The Center for Due Diligence has shut its doors.
On Christmas Day, the CFDD's website carried this message: "After serving the retirement plans advisory industry for more than two decades, the CFDD is ceasing publication. As we retire, we want you to know how much we have appreciated your ongoing support. Again, thank you for your past support and good luck in the new year."
That was CFDD President Phil Chiricotti's way of announcing his retirement at the age of 71. Rather than selling the firm he launched in 1994, he has chosen instead to dissolve it, although for a short period, the CFDD database will be available for purchase.
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In addition to providing analysis on 401(k) plans, CFDD also ran an annual conference for retirement plan advisors. The web page for the planned 2015 conference has been replaced by one that bears the same retirement message.
According to Rick Meigs at 401(k)helpcenter.com, Chiricotti's retirement may not be a door that has slammed shut entirely.
As Chiricotti told Meigs, "If we were to get involved with another business initiative, it would focus on scalable and monetizable services applicable to the aging of America. Given the focus on retirement readiness, the effective and efficient disposition of the average participant's largest asset – their detached single-family residence, and the management of their largest retirement expense, the cost of health care – remain unmet by the financial services industry."
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