When changes to the Internal Revenue Code in 2006 made automatic enrollment part of the Code and much more appetizing to plan sponsors in limiting their fiduciary liability, I told my bosses at a producing third party administration (TPA) that this was something to explore because it had two benefits, it could help plan sponsors out and grew plan assets which would grow our assets under management. The client would have a more effective plan and we’d make more money, it was a win-win. 6 years later, I’m still waiting to hear back from them.
As a financial advisor or a third party administrator, you grow when the plans you work on grow. So isn’t a mechanism that can grow a plan’s assets that can benefit a plan sponsor in compliance testing as well as pricing while helping your book of business as well, a great thing? I thought so.
So when I met Marc Robinson of SaverNation and heard about his program, I thought his program was actually better than sliced bread (bread, a knife, what’s the big deal?). It’s a program that can add money to a participant’s deferrals with no cost to the employer for stuff that a participant ordinarily does. It’s a win-win because it can help a plan sponsor grow plan assets and help with compliance testing.
Want to learn more? I will be hosting two webinars about SaverNation and how you as plan provider can help your clients grow their plans and help you offer a benefit that your competitors don’t know about. The webinars are on October 9th and October 11th. Please join me by clicking the respective links.