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Stop the 401(k) Rip-Off!: Eliminate Costly Hidden Fees to Improve Your Life Paperback – October 15, 2007


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Product Details

  • Paperback: 197 pages
  • Publisher: Bridgeway Books (October 15, 2007)
  • Language: English
  • ISBN-10: 1934454079
  • ISBN-13: 978-1934454077
  • Product Dimensions: 8.8 x 5.9 x 0.8 inches
  • Shipping Weight: 7.2 ounces
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Best Sellers Rank: #754,440 in Books (See Top 100 in Books)

Editorial Reviews

Review

"401(k) plans are costly, inefficient clunkers. Fortunately, there is a way out, and Loeper's book provides us a great map." -- Evan Cooper, Senior Managing Editor of Investment News

"If you want to know what's lurking inside of your 401(k), read this book." -- John F. Wasik, author of The Merchant of Power and Bloomberg News columnist

"Loeper's new book shows plan participants how to actually do something about these [401(k)] costs." -- W. Scott Simon, J.D., CFP®, AIFA®, author of The Prudent Investor Act: A Guide to Understanding

"This book should spur an entire new industry of 401(k) police...This is just too important an issue to be ignored." -- Len Reinhart, President of Lockwood Advisors (an affiliate of Pershing) and Past President of Smith Barney Consulting Group

About the Author

A popular industry speaker and writer, DAVID B. LOEPER is the founder and CEO of Financeware, Inc. in Richmond, VA. He has appeared on CNBC and Bloomberg TV, served on the Investment Advisory Committee of the $30 billion Virginia Retirement System, and was chairman of the Advisory Council for the Investment Management Consultants Association (IMCA). He earned the CIMA® designation (Certified Investment Management Analyst) from Wharton Business School in 1990 in conjunction with IMCA.

More About the Author

DAVID B. LOEPER, CIMA(R), CIMC(R)
Author and Chairman/Chief Executive Officer- Financeware, Inc.

David B. Loeper is a Certified Investment Management Analyst SM, a Certified Investment Management Consultant SM and the CEO of Financeware, Inc. which does business as Wealthcare Capital Management. An SEC Registered Investment Adviser with nearly 25 years experience, Loeper has appeared on CNBC and has been a featured contributor on Bloomberg TV.

Loeper joined Wheat First Securities as vice president of investment consulting in 1988, where he served for 10 years. He was promoted to managing director of investment consulting, and then eventually to managing director of strategic planning for the retail brokerage division. He left his position at Wheat First Securities in 1999 to found Financeware.

Active in industry associations throughout his career, Loeper has been a member of the Investment Management Consultants Association (IMCA) for over 20 years, serving on the advisory council for more than 5 years, most recently as chairman. Loeper was also appointed by the governor of Virginia to serve on the Investment Advisory Committee of the nearly $30 billion Virginia Retirement System. He received his CIMA(R) designation in 1990 by completing a program offered through Wharton Business School, in conjunction with IMCA.

Drawing on years of experience in financial services including serving as a fiduciary for all types of ERISA plans, Loeper has authored numerous whitepapers and books including the top selling book, Stop the 401k Rip-off! as well as The Four Pillars of Retirement Plans, Stop the Retirement Rip-off and Stop the Investing Rip-off.

Customer Reviews

4.6 out of 5 stars
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The book is very informative.
Laurence Reines
Read this book, apply what you learn and enjoy your retirement!
CAC
Still, a good read for those interested in 401(k) plans.
A. Gross

Most Helpful Customer Reviews

13 of 13 people found the following review helpful By Matthew P. Jarvis on November 7, 2007
Format: Paperback Verified Purchase
David Loeper shows 401k participants (both owners and employees) how to expose the hidden (and often excessive) fees in their 401k plans. Until congress decides to require full fee disclosure, participants will have to fight for it alone. If you don't KNOW that your plan fees are 1% or less, I suggest you follow David's advice and start the difficult task of uncovering your plan's hidden fees.
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10 of 10 people found the following review helpful By JSB Morse VINE VOICE on October 24, 2007
Format: Paperback
Most people I talk to would like to be millionaires by the time they retire. That means that investment in retirement accounts or general brokerage accounts should be increased by a couple thousand dollars a year and maintain a decent return. The percentage of return is the main factor in attaining that million-dollar status (especially when the interest starts to overtake the voluntary contributions as the main annual investment). What Loeper shows in fascinating detail in Stop the 401(k) Rip-off is that the companies (insurance companies) that sell the 401(k) plans to employers take a sizable chunk of the return--often before you even see your statement (which may have additional fees shown).

The total damage is scary and may force you to immediately reconsider your retirement planning. After fund expense ratios, administration fees, wrap fees, M&E charges, and countless other fees that make retirement account statements start to look like cell phone statements, the total return may be 4% off of what your money has really made. In other words, a 401(k) plan makes almost as much money for the insurance companies as the employee.

Loeper utilizes multiple charts and examples to make his point that the 401(k) program is a rip-off and we should stop using them. Everyone who invests heavily in these accounts should know what they're getting themselves into and read this book.
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8 of 8 people found the following review helpful By CAC on November 14, 2007
Format: Paperback
As one without a financial background, there seems to be a lack of practical, understandable, quality information on managing and making the most of your 401k. The insights in Loeper's book fill this void. This is especially true regarding the high fees charged by some 401k providers. Following his guidance should help businesses and individual investors determine the true cost of their 401k, minimize those expenses, make better choices, and get the most out of their retirement accounts.

This is not the type of book I'd normally read. Thankfully, a friend a loaned me their copy. Read this book, apply what you learn and enjoy your retirement!
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7 of 7 people found the following review helpful By M. D. Hutcheson on February 7, 2008
Format: Paperback
My name is Matthew Hutcheson. I'm an independent pension fiduciary, and have studied retirement plan economics for over fifteen years. Every American worker with a 401(k) (or a 403(b)/457 for that matter) should put this book on the top of their reading list. The information contained in this book could be worth many thousands of extra retirement dollars to you down the road. Mr. Loeper should be congratulated on one of the most important and practical retirement books of the decade.
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5 of 5 people found the following review helpful By R. P. Wilson on November 12, 2007
Format: Paperback
This book blows the whistle on undisclosed 401(k) fees that are netted against the returns you receive on your hard-earned 401(k) balances. The author guides you on figuring out what fees you might be charged with unawares and provides guidance on what to do if those fees turn out to be excessive. The book puts the costs of excessive fees in the very real context of the very painful impact on your lifestyle (delaying retirement, crimping retirement spending, increasing how much you need to save pre-retirement.) Read this book to learn how to fix your Company's 401(k) plan even if you are just a participant and not the boss. You owe it to yourself and your family.
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4 of 4 people found the following review helpful By Amazon Customer on December 18, 2007
Format: Paperback
Hidden fees are a drag on your wealth accumulation and retirement goals. To have a better and richer retirement, read this book. Share it with your boss and your H/R department. Don't accept over priced 401(k)'s -- fight back!
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4 of 4 people found the following review helpful By Laurence Reines on December 17, 2007
Format: Paperback
The author seems genuinely concerned about people losing money to
unscrupulous money managers. The book is very informative.
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4 of 4 people found the following review helpful By WBA on November 4, 2007
Format: Paperback
If you are contributing to a 401k plan for the purpose of having money to spend in retirement, you need to read this book. It brings to light things that are impacting the amount of money you will actually have. You will be surprised at what has been allowed to happen in these programs.
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