Large retirement-plan advisory shops are increasingly adopting their own in-house financial wellness programs as they look to capitalize on an emerging area of client demand, battle ongoing fee compression and try to stand out in a market that’s commoditized traditional service offerings.
At the source of every headline grabbing fiduciary breach trial is a fee mistake. Of course, not every fee mistake reaches the level of a class action lawsuit. Many are simply “bad decisions.” How can learning more about these everyday fee mistakes help 401k plan sponsors avoid them and the fiduciary liability they bring? Here are three of the most common plan sponsor fee mistakes and what to do to avoid them.
401k Wire May 17, 2018
Centurion Group, LLC, is offering the Centurion Financial Wellness Program to provide the employees of its retirement plan sponsor clients with the ability to take control of their personal finances and retirement readiness.
Robert Gibson, fiduciary consultant at Centurion Group, says there is pressure on advisers from plan sponsors about what they can offer participants, and the challenge is how the program will be paid for.