By the time 408(b)(2) fee disclosure regulations went into effect July 1, 2012, much had been done already on the part of service providers to communicate their fees to plan sponsors and participants alike, say many industry insiders. However, one year later, there is still much work to do when it comes to preparing the American workforce for retirement.
At this time last year, the mindset of many advisers was confident preparation. That was thanks to a great deal of time spent making sure clients knew their value proposition, says Tim Minard, senior vice president, U.S. distribution for The Principal, adding that the large majority of them had already disclosed fees.
