One of the most common questions we are asked by new parents or those whose children are entering school is ‘When is the right time to start saving for college?’
The right answer is yesterday, but in practical terms we know that is not possible so best advice is “It is never too early to start saving to for a college education” of well-educated young people.
At Leno, we are committed to helping clients make higher education possible.
That’s why there is never an enrollment fee for a college savings plan. You can begin to invest in your child’s college education today.
For more information, contact us Click here.
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The Leno College Savings Plan can be started with $250
Leno encourages clients to make monthly payments/contributions. However, clients have full control over when and how often payments/contributions are made.
No. Clients can pay any amount.
Nothing. The clients account will continue to earn interest based on value of the account and the investment strategy selected.
The college savings plan was intended to allow persons to accumulate their savings using the investment vehicles that Leno provides. Withdrawals are not encouraged as it interrupts the earning potential of the clients savings. However, withdrawals are accommodated for emergency situations but not encouraged as a normal practice.
The full investment value of the accumulated funds inclusive of contributions and interest will be paid back to the “Account Owner” who established the College Savings Plan.
Leno makes a lump sum payment to the account owner via cheque unless instructed otherwise.
Yes. Other friends and family can contribute to the account once the correct account number is identified. Please note that all payments made to the account are the property of the account owner.
No. Friends and family can start a Leno College Savings Plan for any child.
The Leno College Savings Plan offers three (3) investment strategies to select from. Those strategies are: (1) The Conservative, (2) The Balanced, and (3) the Aggressive Strategy. Each strategy has a different risk level and investment objective. The Conservative Investment Strategy is low risk and is designed to provide safe and steady growth. The Balanced Investment Strategy has moderate risk and is designed to benefit from the returns associated with the stock market while buffering any fluctuations that may occur by having a portion of the investments in safe investment like government bonds. The Aggressive Investment Strategy is high risk and is designed to generate returns by investing in the various publicly traded companies pegged for growth within their respective industry and the overall economy.
Leno recommends that clients that select a strategy that reflects their comfort level as an investor in terms of risk, the time horizon for their investment and their overall objective. One of Leno’s representatives will be happy to guide you during the process.
Clients are allowed to change the investment strategy once per year.
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