More and more professionals are convinced the industry has spent a generation of disservice to retirement savers by emphasizing the investment part of their 401k plan. Even today, DOL-mandated fee disclosure, with a separate line item of “Investment Adviser,” can confuse plan participants into believing they – as opposed to the plan sponsor – are receiving (or even need) investment advice.

Those responsible for printing out employee statements have a duty to distinguish between “individual-level” investment advice and “plan-level” fiduciary services. Until this is done, who can fault employees for the confusion?

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