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Rating:Regulators Scrutinize Conversion Sales of 529 Plans Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, April 21, 2005

Regulators Scrutinize Conversion Sales of 529 Plans

by: Theresa Sim

Regulators are expanding their inquiry into brokers' sales of 529 plans, reports Reuters.

Although unnamed sources familiar with the inquiries told Reuters that the "regulators' concerns are broadening," it was not immediately clear how and where they are now focusing.

The sources pointed to one area of concern -- conversion sales of Uniform Gift to Minors Act balances to 529 accounts.

"These concerns go beyond questions raised last year about excessive fees and sales of out-of-state plans to clients who might be better off tax-wise with an in-state plan," wrote Kevin Drawbaugh of Reuters.

An SEC task force is already working on the issue, but the regulatory agency has not brought action against any firms. Meanwhile, the NASD is looking at 529 sales practices at 20 securities firms, reported Drawbaugh.  

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