In 1993, I wanted a Hewlett Packard LaserJet printer. They were all black and white printers in those days and the cheapest you could find at the time was around $900-$100. At the time I was buying a PC Clone 486DX-33 (that was fast in those days), I got a brand new HP LaserJet 4L, which was this new budget laser printer and I think it might have been $649 or $849, I forget. 26 years later, I am now on my 5th HP Printer. This one is color, laser, with a scan, and copier. It was on sale through Amazon for about $440. Sure they don\u2019t build HP like they used to, but thanks to technological breakthroughs, I get a better printer at a fraction of what I paid in 1993 dollars.<\/p>\n
When it comes to 401(k) plans, we are working harder and making less. At least we think we\u2019re working harder because technology has been a great leader in letting us do more in less time. Drafting plan documents these days are just a fraction of what it took in 1999 for me and I still, charge the same plan document fee. So while my fees haven\u2019t increased, the length of time in creating one has decreased. So I might make less, but I have time to do more.<\/p>\n
Sure competition and fee transparency has made fees compress, but just remember that most of the compression has to do with technological advances that let us do more work.<\/p>\n
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