FA Center: Dear Adviser: 401(k) plans are too costly

Dear Adviser:

My client has three 401(k)s sitting at previous employers but doesn’t want to roll them over into an IRA. He seems to think having different managers keeps them honest. I’ve talked to him about consolidating, but it comes off like a hard sell. I really just want what’s best for his retirement. How do I communicate that clearly and effectively?

David in Ohio

High fees can eat up 30% or more of a retirement plan’s investment gains.

Dear David:

Ask this investor how many primary doctors he has. People have specialists and dentists and eye doctors, sure, but they must communicate.

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