Years ago, as a young married person contemplating starting a family and saving for my children’s college education, I engaged for the first time with a financial planning firm. I learned the hard way the difference between an advisor who earns commissions based on sales of insurance and investment products, and an advisor who works for fees only on a fiduciary basis and does not sell products or earn commissions (such as a fee-only Certified Financial Planner). My initial planner recommended that I invest in a particular 529 college savings plan, without telling me that the recommend plan paid the highest commissions, rather than in a 529 plan with lower costs and better opportunities to grow savings. While I eventually switched my college investments to a lower-cost 529 plan, many people remain stuck in less advantageous college investments because they received advice from advisors who are not acting under a fiduciary standard, which requires that the advisor put the investor’s interests first, not the interests of lining the advisor’s own pockets. Fiduciary standards are needed to protect consumers and help families save more for college.

Illinois has been operating without a budget for two months. The impact has been immediate and felt across the state. No budget means no money for vital services for children and families. Woodstock Institute worked with the Responsible Budget Coalition (RBC) earlier this summer to urge lawmakers to pass a budget that focuses on generating revenue over simply cutting more services. Now is the time for lawmakers to take the lead and produce a budget that puts these services back in order. 

A growing number of financial products and services are becoming available online. From mortgages to student loans to small business loans, consumers and business owners are able to borrow with a few strokes of the keyboard. While the increased accessibility of products and services may have some benefits for consumers, a number of unregulated financial products may actually do more harm than good. In order to further assess the situation, the United States Department of the Treasury has sent out a request for information about online lending, specifically focusing on small business lending and consumer lending. The data that the Treasury Department receives will help it determine what kind of regulation may be needed to protect borrowers in the online marketplace.

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