Now that both the service provider and participant-level 401(k) fee disclosure regulations have gone into effect, a number of law firms and financial advisors have positioned themselves as experts in the field to help plan sponsors benchmark their plan fees and figure out if they are paying too much.
Not too much of that is going on yet, according to Ary Rosenbaum, managing attorney for The Rosenbaum Law Firm P.C. in Garden City, New York, but he expects his business to pick up in the next couple of months once the dust settles.
"I haven't been contacted yet. Unfortunately, that doesn't mean people haven't received disclosures. Some of them aren't aware they were supposed to get disclosures," he said. "It's going to take time, but they are having discussions."
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