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Dear John Oliver…

Last Week Tonight with John Oliver recently included a segment that was deeply critical of the financial services industry and specifically referenced the 401(k) plan that the show’s production company has with John Hancock. Here’s John Hancock’s response.

“As could have been inferred from the program, Oliver’s production company was setting up a plan from scratch — and this start up plan has, according to John Hancock, less than $30,000 of total assets. At its current size, the response indicates that they expect it to generate less than $1,000 in gross revenue this year for John Hancock.

“In fact, John Hancock notes that an estimated first year cost for recordkeeping, investment, and other services — including compensation paid to the advisor — looks to be approximately $1,100 based on current plan size, and that the average all-in cost for a participant in this plan is just 20 basis points (consisting of investment expenses and the third party fiduciary expense).”

But apparently that doesn’t make as funny a story.

Here’s the full response.