Michael Dayton’s Post

Absolutely fantastic team over at Fiduciary Wise, LLC!! Couldn't do what we do without them. Great info - Great solution and Great discussion! Way to go Donald Jones and Marta Hurst, BCF™, QKA®

It's not too late... Have your 401k plan reviewed by PLANALYTiQ before you make any other benefit decisions this open enrollment season. Mediocrity is status quo for the 401k industry. Unfortunately, that's unacceptable under ERISA. Find out how much better your 401k could be. #401k #fiduciaryduty #erisa #dol #fees #transparency

Absolutely fantastic insight for Plan Sponsors!! Well done Donald Jones Plan Sponsors need to get out ahead of what we can only anticipate will be increased DOL activity around historically allowed investment mediocrity in order to protect plan participants. Contact us for more info, to have your plan's investments reviewed or to have the plan benchmarked. Affordable, Quick and needed now more than ever. #401k #erisa #dol #fiduciaryduty

Totally agree! We definitely need more transparency because participants deserve better information. I appreciate and applaud Eric Droblyen, CPC, QPA and Employee Fiduciary LLC for their comments and effort. I hope the DOL acts. That said, if the DOL would simply increase awareness, education and enforcement of the existing fiduciary standard on plan fiduciaries then perhaps more plan fiduciaries would do a better job of protecting plan participants. Ultimately it's the plan fiduciary's duty. Absent meaningful encouragement by the DOL to execute good plan governance - participants will continue to suffer, immensely. Participants need to wake up and demand more transparency now. Plan fiduciaries need to seek better data & advice from independent sources. PLANALYTiQ.com provides the absolute best benchmarking, fee transparency, participant readiness report, service provider scorecard and actionable plan data you can get - period. If you haven't seen a PLANALYTiQ report -- you haven't seen your plan yet. #401k #fiduciaryduty #benchmarking #fees #feetransparency #dol

I'm curious...

https://lnkd.in/gdAPn6we Plan data doesn't get any better than this!

I'm surprised more sponsors aren't doing this given all the disruption following SECURE 1&2 as well as the advisory consolidation activity cited in the article. Only 1 in five plan sponsors are actively looking to switch advisers was reported. 76% of plan sponsors are extremely satisfied with their adviser's services. I'd expect the absolute opposite given what we consistently see in the plans we analyze. Sponsors need to ask more questions, expect clear explanations and seek more guidance, more often, from independent sources. Just changing the adviser could be a real frying pan to the fire moment. Not having the plan independently reviewed by an objective outside party is like asking the fox to guard the henhouse. ERISA demands better for plan participants. Plan sponsors cited primary reasons for changing an advisor as: ~ improved employee education (94%) - how exactly? ~ plan improvement - what needs improvement and why? ~ improved participant outcomes (44%) - what role do fees play in poor outcomes? ~ more plan & administrative support (43%) - will they assist or do it for you? who's on the hook? ~ objective decision making from their adviser (41%) - compared to what? The article also says that: Small plans prefer advisers to have "autonomy" when managing investments and overall design. Easier said than done. What does that look like and how do you monitor "autonomy"? Solving for any of these reasons will require seeking outside "objective" advice before making any changes to the plan and especially selecting a new adviser. Regardless of small, medium or even BIG plan size - Don't go it alone.

Nice work Paul! This is most likely the result of conflicted advice. If plan fiduciaries knew there was a better deal to be had you'd think they'd be all over it - not to mention the ERISA requirement to protect plan participants - yet it isn't happening. It is well past time for participants to rise up and protect themselves! I like how you highlight very specific plans. Hopefully your message will reach many of those participants and resonate with them. Most plans are overpaying and continue to rely on conflicted advice so anybody with money in a 401k plan should be concerned.

There's a really good chance we could identify and free up money to soften that blow. Employers who have had their 401k reviewed by www.planalytiq.com have seen a 42% average reduction in the overall plan expenses. Granted employers don't always pay all the plan expenses BUT any savings the employer does realize could be reallocated to offset increases to their health care spend. This also, will help meet the fiduciary duty to monitor the plan and most importantly, protect plan participants from excessive fees. Win-Win!!

See your plan in a whole new light! Best 401k benchmark report available.