A Marketing Idea for Advisors
Contributor Scott Simon offers a way for professionals to effectively promote their 401(k) practices.
In 2005, the staffs of the Department of Labor and the Securities and Exchange Commission issued a set of questions titled "Selecting and Monitoring Pension Consultants--Tips for Plan Fiduciaries." Fiduciaries of, say, 401(k) plans can consult these questions and use them as a guide to evaluate the objectivity of their investment advisors in making recommendations to them about their 401(k) plans.
However, there's no reason why investment advisors to 401(k) plans--or even, for that matter, to individual investors (with certain modifications)--cannot answer these questions and shape that product into a marketing piece to advertise their fiduciary bona fides and promote their services.