Many years ago, I was one of the people on LinkedIn (along with James Holland) that would point out the issues regarding 401(k) plans that needed to be addressed: the need of fee disclosure and the problems with revenue sharing. Industry leaders didn’t take too kindly to the criticism and I think history has vindicated us.
These days, there are always writers with little knowledge of 401(k) plans, that takes potshots at the industry. I just don’t get riled up because opinions are opinions, even if they’re based on missing facts. The 401(k) industry can always be better and we should never lose the demand that it gets better. Like with folks on Facebook, I just don’t get riled up about any 401(k) industry criticism, whether its warranted or not. Maybe I’m getting older, but the industry has improved itself over the last 10 years and it’s the criticism back then, that helped it.