Greg Carpenter quoted by Fiduciary News. Speaking for many, Greg Carpenter, Founder & CEO of Employee Fiduciary in Mobile, Alabama says, “I do not believe the 401k Fee Disclosure Rule has been successful. The Department of Labor still allows investment providers to obfuscate fees. I have not seen any evidence the 401k Fee Disclosure Rule has been successful. It’s been business as usual with no change before and after the new rules. What strikes me about the impact of the 401k Fee Disclosure Rule is the lack of change in behavior by 401k sponsors and participants. We are still fielding the same questions as before. We encounter people who misinterpret our fees because they are fully disclosed and not hidden in the fund’s expense ratio. Ideally, we could simply point them to a competitor’s fee disclosure to make a comparison. Because competitors do not disclose a disaggregated list of fees, we do not even attempt to do this – it will only confuse potential clients. It should be that simple, but it’s not.”
Greg Carpenter founded Employee Fiduciary in 2004. With 29 years of experience in accounting and finance, Greg has brought his expertise to a variety of advisory, senior and executive management roles. Greg has worked for a national accounting firm, a Fortune 500 plan sponsor, a major brokerage firm, and he served as the CEO of a major 401k TPA firm. He is a CPA and earned his BA from Yale and his MBA from The University of Chicago Booth School of Business.