Premier Wealth Partners: Planning for Your Success

By Janice Lane Palko

We work with our clients to build, manage and preserve their wealth.

Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success — Pablo Picasso

If you asked parents what they desire for their children, among the things most would cite are good health, happiness and success. Other than practicing healthy habits and employing good attitudes, you really can’t plan for the first two elements, but you can plan for your child’s success. One of the keys that sets a child up for success is providing them with a quality education.

With today’s rising education costs, providing your child with a good education may seem beyond your reach, but with some planning, you can reach your educational goals.

“One of the keys for any long-term investment goal is starting early and regularly increasing contributions,” said Antonio Aiello, a Private Wealth Advisor with Premier Wealth Partners, a private wealth advisory practice of Ameriprise Financial Services, LLC. “However, the cost of the school and the percentage that they are looking to provide are also key factors in achieving this goal.”

There are several options for education savings. The most popular are 529 savings plans and prepaid tuition plans. For clients looking for more flexibility, non-qualified investment accounts are a common choice. There are also other options such as Coverdell Education Savings Accounts, UGMA/UTMAs, savings bonds, Roth IRAs, etc.

If all that sounds a bit overwhelming, that’s where Premier Wealth Partners comes in. Tony, along with colleagues Lisa Brooks, Financial Advisor, and Brian Stumpf, Financial Advisor, can help you plot a path for paying for your child or children’s education.

“Parents can certainly try to plan on their own, but this is our expertise. We take an individualized approach and consider your goals, your available resources, and what may be the best course, including balancing the tax advantages with liquidity,” said Brian.

L-R Antonio Aiello, CFP®, CRPC®, Jason Short, CRPC®, A J Jugan, CFP®, CRPC®, David W Headrick, CFP®, Lisa Brooks, CFP®, CRPC®, Jeffery C Suhayda, CRPC®, APMA®, Brian Stumpf, CFP®, CRPC®, APMA®

Some have the false impression that an education savings program or engaging the services of a financial planner are only for wealthy people.

“Essentially, as long as they desire to save or have assets that they can direct towards that goal, they can start a plan,” said Lisa. “I would advise people to focus on their savings. The more you save now, the better off you will be later on. Start with whatever amount you can afford and add to it with raises, bonuses, tax refunds, unexpected windfalls and the like. I’ve had clients with modest incomes save for the entire cost of a college education, by having a plan and sticking to it.”

One vehicle for savings for education is the 529 College Saving Plan, and it is quite versatile. Not only can the funds be used for higher education, including vocational, technical and trade schools, but up to $10,000 per student per year can be used for private kindergarten through 12th grade.

“529 plans are often created by grandparents for grandchildren,” said Lisa. “Special rules allow for larger gifting limits, which can help reduce the size of an estate and potentially lower inheritance taxes. We can also work in tandem with a client’s CPA or attorney to craft an estate plan tailored to their unique needs.”

“In addition, we find that other family members may decide to contribute to a child’s education account,” said Brian. “529 assets can be transferred to anyone in the family, so there are some cases in which assets are transferred to a sibling. Some parents will use excess 529 assets to further their own education.”

Another attractive feature is that the recently passed SECURE Act expanded qualified expenses to include registered apprenticeship programs and repayment of college debt, and with the pandemic and so many students studying remotely, some savings vehicles allow for the cost of computers, internet access and other equipment to qualify as expense of education. “This will be especially

important if remote learning continues,” said Tony.

Saving for an education is only one facet of building a financial plan, and Premier Wealth Partners, which has 14 Financial Advisors, can provide comprehensive financial planning, investment management and insurance planning.

“We work with our clients to build, manage and preserve their wealth,” said Tony. “We work with many different types of clients: young people trying to start their saving careers; families trying to balance saving for college and retirement, paying down debt, while making sure they are appropriately insured; people approaching retirement to determine if they have enough to maintain their lifestyle while also helping them structure

their investments to begin to prepare for distributions. We also work with people who are already retired to help them manage risk and return in their portfolio, while also managing taxes on their distributions. Lastly, we work with people to help efficiently pass on their assets to their heirs.”

The process for consulting a financial planner is simple and painless. The initial meeting entails no fee and is essentially a time to assess your situation. “Everyone’s dreams, needs and financial situations are different. We work with people to understand their situation and unique goals and then develop recommendations that are in their best interests. Costs and fees are based on the level of planning services and related product solutions you ultimately choose,” said Brian.

Whether you need help with paying for an education or for any financial goal, Premier Wealth Partners can set you on the path to success. “We believe what makes us stand out is our team approach. We have a team that has various skill sets that enable us to help our clients achieve their financial goals. In addition, our team strives to live according to a common set of values—Integrity, Independence, Success, Gratitude and Health,” said Lisa. n

For more information on how Premier Wealth Partners can assist you with your financial goals, call (412) 922-7700 or visit the website at: www.premierwealthpartners.com