JERSEY CITY, N.J., Dec. 3, 2013 /PRNewswire/ -- Pershing LLC, a BNY Mellon company, today announced that a second major 529 college savings plan provider, John Hancock, is now available through NetX360 ®, Pershing's technology platform for advisors. In addition to providing advisors with even more choice in college savings options for their clients, advisors also benefit from increased efficiency of streamlining the account establishment and funding processes. The platform allows advisors to open, fund and consolidate 529 plan accounts directly through NetX360. John Hancock's Freedom 529 Plan joins American Funds' CollegeAmerica ® plan on Pershing's no-fee college savings program. The platform's open architecture design will allow more 529 plans to be added in early 2014 and beyond.
"In addition to meeting the needs of their clients in a growing, yet underserved market, advisors will be able to broaden the portfolio of solutions they offer and manage," said Rich Calvario, vice president of financial solutions at Pershing. "529's are also attractive given that they are a reliable means for intergenerational wealth transfer as parents and grandparents help subsequent generations prepare to meet the financial needs for their education."
Advisors have access John Hancock's Freedom 529 Plan through NetX360. The plan offers a diverse mix of age and static-based investment options that allow advisors to match clients with the investment objective that embodies their risk tolerance and savings goals.
Calvario added, "The rising cost of a college education coupled with the strong demand for a college degree has further increased the urgency behind saving for college. Advisors have traditionally faced challenges when trying to introduce clients to a plan that achieves their investment objectives and is easily managed within the context of their full portfolio of investments. Our goal is to continue adding quality plans to the platform while improving technical capabilities that maximize the advisor's efficiency and effectiveness."