which means more companies dropping out of the retirement savings industry...
didn’t MetLife just get out of a big portion of the retirement funding biz?
All of this is bad news! When is Valerie Jarrett going to stop instructing obamer what to do! Jan 20 I suppose! :(
I fear less choices for 401k recipients, and at some point small companies saying awe frig it I ain't gonna deal with this anymore and not offer them. This was all based on the consumer is getting screwed, no the consumer needs to due their own due diligence and make serious proposals to their HR departments to choose a platform that is low cost. Insert name of your favorite No-Load firms that are in this biz. BTW, that shouldn't be their own criteria, their are others more later on that.
FWIW this even force more employers not to just offer these 3rd party advisers for their employees 401k's etc, but perhaps they will demand you ( no option ) pay the .45% per year or whatever they charge to give you advice to keep them legally out of hot water.
BTW 401k options from what I have seen after all these changes are beginning to suck. Everyone is afraid of FINRA and cost, I think I saw one where they dropped some good funds.
IMHO This is about forcing "Fiduciary" rules down firms throats via a Pen and a Phone rather than the Congress and the Senate coming to an agreement as their K-Street masters nag them.
Look, you need to pay for advice even to choose a 401k as an HR rep, either Commission Based, Fee Based, or "Fee Only" which is a little know niche. With that said IMHO Bawney Fwank / FINRA / DOL / Obama are trying to nudge everyone to the Fee-Only model, whether they want to or not. What Liberty is their in that? I want to decide thank you very much...