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Many Parents Putting Off Saving for Children’s College
Ranking Looks at Overall Performance, Not Individual Portfolios
The deadline for entries to Money Management Executive's Sixth Annual Fund Operations Awards has been extended through Thursday, July 31, so you still have plenty of time to enter. This is the perfect way to receive the accolades you believe your firm or service provider deserves for one or more of the following categories: Leadership, Innovation, Efficiencies/Streamlining and New Media. Entry forms and information are available at our website: http://www.mmexecutive.com/fund_operations_awards/. …
Parents Have Hard Time Balancing Priorities
A shocking lack of financial knowledge by our nation's teenagers has caused a junior achievement organization and an association of retired teachers to band together to help bridge this gap.
Friends and family members of New York college-bound students can now make contributions to a student's 529 college savings plan, thanks to a change in New York State law that mirrors similar programs in other states. With $8.3 billion in assets, New York's 529 plan has bragging rights to having the largest direct-sold channel with $7.1 billion across 500,000 accounts as of May 2008. Its companion advisor-sold plan channel has additional assets of $1.2 billion and 100,000 accounts. With combined assets, New York is overall the fourth largest college savings plan in the nation.
After a year of record growth, Hartford Financial Services wants to expand its 529 college savings business over the next two years by increasing sales and, perhaps, in what would be a shift in strategy, by becoming a plan sponsor in another state. Last year, the Simsbury, Conn., company increased its 529 college savings plan sales a record 29.5%, to $250 million, and its 529 plan assets under management 21%, to $1.1 billion. Now it says it will start examining requests for proposals to determine if it wants to become a provider for states other than West Virginia, whose plan it has sponsored since 2002.
After Two Month Suspension, China Again Approving Mutual Funds China regulators put new mutual fund offerings on the back burner over the past two months in an attempt to cool down what appears to be an overheated market, but have just allowed ICBC Credit Suisse Asset Management's Core Value Funds and Golden Eagle Asset Management's Component Stocks Preferred Funds to reopen, Shanghai Daily reports.
Legg Expects to Announce New Chief Executive Soon; Says Search is Progressing Legg Mason Chairman and Chief Executive Officer Raymond 'Chip' Mason said the firm expects to announce its new chief executive officer in the 'reasonably near future' and that the search is moving along as planned.
Parents certainly are aware of the need to save for children's college education, but not all are stashing away money in appropriate investment vehicles, such as 529s that are tax-free. Seventy-three percent of parents have some sort of college savings plan, and 80% of investors are aware of 529 plans, according to a survey conducted by The Hartford Financial Group, which interviewed 2,549 parents in households with children under the age 15.
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