you’re referring to is a service provider fee disclosures,
which we all had to do with the deadline of July 1, 2012
and obviously going forward in the future any time that
we’re going to do business. What the educational outreach
needs to be is “hey, we’ve done what we’re supposed to
do. We get all the paperwork. We need to make sure that
the plan sponsors understand that they need to evaluate and
create files about fees being reasonable, about fiduciary
steps that they are taking.” And I can tell you from the
practices that I’ve dealt with in the Advisor world, in
the CPA world, and in the recordkeeper world, the ones
who are the best at this are the ones who were following
through on it: The ones who are compliance oriented, are
educated, and making sure their clients are aware of it.
They do it for self preservation, so the clients realize that
when somebody comes along and says, “ I can do it better
and I can do it cheaper” that that’s not always the case if
they are not going to fulfill all the information and detail
that the plan sponsor needs to have in their file. So I believe
that that outreach has started. What we’re going to see as
an industry trend is those people in the advisor world, who
are not committed to working quite often with retirement
plans (we call them the one or two planners who only have
one or two small plans, its not major part of their practice).
We are already starting to see industry data where they are
disappearing. The anticipated relief in July of this year of
updated, investment manager, fiduciary regulations putting
more responsibility on the investment manager and on the
financial advisors are going to require people to be devoted
and experts in the r