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.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
