Fees for 401(k) plans declined again last year, with the investment costs paid by retirement plan participants down an average of 0.3%, according to the latest 401(k) Averages Book.
“Lower investment fees will pay significant dividends to participant balances in the long run,” Joseph W. Valletta, author of the 401k Averages Book, said in a statement.
Participants in smaller plans tend to pay higher fees than those in larger plans. Last year, small retirement plans — those with 50 participants and $5 million in assets — saw fees decline to 1.09%, which compares to 1.12% in 2021 and 1.17% in 2018.
In contrast, participants in large plans — those with 1,000 participants and $50 million in assets — saw fees decrease to 0.85% last year, which is down from 0.88% in 2021 and from 0.95% in 2017.
Costs for plans vary the most in the small-plan market, where a 401(k) with $1 million in assets and 100 participants could have fees ranging anywhere from 0.69% to 2.67%.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
