If you\u2019ve worked in the retirement plan industry long enough, you\u2019ve had that moment \u2014 that gut punch \u2014 where you know you\u2019re the best person for the job, but the gig goes to someone else. Someone who isn\u2019t as experienced. Someone who doesn\u2019t know the ins and outs of plan design, ERISA compliance, or fee benchmarking. Someone who might, let\u2019s be honest, blow it.<\/p>\n
It\u2019s frustrating. It\u2019s unfair. And it\u2019s reality.<\/p>\n
We like to believe that meritocracy rules, that decisions are based on who can best serve the plan and its participants. But hiring \u2014 like most things in life \u2014 is never that clean. It\u2019s messy, personal, and filled with variables we\u2019ll never see.<\/p>\n
Maybe the chosen provider plays golf with the CFO. Maybe they went to the same alma mater. Maybe they dropped their fees by 5 basis points just long enough to win the business. Or maybe the decision-maker just liked them better. There\u2019s no ERISA rule against \u201cchemistry.\u201d<\/p>\n
Plan sponsors aren\u2019t ERISA attorneys. They\u2019re HR managers, CFOs, business owners \u2014 often overwhelmed and under-informed about what a good plan provider actually does. They\u2019re susceptible to shiny sales decks, big brand names, or smooth talkers with nothing under the hood. The best person for the job doesn\u2019t always get it, because not every decision is made with clarity or competence.<\/p>\n
I\u2019ve said it before: You can\u2019t explain irrational behavior from a rational viewpoint. Trying to make sense of it will only drain you. So don\u2019t.<\/p>\n
Grin. Bear it. And move on.<\/p>\n
Because the good news is, not all plan sponsors are irrational. There are still plenty out there who care about the right things: transparency, expertise, and participant outcomes. The trick is to find them. They\u2019re the ones who will recognize what you bring to the table \u2014 and stick with you when it matters.<\/p>\n
In this business, you won\u2019t win every plan. But you don\u2019t need to. You just need to win the right ones. The ones that value substance over flash. The ones that care about getting it right, not just getting it done.<\/p>\n
Stay in the game. Stay true to your value. And when the right sponsor comes along, they\u2019ll know exactly who the best person for the job is.<\/p>\n
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