529 News

Recent Industry News

ABLE program disclosures available on EMMA

(June 21, 2016) - On June, 21 the MSRB (Municipal Securities Rulemaking Board) released notice that it had added its first 529A offering document, from the State of Ohio’s ABLE program to its Electronic Municipal Market Access (EMMA) website. Program disclosures, "will be made available on EMMA both voluntarily by states and per MSRB regulations by municipal securities dealers involved in the primary offering of ABLE programs" according to the MSRB.

1Q 2016 529 plan assets up, continue to reach year-over-year highs

(May 18, 2016) - According to 1Q16 data from Strategic Insight, assets in 529 college savings plans increased by 2.1% over 4Q 2015, and increased 1.5% over the past year.

Net inflows in the 1st quarter of 2016 were $3.2 billion, compared to $3.3 billion in 1Q of 2015, demonstrating that investors are successfully withdrawing 529 plan funds for qualified higher education expenses.

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.

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