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White House Rule Could Block 401(k) Participants from Advice
American Society of Pension Professionals & Actuaries [ASPPA] Link to more items from this source
[Opinion]
Feb. 23, 2015
"Today the White House launched an attack on advisors and so-called 'hidden fees' and 'backdoor payments' by moving forward with a regulation that has its own hidden backdoor effect -- keeping many Americans from working with the trusted advisor of their choice, even in the critical decision regarding rollovers from their 401(k) and 403(b) plans.... 'The best way to address concerns about 'hidden' fees is through better transparency, not by blocking 401(k) participants from working with the advisor of their choice,' [said Brian Graff, Executive Director of the National Association of Plan Advisors (NAPA)]. 'If the administration moves forward with this proposed rule, American savers will be forced to pay out-of-pocket for their financial advice, or be limited to financial products with identical fees.' "

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