Based on what it describes as its first methodology enhancement to its 529 plan ratings since they debuted eight years ago, Morningstar has assigned ratings to 61 college savings plans.
Those plans captured 97% of the more than $363 billion invested in 529 plans as of Aug. 30, Morningstar said in a release.
The direct-sold plans of Illinois, Michigan and Utah received the top, or gold, rating under the new system, which recognized 35 plans as best-in-class offerings. Morningstar recognized these programs with analyst ratings of gold, silver and bronze.
Eighteen plans earned neutral ratings, which Morningstar analysts said they do not recommend but which “might be worth a second look for residents who qualify for additional benefits such as state income tax breaks,” which don't factor into the firm’s ratings.
Eight plans received negative ratings as a result of at least one significant flaw, such as a subpar allocation approach or exorbitantly high fees.
To arrive at their ratings, Morningstar analysts considered four factors surrounding process (which involves the choice of asset allocator and the design of a thoughtful glide path), people (whether the investment manager is a good steward of investor capital), parent (do the state trustee and its partners put education savers first?), and price, which looks at how the plan’s fees compare to others.
Antoniades’ position as CEO of Cetera Financial Group has been in question since spring of 2023.
The president-elect's pledge to dismiss SEC Chair Gary Gensler on "day one" will likely not be enough to undo all his regulatory initiatives immediately.
Morgan Stanley reported this week that a state securities regulator has been seeking information from the firm.
Policymakers at the Federal Reserve opted to lower the benchmark rate by a quarter of a percent.
The bank-supported independent RIA is widening its reach with a Merrill Lynch alum and a new office in North Carolina.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
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