PALM BEACH, Fla. – The vilification of the retirement industry in recent times is partly the fault of those in the business itself.
That was one of the main points Cynthia Hayes, president of Cartersville, Ga.-based consulting firm Oculus Partners, made repeatedly Monday in opening the 2013 Society of Professional Asset-Managers and Record Keepers meeting.
“Sometimes we have been our own worst enemies,” Hayes said, later adding, “We have done things that have hurt us and we need to fix them.”
Among other issues, helping people better understand the fees associated with their accounts is critical, she said. “We have not done a great job of making sure people understand these fees. A lot has changed since the new disclosure rules but there remains a lot of confusion.”