September doesn't just mark back to school freedom for parents. It is also set as the release month for Morningstar's latest foray. The Chicago-headquartered firm will introduce an online suite of tool desingned specifially for 529 plans next month.

The 529 Advisor tools feature a built-in tax-benefit calculator allowing financial advisors and investors to compare between in-state plans and out-of-state plans. The tools are also designed to let advisors identify plans that meet best fit clients' needs, forecast the probability that clients will meet their goals and illustrate the hypothetical advantages of a given portfolio option. The tool also will provide Morningstar Reports for plans, portfolios, and underlying funds for advisors to use in client presentations. An annual subscription to Morningstar's 529 Advisor will cost $495.  

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