No Stone is Left Unturned
Understandably so, assessing fees and fee transparency has been a hot button for the DOL and plan sponsors in recent years. It has been widely argued that 401(k) and other retirement plan participants are poorly served by plan menu choices filled with expensive mutual funds. Not to mention advisor and recordkeeping fees that have not been benchmarked and reviewed in a number of years.
Retirement plan fees are complicated. It isn’t always clear to plan participants or plan sponsors exactly what they’re paying, how much they’re paying or even who’s paying the fees.
Lawley Retirement Advisors has a rigorous fee review process for our clients and ensures no stone is left unturned. We review the following fees annually:
- Recordkeeping fees
- Investment advisor fees
- Investment expenses
- Third party administrators, if applicable
- Trustee fees
- Other consulting fees (e.g. audit)
Part one of the fee review is to determine what your cost is to operate the plan; and part two is ensuring their appropriateness. We take into consideration the plan’s needs and compare it to costs in the marketplace.
What are your peers paying their providers?
Are their low cost investment solutions that won’t compromise performance?
Have you benchmarked your plan fees within the last few years?
If not, and your curious about opportunities to improve your plan, Lawley Retirement Advisors offers a free introductory meeting to discuss and analyze your current situation.
