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Schwab CEO: Slash 401(k) Fees to Aid Workers
Financial Advisor 
Nov. 12, 2013
"Charles Schwab Chief Executive Officer Walter Bettinger on Monday called for a transformation of the 401(k) industry by slashing fees and providing participants with objective and customized advice autonomous from the plan's consultants.... He calculated that reducing the typical three-quarters of 1 percent to 2 percent fees to one-half of 1 percent by going from actively managed to strictly index funds would mean on average an additional $100,000 to each retiree. Bettinger said the two-pronged plan would mean more jobs for investment advisors because of the greater demand for more time consuming, individualized financial plans."
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