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A mass migration from pricey investment products to cheap alternatives has upended the asset management industry, forcing retirement advisers to adapt as their clients call and push them to consider investing more of their defined contribution retirement accounts in cheaper funds.
A wave of lawsuits brought by staff against employers for offering costly active funds in 401(k) line-ups has also put pressure on companies to include budget investment options in defined contribution pensions. “We’re seeing at least one new 401(k) lawsuit each week,” says Mr Johnson of Morningstar. “Participants have been paying a hefty price over time and they’re trying to claw back some of the money they’ve put in.”
https://www.ft.com/content/1b52242c-72eb-11e7-93ff-99f383b09ff9
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