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TIAA reports sharp account growth; WA529 Invest launches Washington‑specific targeting model
Summary
TIAA reported strong early results for WA529 Invest — March and April saw large increases in new accounts and contributions, the program launched a Washington-specific targeting model and will reuse it for College Savings Month promotions.
TIAA presented a marketing and business update showing strong early progress for WA529 Invest. Kristen Murphy, TIAA’s marketing director for WA529 Invest, said March and April produced roughly 98% increases in new accounts compared with the prior year and a 48% rise in contributions, and that 97% of first-quarter accounts were opened online.
Murphy described a new Washington‑specific targeting model that prioritizes consumer attributes derived from conversion data (age, children, app usage, gifting behavior) rather than geographic ZIP-code targeting. She said the team used the model in a recent five‑to‑nine‑day promotion that produced 203 accounts that used a promo code and that the model will be used again for College Savings Month in September.
TIAA highlighted app engagement and gifting metrics: ReadySave app usage was reported at 12.7% and gifting contributions accounted for about 16% of January contributions — the highest among TIAA-managed state plans. TIAA is also tracking success from episodic bonuses and recurring contribution incentives, and staff said they will continue comparing performance of model-targeted campaigns to previous approaches.
Program staff linked marketing gains to the committee’s decision to move to year‑round continuous enrollment and said additional investments in marketing are included in the FY2027 budget adopted by the committee.
