This morning, Transparency Labs
demonstrated its solution that helps Americans stay invested in retirement:
“Transparency Labs enables Americans to increase and preserve their retirement savings by addressing the transparency deficits that prevent people from staying invested in retirement and maximizing their savings.
- We address America’s “Cash-Out Crisis” by helping retirement savers understand the penalty, fee and tax implications of cashing-out their retirement savings as they change jobs. Every year, 4 in 10 people cash-out their 401k when they change jobs – an estimated $80 billion leaks from the system annually this way.
- We help reunite people with their orphaned 401k money. Millions of Americans have orphaned accounts left at former employers, accruing unnecessary fees with limited choice, at the heightened risk of being cashed-out.
- We offer comprehensive fee disclosure for the estimated $75 billion+ that Americans pay annually in mutual fund fees and costs. Most people do not even know they pay these fees – and these costs can be substantially reduced.
In response to the cash-out epidemic in the retirement system, Transparency Labs has developed automatic retirement preservation solutions to help Americans stay invested in retirement, reunite with their orphaned accounts, and dramatically lower their hidden fees and risks.”
HQ Location: New York, NY
Product Launched: May 2012
Introducing David Hirsch (Founder & CEO)
To begin the second set this afternoon, Transparency Labs
demonstrated a tool that takes the headache out of reading the fine print:
“Imagine a day when you could easily understand your fine print and:
- Buy a home and quickly decipher the Terms and Conditions of your mortgage
- Know exactly what your insurance policy covers, with a click of a button
- Never have to lie again when you click “I have read, understand and agree to the Terms and Conditions” when visiting a website online
- Save for retirement with confidence
- Know the true cost of your mobile phone plan, credit card, airline tickets and bank accounts
Transparency Labs works by:
- Aggregating thousands of pages of Terms and Conditions issued by America’s largest corporations and financial institutions
- Analyzing the most widely used standard-form-contracts using an objective & empirical methodology
- Cataloging over $100 billion in hidden fees and surcharges and millions of fine print data points
- Tracking ongoing changes in fine print agreements”
Product Launched: September 2011
HQ Location: New York, NY & Los Angeles, CA
Presenting David Hirsch (Founder) & Benjamin Texter (Vice President)