529's at RIA's

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Jul 21, 2010 9:55 am

Can an RIA maintain 529 accounts?  I would assume so, but wasn't sure.  Who becomes "broker of record" on the account - the custodian?

Jul 21, 2010 4:32 pm

Yes, 529 Plans can be offered by Fee-Only RIAs.  Some vendors like American Funds for example, can assist you in this.  I believe American Funds manages the 529 plan for The Commonwealth of Virginia.  Other states like Arkansas, have rolled out a solution to help 529 plan participants work with a fee-only advisor.  Check with your respective state and inquire.  It is certainly possible and best wishes to you.

Jul 22, 2010 9:10 am

Thanks Fred.