News & Analysis as of

Client Referrals

Redemption only goes so far

by Ary Rosenbaum on

My great Uncle Jack was the youngest of 4 children. He followed Herschel, Zoltan, and my grandmother Rozalia. He was a troublemaker when he was a kid. One time, he gambled away the family’s ration coupons and my grandmother...more

Advertise To Other Professionals Or The Public?

by Stange Law Firm, PC on

When lawyers and law firms decide that they are going to advertise, many struggle with whom to target their advertising efforts? Do they target their advertising to other professionals? In other words, do they advertise to...more

Be patient with possible referral sources

by Ary Rosenbaum on

I always talk about my open door policy with financial advisors and third-party administrators where I will help these plan providers out without billing them for their time or actively seeking business. I kind of have that...more

Another Vantage lawsuit with an advisor twist

by Ary Rosenbaum on

A great scene is in GoodFellas is when Jimmy chastises Henry for getting arrested because he allowed himself to be incriminated through wiretaps. For years, I’ve been warning advisors about the referrals they make and it...more

Be careful about giving referrals

by Ary Rosenbaum on

“When I introduce you, I’m gonna say, “This is a friend of mine.” That means you’re a connected guy. Now if I said instead, this is a friend of ours that would mean you a made guy. A Capiche?” – Al Pacino in Donnie...more

Referrals are about helping, not making you $$$$

by Ary Rosenbaum on

The retirement plan industry is very close knit. Everyone knows who does great work and the few that don’t. Word travels fast about the good, the bad, and the ugly in this business....more

Florida AG Enters $8 Million Consent Order with Loan Service and Referral Companies

by Goodwin on

On February 14, 2017, the Florida Attorney General’s Office (Florida AG) announced that it had entered into three consent judgments and one settlement with four affiliated loan service companies and their operators, resolving...more

CFPB Takes First MSA-Related Action in Nearly Two Years; Orders Mortgage Lender to Pay $3.5M Civil Penalty for Kickbacks

by Goodwin on

On January 31, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it ordered a California-based mortgage lender to pay $3.5 million in civil penalties for an illegal mortgage kickback scheme. According to...more

Business Development for Law Firms: Everything is Discoverable

by LawVision Group LLC on

I have great respect for my peers, clients, friends and colleagues in the legal industry. Given most of my focus is on revenue generation, client growth and acquisition which requires elements of my other passion,...more

Why Your Strongest Contacts Are Not Always Your Best Contacts—and What to Do About It

by LawVision Group LLC on

In early March 1955, a young African-American woman refused to give up her seat to a white passenger on a Montgomery, Alabama, city bus. Her name was not Rosa Parks. Rosa refused to give up her seat later that same...more

PHH Mortgage Attacks the CFPB: Will the Bureau Become a Commission?

by Baker Donelson on

On April 12, the U.S. Court of Appeals for the D.C. Circuit heard arguments in PHH Mortgage’s appeal of a $109,000,000 disgorgement order by the CFPB. The CFPB found PHH had illegally referred consumers to mortgage insurers...more

CFPB Warns Again About Marketing Services Agreements

by Reed Smith on

Following up on a series of enforcement actions against industry participants engaged in “marketing services agreements” (“MSAs”), the CFPB issued a Compliance Bulletin (No. 2015-15) entitled “RESPA Compliance and Marketing...more

CFPB Bulletin on Marketing Services Agreements: Not Per Se Unlawful, But . . . .

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau (CFPB) on October 8, 2015 issued Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (Bulletin). The Bulletin represents another significant signpost along...more

Lawyers, It’s Time To Stack The Deck In Your Favor

by Nancy Myrland on

Do you know anyone like this? They question the need for marketing because they know their clients come from referrals. Their clients tell them regularly that they asked several of their colleagues who they recommend...more

Beware of Nurses Bearing Gifts

by Faegre Baker Daniels on

Alisia and David blew the whistle on their former employer, Nurses’ Registry & Home Health, for sending gift baskets and ticket events to doctors who referred patients to the home health operation. Their qui tam suit alleged...more

Texas Legislature Reins in Public Adjuster Conduct

by Zelle LLP on

Obvious to anyone in the insurance industry, Texas courts are experiencing an explosion of first-party property insurance lawsuits arising from wind and hail related insurance claims. Dozens of lawsuits are filed every day in...more

CMS Releases 2016 Physician Fee Schedule

by Morgan Lewis on

Major changes to Stark law are ahead, including new exceptions for timeshare arrangements and employment of NPPs. The Centers for Medicare & Medicaid Services (CMS) released a proposed rule on July 8 for the 2016...more

Physicians Face Increased Anti-Kickback Enforcement Focus

by Foley & Lardner LLP on

It appears that the Office of Inspector General (“OIG”) now has physicians squarely in the crosshairs of one of its most powerful enforcement tools: the Anti-Kickback Statute (“AKS”). The AKS is a criminal statute with...more

Advisors Advantage - June 2015

by Ary Rosenbaum on

In This Issue: - For Retirement Plan Providers, It's All About Making A Connection - DOL Comment Period Extended - Supreme Trouble with Tibbles - My Referrals Aren't For Sale And Neither Should...more

My Referrals aren’t for Sale and Neither Should Yours

by Ary Rosenbaum on

My word is my bond; at least I try to make it that way. My opinions on which providers are good for plan sponsors aren’t for sale and neither should yours. When I get asked for referrals, I always try to point out at...more

Bill Would Authorize Payments For Commercial Loan Referrals

by Allen Matkins on

California State Senator Marty Block has introduced a bill, SB 197, that would authorize a licensed finance lender to compensate an unlicensed person or company in connection with the referral of one or more prospective...more

Just Say No

by Wicker Park Group on

We hear time and again from clients that lawyers make a dramatically positive impression when they are completely honest about both their strengths and their weaknesses. As one client advised outside counsel in an interview...more

Keep Your Eye On the Ball: Begin 2014 With a Renewed Effort at Compliance

by Baker Donelson on

While most of the financial world has been focused on the new CFPB mortgage rules that went into effect on January 10, the Bureau has continued its enforcement activities in other areas. On January 16, 2013, the CFPB...more

Any relationship in the retirement plan business requires trust

by Ary Rosenbaum on

Suppose someone you never met before comes up to you and asks whether they can stay at your house or someone you never heard of, all of a sudden wants to be your partner and best friend. Any business relationship and any...more

Sorry is the hardest word in this business, but the best word to calm tensions.

by Ary Rosenbaum on

I referred work to an accountant I knew for a retirement plan audit. He did a terrible job and there are issues regarding his registration to do the work. Making a lousy referral is even worse than doing poor work of your own...more

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