But would it?

A few years ago, the Department of Labor's Employee Benefits Security Administration released a final rule to help America's workers manage and invest the money they contribute to their 401(k)-type pension plans by increasing the transparency of Fees and Expenses to Workers in 401(k)-Type Retirement Plans.

As you already know, it fundamentally changed the way advisors do business. Under 408(b)(2) (I looked it up), advisors must disclose information about their fees, compensation and services provided to the plan sponsor. The law didn't require them – and most didn't – to have to disclose that stuff before.

Some people busted a gut. But, by now, most have acclimated to the new process. I'm asking, what happens if some guy, or some big company, takes it a step further and proactively posts his prices on his web site, or in The Wall Street Journal? What then? On one hand, it seems impossible. On the other, it could only be a matter of time.

Seems to me there would be some, maybe just a handful, who would have the temerity to say, "Bring it on! I'll post my damn prices." So, they're crazy – right? Or they're so confident that the value and level of services they bring to all is so wonderful that they're ready, willing and able to go up against and competition. And raises the bar on transparency to a level you never imagined.

Take it a step further. What if you and your colleagues banded together and decided to set in stone a pricing structure like brave Dr. Smith and his band of do-gooders. During his presentation, Dr. Smith answered, when asked, if his business model made money. I've done well every year, he answered.

So perhaps this might be a topic you would want to bring up the next time you and your advisor buddies get together for a drink. They may throw you out of the bar. Or not.