Top of Mind

My Letter to Santa

Dear Santa:

Though I am not one to toot my own horn, I suspect that, based on my overall activity as a retirement plan consultant and our firm’s client satisfaction scores from the past year, I am a solid candidate for your year-end “nice” list.  As such, I would like to make the following humble requests:

  1. Do you understand terms such as “revenue sharing” and “basis points”?  My guess is that the proper definition of these terms would escape even the intellect of your smartest elf.  Thus, if you can request that recordkeepers provide plan sponsors and participants fee disclosures in plain English, eschewing industry jargon in favor of language that Santa and others could actually understand, that would be wonderful!
  2. You are probably unaware of the final Fiduciary/Conflict of Interest rule, but there is talk that implementation of the rule may be delayed, may be modified, or may not be put into effect at all!  While the rule has been a burden for many financial firms to implement, the fact is that many firms have already prepared for the reality of the rule, and unwinding the rule will create even more work for them. Additionally, while I am not averse to modification of the rule, there is a lot of good stuff in there that should be preserved.  So if you, Santa, can put in a good word with those who might wish to completely gut the rule, you would be doing a favor to someone on the aforementioned “nice” list.
  3. I know that it is a busy time of the year for you, so you may not have heard that the United States will have a brand new president in January!  Sometimes, these new presidents like to change the Tax Code quite a bit, which can mean a lot of work for our plan sponsors if retirement plan sections of the code are changed.  I think that you will find that our plan sponsors are generally on the “nice list” as well, so if you can do anything to limit negative regulatory impact on retirement plans, you would helping multiple “nice list” people at the same time.

I thank you for your consideration of these requests.  Pending FINRA approval, the customary serving of milk and cookies will be waiting for you at my residence at the prearranged time this year.  And please try not to scare my cat; he is still recovering from last Christmas.


Michael A. Webb

Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.

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