When new disclosures of retirement-plan fees are required starting next year, financial advisers and retirement-plan providers can use cost and performance data to help their business with plan sponsors, said Joseph Ready, director of Wells Fargo Institutional Retirement and Trust. Advisers and providers can use data to show how they compare with competitors, encourage sponsors to boost deferral rates and increase diversification, Ready said. "Benchmarking against industry peers is essential. This answers the question of what you should be shooting for: How does my plan compare against the people I'm competing against?," he said.

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