Many Americans have been ripped off by the outrageous hidden fees embedded in many 401k plans:
This is about to change in 2012, as 401k fees will be required to be disclosed. Notice the names of the 401k providers in the video. Why wouldn't they return the calls of Bloomberg News?
Hopefully, Americans will get proactive on this important issue and understand the impact of fees on their retirement.
Thoughts and observations for those investing on their own or contemplating doing it themselves.
If you are seeking investment help, look at the video here on my services. If you are seeking a different approach to managing your assets, you have landed at the right spot. I am a fee-only advisor registered in the State of Maryland, charge less than half the going rate for investment management, and seek to teach individuals how to manage their own assets using low-cost indexed exchange traded funds. Please call or email me if interested in further details. My website is at http://www.rwinvestmentstrategies.com. If you are new to investing, take a look at the "DIY Investor Newbie" posts here by typing "newbie" in the search box above to the left. These take you through the basics of what you need to know in getting started on doing your own investing.
Friday, June 10, 2011
Posted by Robert Wasilewski at 7:23 AM
Subscribe to: Post Comments (Atom)
This is appalling. Canadians love to complain that we pay outrageous investing fees, but it looks like we're not alone.ReplyDelete
re: Canadian Couch Potato I think the financial services industry is the same everywhere. They know they have a product the public doesn't understand and they have government unintended support to charge outrageous fees.ReplyDelete
It must be so frustrating after all those years of putting money away to discover the damage that cannot be fixed!ReplyDelete
re: Mich It is a good thing they are going to make funds explicitly report their fees because plan administrators are fiduciaries who could be legally held responsible for controlling costs. Don't be surprised if you see law suits mount as people learn that they have been exploited.ReplyDelete
What amazes me is what took the regulators so long to ask for this simple change?ReplyDelete