Financial Advisors Rarely Address College Savings


Research by Morningstar earlier this year suggests that many financial advisors overlook saving for college for a variety of reasons.  The research further suggests, as a result of this failure to address saving for college, clients with school-aged children likely are making decisions with highly negative ramifications.

When queried, a sample of 379 clients of California financial advisors suggested that many clients aren’t working with their advisors on this subject.  Results showed that proper guidance is needed:

·         44% keep college savings in a taxable account, paying avoidable taxes.

·         39% plan on using retirement savings, thereby limiting potential for financial aid.

·         31% lose sleep, worrying about how to pay.

These same clients indicate their advisor is not helping them rise to the challenge:

·         70% say their advisor is not doing a great job on college savings.

·         76% aren’t counting on their advisor to help them reach their savings goals.

·         65% don’t consult with their advisor about college savings.

If you have a financial advisor and your circumstances square with those in the small California sample above, why haven’t you looked for guidance elsewhere?  Why haven’t you searched for a professional college planner?

The financial coaches at Vivensure with a focus on college planning can help you with finding the proper financial vehicle for college savings, a vehicle that shelters the funds from taxation, that does not reduce eligibility for financial aid, and that allows you to reduce/eliminate worry and catch up on the missed sleep.

Why are you hesitating?  Contact Vivensure now!