Financial Advisor and College Savings

[fluke1987]

A couple random questions for those that could hopefully lend some guidance...

- Both my wife and I have 401k's set up and want to start working with a financial advisor next year. Do you usually go with one that is part of the same company servicing your 401k or have you sought out an independent financial advisor? How does that all work and how do you decide on one?

- My son is currently 3 and we want to start saving for college. What has been the best approach for those that have done this?

[Matt D]

Went with an independent advisor that came highly recommended and also that we felt comfortable with. Happy so far.

we did 529 for our daughter.

good luck.

[dirt651]

529 college savings for all 4 grandkids.

[tcesni]

529’s are great, and get one started ASAP because your kid will be starting college before you know it and you want as many years as possible for that money to grow.

[Jeff La]

Finding the right advisor is hard. Try to seek out an independent, those associated with Ameriprise, Edward Jones etc normally have higher fees and are urged to invest in what corporate prefers. That's not to say they won't do a good job, but it's costing you more and sometimes limits your strategy.

The best thing to do is learn to invest your money yourself. No one will be as concerned about it more than you. You can take the advice of Warren Buffet, who said years ago, " if you don't know anything about investing just put your money in the S&P 500, for it is compromised of the top 500 companies in America."

There are a few mutual funds that allow you to invest in the S&P 500. I wish I would have followed his advice when I read it. I have ran the numbers of those funds versus my advisor, it it put him to shame.

[AustinV]

Like stated a 529, mine is through vanguard. My son is 2 and I opened one as soon as we got the paperwork ironed with all of his information. I also set up a UTMA that I’m investing to help him with other expenses or even education if it exceeds the 529 account. I figure a little bit each month over 18 years invested will help him tremendously at some point. I feel like I was set up for success by my parents and I want to pass on the same or even more to my son.

[boneil]

We write a check every Christmas and Birthday for our niece's and nephew's 529 plan. Get the 529 set up and tell everyone in the family about it for gift ideas

[apenland01]

Long ago I did a 529 through Illinois, since it was a better plan than Arizona.

I use Jazz Wealth out of Florida for my financial advisor and am very happy with them.