financial planners

I was at a meeting with several financial planners recently where the hot topic was how to manage our clients' pain and anxiety in a bear market.

The room was full of long faces. Clearly the popularity that we planners have enjoyed over the past five years has declined faster than our clients' portfolios.

Clients come to me with money in college savings plans from dozens of states, but I've never seen a single one who had invested in Utah's 529.

Why is that? I assume it's because, unlike most states, Utah doesn't have an adviser-sold plan, so financial planners have no incentive to invest their clients' money in it.