How does your firm stack up?
Over the years, we have enjoyed many conversations with our advisors. We thought it might be worthwhile to share how my529’s advisor platform has grown and how other advisor firms use my529 in their practices, and answer some of the most frequently asked questions.
Our team is proud to announce that advisor-assisted accounts at my529 just marked the milestone of $3 billion in assets under management. For these accounts, the average balance is $51,000, and the average beneficiary age is 12.
my529 advisor benchmarks
- How many advisors use back office service providers?
Currently, 57% of the advisor firms that work with my529 use a back office service provider to receive their clients’ data.
my529 offers the following providers:
- Which levels of LPOA authority are advisors using?
Level 1: 6.4% of advisors.
Level 2: 42.6% of advisors.
Level 3: 51% of advisors.
- How many advisors create their own customized templates and glide paths?
More than 51% of advisors.
- Where are advisors located?
Just about everywhere—and my529 is reaching coast to coast.
In the map below, the red dots display the firms across the United States that are registered with my529’s advisor platform. The green dots depict their client accounts.
- How do advisors charge on their clients’ my529 assets?
my529 is a direct-sold plan. We do not pay commissions, loads or sales charges to financial advisors, nor do we endorse financial advisors. However, advisors with clients who have my529 accounts shared several strategies:
- Treat 529 accounts as a value-add for clients, so they do not charge on these assets.
- Use back office service provider to include 529 assets within clients’ total AUM for advisors who charge according to AUM.
- Charge a flat fee for advisor services, which include 529 accounts.
my529 does not recommend or endorse a particular strategy.
All data is as of February 29, 2024.
Questions?
As always, your my529 Professional Service team is here to help. Reach out at 888.529.1886 or by emailing advisorinfo@my529.org. Visit advisor.my529.org for more information.
