College Counseling is a New Job for FAs
For the last half decade or so, financial advisors across the industry have been on an endless search for the next frontier of advice that will insulate their business from cheap, digital competitors. This has led to a wide array of new services, but one that is increasingly pervasive is college counseling. Many advisors are now taking a much more active role in college planning for the children of clients. This includes everything from figuring out how to shelter certain assets from financial aid forms (e.g. insurance products) to actually proofreading applications and helping children choose majors and study abroad programs. Demand for the service has been rising since the cost of tuition has exploded, meaning it represents a much larger financial burden than ever before.
FINSUM: Some of this seems to make a lot of sense (e.g. making financial plans to pay for college and help with financial aid forms), but having financial advisors help kids choose majors seems a little odd. That said, this seems like a good growth area for the business.
- financial advisors
- college counseling
- financial aid
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