My word is my bond; at least I try to make it that way. My opinions on which providers are good for plan sponsors aren\u2019t for sale and neither should yours.<\/p>\n
When I get asked for referrals, I always try to point out at least three competing providers to plan sponsors because I don\u2019t want any suggestions that I\u2019m just pushing one because it could benefit me and I want the plan sponsor to pick a provider they are most comfortable with.<\/p>\n
I just received a call from an irate plan sponsor who felt swindled by a broker for their retirement plan. The broker was referred by the third party administrator who was referred by their attorney. The attorney won\u2019t return calls, there maybe a reason or two why.<\/p>\n
Thanks to the popularity of my articles and blog, I get a lot of requests to meet with financial advisors and third party administrators. Of late, I have not done a good enough job in meeting them. I think some of it is my schedule and some of it is remembering how many other plan providers I met and how little business came from it.<\/p>\n
Regardless, I have heard of some brokers offering some sort of referral program. I have to clearly state that I have never been directly or indirectly paid for making a referral and I never will. My opinions on who is a good plan provider are my own and it\u2019s not for sale.\u00a0 I sure could use the money, but there are more things important than money: my reputation and that\u2019s not for sale.<\/p>\n
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