GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Tue Sep 02, 2014 12:00 am




Post new topic Reply to topic  [ 8 posts ] 
Author Message
 Post subject: Changing Company 401k!
PostPosted: Fri Apr 06, 2007 9:54 am 

Joined: Wed Apr 04, 2007 8:49 pm
Posts: 8
Hi guys, my company asked me to look into fund selections since we are going to change 401k providers. This is obviously a great chance for me to get involved and I'm a little nervous since this could potentially have a huge effect on all the company's employees. I have written an article on my blog which you can access here.

Please comment on any suggestions you have regarding this since I really need help! I would really appreciate it if you can post a link on your website about the link so more people can see this as any suggestion would be great. I would welcome comments on the forum too and I will copy and paste them into my blog so everything is in one location.

I realize we probably shouldn't promote specific blog posts here (and I'm indirectly doing so) but I really don't want to screw this up and would like any information anyone can give.

Thanks!

_________________
Visit My Own Million Blog for more thoughts on the subject of personal finance!


Top
Offline Profile   
 Post subject: Check out Empolyee Fiduciary
PostPosted: Fri Apr 06, 2007 11:37 am 
Site Admin
User avatar

Joined: Thu Apr 05, 2007 4:19 am
Posts: 394
Location: New Jersey
Consider visiting http://www.employeefiduciary.com/. They are a very low cost 401(k) provider that shuns revenue sharing and administrator kick-backs, and they embrace fee transparency. Open fund platform including Vanguard. Very progressive.


Top
Offline Profile   
 Post subject:
PostPosted: Fri Apr 06, 2007 2:19 pm 

Joined: Wed Apr 04, 2007 8:49 pm
Posts: 8
Great! I will check into it. Thanks for your help!

Do you know of anyone that is using this provider right now?

_________________
Visit My Own Million Blog for more thoughts on the subject of personal finance!


Top
Offline Profile   
 Post subject:
PostPosted: Sun Apr 08, 2007 4:18 pm 
User avatar

Joined: Thu Apr 05, 2007 5:20 am
Posts: 515
Location: Birmingham, AL
Do due diligence, but make sure the funds provided are low cost (Vanguard comes to mind) and have a long history.

_________________
No Debt Plan


Top
Offline Profile   
 Post subject:
PostPosted: Mon Apr 09, 2007 1:30 pm 
Site Admin
User avatar

Joined: Thu Apr 05, 2007 4:19 am
Posts: 394
Location: New Jersey
I’m working with someone presently considering using Employee Fiduciary. I don’t directly know anyone that has a history with them, but they provide a long list of references for what ever that's worth. They were also just featured in Money Magazine and Forbes.


Top
Offline Profile   
 Post subject:
PostPosted: Mon Apr 09, 2007 1:32 pm 

Joined: Wed Apr 04, 2007 8:49 pm
Posts: 8
That's the problem I have with going to Merrill Lynch. Their expense ratios are higher than the current ADP ones (~ 1.5%) but however they provide better service and past performance aren't bad (on average the last 1, 3, 5, 10 years have outperformed the funds currently available to us). I understand that past performance is not an indication but 10 years would be a good indication of the fund manager's creditibility and track record.

_________________
Visit My Own Million Blog for more thoughts on the subject of personal finance!


Top
Offline Profile   
 Post subject:
PostPosted: Mon Apr 09, 2007 1:50 pm 
Site Admin
User avatar

Joined: Thu Apr 05, 2007 4:19 am
Posts: 394
Location: New Jersey
I used to be a broker at Merrill and I’m familiar with their 401(k) offerings and how they’re sold. You’re welcome to PM me for more info.

On the past performance, resist the urge to give it any weight! There will always be funds that have great past track records as a matter of chance, but such funds are added to 401(k) platforms after they’ve performed well to make them easier to sell. There is absolutely no reason to conclude that the performance will persist, but brokers count on that belief to make it easier to sell.


Top
Offline Profile   
 Post subject:
PostPosted: Mon Apr 09, 2007 3:14 pm 

Joined: Wed Apr 04, 2007 8:49 pm
Posts: 8
It did not sound like Merrill Lynch had many index funds available for us to choose from (they had 2 S&P 500 index funds available but that's it). Is there any way we can request some to be added since Merrill Lynch in general must have some type of index funds available for their general clients.

_________________
Visit My Own Million Blog for more thoughts on the subject of personal finance!


Top
Offline Profile   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 8 posts ]  Moderators: bpgui, JerichoHill


Who is online

Users browsing this forum: Google [Bot] and 14 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki