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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Christopher Carosa

Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).