Manulife Financial has launched its college savings calculator. This new tool compares and contrasts the advantages and disadvantages of keeping money saved for college in UGMA/UTMA accounts versus transferring those assets into a 529 plan.

"Since the new tax laws effective January 1st 2002 make qualified withdrawals from 529 plans federal income tax free, education-minded investors and their advisors need to take a close look at their college savings strategy," stated Matthew Schiffman, vice president of Manulife College Savings. "With Manulife's new UGMA/UTMA calculator, financial consultants are given yet another tool in our whole cache of resources, to enable them to make more informed decisions for their clients regarding assets earmarked for education."

The calculator also contrasts a UGMA/UTMA account and a 529 plan in terms of future value of investments, internal rate of return on investments, and yearly cash flow.

Meanwhile, AIM Management Group has launched its AIM College Savings Plan. This is a 529 Plan to be distributed through the firm's financial advisor network. It will be available in all 50 states. There will be 10 portfolios offered, each comprised of nine AIM Funds.

And finally, J. & W. Seligman & Co. is introducing CollegeHorizonFunds. These will be investment options in North Carolina's 529 Plan.  

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