Digital record-keeping platform Vestwell said Thursday that it's been chosen to administer the state of California’s ABLE program, CalABLE.
California will be the 20th state whose ABLE program Vestwell manages.
ABLE accounts, established by Congress in 2014 in the Achieving a Better Life Experience Act, provide tax-advantaged savings for people with disabilities, allowing them to accumulate funds in an account that won’t affect means-tested federal benefits.
The 2014 ABLE Act said an individual’s qualifying disability had to occur before the age of 26, but the SECURE 2.0 Act passed late last year extended that to age 46.
“With the recent passing of the ABLE Age Adjustment Act under SECURE 2.0, we expect significant growth of these savings programs, with another six million Americans with disabilities who are now eligible to save through the ABLE programs,” Aaron Schumm, founder and CEO of Vestwell, said in a statement. “We’re incredibly proud to support more Californians with access to these life-changing accounts.”
Retail banks and private wealth firms scored 40 in Fitch's AI stress test, signaling possible one-notch downgrade risk under an adverse scenario.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
