My wife works for a law firm and based on the work she’s seen as an appellate attorney and telling me things, I realize there are a lot of lawyers that don’t know what they’re doing. I feel the same way about the retirement plan business.
While you have so many good plan providers out there, there are quite a few providers who have no idea what they’re doing. I’m talking about third-party administrators who don’t know a thing about ADP or coverage testing. I’m talking about financial advisors not knowing about investment policy statements or ERISA attorneys not knowing you can’t require hours for a safe harbor contribution.
What I’m saying is that there are a lot of people who don’t know what they’re doing.