Holders of 14.3 million 529 education saving accounts had a total of $437 billion invested in their plans in the quarter ended June 30, an increase of 6.1% from the $412 billion invested in the first quarter, according to a report by ISS Market Intelligence.
Inflows to all accounts totaled $4.7 billion during the second quarter, up from $3.7 billion in the previous quarter.
The report also noted that $878 million was invested in 100,874 ABLE accounts. Also known as 529A accounts, these allow individuals with disabilities and their families to make tax-advantages contributions to save money for the disability-related expenses of the account's designated beneficiary.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
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
