I recently had a conversation with Lee Lyon of Lyon Investment Services, based in Jacksonville, Florida.  Lee’s office is near downtown Jacksonville in a quaint area of town known as San Marco.  
 
Lee advises both individual investors as well as many 401(k) plans.  Early in the interview Lee made his philosophy abundantly clear by saying, "I don't want to be a 401(k) wonk.  My job is to make sure your plan gets the best investments available."  He noted that many 401(k) advisors know the 401(k) rules, but are deficient in their understanding of investment concepts.  "I let the TPAs take care of the 401(k) rules," he said.  "I need to know enough to work with the TPA, but I make my money getting your plan the best investments, not telling you if you failed your ADP test.  Typically, you might find four or five immensely qualified portfolio managers collectively managing hundreds of millions in assets.  In contrast, with many 401(k) plans we find hundreds of completely unqualified people managing millions of dollars in assets."  Lee brings a similar investment solution to 401(k) plans as he would to his affluent clients.  
 
I have to admit I had to look up the word wonk in the dictionary.  According to the Meriam-Webster online, it means "a person preoccupied with arcane details or procedures in a specialized field."  I realized I am a 401(k) wonk and an ERISA wonk, but I am supposed to be.  I am an attorney, and it is my job to be a benefits wonk.  But I agree with Mr. Lyon that your investment advisor should be spending more time learning about the market and investments and less time learning about the arcane rules that govern 401(k) plans.