A class action lawsuit has recently been filed against Vail Resorts over the 401(k) retirement plan, for failing to monitor the investments. The suit alleges that the Vail Resorts 401(k) plan has high administrative fees, and poor net performance, which may have put Vail in a breach of fiduciary duties.
Bloom Financial and Mitchell Bloom, Financial Advisor, serves as a fiduciary in the investment advisor role, so we watched The Retirement Gamble with tremendous interest. This film covers exactly what is wrong in the retirement plan industry as noted in the lawsuit against Vail Resorts.
The Retirement Gamble is a must-watch PBS FRONTLINE documentary for those concerned about securing a comfortable retirement. As fiduciaries, we are extremely proud to always act in the best interests of our clients as we deliver independent advice to help them achieve their financial goals.
If you are short on time, you may want to start watching just before the 21:00 minute mark. This part of the film highlights the importance of a well-managed, low-cost, broadly diversified portfolio and to help you understand the importance of working with an advisor who works in a fiduciary capacity.
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The opinions expressed by featured authors are their own and may not accurately reflect those of the Bloom Financial, or Mitchell Bloom. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice.