mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Rather than piggybacking this story on the previous thread about the show, I'm starting a new one post viewing of the PBS show. Looks like the "industry" feels the sting.
Then there's this side...
PBS
Brian Graff, executive director and CEO of The American Society of Pension Professionals & Actuaries, issued a statement on Wednesday saying the documentary “conveniently ignores” how difficult it is to make workers into savers.
The problem, Graff wrote, is that the documentary relied on data from a study published by Demos, a liberal think tank, in May that ASPPA “debunked” for overstating typical mutual fund fees in 401(k) plans. “What is more troubling, however, is Frontline’s take that fees are by far the most important factor to be considered when choosing an investment, and the retirement industry offers participants little value. In other words, that the industry is nothing more than a commodity,” Graff wrote.
For retirement plans to be successful, according to Graff, employers, advisors and participants all have to work together to make decisions regarding plan design, benefits and investment choices. The service that entails comes at a price, but Graff stressed that price should never be the only consideration in a plan. “If you were having trouble with the law, would you simply look for the cheapest lawyer? Certainly not. For something as important as retirement savings, you should not base your decision solely on cost either.”
Then there's this side...
The National Association of Personal Financial Advisors also issued a statement on Wednesday in response to the documentary that was less critical of the line PBS took, calling it a “wake-up call for legislators and regulators to finally do something to protect American investors” and a “strong case for fee-only planning.”
NAPFA praised the documentary for putting a “spotlight on how commissions, hidden fees and expenses can devastate the average consumer’s retirement savings” and called for a fiduciary standard to protect investors.
PBS
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