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 July 2005 — Plan Sponsor Magazine called Employee Fiduciary a “401k innovator” in a 9-page special section on exchange traded funds and retirement plans. The firm’s ETF-based plan “is free from the baggage of mutual funds: revenue sharing [and] the conflicts of interest that interfere with even-handed plan pricing and selection of investment options,” the monthly magazine reports. Company CEO Greg Carpenter described his typical clients: “‘They are waiting for the expensive variable annuity someone sold them five years ago to expire so they don’t have to pay the surrender charges…. [They just want] to get the participants exposure to the markets, and they don’t want to pay a lot for it.’”
June 2005 — Financial Advisor Magazine described the benefits of Employee Fiduciary’s 401k retirement plans to financial advisors, noting that Employee Fiduciary “offer[s] full-service 401k administration and access to any mutual fund from any fund family at what may be the lowest cost in the industry.”
June 2005 — Financial Planning Magazine, in its new products section, discussed the 401k savings plan sponsors and participants receive from Employee Fiduciary’s low cost 401ks. The company charges “$25 per eligible employee per year, regardless of plan size. The company offsets the fees by forwarding all 401k recordkeeping revenue sharing to plan sponsors.”
April 4, 2005 — Wall Street Journal reporter Tara Siegel Bernard wrote a feature on the benefits of 401k ETFs. According to the article, a handful of 401k providers now offer ETFs, although Employee Fiduciary was the only one mentioned that does not charge a wrap fee. While noting that ETFs offer several advantages over mutual funds, Employee Fiduciary Chairman Greg Carpenter warned that ETFs are not for everyone. In small plans, for example, transaction costs may offset many of the cost savings inherent in ETFs. “[We] try to put clients in the right vehicle,” Carpenter said. “Some might just be better off with index funds,” he added.
March 29, 2005 - DC Plan News & Analysis wrote a profile on Employee Fiduciary, touting the firm’s approach to administration and recordkeeping. The profile quoted firm Chairman Greg Carpenter, saying that 401k ratings should be based on costs in addition to customer service. “Our job is to offer all plans the best investments for the lowest cost,” Carpenter stated.
Read more press excerpts here.
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