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Pershing announces brokerage 529 platform
(June 6, 2012) - Pershing LLC, a BNY Mellon company, today announced that it has become the first clearing firm to offer 529 college savings plans on its platform. This new offering enables investment professionals to open, fund and manage 529 college savings plan accounts electronically, similar to the way they manage most other investments for their clients. Pershing's solution helps investment professionals overcome the hurdle of managing 529 college savings plans outside clients' investment portfolios; thereby eliminating a paper-intensive and time-consuming process.
The first 529 plan available on the platform is CollegeAmerica® sponsored and administered by the Virginia College Savings Plan(SM). American Funds® is the plan's program manager.