When trust is gone, turn out the lights

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I’ve gone back into collecting sports cards because I need hobbies these days since I’m no longer involved in my synagogue and one of the interesting things I’ve discovered is something called card breaks. A sports card dealer buys a case of cards and sportscard collectors may pick a certain team or player through an auction or outright purchase. For collectors and even investors, this is a cost-effective way of purchasing cards. To promote the trust that everything is on the up and up, these card breaks are broadcast live on YouTube or another website. I’ve used one card dealer because it seems everything is upfront, their costs are low, and they are just nice to work with. Above all, there is trust.

Another dealer/card breaker made the run on all these sports card scammer pages because based on a video of a football card break of his, he substituted a card out. That means he found a very rare print of a card and decided it was too good for one of the customers who was entitled to it. He eventually admitted his error (despite not being honest on what the card might have been) and decided to leave the card-breaking business. Did he have the choice to leave? He didn’t because it’s over for him anyway because no levelheaded card collector would ever trust someone like him again.

As a retirement plan provider, what you do for your plan sponsor client is predicated on trust because you have access to the clients and you may have access to the retirement plan’s assets. Anything you do that questions trust that a plan sponsor may have in you is something that will be catastrophic to your business. I’ve seen many plan providers falter because they lost the trust and faith of their clients. They lost so much business that they had to close their doors. Reputation takes years to build and you can destroy it all in just one moment.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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