One of my favorite sayings is: \u201cThe road to hell is paved with good intentions.\u201d To me, it\u2019s a reminder that even when we mean well, things don\u2019t always turn out the way we hoped.<\/p>\n
A big part of what I do is help advisors and brokers build their retirement plan practices. Sometimes I serve as counsel, sometimes I partner up to chase new business. I like helping people do things the right way\u2014cutting through the noise on fees, finding the right TPA, and staying on the right side of fiduciary duty.<\/p>\n
A few years ago, I met a broker who was eager to make a name for himself. He liked what I had to say\u2014loved my takes on plan expenses and TPA quality. He started prospecting a plan that used to be a client of mine back when I was head ERISA counsel at a New York TPA. I offered some insights\u2014issues I remembered that might help him close the deal.<\/p>\n
Apparently, they worked. He landed the client. But then came the twist.<\/p>\n
He told me they were moving the plan to a payroll provider TPA, one I\u2019m not a fan of. Not because I hold grudges, but because I\u2019ve seen how often payroll TPAs prioritize convenience over quality. He chose them because they worked better with his platform, not necessarily because they were better for the client.<\/p>\n
So, some of my well-meaning advice ended up helping a broker land a client\u2026 only for the client to be moved to a provider I would never have recommended.<\/p>\n
This is why that old saying sticks with me. Good intentions don\u2019t guarantee good outcomes. Sometimes your efforts to help can still lead to decisions you wouldn\u2019t make yourself.<\/p>\n
We all want to do right by our clients and partners. But in this business, the follow-through matters just as much as the intent. Because when advisors push changes just to get paid faster, that\u2019s not fiduciary. That\u2019s self-serving. And that\u2019s exactly what we\u2019re supposed to be working against.<\/p>\n
Sometimes your guidance leads to great results. And sometimes\u2026 it doesn\u2019t.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" One of my favorite sayings is: \u201cThe road to hell is paved with good intentions.\u201d To me, it\u2019s a reminder that even when we mean well, things don\u2019t always turn out the way we hoped. A big part of what … Continue reading