“There’s a relatively simple solution to this. Eliminate the broker-dealer exemptions and the ERISA exceptions.”
Interviews
“I see the greatest exposure in not being clear as to what the fees are and what they are for.”
“If you’re comfortably middle class, you can make the 401k work as a retirement vehicle.”
“Studies have shown that the largest factor in determining the success level of retirement savers is their level of savings.”
Borzi: “…the average person would prefer to work with people who are legally required to provide unbiased investment advice and put the client’s interests first.”
Exclusive Interview with Fred Reish: 401k Plan Sponsors Who Fail to Properly Evaluate Fees “at Risk”
“High” fees are not necessarily “bad” fees, and plan sponsors who don’t know why this is so may be in for some trouble.
The DOL changed the original ERISA definition of Fiduciary to exempt marginal players. Those players are no longer marginal.
As bad a some industry players are, it’s always caveat emptor. Both plan sponsors, in their role as fiduciaries, and 401k investors must assume personal responsible and be accountable for their own retirement.
