Innovations in plan design, services, and communications gearedto improving 401(k) participants’ retirement outcomes haveslowed demonstrably in the immediate aftermath of the Department of Labor’s fiduciary rule.
The reason is that service providers have turned their focus tocomplying with the fiduciary rule.
The ability to improve retirement outcomes by delivering morepersonalized advice has been the primary differentiator recordkeepers have leveraged in a highly competitive market, says CynthiaHayes, president of Oculus Partners, a consultancy that advises onbusiness development practices for service providers and assetmanagers.
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