Advisors, don't let your clients' babies grow up without a college savings plan.
The question becomes: How should clients prepare for this cost? There are two ways, but both follow a similar logic, according to Christine Benz, Morningstar director of personal finance, in her column, How to Allocate Assets for College Savings.
The method of saving for college is different than for retirement, Benz notes. Mainly because a person can save for more than 40 years for retirement, while saving for college typically involves half the tie frame and a much faster drawdown (four years and maybe grad school).
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Ginger Szala
Ginger Szala is executive managing editor of Investment Advisor magazine. She covered the financial business and alternatives industry for 30 years while editor of Futures Magazine Group. MSJ Northwestern, BA University of Wisconsin-Madison. She is based in Chicago. Go Blackhawks!
