March 2023: College Planning
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COVER STORY
Wealth of Knowledge: Building a Legacy with 529 Plans
By David Y. Oh, J.D., L.L.M.
Families recognize the role of education in their own success and well-being. The transfer tax benefits available with 529 plans help families create educational legacies and an intergenerational wealth transfer.
PRACTICE MANAGEMENT
Five Tips for Being More Effective This Year
By Tammy Breitenbach
From poor communication to decision paralysis, everyone faces these obstacles at some point in their career.
FEATURE
The SECURE 2.0 Act Offers Many Planning Opportunities for Retirement Savers
By Randy Gardner, J.D., L.L.M., CFP®, CPA, RLP, AEP, and Julie Welch, CFP®, CPA/PFS, AEP
Here’s your point-by-point list of the major changes affecting clients’ retirement plans.
FPA NEXT GENERATION PLANNER
Featured Article
Home-Grown: Make Your Networking More Organic
By Gretchen Glapion Halpin
Tips for the NexGen Community
The FPA Community Weighs in on Breaking the Ice
Planning a STUDY GROUP? Check out suggested questions and other resources to make your study group a success!
COLUMNS
Digital Assets
What’s in Store for Crypto Regulations?
By Ivory Johnson, CFP®, ChFC
Legislation is always slow to respond, but policymakers are rushing to address cryptocurrencies as fast as possible.
Your Practice
Five Steps to Setting Up Your Planning Service Calendar
By Charesse Spiller
A thorough calendar helps planners address capacity issues and ensure a consistent client experience.
Women and Retirement Planning
Education Funding Before and During Retirement
By Alexandra Armstrong, CFP®, CRPC
Some retired clients may want to contribute to a grandchild’s education. Here’s how to help them give without losing sight of their own retirement needs.
SPECIAL REPORT
Variance in Financial Plan Pricing for Identical Consumers
By Daniel M. Yerger, CFP®, ChFC, AIF, CDFA; Martin Seay, Ph.D., CFP®; and Maurice MacDonald, Ph.D.
A vignette study of financial planners found significant variance in how financial planners with the same and different service models would charge the same clients.
RESEARCH
Roth Versus Traditional Account Contributions and Tax Rate Uncertainty
By David S. Hulse, Ph.D.
There is a tradeoff between after-tax accumulation and certainty in the face of increasing or decreasing tax rates. A Roth account’s uncertainty could be higher than a traditional account under the right conditions.
Earn one CFP CE® credit by reading this month's Journal and access past exams for additional credits.
CALL FOR PAPERS
At FPA, we value our members of the academic community. The Journal of Financial Planning is once again accepting extended abstracts (1,000 to 1,500 words) of unpublished research to consider for presentation at the FPA Annual Conference in Phoenix, September 27–29, 2023. Learn more HERE.
DEPARTMENTS
STARTING THOUGHTS
Reading, ’Riting, and Repayment Plans
By Danielle Andrus
Q&A
Adam Minsky on Understanding Student Debt Relief
CHAPTER SPOTLIGHT
Lessons from Annual Conference for Puget Sound’s Symposium
OBSERVER
Stats and Facts
Stat Bank
JFP ACADEMICS
Upcoming Research
IN CASE YOU MISSED IT
The Influence of Risk, Financial Literacy, and Trust on Financial Advice-seeking Behavior in a Cross-racial Examination
By Eric T. Ludwig, CFP®; Stuart J. Heckman, CFP®; and Megan McCoy, Ph.D., LMFT, AFC, CFT-I
It is vital to understand how much, how, and why different groups of people reach out for help, particularly to financial planners, if we are to help close the wealth gap.
