Overview
Backer is a smart way to save for your kid’s education with help from family and friends, utilizing a gold-rated 529 savings plan. The platform serves as an SEC-registered investment adviser that simplifies the complex world of 529 college savings plans.
Designed for parents, grandparents, and family members, Backer eliminates the confusion around choosing from over 100 different 529 plans in the U.S. The platform enables collaborative saving where family and friends can contribute to a child’s education fund through easy-to-share custom links.
Key Features
Automated 529 Setup
Get top-rated 529 plan recommendations in 5 minutes
Collaborative Saving
Share custom fund links with family and friends
Mobile App Management
iOS and Android apps for easy fund tracking
Tax-Free Growth
Projected 8%+ annual growth with tax advantages
Investment Advice
Curated portfolio recommendations based on goals
Multiple Account Management
Manage unlimited 529 accounts
Pros
- No subscription fees for basic plan
- Family collaboration features
- SEC-registered investment adviser
- Simple 5-minute setup process
- Automated contribution options
Cons
- Limited to 529 savings only
- $1.99 fee per contribution on basic plan
- Relatively new platform
- Not available for all investment types
Security Analysis
Security Features:
- SEC Registration: As an SEC-registered investment adviser, Backer has a fiduciary duty to put your interests before theirs
- Bank-Level Encryption: Personal information is protected with bank-level encryption and secure servers monitored 24/7/365
- Government-Sponsored Accounts: Investments are held in state-run 529 programs that users can access anytime
- Continuous Monitoring: 24/7/365 server monitoring and security oversight
Pricing & Fees
How To Get Started
Account Registration
Sign up at backer.com or download the mobile app for free account creation.
Complete Profile Setup
Provide child's information and answer questions about savings goals and risk tolerance.
Choose 529 Plan
Receive personalized recommendations and select the best 529 plan for your family.
Fund Your Account
Make initial contribution and set up automated monthly contributions if desired.
Invite Family and Friends
Share your custom fund link with family members and friends to enable collaborative saving.
Monitor Growth
Track your fund's performance through the dashboard and mobile app regularly.
Final Verdict
Backer simplifies 529 college savings through collaborative features and expert guidance. While the basic plan charges per contribution, the platform’s user-friendly approach and family involvement capabilities make it valuable for parents seeking streamlined education savings. The SEC registration and strong security measures provide additional confidence for long-term investing.
