Spreadsheet, spreadsheet – overall, what’s the fairest fee of all?
This witch's brew of hidden fees, conflicts of interest and complexity in applications is at odds with investors' best interests.
- SEC Chairman Chris Cox, speaking on retirement plans
When I sit down with employers to talk about their defined contribution retirement plans – 401(k) and 403(b) alike, they often tell me how their decision to go with X or Y Big-Brand recordkeeper was fueled by their wish to avoid toil and trouble – in particular, high fees and legal liability! Most commonly, X or Y Big-Brand recordkeeper has a national media footprint, and the understandable human tendency to believe that “bigger is better” is at play, at least subconsciously.