There's a guy who is an "investment consultant" for a defined benefit pension plan I deal with. He's from a swanky firm from the east coast and wears a suit and tie with shiny shoes. Once a quarter we get fancy reports with: graphs, charts, Morningstar fund ratings, comparison reports, performance snapshots, expense ratios, etc., etc., etc. This guy gets about $80,000 per year just from the one Taft-Hartley defined benefit trust fund. It slipped out during the last report he gave that he has his own retirement funds in a low cost target date fund because "he doesn't have time" to deal with his own investment portfolio.
Moral of the story? Never trust the guy in the suit and put your own retirement funds in a low cost target date fund. If it's good enough for the professional investor, it's good enough for us.
He's got a great scam going.
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