The digitization of financial services is upon us and with it comes an opportunity to grow—not just in our use of technology, but also in the way we serve clients. In this age of hybrid financial advice, where clients wish to experience the same autonomy they have on Amazon with the customized advice they get from their therapist, we have a lot of growing to do in the industry to meet these demands. Innovation is the key and technology is just a piece of the puzzle.
Written by: Kathryn Flynn | College is a major expense, and families without a plan for their children risk jeopardizing their retirement and future financial independence. Many financial advisors discuss college savings as part of a family’s overall financial plan. New parents, parents of high school students and grandparents all turn to financial advisors for help with college planning.
Here are expert tips from financial advisors on how to help clients solve three common issues with college planning.
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Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
...It’s never too early to begin discussing the concept of money and personal finances with your children. In fact, some financial experts suggest these conversations should begin during elementary school.
For parents who missed that boat (and you’re not alone if that’s you), all is not lost. It’s even more critical to sit your child down and talk about effective personal finance management as he or she is preparing to leave the nest for college, a time in life when they’ll be faced with credit card offers; signing onto student loans, and, in many cases, living on their own for the first time.
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