So as a retirement plan provider or referring one to your plan sponsor clients, concentrate on those that are competent, rather than those who have flashy websites, or vague promises that their TPA services integrate with payroll. Maybe a daily valued TPA doesn’t have a participant website that is eye candy, but maybe their fees are reasonable and their service is incomparable. There is nothing wrong with nice websites and fancy brochures, it’s just that you have to have the background to fit the claims and services touted in your marketing materials as well as making sure that the providers you have aligned with can actually do the job that they have promised to do. Too often, plan sponsors and retirement plan providers get burned by buying the “fluff”, hiring a provider just based on the materials and claims without digging to find out if the provider is any good. We all know too well (for some of us, too well) of the fiduciary who was a great advocate for plan sponsors and participants because he said he was, but this fiduciary had no clothes or is accused of stealing some clothes. That being said, you have to have the background to support your claims, you have to make sure that the providers your work with are competent and aren’t known for being a lousy plan provider.
Sizzle is nice; just make sure you have the steak to go with it.