NEWRIVER UNVEILS COLLEGE SAVINGS CENTRAL
Andover, MA, April 15, 2003 - NewRiver, Inc., a leading provider of e-services for the financial industry, today announced the launch of College Savings Central -- the only 529 plan information and compliance portal solution catering exclusively to institutional buyers. With 529 assets expected to exceed $80 billion by 2006, according to Cerulli Associates, College Savings Central provides an easy and fully compliant way for program managers, third-party benefit service providers and brokerages to capitalize on this growing market opportunity, allowing them to extend the unsurpassed tax benefits of these plans to customers.
College Savings Central offers institutions the most comprehensive online 529 resource available by leveraging NewRiver's core compliance capabilities with the educational materials of College Savings Consultants, a leading provider of independent education and analysis of 529 plans. For institutional buyers looking to get up-and-running quickly, College Savings Central also offers the added advantage of enabling clients to reduce costs and implement a 529 support solution in a matter of weeks versus several months. And as an end-to-end service, the privately-branded, customized portal is an instrumental sales tool that not only educates, but also facilitates the customer enrollment process.
"The tax advantages and flexibility of 529 plans offer participants a tremendous amount of value, particularly when you consider that college expenses have steadily increased at a rate of 5%-7% annually," said Richard Feigenbaum, president of College Savings Consultants and author of the book The 529 College Savings Plan: The Smart Way to Fund Higher Education. "With the proliferation of 529 plans, College Savings Central is the first solution for institutional buyers that has effectively addressed the customer service and compliance challenges associated with these investment vehicles, opening the door for institutional buyers weighed down by the complexities of managing this process independently."
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