Experiences from an independent 401(k) Fiduciary

How I Used AI to Outsmart General Contractors—and How you can do the same with your 401(k)

A Family in Need of Space (and the Truth)

I live in San Diego, where the weather is perfect, life is expensive, and the houses in the city proper are at least 75 years old, very costly, and tiny. My wife and I bought in North Park back in 2011 when everyone’s favorite Instagrammable ramen spot was literally a junk store. Fast forward through two kids and two dogs (RIP Oscar, the best boy), and we were bursting at the seams in our own gentrified neighborhood.

Something we didn’t factor into our future needs: kids get bigger, but your house doesn’t. Our attached garage had become a monument to impracticality:

• Couldn’t fit a modern car (turns out 1940s sedans were like driving shoeboxes)
• Evolved into: pandemic office / Costco overflow / yoga studio (used sometimes, but generations of spiders, crickets, and unbearable heat or cold made it rare)
• Hidden virtue: a pristine concrete slab (they built stuff like WWII bunkers back then) that never leaked… except when we clogged the washer drain with a kid’s sock

Our attached garage had become a monument to impracticality, but we knew it could solve our needs if we were willing to put in the effort.  

We needed space. What we got was a $30,000 masterclass in professional accountability—and a sharp reminder that just because someone calls themselves an expert doesn’t mean you should stop asking questions.

Red Flags and Sales Scripts

After getting permit-ready blueprints, I started shopping the plans around to general contractors. That’s when the reality check hit.

Every GC I talked to had a wildly different take on the project. Some flat-out contradicted each other. Most couldn’t explain their costs clearly. One even asked what monthly payment I could tolerate—like we were financing a minivan, not building a foundation.

That’s when I realized something was off. These guys weren’t giving me professional insight. They were running plays. Sales scripts. And if I didn’t understand the playbook, I was the mark.

Sound familiar? This is exactly how many 401(k) advisors operate.

The Fantasy vs. Reality Gap

The Renovation Fantasy: Hire a pro who guides you through the process with expertise and transparency.
The Renovation Reality: Inflated bids, overdesigned plans, vague answers, and constant upselling or change orders.

The 401(k) Fantasy: Your financial advisor is a specialist who optimizes your retirement plan based on your company’s specific needs.
The 401(k) Reality: Many advisors—what we call “2 Plan Tony” in the industry—handle retirement plans as a side business. They recommend whatever platform the last wholesaler pitched them, build in basis point fees that grow automatically with your assets, stuff it full of the vendor’s terrible and expensive funds, then treat the plan like a stock trade and walk away.

Finding a Translator: How AI Changed the Game

I needed help—someone to translate the jargon and cut through the noise. Turns out, I found it in an unexpected place.

I treated ChatGPT like a crash course in construction literacy. I wasn’t expecting miracles—I just wanted clarity. So I started asking questions:

• What are the actual code requirements for footings in San Diego?
• Do I need a range hood if there isn’t a full kitchen?
• What does this contractor’s bid really mean?

I even uploaded blueprint sections and asked about specific symbols and framing choices. For the first time, I could actually read the plans instead of just nodding along. Once I realized, “Oh wow, that’s how you read these,” I took control. ChatGPT’s ability to interpret uploaded documents, specs, and plans is shockingly useful if you are trying to make sense of something you were never trained to understand.

I use AI the same way when evaluating 401(k) plans for clients:

• Breaking down fee disclosures that deliberately obscure costs
• Analyzing fund performance against appropriate benchmarks
• Translating dense legal documents into plain English
• Identifying unnecessary services that drive up plan costs
• Finding links to the latest research or litigation
• Researching new products or the so-called tech-forward disruptors that have been popping up

Just like in construction, AI doesn’t replace expert judgment—it sharpens it. It cuts through the noise and exposes the gap between what’s actually required and what’s just profitable for someone else. AI didn’t swing the hammer on our renovation, but it armed me with the right questions and enough clarity to be dangerous. I even ended up showing a few contractors how to read the plans, cite code, and select the right materials—because some of them, believe it or not, couldn’t do it themselves. If you’re a plan sponsor getting vague answers or dodged questions, there’s no reason you shouldn’t use the same approach. AI can help you see through the fog—and push back when something smells off.

The Turning Point: Questioning “Industry Standard”

The revelation came when I discovered the plans called for a 30-inch-deep footing for a non-load-bearing wall. When I questioned it, the designer insisted it was necessary. But when I asked the inspector directly, he confirmed our existing slab was perfectly acceptable—as long as an architect stamped an updated detail.

I got that stamp for around $500 from an architect (ironically introduced to me by the same designer who said the trench was required). The architect took one look and said, “Yeah, you don’t need to do any of that.”

That cracked the whole thing open.

The design wasn’t sacred. The plans weren’t gospel. And the people who created them? Not infallible. Calling yourself an expert doesn’t actually make you one. Worse, I realized that a bad design can hide behind a competent builder. Most people would never know they overbuilt. They’d just assume the extra trench was required—and eat the cost. If we had tried to trench our 1940s concrete bunker of a slab, it would have been a disaster.

The same principle applies to your company’s retirement plan:

• That 1.5% all-in fee? Not actually “competitive” despite what your advisor claims.
• Three-year vesting schedule? Not required by law—it’s a choice.
• Participant loans? You don’t have to offer them, and you can also take them away.
• Annual reviews that focus on enrollment rates but never mention fees? That’s by design.
• Limited fund lineup that mysteriously includes high-cost, underperforming options? There’s likely a reason.
  

Just as I saved thousands by questioning unnecessary trenching, companies can save tens (or hundreds) of thousands over time by questioning “standard” 401(k) structures.

There Are No Unicorns (Not in the GC World Anyway)

I went into my renovation hoping to find a contractor who prioritized doing the right thing over padding their bottom line. I struck out.

Even the “good” ones you see advertised on local TV and radio followed the same formula:

• Overdesign everything to justify higher fees
• Treat permitting like some dark art only they understand
• Recommend unnecessary features because it’s easier (or more profitable)
  

The worst part? When caught, they won’t admit mistakes—they’ll move the goalposts.
Just like that advisor who insists your fund lineup is “the best available” while quietly pocketing a 1% cut.

The 401(k) industry operates similarly. Recently, I reviewed a plan for a 130-person staffing firm paying over $45,000 annually in unnecessary fees. Their advisor never visited, refused to do in-person meetings, and handled the owner’s personal finances—so the retirement plan was an afterthought, even though it was probably putting the advisor’s kid through college.

When the owner questioned the fee structure, the advisor explained it was “industry standard”—the same line my contractors used. Unfortunately, I did not win that plan because they “had to give the advisor a chance to make it right.” I do take some solace in knowing they reduced their fees by over 50% (and I probably earned an enemy for life in that old advisor).

The Results Speak Volumes

By taking ownership of my renovation and using AI as a sounding board:

• I saved over $30,000 in unnecessary construction and fees.
• I got exactly the space my family needed.
• I finished with better quality than if I’d surrendered control.
  

The Takeaway

AI isn’t just a trendy tool—it’s a powerful translator in industries built on opacity. Whether you’re building an addition or managing a retirement plan, the lesson is the same:

• Don’t rely on unicorns.
• Don’t settle for vague answers.
• Don’t assume that complexity means competence.
• Do ask questions.

The truth is out there—but you’ll rarely hear it from someone whose paycheck depends on keeping you in the dark.

If your 401(k) advisor responds with “that’s just how it’s done” when you ask tough questions, book a call with me. Or, even more likely, if you never hear from them, let’s talk. I’ll help you understand what’s really happening with your plan—no jargon, no deflection, no ego.

One conversation could save your employees thousands in retirement funds. And unlike my garage conversion, you won’t need to swing a hammer once—just show up to the first call.