The Department of Labor (DOL) has revised proposed regulation for sponsors of 401(k) plans to allow advisors registered with them to earn commissions and other incentive based compensation (think luxurious AIG vacation/conference) without disclosure to the plan participant (you). In March, NAPFA joined leading consumer and labor groups to fight the bill and get Congress to stop this DOL regulation.

Bloomberg had a great show (Bloomberg on hidden 401k Fees) on how fees associated with 401k and 403b plans are already too high, and often hidden. Those of us in the financial services industry know that the 401k market is crucial to retirement as it becomes more dependent on your savings. Anything but FULL disclosure of costs would be a step back in an industry already wrought with mistrust. (Source: NAPFA Advisor May 2009)

Rich Feight, CFP
Rich Feight, CFP

Hi, I'm Rich Feight I'm a fee-only Certified Financial Planner, successful business owner, and self-made millionaire that knows how to beat the system and become wealthy. I have a lot of clients that have done it too. I'm also pretty good at finding that ever-elusive work/life balance so many of us strive for. Lucky for you I have an abundant mindset and give all my knowledge away on my blog. So if you want to know what it takes to become a millionaire, follow me.

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