Center for Due Diligence Shuts DownOn Christmas morning, the retirement plan advisory industry was greeted with the news that the Center for Due Diligence (CFDD) was shutting down. Phil Chiricotti, President of CFDD, is retiring at the age of 71. In an email to us, he said, "It is time. It was a great run and we are pleased with our contributions to the industry." Mr. Chiricotti founded the Chicago independent information and strategic services firm in 1994 with the objective of providing 401k program competitive analysis, but expanded in 2003 by launching one of the leading and very popular educational and networking conferences that target retirement plan advisors. Although the company is being dissolved rather than sold, the CFDD's robust database will be available for purchase for a limited time. While he is definitely retiring, Phil told us that, "If we were to get involved with another business initiative, it would focus on scalable and monetizable services applicable to the aging of America. Given the focus on retirement readiness, the effective and efficient disposition of the average participant's largest asset, their detached single family residence, and the management of their largest retirement expense, the cost of health care, remain unmet by the financial services industry." Chiricotti is one who has never been averse to sharing his frank observations on 401k related issues. For example, in an August 2014 interview with Chris Carosa of Fiduciarynews.com, Phil responded in his normal candid way to the question, "Do you buy into the premise that the current retirement system is broken?"
His take and frank, plainspoken commentary will be missed. All the best in retirement Phil. Rick Meigs, President, 401khelpcenter.com | ||||
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