With the glut of new regulations and legislation affecting the defined contribution and 401(k) market, it’s amazing to realize that the advisers that are so critical to the success of the retirement system, especially for plans with less than $250 million, have not had a voice in Washington.
Recordkeepers, broker dealers, plan sponsors and money managers employ strong lobbyist groups and support various beltway associations, but the front-line advisers working with and representing the interests of employers and participants have not had a voice. In fact, it is questionable whether regulators and legislators even know that DC advisers even exist, never mind understand what they do.
