In the months that have passed since the death of the revised DOL Fiduciary Rule I can’t help but feel there was one key element seemingly lost in the discussion - why the changes were being considered in the first place.
Back in 2015 The White House Council of Economic Advisors released a report detailing evidence that conflicted investment advice costs investors, on average, 1 percentage point lower annual returns on their retirement savings or $17 billion per year.
Yet, here we are, barreling towards 2019 and those facts remain unchanged.
So, as concerned (and frankly fed up) citizens we decided to do something about it.
Our team has been working hard to create a platform that allows employers to request competitive retirement plan bids directly from top retirement plan providers.
No conflicted advice. No pay to play. No hidden fees.
Fiduciary Shield by BidMoni delivers a layer of transparency to a process that has seemed to be made intentionally complex by many service providers. Employers can easily compare their current plan’s features and fees to the proposed plans’ features and fees side by side and make an informed decision, conflict of interest free.
Choosing a retirement plan that puts more of your employees’ money to work for them has never been easier. 401(k) plans were created for the sole benefit of hard-working Americans saving their hard-earned dollars towards a future retirement. It’s about time we got back to that.