In her latest biweekly update, EBSA’s Phyllis Borzi cautions workers in employer sponsored retirement plans to be wary of hidden fees and conflicts of interests by advisors who may put their own interests ahead of their clients, thereby lowering account balances.
Perhaps foreshadowing the discussions about the DOL’s expanded definition of fiduciary, Borzi stated that investors should determine whether their advisor is a sales person or trusted advisor, and recommends a DOL factsheet to help investors in that process, “How to Tell Whether Your Advisor is Working in Your Best Interest."
