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NY Columbia NY Advisor529 Plan |
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State Provider: New York; Net Assets ($mil):
$1,365.3 as of
12-31-09 |
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New York's College Savings Program (Advisor Plan) managed by Columbia offers investors a mixed bag. After a number of high profile acquisitions in prior years, Columbia is now able to offer a respectable lineup of investment options across asset classes and market capitalizations, including portfolios run by the impressive small-cap firm Wanger Asset Management (manager of the Acorn Funds), a subsidiary of Columbia, as well as noted growth manager Tom Marsico. The problem continues to be the plan's relatively high expenses. The asset-based costs of the age-based plan's A shares range from 1.08% to 1.41%--still a far cry from some of the top broker-sold plans across the country. And the fees are even higher for those that opt for some of the individual portfolio options; the annual average cost of these is a steep 1.50% of assets, with several options costing as much as 1.80% or 1.90% of assets. Residents using a broker may find that New York's state income tax deduction on contributions of up to $5,000 per year ($10,000 for married couples filing jointly) outweighs this cost hurdle, but out-of-staters can find better value elsewhere.(Information as of 04/09/2009) |
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| Availability: Sales Channel |
Resident: Broker
Non-Resident: Broker
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| Annual State Tax Deduction |
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Up to $5,000 (S),
10,000 (J)
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| Max Investment/Beneficiary |
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$375,000 |
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(includes appreciation)
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| Mos. to Qualified Withdrawal |
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Public, Private & International
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| Static Portfolios and Self-Directed Funds |
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| US Stock
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Bond |
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| Total International Funds: 41 |
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| Underlying Funds’ Ratings |
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| Overall Morningstar Rating |
# Equity
Funds |
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# Bond
Funds |
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| Ratings as of
12-31-09 |
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| Range |
0.3 |
| 529 Plan Avg |
0.41 |
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| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
| A:
4.75 – 5.75% (front-load) |
| B:
5% (deferred-load) |
| C:
1% (deferred-load) |
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| Initial Purchase |
$1,000 |
$1,000 |
| Additional Purchase |
50 |
50 |
| Initial (AIP) |
50 |
50 |
| Additional (AIP) |
50 |
50 |
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