It may not immediately strike small business owners that they may not have complete control or access to their own retirement assets that sit within the company plan they sponsor. After reading this, they may have second thoughts about taking any unvetted actions.
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Once 401k plan sponsors become aware of the differences between the types of service offerings, the ideal strategy is then to explicit solicit proposals for each type of offering to determine which kind of offering best serves their unique situation.
401k plan sponsors have a renewed focus on the three F-words of offering employee retirement benefits: Fiduciary, Fees, and Financial Wellness. Here’s how plan sponsors answer questions related to each of these three F-words.
Regulators (including the DOL) seem intent on splitting the baby in half by allowing two incompatible business models – one fiduciary with no self-dealing fees, the other non-fiduciary with conflict-of-interest fees – to coexist within the same market. Does this mean “fiduciary” has lost its inherent advantage?
Here’s quick read with a surprise reveal. Can you find it?
Was “fiduciary” done in by over-saturation? Or was it the victim of a super successful negative campaign? Or is there something missing in our analysis?
There’s always something new under the sun, and that means there’s always educational topics 401k plan sponsors should be asking about but aren’t. Hopefully, this list will inspire more curiosity and lead to better informed employees.
But is that a chance a fiduciary should take with someone else’s money? The answer is so obvious the question should not have to be asked.
A good fiduciary must keep a level head and know when emotions drive investors. After all, if they’re not careful, emotion will drive investors right off the cliff.
Whatever the future holds, we live in a present where there is no such thing as a free lunch; thus, the basic notion of caveat emptor continues to hold true.
