High-net-worth and ultrahigh-net-worth advisers are overlooking a valuable savings tool for their clients, one investment research firm says.

Only 16% of wealthy investors have opened 529 plans for their children’s college expenses, according to a study by investment research firm Spectrem Group. And the more these investors say they rely on their advisers, the less likely they are to take advantage of them, says the survey, which was conducted last fall among a group including roughly 500 UHNW investors, 1,500 HNW investors, and 1,000 investors with a net worth of at least $100,000, excluding the value of their primary homes.

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