Despite the pandemic, a record high 78% of parents have already put money away for college, according to an annual study of college savings trends by Fidelity Investments.
That figure is substantially higher than the 58% who had started saving when the study first began in 2007, Fidelity said, but noted that parents are still falling short on funding their college savings goals.
“Parents hope to pay for 65% of their children’s college education, but they are only on track to cover 33% of that goal, up from 28% in 2018,” Fidelity said in a release.
The study found that 71% of parents are concerned about COVID-19’s impact on their ability to save for college and 32% are not even sure what college will cost by the time their children enroll. Nevertheless, only 9% of parents plan to decrease contributions to their children’s college savings this year.
The survey found that if distance learning becomes more common down the road, 36% of parents say they will have their child attend a less expensive college since they would not want to pay full tuition for virtual classes. Still, 77% of parents agree college is worth its cost, and 81% believe their children feel the same way.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
