Great West Retirement Services announced Aug. 11 that it has created a template to help advisors comply with the Department of Labor's 408(b)(2) fee disclosure rules.
The template will be available in November following a 90-day period in which the firm will educate advisors, sponsors and staff on how to utilize and read the document, Charlie Nelson, president of Great-West Retirement Services, told AdvisorOne on Tuesday.
"One of our goals was to not only meet the fee disclosure requirements but to also meet the spirit of the requirements in the most thorough way possible," Nelson said in a statement. "With that goal in mind, we combined almost all fee disclosure information into a single, comprehensive document, and even disclosed certain fees not required by the new regulation."
The template also shows fees in dollars and percentages rather than formulas. A summary of fees and a detailed breakdown by category are also available, Nelson said.