Discussing education savings with clients

A conversation about education funding creates opportunities. It’s a rare chance to involve three generations (grandparents, parents and children) in a discussion about a common savings goal. Here are 3 ideas to get the ball rolling:

• When a client’s child is starting grade one, send them a lunch box. Inside, place handwritten a note reading “It’s official. Sanjeev will be a full-time student this fall. Where did the time go? Let me buy you lunch and we can talk about ways to ensure funds are set aside for when full-time school costs money.”
• Bring together all the children of your clients who’ve reached grade 11 for a session on personal budgeting. Get each to commit to how much they’ll spend on pizza, coffee, dates, clothing, etc. Put those spending commitments into a form and then show how much of their planned spending will be covered by their parents’ set asides. If there’s a shortfall, this segues nicely into a conversation about how much they’ll need to earn at a summer job. Ensure you cover the dangers of debt, and have a few horror stories handy.
• When a client’s grandchild starts pre-school, send them a packet of seeds. Enclose a note saying, “I know how much joy your grandchildren bring you. Let’s set up an opportunity to talk about ways you can seed their future and discuss your legacy, starting with their post-secondary education funding.”