Lincoln Trust on Tuesday launched a free plan comparison tool that allows financial advisors to compare various cost components between different 401(k) plans. Users input data from the plan providers and the tool generates a side-by-side comparison, with a benchmark of other comparable plans.
Users can access the tool at Lincoln Trust’s website, but can compare plans from any provider.
“With so many different fees attached to the typical 401(k) provided by mutual fund and insurance companies, it can be difficult to determine the total cost of maintaining a retirement plan,” Tom Gonnella, executive vice president for Lincoln Trust, said in a statement. “This tool makes it easier to assess total costs and allows for at-a-glance comparisons of up to three providers.”