California to shut down its advisor-sold 529
The direct-sold ScholarShare is changing program managers, going from Fidelity Investments to TIAA-CREF's Tuition Financing Inc. (TFI). Fidelity had decided not to participate in recent rebidding of program management services for the $4 billion plan.
California received no bids to manage the state's advisor-sold 529 plan, which is currently managed by Fidelity and holds approximately $300 million in assets. Unless plan participants roll over to another 529 plan--presumably with the help of their financial advisors--they will see their assets transferred automatically to the direct-sold ScholarShare and TFI next year.
Fidelity Investments continues to manage a similar advisor-sold 529 savings plan out of New Hampshire called the Fidelity Advisor 529 Plan.