Connecticut Treasurer Denise Nappier announced Wednesday that, after a competitive bid process, she has selected The Hartford Financial Services Group to launch and manage CHET Advisor, a new advisor-sold 529 college savings program for state residents.
CHET Advisor will be the first advisor-sold 529 college savings plan sponsored by the state. TIAA-CREF, a New York-based financial services provider, will continue to manage the Connecticut Higher Education Trust (CHET), a direct-sold 529 college savings plan first launched in 1998.
As part of CHET Advisor, The Hartford will support a new $100,000 annual scholarship program for Connecticut children. The Hartford’s corporate headquarters are located in Hartford, Conn.
Nappier and The Hartford Chairman, President, and CEO Liam McGee announced the new program at the Connecticut State Capitol, also located in Hartford.
Joe Hurley, 529 guru and founder of www.savingforcollege.com, said many other states already offer advisor-sold 529 college savings programs.