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As Aaron Schumm, CEO of portfolio company Vestwell, describes, "Forward-thinking shops have already moved to spiritually fulfil their fiduciary obligations. But, as we all know, there are procrastinators. The “wait & see” camp have been left scrambling for solutions." The fiduciary rule will further incentivize advisors towards fee transparency, more reasonable fees, and fiduciary roles.
As the industry thankfully moves towards simplistic, fee-based, low-cost, and transparent environment, understanding the moving parts of retirement plans will become far less confusing for those less adept to 401k and 403b plans. In every change, there is opportunity; the DOL rule may change the industry, in our eyes for the better. If you have any questions around how the DOL rule impacts you as an advisor, company or employee, feel free to contact us here at Vestwell. We are happy to help.
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