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PRESS RELEASE - Paul Strebel Discusses Potential Liability for Universities Giving Financial Advice
January 31, 2008
1/30/07
The Strebel Planning Group
Elaine McLaughlin – Sales & Marketing Manager
944 Dryden Road
Ithaca, New York 14850
607-275-1275
www.strebelcpa.com
PRESS RELEASE
Paul Strebel Discusses Potential Liability for Universities Giving Financial Advice
[Ithaca, NY] Paul Strebel, CFP, CPA and co-founder of the Strebel Planning Group as well as an adjunct lecturer on financial planning and wealth management at Cornell University, noted the potential liability college human resource officials may face when discussing financial education with employees.
Speaking to University Business magazine (www.universitybusiness.com) Strebel pointed out that there’s a fine line between giving financial education and financial advice and that HR representatives need to be cautious. While employers have a fiduciary responsibility to employees how that’s interpreted and applied differs from school to school.
“If you offer advice, you have to fully understand the participant’s situation,” Strebel told the publication which is distributed to presidents and other senior officers at two- and four-year US colleges and universities. Does the person providing the advice completely understand the employee’s key issues such as risk tolerance, asset diversification outside the plan, and goals and objectives? “If you don’t understand all of that, you’re providing advice in a vacuum,” he said. “It’s a very gray area. Employers are aware that there’s this line, but it’s so gray, they’re not sure where it is.”
While financial educators can discuss personal finance basics, HR departments need to be certain that those who provide financial information are impartial and not affiliated with any particular plan, stock, or compensation arrangement.
Located in Ithaca, NY, The Strebel Planning Group (www.strebelcpa.com) is an independent financial advisory and coaching firm that also provides tax planning, employee benefits and business-development services to help produce businesses that work and owners who are free to live the lives they want. It was the recipient of the 2006 David R. Strong Memorial Small Business of the Year Award.
For further information or to speak with Paul Strebel members of the media should contact Elaine McLaughlin at: Elaine@strebelcpa.com.
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