NASD Expands 529 Plan Probe
The industry organization that regulates securities brokers has expanded its investigation into firms selling the popular -- but much criticized -- 529 college savings plans, while issuing a new consumer alert brochure to help families better choose from among the dizzying number of options.
The National Association of Securities Dealers, or NASD's, new Investor Alert, College Savings Plans -- School Yourself Before You Invest, reflects continued concern that the average investor faces considerable difficulty in navigating the industry's complicated world of fees, expenses and tax incentives.
The NASD is now investigating 20 brokerage firms, whose representatives sold a high percentage of out-of-state 529 plans to clients. "We're concerned that those investors may be missing out on some important state tax benefits," said Mary Schapiro, NASD vice chairman. ...
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