Millennial parents are including some or all of the college education bill for their children in their financial planning, according to a survey by TD Ameritrade. More than 2,000 millennial parents participated in the survey which also showed millennial parents are saving an average of $310 per month, and that grandparents are also contributing an additional $205. Those surveyed had an average of $9,100 in student debt themselves.
The Fi360 Fiduciary Score, a tool for comparing peer investments and determining their overall appropriateness for clients, might also be useful to advisors when choosing investments. A recent analysis by the Center for Financial Planning & Investment (CFPI) at California State University, Northridge found that funds with top Fi360 scores (from zero to 50) provided statistically better median results than other groups. Funds with top scores also tended to have lower levels of risk, as measured by return standard deviation and semi-deviation. “The score is often used by advisors to eliminate the wrong funds then use his or her own assessments to select the right investments from those remaining,” the company said.
Financial advisors using Oranj’s digital advice platform can now have clients fill out and sign documents electronically thanks to a new integration with DocuSign. Once completed, documents are archived in Oranj’s cloud vault for clients or advisors to access at any time and from any device. The new eSignature capabilities support documents required for opening and transferring accounts, investment management agreements, investment policy statements, changing beneficiaries and moving assets. David Lyon, Oranj’s CEO and founder, said the integration doesn’t just help advisors speed up account opening, it empowers them to personalize engagement with clients and prospects.