The punchline was that fees on the plan (for 35 employees) would add up to over $1 million in the first 30 years. He then went on to say that most actively managed funds don’t beat the market, and that anyone can call themselves an investment adviser whether they have official credentials or not.
A spokeswoman for John Hancock told MarketWatch via email that the show’s 401(k) plan was placed with it after “an open and rigorous competitive review,” and it was competing against other prominent companies for the account. She said John Hancock disagrees with the way its business practices were characterized. “We feel that the analysis and presentation of fees and services by the show is flawed and misleading,” she said, adding, “We believe in the value of the services we provide and feel they add to the success of the plan in helping participants for retirement.” In the end, Oliver offered five tips for people saving for retirement.