Convenience is at a premium these days and it's across all industries. Companies know they have little time to grab the attention of a prospective customer and develop them into a revenue stream. The same philosophy should be adopted by companies looking to create a great experience for their employees and that starts in their on-boarding process with new employees: automatically enroll them in the 401(k), they'll thank you later!
For too long, 401(k) service providers relied on ambiguous communication with plan sponsors about how much they were actually being compensated. Even after a 2012 ruling by the Department of Labor mandating transparency, compensation disclosure is still too complicated! This post dives into some of the hidden tricks service providers play in order to maximize the revenue they bring in while operating under the radar at your peril!
Oil changes. Pizza delivery. Flights to Vegas. Fast, inexpensive, and convenient services – all of which we can appreciate in the right setting. But fast, inexpensive, and convenient isn’t the right mix for everything and that includes your 401(k). In this guest post on CentSai - a platform that takes learning about personal finance to a whole new level; using storytelling to as as way to put the emphasis on personal - I’ll talk about the good, the bad, and the ugly when it comes to FinTech's launch into the 401(k) service provider space!
Choosing a financial advisor is no easy task. With so many financial professionals available to you, deciding on the right one can take a lot of consideration. Here are 4 important characteristics to look for in a financial advisor you work with and why hiring one provides the best kind of peace of mind.
Choosing the right financial advisor doesn’t need to be complicated. In fact, I’d argue that it should be a straightforward process that enables you to make an objective decision.
Whether you are currently working with a financial advisor and considering a switch or you have never worked with one before, there are a series of things you can do to choose the right financial advisor for you and your financial needs.
Father's Day Weekend is always a family affair and something I've been able to celebrate myself since 2014. But this year is a little more special, as my dad is watching the clock countdown until his retirement on June 30th. This post touches on how he's influenced me over the years and how important it is to set good examples.
When expectations are high - like the time you just knew you were going to get a new bike for your birthday, you knew it - it's easy to show disappointment when those expectations fall flat. If (and when) that happened in our house, our parents made sure that my sister and I kept things in perspective with a simple phrase: "Well, its better than a poke in the eye with a sharp stick." With the new DOL Ruling finally out, the same holds true - it's not exactly what was expected - but it's better than nothing and a step in the right direction.
With this ruling, the DOL is set to increase the standard of providing advice to retirement accounts - 401(k)s and IRAs as an example - to a fiduciary standard vs. a suitability standard.
What's the the difference between the fiduciary standard and the suitability standard, you might be asking yourself and why does that matter?