A recent survey of RIAs by the Private College 529 Plan found that although respondents had concerns about these plans, 92 percent recommended them to their clients.

Private College 529 is a prepaid tuition plan sponsored by more than 270 private colleges and universities. The first survey was conducted in 2012 and this second survey reveals shifts in college savings and planning approaches.

Almost three-quarters of the RIAs surveyed agreed that the two main benefits of prepaid 529 plans are parents' ability to lock in today’s rates for future college tuition costs and the plans' ability to offer protection from market exposure and volatility.

However, in both the 2012 and 2014 surveys, more than half (53 percent) of RIAs cited a lack of quality and selection in investment options as their greatest concern about college savings plans.

The concerns about fees levied by traditional 529 plan providers increased from 28 percent in 2012 to 45 percent in 2014.

The number of RIAs saying their main concern was the plans' exposure to market volatility decreased by almost half from 34 percent in 2012 to 18 percent in 2014.

More than 100 RIAs participated in the survey, conducted at the TD Ameritrade Institutional 2014 National Conference in Orlando, Fla., from January 29 to February 1, 2014.