With a significant loosening of the fiduciary definition and need for greater accountability in the 401(k) market looming large, one industry insider recommends that retirement plan advisers be willing to demonstrate their worth every three to five years.
Retirement expert Fred Barstein says advisers have resisted this suggestion, preferring not be benchmarked by their clients as part of a request for proposal process. But it certainly squares with the federal push for deeper oversight, and while there may not be a burning need for a formal RFP involving smaller plans under $25 million, he says it’s a must for larger plans.
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