I am proud to say that I learn something new every day, whether it’s retirement plan related or something related to pop culture. Sometimes, I’m wrong about things. I’m 47 years old now and I tell you: I don’t know everything.
Funny? No, I’m being serious because there are a lot of people in this business who seem to know everything or tell you, that they do. Don’t be like these people, people like that don’t do very well over the long run? Why? Arrogance is one of the deadliest traits in the retirement plan business because arrogance really means that you’re not open to any change. There are s many providers who didn’t want to adjust to a transparent fee environment and paid a high price by having to leave the business whether it was a purchase or it was an involuntary shutting down the doors.
This business known as the retirement plan industry is always in flux, thanks to the regulations, thanks to a change of the law, thanks to the changes in the market, and thanks to technology. You don’t know everything because I can tell you that over my 20 years as an ERISA attorney, everything has changed.