Tony Robbins continues his trek for 401(k) fee transparency.
America’s Best 401k, of which Robbins is partner and primary pitchman, announced Friday the launch of ItsYourMoney.com to coincide with National 401(k) Day.
The low cost 401(k) provider and “full-service option focused on reducing investment-related fees” said the site will educate consumers on the true cost of hidden fees in retirement plans.
“We are in the only world that I know of—this investment world, this financial world—where someone can have the same product and the same services,” Robbins said in an interview with 401(k) Specialist. “One person over here is buying a Honda for $20,000 and another person is buying the same vehicle for $350,000 and it’s the same damn car. It’s ridiculous. You’d go crazy if you were the guy paying $350,000. People are angry.”
Visitors to the site will find videos, infographics and other “straightforward tools” for evaluating their retirement plans, including a fee-checker that allows users to determine exactly how much their retirement plan is costing them in fees. In addition, ItsYourMoney.com provides examples that illustrate and compare the real-life fees charged by a number of well-known providers in the industry.
“Most hardworking Americans who contribute to a workplace retirement plan are unaware that they may be paying several different layers of fees, which directly subtract from their investment returns,” Tom Zgainer, CEO and founder of America’s Best 401k, said in a statement.
The reality, he added, is that these fees often include “layers of commissions and kickbacks to the plan providers and brokers at the expense of those investing in the plan. The erosive effect is disastrous for the future of Americans who are hoping their money will sustain them through their golden years.”
Egregious 401(k) plan fees recently generated attention in the media when John Oliver, host of HBO’s Last Week Tonight, blasted the industry in a segment on his show. In addition, the company noted, a growing list of 401(k) providers have been sued by their employees for excessive fees in their own 401(k) plans.