Lisa Shidler

My company recently switched to them within the last month and already I’m sick of them and miss the old company 401 k company. They force u to take a loan for a hardship situation. When u are already in a hardship situation let’s not milk our clients for more money by making them pay back with interest. This disgusts me to no end because they are cashing in on your time of need. Wishing we could go back to our previous 401k company.

The second-largest 401(k) provider drops 'Great-West' for 'Empower'

Bob Reynolds: Empower was clearly the one the first time we heard it.

Great West

Sheridan Road Financial

FiComm Partners

Empower

Kasina

Bob Reynolds

Jim O’Shaughnessy

Megan Carpenter

Maliz Beams

Steven Miyao

The days when RIAs were the outsiders at the 401(k) party are fast coming to a close. What's new is that the mass of 401(k) assets 
is getting critical at about $3 trillion; fiduciary advisors are getting appreciated; fat fees and questionable kickbacks are getting exposed and stepping out of line is getting dicier as the Department of Labor tightens the regulatory screws.

The old reasons why the 401(k) business is attractive are still in place: there are fresh assets pouring in every month and when employees leave jobs or retire, they produce rollovers that build up IRA accounts for financial advisors. The drawbacks of getting into the 401(k) business are still in place, too. Dealing with retirement assets is really a second line of business and it remains -- unless you overcharge with hidden fees -- a low margin business with high potential fiduciary liabilities.

Still, the outsourcers, infrastructure and accumulated knowledge for RIAs to capitalize on is growing daily and a the mega-shift of assets away from brokers is making the 401(k) business riskier and riskier -- to ignore.

401(k) Stories

The name chosen for the second-largest retirement firm hits a mark but may face the challenge of seeming jargony

The second-largest 401(k) provider drops 'Great-West' for 'Empower'

Related Moves

September 16, 2020 at 6:00 PM

naveen

Discussed with Empower

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