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What RIAs must know about hidden, and excessive, fees in serving as fiduciaries to a 401(k) plan

With lawsuits and enforcement actions mounting, and new rules in place, what DOL wants is not all that abstract or theoretical anymore

Author Guest Columnist Sheldon Geller October 8, 2012 at 5:12 AM
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Sheldon Geller: Plan fiduciaries were deemed to have violated their duty of prudence by selecting mutual funds whose fees were based on the retail share class rather than the institutional share class.

401(k) Stories

Fred Nobel

Fred Nobel

November 4, 2012 — 3:40 AM

What next, an article by Ivan Boesky about the evils of insider trading? The allegations regarding Sheldon Geller (google Sheldon Geller) have never been fully addressed by Mr. Geller, especially how his father in law had an auditing practice, auditing Geller & Wind retirement plan clients (the father in law was Wind) while Sheldon was listed as that auditing firm’s 401(k) plan trustee, as well as the successor CPA firm, where Sheldon again was the 401(k) plan trustee. Mr. Geller’s reputation in the 401(k) plan industry is abhorrent and it is a shame that RIABiz would try to help rehabilitate the image of a man who was well known to pocket revenue sharing and no disclose it to the clients. It’s people like Mr. Geller that required the DOL to implement fee disclosure.

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