AIG Adviser Group Names New SVP and General Counsel

AIG Advisor Group has named Noah Sorkin to the newly created position of Senior Vice President and General Counsel.

Sorkin will be responsible for managing all legal and regulatory functions impacting the independent broke/dealers of AIG Advisor Group and will will report to Christine Nixon, Senior Vice President and General Counsel, AIG Retirement Services.

Sorkin joins AIG Advisor Group from Fidelity National Financial, Inc. where he served as Senior Vice President, responsible for supervising litigation and regulatory matters for the firm. Before Fidelity, he was at Oppenheimer & Company, Inc., a full-service broker/dealer and investment advisory organization, where he served as Deputy General Counsel and Director of Litigation.

The AIG Advisor Group, Inc. is the largest independent broker/dealer network in the United States, with more than 7,500 independent financial professionals. It consists of the following wholly-owned independent broker/dealers subsidiaries: AIG Financial Advisors, Inc., FSC Securities Corporation and Royal Alliance.

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Morningstar Finds Improvement in 529 Plans

Morningstar’s fifth annual best and worst 529 college savings plan study found improvements in plan investment lineups and fees.

“We’ve witnessed noteworthy improvements in 529 college savings plans over the past few years,’ said Marta Norton, Morningstar mutual fund analyst and author of the study, in a press release. “Overall, costs have come down, many of the poorer plans have improved their fund lineups considerably, and some ineffective plan administrators have exited the 529 plan management business entirely.’

The press release said Illinois’ Bright Start College Savings Program is a major turnaround story in the study. Hiring OppenheimerFunds, Inc. as the plan’s administrator lowered fees and provided more diverse investment options. Maryland College Investment Plan, again on the best list, features high-quality funds, customization, and low fees.

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Morningstar said two of its favorite plans are Virginia’s Education Savings Trust and College America plans, which both boast low fees and diversification. Colorado’s Scholars Choice offers investors reasonable expenses and exposure to top investment managers.

New names on the worst list include:

  • Putnam CollegeAdvantage, Ohio’s broker-sold plan, for poor fund performance and high manager turnover,
  • Mississippi TIAA-CREF Affordable College Savings Program and Mississippi TIAA-CREF Affordable College Savings Advisor Program, for high fees and limited investment choices or asset class exposure, and
  • New York’s 529 College Savings Program, for lack of diversification – specifically no international exposure, which means missed gains in foreign markets and no protection in a U.S. market downturn.

For the complete 529 plan study and additional resources, visit http://www.morningstar.com/goto/Best529Plans.

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