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Converting 401K to an advisory account?
Posted on 10/21/15 at 8:09 pm
Posted on 10/21/15 at 8:09 pm
Got an email today from the manager of my company's 401k recommending that I convert from a brokerage retirement account to an advisory account. They say this is because of pending changes from the Dept of labor on brokerage accounts.
They also said we would have access to discount pricing and institutional share class mutual funds due to the size of our plan.
Any input on this change?
FWIW its a company with around 50 employees
They also said we would have access to discount pricing and institutional share class mutual funds due to the size of our plan.
Any input on this change?
FWIW its a company with around 50 employees
Posted on 10/22/15 at 5:38 pm to saderade
Brokerage sold plans typically have higher fees and brokers don't want to accept fiduciary resp. The new regs would require them to. Many will get out of the 401k business if it takes effect.
Posted on 10/22/15 at 8:41 pm to 1609tiger
Not necessarily true but I know what you're saying bc this is the DOL's argument.
The big thing is the client doesn't really want to give a fiduciary responsibility to someone else, when they do they're going to lose control of the decision making.
The small investor is going to be the one who loses on this battle.
The big thing is the client doesn't really want to give a fiduciary responsibility to someone else, when they do they're going to lose control of the decision making.
The small investor is going to be the one who loses on this battle.
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