Remember, your LPOA access allows you to link client accounts

Advisors with certain authorization levels have the capability to initiate contributions to their clients’ my529 accounts.

If you have Level 2 or Level 3 authorization within the my529 LPOA program, you can add a client’s bank account information with permission from the account owner to order ACH transactions between the client’s bank and my529 accounts.

You recently received an email from my529 with more information on what this management capability means for you and your clients. Your clients also have received an email informing them of the change. This functionality gives you more ability to manage your client accounts.

The table below is a reminder of capabilities for each LPOA authorization level.

Limited power of attorney access levels

The account access granted by an account owner/agent to a financial/tax advisor is limited to the authority described below:

 Authorization Level Obtain Account Information Initiate Transactions Online or with Applicable Form
Contributions Investment Option Changes Transfers Between Accounts  Withdrawals
Level 1 Low
(Informational)
Online/Phone No No No No
Level 2 Medium
(Limited)
Online/Phone Yes Yes Yes No
Level 3 High
(Limited + Withdrawals)
Online/Phone Yes Yes Yes Yes1
1 Withdrawal checks may be made payable only to the account owner, the beneficiary, or an eligible educational institution. my529 will not issue checks to other parties. Account owners can link a bank account to receive electronic deposits from my529 account withdrawals initiated online by financial advisors.