Series 52: 1.6.2.6. Omnibus Accounts

1.6.2.6. Omnibus Accounts

A large firm that has many customers with 529s may have an omnibus account with a 529 issuer. A 529 omnibus account is an account opened at a 529 issuer for a broker-dealer, instead of the issuer opening individual 529 accounts for the broker-dealer’s customers. The individual 529 accounts exist at the level of the broker-dealer. Depending on the number of individual accounts, this arrangement may save significant time and money for both the issuer and the broker-dealer. Information about the individual 529 account can be listed on the customer’s regular statement from the broker-dealer, alongside other accounts the customer may have with the broker-dealer, instead of a separate statement. Setting up the individual 529 acco