Imagine waking up one morning to find the sun rising from the west. That’s the situation 401(k) recordkeepers may soon find themselves in (see “Will the DOL’s New Fiduciary Rule Redefine the Role and Boundaries of Plan Recordkeepers?” FiduciaryNews.com, November 8, 2016).
The DOL’s new “Conflict-of-interest” (aka “fiduciary”) rule, combined with 2012’s Fee Disclosure Rule, acts as a one-two punch which will likely result in dramatic changes in 401(k) recordkeeper business models.
Not that these changes haven’t already started. Let me offer two contrary anecdotes as examples.
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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).
