Before, helping clients save for their children's college tuition was straightforward: urge parents to start saving early, count on financial aid, and consider an affordable in-state school.
But now — with college tuition skyrocketing, the financial aid application process getting more complicated and confusing, and in-state residents having to pay more to attend state schools because of funding cuts — financial advisors are increasingly helping parents who are worried about school affordability. Financial advisors are also partnering with independent educational consultants to provide wide-ranging support to families.
As Mike Hennessy, founder and CEO of financial advisory firm Harbor Crest Wealth Advisors in Fort Lauderdale, Florida, told Investor's Business Daily, "It's a lot to try to figure out, particularly if you don't know all the rules and nuances of all the products out there to help parents save for college. Parents come to us knowing that it's complicated." Hennessy educates parents about both 529 plans as well as state-specific offerings. In Florida, for example, a prepaid college savings plan offers tax advantages to residents.
Learn more about this trend, and the different educational tools available for parents and students saving for college, in this December 2019 Investor's Business Daily article, “Advisors Counsel Clients On How To Pay Their Kids' College Tuition.”
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