Advisers should study up on 529s

Advisers need to be educated about college savings plans in order to better serve ther clients. That was one of the messages delievered at a confernce on colleges savings this morning sponsered by AllianceBernstein Investments.
MAY 08, 2007
By  Bloomberg
Advisers need to be educated about college savings plans in order to better serve ther clients. That was one of the messages delievered at a confernce on colleges savings this morning sponsered by AllianceBernstein Investments. A college education is at the core of the American dream, but most Americans are not preparing to stomach its escalating costs, said Jennifer DeLong, director of College Savings Plans at AllianceBernstein Investments, speaking at the conference this morning. Ms. DeLong said that families paying college tuition right now can expect to pay an average of $55,132 for a public school education, or $130,886 for a private school education. Those numbers are expected to increase by more than double for those entering college in 2024, she said, with public and private school education increasing to $132,731 and $313,992, respectively. Ms. DeLong criticized families putting the money towards lavish vacations, flat screen televisions and their own retirement, instead of socking away money to for college. "Families need to learn to prioritize and people aren't realistic," said Barbara E. Tornow, executive director of the Financial Aid Office at Boston University. "Financial advisers can tell families that they can drastically lower to cost and pain [of paying for college] if they start saving," Ms. Tornow said. "College savings are a small ticket item for advisers," she said, adding that advisers need to be educated about 529 programs and other vehicles to help them plan for college. AllianceBernstein LP is based in New York.

Latest News

Osaic hit with class action over cash sweep payments
Osaic hit with class action over cash sweep payments

The hybrid RIA is the latest firm to face allegations that it enriched itself at customers' expense by paying unfairly low interest rates in its cash sweep programs.

LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth
LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth

Installed after Dan Arnold's abrupt termination, the new leader at LPL Financial is highlighting the firm's refocusing on the individual advisor.

LPL, Raymond James boost advisor ranks anew
LPL, Raymond James boost advisor ranks anew

LPL Financial welcomes a $345 million investment and planning team from Ameriprise as RayJay's employee advisor arm adds a seasoned Well Fargo breakaway.

CFP Board CEO Keller retiring
CFP Board CEO Keller retiring

The CFP Board will be searching for a replacement for CEO Kevin Keller who will be stepping down in April 2026.

$3000 gold record in sight on Trump 2.0 fears, says Citi
$3000 gold record in sight on Trump 2.0 fears, says Citi

Citi analysts project a historic high in three months as tariff and trade war threats fuel a rush for the haven metal.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.