Money Meets Medicine The 401(k) Vigilante: Are Hidden Retirement Fees Stealing Doctors’ Money? (Paul Sippil)
Dec 10, 2025
In a riveting discussion, forensic retirement consultant Paul Sippil unpacks the hidden fees that can drain retirement savings. Known for his expertise with Form 5500, he sheds light on the differences in fee structures between small and large plans. Paul emphasizes the importance of employers paying plan fees for tax benefits and participant savings. He also explores the conflicts of interest arising from various advisor compensation models and shares actionable tips for reducing costs. This is a must-listen for anyone invested in their financial future!
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How Paul Became The 401(k) Vigilante
- Paul discovered public Form 5500 filings and began calling firms with egregious fees, which led to conflict with his employer.
- He left in May 2010 to become an independent fiduciary so he could speak openly and charge fixed fees.
Why Small Plans Get Hidden Fees
- Smaller plans (under ~100 participants) often hide fees as commissions or aggregated numbers, reducing sponsor scrutiny.
- Absence of invoices means employers rarely question ongoing charges and participants unknowingly pay more.
Layered Providers Drive Conflicts
- Multiple service providers (recordkeepers, TPAs, custodians, advisors) create layers of fees and conflicts of interest in retirement plans.
- Commission-based brokers and percentage AUM fees create incentives misaligned with participant best interest.