Time to start recommending that clients boost their contributions to their 529 plans. According to the Chronicle of Higher Education, the average tuition of a four-year college sits at $34,740, more than double what it was just 30 years ago ($15,160). But that pales in comparison to the top of the rankings, where tuition fees range from $50,000 to nearly $60,000 a year. Topping off the list is Columbia University, with tuition costing $57,208 (adding room and board boosts the pricetag to $70,826 a year). It’s followed by Vassar College at $55,210, Harvey Mudd College at $54,886, the University of Chicago at $54,825 and Trinity College at $54,770, according to MarketWatch.
Americans are doing a poor job planning for healthcare costs in retirement, according to a new report from RBC Wealth Management that surveyed more than 1,000 individuals. Although 80 percent of participants said they’re concerned about the cost of healthcare, few are taking any action (56 percent). One of the problems, according to the report, is that individuals are severely underestimating their out-of-pocket costs. Most think their annual average out-of-pocket healthcare costs will be only $2,700. But in reality, experts estimate that at aged 65 a healthy person will spend close to $5,700 each year. Preparing for long-term care and other related topics are also covered in the report.
Turnkey asset management platform Vestmark has added a research portal to its Vestmark Manager Marketplace, which connects asset managers with registered investments advisors, banks and broker/dealers who use third-party management in model portfolios or separately managed accounts. The new tool helps advisors search through more than 200 strategies offered by 85 asset managers on the platform. Through the research portal, advisors can filter by asset class and style, while managers can manage their online profiles and upload white papers, analysis and promotional materials. It also automates much of the due diligence process.