The No Surprises Act: A Cost Saving Opportunity for Employer Plan Sponsors
What makes a good retirement plan financial advisor? Well, it takes attention to detail, an understanding of what the role to entails, and dedication to the client. In addition, what I find is the way a good financial advisor...more
Recent Changes That Plan Providers May Not Like - On Curb Your Enthusiasm, Ed Asner was a guest star, playing an elderly man who wanted to change his will. Based on a recommendation by Larry David, Ed’s character visited the...more
10 years in, I’m glad I went on my own as an ERISA attorney, so I could provide value to clients, instead of being wedded to a billable hour because of a huge overhead working for a law firm....more
Over the past 11 years as a solo ERISA practitioner, I always get asked if that’s all I do. It’s not some kind of insult, but a question on whether I also do financial advisory work and/or third party administration work. The...more
In sports and in business, you’re only as good as the team that you are on. I have been on some good teams and not-so-good teams, so I know that sometimes I was only as good as an ERISA attorney if my fellow employees were...more
I’ve written blog posts about the problems that I see when a plan provider I know gets purchased. From experience, any purchase comes along with a lot of change. The problem is most of the time, it’s not good....more
Another thing that sets plan providers apart is the work ethic, whether they will do what’s needed to be done or do it as minimally as possible....more
People tend to hate change especially when things are good. The problem with a change in the retirement plan business that I find is when a plan provider you’re working with, gets purchased. The people who have led this plan...more
The law firm I started 10 years ago is actually more than 20 years old as it was a shell where I could offer legal services on the side while I did my normal day job. It was an experiment on whether I could go out on my own...more
I always talk about my open-door policy with financial advisors and third party advisors where I will help these plan providers out without me actively seeking their business. I kind of have that liberty because it’s my law...more
Whenever I hear about someone getting caught with lying about their resume or credentials, I am always astounded. I don’t know why people lie about college degrees they didn’t receive or credentials they didn’t achieve, but I...more
When it comes to my law practice, I have an open phone call policy. I entertain phone calls from financial advisors and TPAs around the country and try to help them by answering questions regarding their current clients or...more
I always talk about how plan sponsors need to work with experienced financial advisors, third party administration (TPA) firms, and ERISA attorneys on their plan needs. Like with reasonable fees, I believe that the term...more
As an ERISA attorney, I always have an open phone policy with plan sponsors, financial advisors, accountants, TPAs, and other attorneys from around the country on questions they may have about their plan or a client’s...more
A friend of mine and I were talking about a financial advisor that we knew that had a tremendous and respectable book of 401(k) business and how he uses a well known and ineffective third-party administrator (TPA) for many of...more
If you have a great product, but lousy distribution, you’re not going to do well. Yet the same thing is on the flip side if you have great distribution, but a lousy product. Whether it’s a multiple employer plan, a great...more
If your financial advisor tells you that it’s time for the regularly scheduled meeting, don’t blow them off. If your third party administrator (TPA) needs you to complete their census request, do it....more
When I was a kid, I’d be passive-aggressive in the sense that I wouldn’t let people know how upset I was about things. Thanks to some age and maturity, I don’t have to be that scared kid anymore and not ask what I want....more
As a plan provider, it makes sense to create an ancillary line of business if it’s a natural carryover of the existing line of business....more
As A Plan Provider, How You Can Think Outside the Box. You have to be creative. Being a retirement plan provider isn't easy and one of the reasons it isn't easy is because it's so competitive. As I always say, there is...more
I have been involved with the multiple employer plan (MEP) business for about 14 years now ever since I worked for a third party administrator (TPA) and one of our clients, the main office of a well known national charity...more
Many years ago, I started the idea of creating a law firm that intended to be the Wal-Mart of legal service where I would do wills for $100 and tax returns for $150. The business miserably failed because the fact is that most...more
With the recent guidance issued by the Department of Labor (DOL), third party administrators and financial advisors are going to scramble and try to find a multiple employer plan (MEP) solution that will fit their needs and...more
The Help Plan Providers Need And What They Don't. Avoid the people who want to sell you everything. When you're in business as a retirement plan provider, you will see that there is a surge of humanity that wants to...more
When picking a retirement plan provider whether it’s a third party administrator (TPA) or financial advisor, don’t pick a provider just because they’re the biggest provider out there. Bigger doesn’t mean better. As you see in...more