Assets in 529 plan accounts reached an all-time high of $328 billion in December before shrinking to $293 billion as of March as a result of the market downturn during the first quarter, according to research from Morningstar Inc.
Assets in the college savings accounts totaled nearly $286 billion at the end of 2018.
Plans sold directly to college savers continued to gain market share, Morningstar said, growing at more than double the rate of plans sold exclusively through financial advisers over the past three years.
Fees fell again in 2019, with the average direct-sold age-based portfolio's expense ratio declining to 0.35% in 2019 from 0.39% in 2018, and the expense ratio of the average adviser-sold age-based portfolio down 0.04 percentage points to 0.89% as of March 2020.
“We are helping families take an important first step toward building a financial foundation for the next generation,” said Franklin Templeton CEO Jenny Johnson
Richard Brothers Financial Advisors joins the fee-only RIA, adding its first Maine office and $240 million in client assets
Cleveland RIA grows to $68 billion in assets as Philadelphia team, deepening its high-net-worth and retirement-plan practice.
Financial planning leaders say unresolved rules on fees, Roth conversions and financial aid complicate comparisons with 529 plans.
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Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
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