What is working in terms of college financial planning from a top 529 producer's perspective?
This article features an interview with Paul Snow, an independent financial advisor with Raymond James and the principal of Snow Financial Group. Based in Madisonville, Louisiana, he specializes in asset management for lifelong income and his focus is on evaluating each client’s portfolio for long-term growth and income that withstands market volatility. Within the role, he supports corporate executives, small businesses, individuals and families and you can learn more at his website of https://snowgroupllc.com/. Without further ado, thank you for your time and insight Paul Snow, and please read the question and answers to learn about his perspective on college financial planning. Hope you enjoy, and that the article provides with you an opportunity to learn from your peers.
Question 1 (Paul Curley, Editor of the 529 Dash): How do you integrate college financial planning into your discussions with a client?
Answer 1 (Paul Snow, Independent Financial Advisor): 529 college planning is always an integral part of the financial planning process. From young couples with newborns to grandparents that are wanting to help out their grandchildren, there is always a way to afford college with the proper planning.
Question 2: What is working for you in terms of college financial planning?
Answer 2: If my clients are located in Louisiana, what works best is the LOFSA START plan. The benefits far exceed any other 529 plans offered or college planning tools. At this time of year, in lieu of sending material gifts, many family members are gifting assets to a college savings plan.
Question 3: How can product providers and states better support you?
Answer 3: Simplify the application process, provide online applications, and provide advisors with marketing materials for the plans.
Question 4: What key trends do you see in college financial planning going forward?
Answer 4: More and more individuals are realizing the cost of college and starting earlier to prepare. We are also seeing more extended family participation.
Editor’s Final Note: Thank you Paul Snow for your time and insight, and much appreciated. Also, thank you to the readers for learning from your peers, for your support and your engagement. Cheers, and may you have a successful 2017.