Nevada State Treasurer Dan Schwartz just announced that the Nevada State Treasurer’s office will partner with Wealthfront, a leading provider of automated investment services, and Ascensus College Savings (a division of Ascensus, Inc.) to offer an innovative and new type of 529 plan to Nevadans. The Wealthfront 529 College Savings Plan, the first plan offered through an automated investment service, will deliver sophisticated investment management at affordable prices. Wealthfront will serve as investment manager for the 529 portfolios and the plan will be administered by the Board of Trustees of the College Savings Plans of Nevada, chaired by the Nevada State Treasurer. Ascensus College Savings will serve as the program manager.
“Our office is committed to creating a culture of education in our state. Wealthfront offers a unique platform in automated investment servicing, which we feel will encourage Nevada’s millennial generation to invest in a college savings plan. The Wealthfront 529 College Savings Plan will spearhead Nevada’s leading role in meeting the digital demands of a new generation and pair them with an innovative partner in investment management,” says Treasurer Schwartz. “This program has taken many months of planning. We are proud that our partnership with Wealthfront will offer yet another choice in plans for a new generation of families in Nevada.”
An added bonus for Nevada residents that invest in the Wealthfront 529 College Savings Plan is that the first $25,000 of assets under management will not be subject to the Wealthfront advisory fee. For amounts above, Wealthfront will charge a monthly advisory fee at an annualized rate of 0.25 percent, substantially lower than traditional advisory charges making it the lowest cost 529 Plan offered by any advisor in the country.
Wealthfront’s goal is to deliver a sophisticated product with competitive pricing nationwide. The State Treasurer’s Office wishes to thank Wealthfront and Ascensus for their commitment to this partnership and look forward to partnering with them in the future.
The Nevada State Treasurer’s office administers the State’s Section 529 college savings plans which now includes five savings plans and one prepaid tuition plan. Nevada’s college savings program is one of the largest in the country with over $17 billion in assets under management. In addition, the Office manages the Governor Guinn Millennium Scholarship Program and the Nevada College Kick Start Program. Information on all the State Treasurer’s programs designed to help make higher education more affordable can be found at NV529.org.
For further information, please contact Nicolette Johnston at njohnston@nevadatreasurer.gov or 775-684-5771.
