In this Broker Monitor Report, we reviewed 529 plans offered from each firm we cover. In our review, we contacted customer service representatives and brokers about the firms’ products. We include an overview of our communication with firm representatives and brokers, and note any 529 products and planning literature we received from the firms. We also reviewed online content where available. To limit the scope of this report, we only looked at 529 savings plans, not prepaid plans.
For this Broker Monitor Report, we contacted customer service representatives and brokers about the 529 plans offered by the firms we track. When reviewing offerings, we examined the following areas:
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Availability of 529 plans
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Product literature received by mail and online
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Customer service when talking to brokers
The majority of firms, 12 out of 18, provide 529 plans, but only seven offer proprietary 529 plans. All full-service firms in our roster offer plans; all six firms that do not offer a plan are discount brokerages.
Generally, all firm representatives were reluctant to provide specific 529 plan information, encouraging us to look into our home state’s 529 plan first. Instead, firms provided a general overview of college savings and followed up by sending a variety of brochures and 529 applications in the mail.
The types of 529 literature we received varied from full enrollment kits to general brochures and guides. Interestingly, three firms included new account applications along with return envelopes, an added touch. Overall, firms were quick to send out the materials – seven firms sent the information in the mail within a week of reaching out to a customer service representative or broker. Three firms offered to send information by email, expediting delivery.
Other key findings of our Trade Confirmation Review include:
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Two firms offer 529 plans through their respective fund groups
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Only two firms followed-up with a call or email after our initial discussions
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Representatives at three firms connected us directly to a dedicated 529 group
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