Throughout the week, I run across articles written by other people that may be of interest to you. This week, there are two articles I’d like to highlight.
The first article titled Wells Fargo Sustains More Adviser Losses Following Banking Scandal is written by Greg Iacurci of Investment News. The environment that was cultivated over the last few years at Wells Fargo that resulted in opening accounts without customer knowledge is beyond appalling. When Wells Fargo was busted, the CEO had the audacity to state that it was not the company culture for this to have happened. Give me a break! The CEO knew good and well that Wells Fargo had very, very aggressive sales goals. I am sharing this article as a way to say that Bigger Is Not Always Better. Many times people have this impression that bigger companies can provide better service and features. But this is often times not the case. Just think for a minute about the poor service you’ve likely received from your cable company, cell phone provider, hotel on vacation, etc… I invite you to come check us out if you have accounts with Wells Fargo or are simply looking for a better service experience that doesn’t come with any sales or product quotas. We are a completely independent firm and are a fiduciary, which means we legally must act in your best interest. And, by the way, we don’t receive any commissions on any products what-so-ever!
The second article titled 10 Big Settlements in 401(k) Excessive-Fee Lawsuits is also from Greg Iacurci of Investment News. Litigation is popping up more and more with 401k plans. This makes complete sense (at least to me) because the more client 401k plans that I look at, the more I can’t believe how poor the plans actually are. I continually see 401k plans that have excessive fees, poor investment choices, and limited investment choices. If you are not happy with your 401k options at your employer, I encourage you to make your voice known (in a respectful way of course). Sit down with your HR person or owner of the company and let them know that the 401k plan could be better (in many cases, a lot better). I suspect the powers that be don’t even know there’s a problem. But it’s a big problem because it could significantly affect employees’ success toward retirement possibly causing them to work longer. If you need any talking points feel free to check our Company Sponsored Retirement Plans page or email me.
Hope you enjoy!
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