Congrats to John for weighing in on the Boston Globe article "How New Retirement Savings Rules Will Effect Consumers."
Excerpt:
■ Different advice on 401(k) rollovers. When it comes to retirement plans, people tend to lump their IRAs together with their workplace 401(k) plans. But they aren’t the same.
For one thing, 401(k)s are already governed by a fiduciary standard, so the accounts are better regulated when it comes to investment advice. Typically, 401(k)s offer a preset and more limited range of investment choices. Many 401(k) owners also benefit from the fact that their employers have negotiated for lower fees and other benefits from the plan provider.
“So, the IRA may not be the best vehicle for a client to use.” said fee-only planner John Konetzny with the Practical Planner, based in Groton and Maynard. “Investments at a 401(k) could be cheaper.”
Under the new rules, he said, advisers will have to discuss these potential benefits and drawbacks when making a rollover recommendation.
Congrats John!
Thanks to Michelle Morris for the notification.