Every plan provider has crossed paths with one \u2014 the advisor who talks a big fiduciary game but couldn\u2019t tell you the difference between an ADP test and a CPA firm. He\u2019s polished, personable, and occasionally sends you client leads, but when the 5500 deadline hits, he vanishes faster than a match in a down market.<\/p>\n
He\u2019s the one who promises, \u201cI\u2019ll handle all the client communication,\u201d and then forwards your compliance emails to the HR intern with the subject line: \u201cCan you deal with this?\u201d He loves calling himself the \u201cquarterback\u201d of the plan, even though he\u2019s never actually read the playbook \u2014 the plan document.<\/p>\n
To be fair, not every advisor needs to be a technical ERISA savant. But the problem comes when they pretend to be. They assure clients that everything\u2019s \u201ctaken care of\u201d while the plan fails testing, the audit\u2019s late, and the participant statements show Roth deferrals in pre-tax accounts. Then the plan sponsor calls you \u2014 the provider \u2014 wondering how the quarterback managed to throw the ball into the wrong end zone.<\/p>\n
Here\u2019s the truth: collaboration works only when everyone knows their role. The best advisors I\u2019ve ever worked with admit what they don\u2019t know. They lean on their TPAs, ERISA attorneys, and recordkeepers instead of bluffing through compliance questions like they\u2019re on Jeopardy!<\/p>\n
So, if you\u2019re a provider stuck with a know-it-all advisor, document everything, stay professional, and keep your humor handy. Because at the end of the day, when the plan sponsor realizes who actually did the heavy lifting, it won\u2019t be the \u201cquarterback\u201d getting the thank-you email \u2014 it\u2019ll be you.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Every plan provider has crossed paths with one \u2014 the advisor who talks a big fiduciary game but couldn\u2019t tell you the difference between an ADP test and a CPA firm. He\u2019s polished, personable, and occasionally sends you client leads, … Continue reading