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Edvest Celebrates 20 Years
of Helping Families Save for College

MADISON - Wisconsin's 529 College Savings Plan, Edvest, celebrated its 20th anniversary today with a reception at the State Capitol. For two decades, Edvest has been helping Wisconsin families save for the cost of higher education. While a lot has changed over the years, one thing that hasn't is Edvest's commitment to make saving for college easier and more affordable for Wisconsin families.

Governor Scott Walker earlier this year proclaimed September as 529 College Savings Program Month in commemoration of Edvest's 20th anniversary.

"Preparing students for a meaningful - and affordable - post-secondary educational experience has never been more important," said Jay Risch (pictured above), Secretary of the Wisconsin Department of Financial Institutions (DFI). "Starting an Edvest college savings plan is an easy way for parents and students to begin preparing for that college education."

See the full press release here.

See the media alert here.

State agency urges investors
to be cautious of binary options

MADISON - The Wisconsin Department of Financial Institutions (DFI) is cautioning investors about schemes related to binary options amid the proliferation of online platforms and a growing number of related investor complaints.

A binary option is a type of all-or-nothing investment contract, similar to placing a bet. Like the flip of a coin, there are only two possible outcomes: heads you win or tails you lose. When an investor purchases a binary option contract, the investor predicts the value of an underlying asset (currency, stock, etc.) at a predetermined time or date in the future - similar to placing a bet. If the investor correctly predicts the asset price at the end of the contract, which can be just a matter of minutes, the investor receives the payout agreed upon in the contract. If the investor is incorrect, there is no payout and the investor loses the amount invested in the binary option.

"We encourage investors to be very cautious if they are considering binary options," said Leslie Van Buskirk, Administrator of DFI's Division of Securities. "The complaints we have received have all involved various companies outside the U.S., some of which used registration with the Cyprus Securities Exchange Commission as a badge of legitimacy. However, such registration does not negate the requirement that the binary options as well as the firms and agents who sell them be registered with state and federal authorities as required by our laws."

See the full press release here.

See the Binary Options Advisory here.

Registration is open for 7th annual
financial literacy summit Oct. 13 in Green Bay

MADISON - Registration is now open for the 7th annual Wisconsin Summit on Financial Literacy to be held Friday, Oct. 13, at Lambeau Field in Green Bay. The conference is geared toward supporting K-12 teachers, community outreach educators, and workplace professionals who have an interest in enhancing financial and economic literacy within their communities. The summit will give attendees the opportunity to access expert knowledge, free resources and agencies willing to support participants in achieving their goals.

Among those presenting will be college professors with expertise in personal financial and economics education, fellow K-12 teachers with many years of experience teaching these disciplines, as well as financial industry veterans. Fifteen sessions will be offered, including a strand focusing on teaching financial literacy to the community. Among the speakers will be Charles L. Evans, President of the Federal Reserve Bank of Chicago, and Mark Murphy, Green Bay Packers President and CEO.

See the full press release here.

New business entity filings
tracking 6.0% ahead of prior year

MADISON - The number of new business entities formed in Wisconsin in the first eight months of 2017 grew by 6.0% compared to same period in 2016, according to data compiled by the Department of Financial Institutions (DFI). As of August 31, new business filings totaled 30,959, compared to 29,216 in the same period in 2016.

The business formation data is compiled by DFI, which is the filing office for the creation of business entities in the state. DFI tracks new business entity creation on a monthly basis and posts the data on its website. The full report may be found at www.wdfi.org/corporations/HistoricalStatistics.htm.