Why You Should Include Your Financial Advisor In The College Savings Discussion

Wealth Wisdom Group, INC

As tuition costs rise and students shoulder staggering debts in
order to pursue a post-secondary education that will set them up
for the new economy, the conversation surrounding college
planning is evolving. Parents are looking for ways to ensure their
kids are supported and teenagers are starting to develop plans to
set their own savings aside.
As a financial advisor, there are myriad ways I can play a role in
helping you find the right strategy that helps you and your children
meet your education goals while answering questions that arise
along the way.
Should I contribute to my child’s education?
It’s a valid question – what value is there in having your child
shoulder the responsibility of their own education? The truth is,
every family is going to be different. Maybe you don’t want to pay
100 per cent for your kids’ education? Or maybe it would be tax-
inefficient not to contribute some of the wealth you’ve
accumulated to their schooling. This is where I can play a vital
role as an objective voice weighing the pros and cons of either
decision as well as examining what the financial cost is for each
If I am going to contribute, when should I start saving?
As with any plan, starting early is key. Deferred-tax savings plans
offer a solid way to earn income from your investments while
squirreling away funds to set your kids up. Together, we can take
a holistic look at your financial picture, break down how to
maximize your returns by starting early, figure out what the right
amount is to put away while still pursuing other financial goals,
and decide what savings plan best fits your individual needs.

How should my plan evolve?
As your child grows into a teenager, it’s time to adjust your plan to
fit their changing needs (and your own). We can examine the
interplay between your retirement savings and their education
(have you set aside enough for both?) along with how your plans
will impact your day-to-day quality of life. This is also the time to
optimize your financial aid strategy and understand what your
child may or may not be eligible for. If you’re not eligible, we can
use this as a forum to develop an alternative strategy that helps
minimize your out-of-pocket expenses while optimizing your tax
There’s no question that attaining a post-secondary education
can help give your kid an edge in the workforce and help them
pursue a career they’re passionate about. It’s my role to help you
eke out the path forward. Let’s work together on a college plan
that fits you and your child’s needs.

Visit our College Expenses Calculators for more information.