Almost all our engagements and recommendations with clients are Fiduciary. Why does that matter to you? Ironically, many advisors were not required or did not follow a Fiduciary standard. Under current regulations, all advisors are now required to act as Fiduciaries for new recommendations in retirement accounts (for example IRA accounts). However, they were not required to do that until very recently, and your account might be grandfathered under the old, weaker, “suitability” rules.
We had the chance to visit with Scott Stolz, Senior Vice President from Raymond James, and discuss something that is on many clients minds: Social Security. Scott chose to first take us through an understanding of how Social Security actually works. As you probably see, Social Security takes money from your paycheck.
In our prior videos (College Planning), we have talked about ways to reduce the cost of education through AP course, college selection, and scholarships. Assuming you have done that and still have a shortfall, you are probably moving on to methods of obtaining financial aid. Today we are going to talk about the $150 billion in federal aid that the US Department of Education offers to 15 million students each year. The aid is provided in the form of grants, work-study, and loans.