Every red-blooded American loves the game of poker. It involves all the elements of the rugged individuals who built this great country: It requires self-confidence, bravado and a willingness to put up a stake, all in the name of achieving a very measurable degree of success.
But the game can also teach us an important lesson about the fiduciary's duty to disclose. Remember, while anyone is free to disclose, only an advisor operating under the fiduciary standard is required to disclose.
Until some enterprising entrepreneur comes up with a better solution (see "How CarFax Can Help 401(k) Plan Sponsors and Investors,"), plan sponsors and investors have no other alternative than to rely on what their advisor tells them.
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