concerned with individual students.
“There was a general assumption that the best way to go with students is to make them make financial decisions for themselves,” says Michael Linn, a partner at New York law firm Linn &, Rosati.
“It’s now clear that there are other ways to go, and we need to be making that distinction.”
That includes providing guidance about the different types of financial products available to students and how to best choose them.
Linn notes that in recent years, students have begun to use more consumer financial services, such as checking accounts, brokerage accounts, prepaid cards and online accounts.
“When you have access to financial products that are available to all of us, that creates more opportunities for students to participate,” he says.
“This is the first step to moving beyond the old model.”
For now, the Oceprementary Education Center at New Rochelle High School is where students will learn about the program, which will include a financial planning seminar.
They’ll also be able to attend a workshop and take the first steps in creating their own financial plan.
The Oceprementery also has a mobile app that allows students to view financial products from other schools in New Jersey and around the country.
For those who choose to take advantage of the app, they’ll also have the option of watching financial videos.
But Lauer cautions that the program will only be available to those who want it, and the app won’t be ready for everyone.
“Our goal is not to make this an all-inclusive, all-expenses paid product,” she says.
The New Rochers are among the many schools that have begun offering financial planning classes, says Linn.
“Most students can’t get a financial plan from the schools they’re in.
We have to provide that for them, so that they can make the choice.”