Third Party Administrators

News & Analysis as of

Enrollment Meetings Don’t Have To Be Run Like Funerals

I have been to many funerals and many 401(k) enrollment meetings and I have to say that most funerals are livelier than 401(k) enrollment meetings. It doesn’t have to be that way....more

Reasons When Plan Sponsors Should Change Their Plan Providers

People are afraid of change and sometimes; change can be a good thing. Change for the sake of change isn’t a good idea and there are times when change is absolutely necessary. This article is about when it’s probably a good...more

Advisors Advantage - February 2015

In This Issue: - Marketing and Management Tips For Retirement Plan Providers - There is a price to pay for being outspoken - Never give into disillusionment - Tread Carefully with Plan Provider...more

Tread Carefully with Plan Provider Referrals

As a retirement plan provider, you are often asked to give a referral to other retirement plan providers. If you are a financial advisor, you maybe asked for a referral for a third party administrator or an ERISA attorney....more

Never give into disillusionment

If you start a retirement plan practice, it can be frustrating. Like I always say about thing in my life, “If it wasn’t a struggle, it wasn’t any fun”. Building a retirement plan practice isn’t easy because a stash of clients...more

Marketing and Management Tips For Retirement Plan Providers

I have been very lucky in my career. It has nothing to do with intelligence or good looks or being pushed by the right people. I‘ve been lucky because I’ve been able to reinvent myself and some- times turn lemons into...more

The Rosenbaum Law Firm Review - February 2015

In This Issue: - Small Steps That Plan Sponsors Can Take To Limit Their Fiduciary Liability - "Plain" Advice to Retirement Plan Sponsors - Pick Plan Providers Just Because They Are Cheap Is A Bad...more

There is a price to pay for being outspoken

I always say that plan providers need to stand out in the crowd. I follow my own advice and that’s how I tried to act when I started my law practice 5 years ago. I was pretty brazen in my comments and I know I...more

“Plain” Advice to Retirement Plan Sponsors

I don’t know about you, most of the advice I got growing up was usually wrong. Maybe some very unsuccessful people surrounded me when I was younger, but advice can be biased and self-serving at times. The best advice I would...more

Marketing is about drawing a dime of business

At my old law firm (yes, that semi-prestigious law firm in Long Island), we had a law firm administrator.  What he administered, I really had no idea.  I’m still waiting for him to help me with growing my practice after he...more

Focusing too much on Plan fees isn’t healthy either

I remember as a kid that there was move to use margarine because of the cholesterol that was in butter. Who can forget those talking Parkay carton commercials? Of course, we later learn that many margarines had high amounts...more

Advisors Advantage - January 2015

In This Issue: - 2015 New Year Tips for Retirement Plan Providers. - Give your clients their own "football". - They aren't laughing anymore. - Happy Clients Don't Leave. - 401kwire's Top 100...more

Your Privacy and Medical Authorization Releases

Some third-party administrators of Nevada workers’ compensation claims routinely send injured workers their own medical release forms which give the adjuster authorization to request any and all medical records from any...more

2015 New Year Tips for Retirement Plan Providers

With a new year, comes a renewed focus on business now that the holidays are behind us. For the retirement plan provider, there is never enough time to rest on their laurels because of the competitive nature of the business....more

Rosenbaum Law Firm Review - January 2015

In This Issue: - Stuff That Prospective 401(k) Plan Providers Tell You That's True - The Conduct Code for Retirement Plan Sponsors - Stuff That Won't Help A Retirement Plan Sponsor Limit Their...more

Give your clients their own “football”

When I was in college and law school, I had this fancy leather bound DayRunner that had all my contacts, business cards, and notes. For 1992-1998, it was state of the art because I didn’t have the shekels for a Palm Pilot. I...more

401kwire’s Top 100 Most Influential in 401(k): #100

I am proud to have been named of the Top 100 Most Influential in Defined Contribution/ 401(k)  by 401(k)wire.com for the second year in a row. While I dropped from #73 to #100, you get no extra money for finishing higher....more

2015 New Year’s Resolutions For Plan Sponsors

A New Year’s resolution is a promise that a person makes to achieve one or more personal goals, projects, or the reforming of a habit. The big deal about a New Year’s Resolution is that it is made in anticipation of the New...more

The Conduct Code for Retirement Plan Sponsors

When we were in school, there was a conduct code. For some of us that have occupations that require a license, we have a code of conduct to follow as well. Unfortunately for plan sponsor, no one ever tells them that their...more

They aren’t laughing anymore

Maybe it’s an insecurity of mine, but I always felt and still do that there are many times that I haven’t been taken seriously. There were family situations and professional situations where that came to be and it wasn’t a...more

Plan Sponsor may be wise to get a second opinion

If you don’t feel right and you go to the doctor and you get some grim or fantastic news about your health, isn’t it a good call to get a second opinion? Especially with certain types of cancer, speaking to a different doctor...more

The Road to Hell is Paved with Good Intentions

One of my favorite sayings is that “the road to hell is paved with good intentions.” To me, it means that good intentions could have some bad results. A big part of my practice has been helping advisors and brokers get...more

Advisors Advantage - December 2014

In This Issue: - Pearls of "Wisdom" for 401(k) Plan Providers. - Bells and whistles not being used is worse than having no bells and whistles. - The Fallout from Fee Disclosure continues. - As a 401(k)...more

Pearls of “Wisdom” for 401(k) Plan Providers

I am no genius and I’m sure all of you will agree. I have only been success- ful as an ERISA attorney because of my ambition and an uncanny ability to connect with my audience even though I’m still that shy kid from Canarsie,...more

The Need to Vett Plan Providers

If I hire a bad contractor for my home or a bad accountant or bad attorney, it’s my cross to bear. Plan sponsors don’t have it that easy. If they choose a plan provider, they will be on the hook for liability because they are...more

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