The No Surprises Act: A Cost Saving Opportunity for Employer Plan Sponsors
I have been an ERISA attorney for almost 23 years now and it’s gone by pretty quickly. I have worked for a few ERISA attorneys and have seen quite a few out there giving speeches around here and there....more
When it comes to business, I always say that. you should stay in. your lane and that’s why. I won’t. be offering a third-party administration service anytime soon....more
I have been an ERISA attorney for 22 years now and it’s gone by pretty quickly. I have worked for a few ERISA attorneys and have seen quite a few out there giving speeches around here and there....more
I always joke that I get rid of old grudges to make way for new ones. Recently, an advisor asked about a well-known third-party administrator (TPA) for a plan that I serve as a fiduciary. This TPA has a very good reputation...more
When I was a law firm associate, my most painful part was filling out my timesheet. Trying to fill it out before I’d get in trouble with the powers that be was the worst part of the month. There has to be a better way to...more
Growing up, I was a pessimist. I don’t why, but I let any little thing get to me and I realized that being negative, scares people away. That’s why I recommend when dealing with potential clients, don’t harp on the...more
A Plan Provider's Guide On How Not To Die (Sorry Lois). Get busy living or get busy dying. I started my own practice about 9 years ago because I was involuntarily liberated from my position as an associate at a...more
As A Plan Provider, How You Can Deal With Clients. It's not always fun. Almost 25 years later, Clerks is an independent movie classic. Shot for $27,000, it looks like it. Yet despite the black and white (they couldn't...more
The Help Plan Providers Need And What They Don't. Avoid the people who want to sell you everything. When you're in business as a retirement plan provider, you will see that there is a surge of humanity that wants to...more
I have comes across quite a few third party administration (TPA) firms over the years and 95% of them are pretty good. Even if they make mistakes, they’ll own up to them and they happen to make a few mistakes....more
Advice For 401(k) Plan Providers On Hosting Events. Just two cents on my experience. One of the most important marketing tools that a plan provider can use to some success is the use of events to make connections to...more
I know a thing or two about the virtues of flat fee billing, have done my legal work on the scale while working for a couple of third party administration (TPA) firms. Plan documents, plan amendments, and plan terminations...more
It’s one of the greatest lines in a movie and even my 11-year-old daughter knows it. Harrison Ford playing Richard Kimble finds the gun that Federal Marshal Samuel Gerard played by Tommy Lee Jones dropped in The Fugitive....more
I always believe that the retirement plan business is a relationship-driven business. It’s also a small world of industry where providers know providers nationwide. This belief has certainly helped my law firm practice grow...more
In any service industry, the quality of service and price can be far and wide. While people say that I focus way too much on the workings on the third party administration (TPA) business, I do have more experience in that...more
Marketing For Plan Providers: What It Can Do And What It Can't. It's not the answer for everything. For retirement plan providers, good marketing is essential. It's so essential that there are marketing gurus out...more
Creating Content That Will "Click". It will help you in the long run. In the old days, newspaper and television advertising were the way that you could get your message across to potential clients and sources for...more
I have been an ERISA attorney for almost 19 years now and it’s gone by pretty quickly. I have worked for a few ERISA attorneys and have seen quite a few out there giving speeches around here and there....more
I sell some stuff on EBay. Basically I’m selling collectibles I no longer want for collectibles I do want (vintage graded sports cards). I set a starting bid and a buy it now price and occasionally I’ll get the EBay member...more
Sometimes no matter how hard you work on a plan and do such a great job, oe person working for your client can cost you them as a client....more
The best third party administration (TPA) salesman I ever knew wasn’t happy with the typical GMC SUVs that he had leased in the past, so he wanted something more. After talking with the head of the company who he was very...more
One of the business philosophies I learned while working for third party administrator is that it’s a lot easier to lose a client than to gain one. I know that first hand, seeing bad service that gets plan sponsors to fire...more
401(k) Plan Providers' Behavior To Avoid That Loses Clients. Things to avoid. Over the past 18 years as an ERISA attorney, I have some pretty weird reasons why retirement plan providers get fired. I'll never get the...more
As a retirement plan provider, you meet a potential client and you just do so well in the meeting that you think there should be no way that you’re going to lose this prospect. Yet you get the call that a competing provider...more
If you’ve read an article or two of mine, then you know I’m a big fan of movies. I’ve a big fan of movies as long as I remember and the movies that are my favorites are the ones that make a personal connection to me. The...more