Edward Jones and Pershing are making a big push into 529 plans and hope by simplifying access they will entice more advisors to consider them for clients.

Financial advisors have in recent years exited the 529 business in droves, claiming that setting up and maintaining such accounts was cumbersome, antiquated and didn't generate the financial return to make it worth the effort. That's because their clients often have to go directly to a 529 plan provider to fill out lengthy paperwork to open a 529 plan account.

In spite of those challenges, assets under management in college savings plans are expected to steadily climb over the next two years, with 529 plans taking a major market share, says San Francisco-based Tiburon Research. The number of 529 accounts is projected to grow from 9.9 million to 10.9 million by 2014, while assets under management will reach $350 billion, Tiburon says.

Boston-based Financial Research Corp. reported that gross sales of 529 plans reached $8.2 billion in the first half of 2012 and are projected to reach an estimated $19.2 billion by year-end, according to Paul Curley, FRC's director of college savings research.

Seeing the opportunity, both Pershing LLC and Edward Jones expanded their 529 college plan business this year.

Edward Jones, which has sold other 529 plans since 2002, on May 29 launched its own platform that features the CollegeAmerica 529 plan, the Virginia-sponsored plan run by American Funds. Faster and simpler for advisors to operate, the new platform eliminates the need for advisor clients to fill out lengthy paperwork. Greg Dosmann, principal partner of marketing and education savings for Edward Jones, says all 12,000 of Edward Jones financial advisors will be promoting 529 plans to their investor clients. The company plans to add between three to five more plans to its platform in 2013.

With more efficient 529 platforms, financial advisors may be enticed to add a 529 plan to their bag of client service offerings. And by promoting them, advisors may raise clients' 529 plan awareness level. "We're banking on it," says Dosmann. "This is the direction that broker-sold 529 plan business will be headed in the future. We wouldn't be adding three to five more plans next year to our platform if we didn't believe that."

In July, Pershing added a 529 platform that's available to its approximate 1,400 broker-dealer customers that allows them to open, fund and trade 529 accounts.The American Funds plan is the only 529 plan on the platform so far, but next year Pershing plans to add plans from other providers. The company currently is working with BlackRock and ING, as well as John Hancock and T. Rowe Price, which are jointly developing a 529 plan.