We interrupt our (unannounced, soon-to-end) Summer blogging holiday to note Fi360's just-published interviewwith independent fiduciary Matthew Hutcheson, a leadingally in the ongoing battle for a fiduciary future. As usual with Matt, the whole thing is excellent and worth reading, but we think this is the most important passage:
Just one more thing. I think society should demand an independent fiduciary professional for qualified retirement plans. Plan participants could use greater expertise, more objectivity, and dedicated attention to their retirement plans right now. We don't do our own surgery. We don't represent ourselves in legal matters–-or shouldn't. Why then does our conventional retirement plan system place such a heavy burden on participants or lay fiduciaries? In my opinion, retirement plans should be managed by independent fiduciaries with a clear duty and alignment of loyalty to the participants coupled with burden and liability relief for plan sponsors. It should be the prevailing standard, with licensing just like attorneys, accountants, surgeons, etc.
In other retirement plan developments, InvestmentNews reports that Reps. George Miller and Rob Andrews plan to introduce omnibus legislation on retirement plan transparency and advice. Sounds like another step in the right direction.
