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Wealthfront pursuing new 529 plan in Nevada

(May 16, 2016) - Wealthfront has partnered with Ascensus College Savings to pursue a private labeled product. The April 12, 2016 State of Nevada “Notice of Public Meeting” reads:

For possible action: Board review and consent to the Wealthfront Private Label Product Agreement between Wealthfront and Ascensus to launch a new Section 529 college savings plans pursuant to the Direct Program Management Agreement; review and approve the resulting Wealthfront 529 Plan Plan Description and Participation Agreement.

Minutes from the meeting are not yet published, but it comes as no surprise that roboadvisors are taking a keen interest in the 529 space. Wealthfront would be the first roboadvisor to launch its own state-sponsored 529 savings plan. FutureAdvisor offers 529, Coverdell, and UGMA/UTMA advice on its platform. It is unclear what a Wealthfront product might look like yet, but the aforementioned announcement indicates that it would be its own unique plan.

For more information, click here.

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