Advisors should ask to see the spreadsheet on a regular basis. The client’s child will feel motivated to stay disciplined, while providing a document that serves as a conversation point for more advanced guidance from the advisor down the line. Talk of 401(k) contributions and retirement planning can arise naturally from there. Meanwhile, your original client — the child’s parents — will see you doing all you can to help their family prosper.
Jonathan Albano is a partner and financial planner at CCR Wealth Management, a Boston-area advisory firm.