Let’s be real: few things are more annoying for an advisor than seeing a big chunk of a client’s wealth trapped inside a 401(k) you can’t directly manage. You’re building a financial plan with one hand tied behind your back. You can’t see the fund lineup their employer chose, the stale allocations, or the lack of rebalancing.

And the second you start talking about managing it? Compliance starts sweating.

You’re not crazy. Held-away 401(k) advice really is one of the messiest corners of wealth management . . .

Meta: Learn the top best practices for 401(k) fiduciaries, including compliance, what tasks you must carry out to protect your clients’ 401k accounts, and what it means to be an ERISA fiduciary.

Much has been written about this David V Goliath battle.  I was even quoted in several articles confirming the issue.

But one thing that has been missing from all the articles is the “WHY” this is occurring.

What’s at stake?

WHY would Fidelity and Schwab go out of their way to prevent financial advisers from implementing advice for hard-working Americans?

What reason could possibly be so justifiable for them to do this?

Well, that’s simple . . .