Board approves changes to brokered EdVest program
For adviser-sold accounts, the Class A maximum front-end sales charge will be reduced to 4.5% for the fixed income portfolios and 2.0% for the Stable Value Portfolio.The maximum front-end sales charge for equity-based portfolios will remain at 5.75%.
Among other changes is the addition of two new risk-based tracks in the age-based option, a reallocation of Wells Fargo Advantage Funds in several of the investment portfolios, and a decrease in the minimum subsequent contributon to $15 from $25.
In addition, the program will launch a new "Wisconsin Select Portfolio" which will invest in funds managed by firms with a significant presence in Wisconsin. The portfolio will include funds by Artisan, Marshall (M&I), Mason Street (Northwestern Mutual), North Track (Ziegler), Robert W. Baird, Thompson Plumb and Wells Fargo.
The state's portion of the program administrative fee will be eliminated during a "moratorium" that will stay in effect as long as the state's contingency fund maintains a balance greater than the two most recent year's worth of operating expenses. The net change in program and fund operating expenses (excluding broker commissions) is a reduction in all portfolios, ranging from 5-20 bps.