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The College Solution: A Guide for Everyone Looking for the Right School at the Right Price by Lynn O’Shaughnessy

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52. Grading Financial Advisers

Our results demonstrate that 529 plans with higher fees have more accounts and more assets. In this study, investors are choosing out-of-state plans with higher fees and forgoing significant state tax benefits.

—Study conducted by Raquel Meyer Alexander and LeAnn Luna, assistant professors of accounting at the University of Kansas and the University of Tennessee

A few years ago, I was sitting in a corporate auditorium in Michigan listening to a sales rep praise the 529 college savings plan that he was peddling. The rep told the employees in the audience how wonderful 529 plans are and how his 529 plan in particular was first rate. I have no doubt that some of the parents ended up enrolling in this plan. The guy ...

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