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Information for Financial Professionals
We help financial professionals incorporate 529 planning into your clients’ portfolios, maximizing the value you bring to them, as well as their chance of future financial success.
There are several ways our dedicated team can support you:
Corporate Plans: Add the fringe benefit of a 529 plan to an existing retirement plan without cost or safe harbor restrictions. We’ll help you set up a corporate plan for your business clients, as well as educate their employees about 529s. Colorado now allows businesses to claim a tax credit on contributions. (Note: This law has been extended to run through 2032.)
First Step: Help your clients get a jump-start on saving for their newborn. CollegeInvest gives every baby born or adopted in Colorado on or after January 1, 2020 a $100 contribution to their account. First Step participants will also have a portion of their future contributions matched. Click here for more information and click here to read a FAQ for Advisors.
Starter Accounts: Offer your clients a $25 contribution to every new account they open, as our thanks.
Continuing Professional Education: Keep up with legislation and learn how to best engage and educate your clients. We currently offer five different CPE courses, free of charge.
How we can help
Connect with your clients who own a business
CollegeInvest is proud to offer Colorado companies two ways to help their employees save for college. We provide a free, voluntary benefit to educate employees on 529 college savings plans. We also offer a customizable Employee contribution program, that comes with a tax credit, for companies to contribute directly to their employees’ 529 accounts.
How we help companies
One of our Advisor Relations Managers talks about how corporate 529s can benefit your clients who own a business. Call us today to learn more.
Frequently asked questions from Financial Professionals
How does the First Step Program work?
Have questions about how the First Step Program works? Click here to learn more.
Can I use my savings for K-12 expenses?
The Tax Cuts and Jobs Act of 2017 expanded the qualified use of 529 savings accounts by allowing withdrawals for K-12 tuition expenses. Section 529 of the federal tax code sets the general rules of qualified tuition programs, which authorizes each state to administer its own program and determine its unique state tax treatment and other policies.
In Colorado, the intent of the state’s 529 college savings plan, CollegeInvest, is to encourage savings for higher education. Colorado tax law remains unchanged and CollegeInvest 529 plans can only be used for qualified higher education expenses. Any other use, including K-12 tuition expenses, are considered non-qualified withdrawals and subject to recapture.
How can I access my client’s account information?
For Direct Portfolio accounts, you will need to make sure you have client viewing privileges. For advisor access, use these forms: DP LPOA/Agent Auth AND Org Res Form. Please call us at 303-376-8839 should you need any assistance.
To view your Scholar’s Choice or Direct Portfolio accounts
Do I need a sales agreement? How do I set one up?
To be able to sell Scholars Choice, you will need to have an up to date selling agreement completed and approved by Nuveen. Depending on how your practice is set up will determine the selling agreement which is right for your organization. Please contact specialist529plan@tiaa.org and ask to be set up as a new financial professional.
Who is CollegeInvest?
We are a not-for-profit division within the Colorado Department of Higher Education, here to help everyone who wants to get a college education achieve that goal through the use of tax advantaged 529 college savings plans. For financial professionals we provide expert information, unbiased sales strategies and free continuing education credits to help you better connect with the families you work with. We currently provide 4 different savings plans to meet the varying needs of Colorado families. And, our Matching Grant Program is designed to help qualifying middle to lower income families save for higher education. The Colorado Department of Higher Education (DHE) has oversight and management responsibilities over the division. In addition, there is an Advisory Board of Directors appointed by the Governor and confirmed by the State Senate. CollegeInvest is a self-supporting state enterprise and does not receive taxpayer funding.
For additional information click here.
How do I access forms or order materials?
To access SCHOLARS CHOICE forms click here.
To access DIRECT PORTFOLIO forms, click here.
To order SCHOLARS CHOICE materials, log onto scholars-choice.com and order the materials that are right for you. Or call Nuveen at 800.752.8700.