What are typical fees for 529 plan?
Some, but not all, 529 plans charge a fixed-dollar amount against your account either quarterly or annually as an account maintenance fee. The fee is usually in the range of $10 to $25 per year per account, depending on the particular 529 plan.
Does Merrill Edge offer 529 plans?
529 Plan Benefits You can have a Merrill Edge® Self‑Directed account or you can work directly with an advisor.
What is a 529 plan Merrill Lynch?
Section 529 plans are designed to encourage saving for education expenses. Beyond their favorable tax treatment, Section 529 plans are a versatile education planning tool offering families a way to invest for a child’s future education expenses.
Why are 529 fees so high?
And remember, a 529 plan’s annual expense ratio is based on a percentage of assets in the account. So, as your account balance grows you end up paying more in fees. The more you pay in fees, the less money you are investing for your child’s college education.
Should I use a financial advisor for 529 plan?
You won’t need a financial advisor for your 529 plan if you are comfortable making investment decisions on your own. (And most financial advisors won’t want to sell you a 529 plan if that is all you’re asking them to do. The commissions are not worth all the time and effort it requires.)
Are Merrill Lynch fees high?
Commissions range from 0.70% – 15.00% of the principal value of the contracts, plus $3.00 – $9.00 per contract. You also pay an additional transaction fee ranging from $0.15 to up to $1,003 per transaction, determined based on the principal value and number of contracts purchased or sold.
Does Merrill Edge have fees?
Merrill Edge gets high marks when it comes to account fees: There are no transfer, annual, inactivity or closing fees for brokerage accounts. If you transfer assets out of a retirement account, however, you’ll pay a fee of $49.95, but that charge is still lower than at some other brokerages.
Does it matter where I open a 529?
No you don’t have to use your own state’s 529 plan. Very few states will prevent you from using their 529 plans no matter where you live, which means you can shop among just about all the different plans.
What is the best way to invest in 529 plans?
As mentioned, you can start a 529 plan either through an advisor or, less expensively, by investing directly with the plan’s sponsor. While states administer 529 plans, they typically turn over the day-to-day operations to major financial services companies, such as Fidelity, T. Rowe Price, or Vanguard.
Are Merrill Lynch fees negotiable?
Fees Under Merrill Lynch Wealth Management Each client will negotiate a Merrill Lynch Fee Rate with his or her advisor that is less than the maximum rates set by Merrill Lynch.
Does Merrill Lynch have high fees?
Merrill Lynch charges a program fee for the Merrill Lynch Investment Advisory Program that consists of a Merrill Lynch Fee Rate and a Style Manager Expense Rate. The maximum rates charged for the Merrill Lynch Fee Rate are 2.20% of AUM for accounts below $5 million and 2.00% of AUM for accounts of $5 million or more.
Who is better Vanguard or Merrill Lynch?
Merrill Edge also outperforms Vanguard when it comes to security, trading technology, education, and customer service l. All things considered, we found Merrill Edge to be the better overall brokerage platform for most investors. The one exception, however, is if you are looking to be a buy and hold investor.