Some say it's too early to tell. Others say it's adding some value already. But the vast majority of 401(k) fiduciaries believe 408(b)(2) – aka the 401(k) fee disclosure rule – is the biggest summer flop this side of "The Lone Ranger." (See "401(k) Fee Disclosure One Year Later: What We've Learned," FiduciaryNews.com, July 16, 2013). 

This is why I agree with the majority. To those who claim there's been some movement toward lower fees, I say, yes, the trend has been toward lower fees for some time now. We see lower fees in two ways. First, the ICI has documented the move away from 12b-1 fees in mutual funds over the last decade or more. In addition, there's been an overall reduction of advisor fees as advisors have come to realize you can't charge the same amount for picking mutual funds that you charge for picking stocks.

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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).