Biased Investment Advice is Costly

More than two years ago, the Securities and Exchange Commission found that many pension consultants had business relationships that might cloud the objectivity of their advice.

Did it really matter?

Yes, according to this item from the news wires:

The Government Accountability Office found that pension plans using consultants considered by federal regulators to have undisclosed conflicts had annual investment returns 1.3 percentage points lower than those whose consultants did not have significant conflicts.