One of the most annoying phrases out there is: \u201cif it ain\u2019t broken, don\u2019t fix it\u201d. I have disliked it for more than 20 years after seeing a student government political candidates use it back at Stony Brook.<\/p>\n
Through out my career whether it was at school or at work, I would always here that phrase as well as \u201cwell, it\u2019s always been that way\u201d. Sometimes, what had always been that way has always been wrong too.<\/p>\n
Civilizations progresses because people progress and people could only progress if they change. We wouldn\u2019t have IPads if Steven Jobs thought that IPhones were good enough, we\u2019d still be carrying around cell phones in a briefcase or plugged into our car paying obnoxious per minute charges if it wasn\u2019t broken or if it was always that way.<\/p>\n
Plan sponsors can\u2019t afford to be complacent and they can\u2019t afford to just write off any potential change to their plans because it isn\u2019t broken. Complacency is just another form of laziness and when you are a plan fiduciary, you can\u2019t just sit back and let time pass by. Saying that you\u2019ve had the same plan provider for 20 years doesn\u2019t mean they shouldn\u2019t be replaced especially when you discover that they haven\u2019t done the most competent job or are charging excess fees.<\/p>\n
I had a client being sued by the Department of Labor because she used a TPA for 28 years without realizing they didn\u2019t do valuations or distribution forms for owner-employees.<\/p>\n
Plan sponsors have too much fiduciary liability to be complacent. Instead of being convinced that things aren\u2019t broken, plan sponsors need to make sure that their plans have advisors that are at the top of their game and willing to be ahead of the curve because those that don\u2019t change with the times will have the times change them.<\/p>\n
If it ain\u2019t broken, don\u2019t fix it is a cop out. It means we are too lazy to be better.\u00a0 For those who are plan sponsors, complacency can be a killer.<\/p>\n
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