News & Analysis as of

Third Party Administrators

Ary Rosenbaum

You see how large 401(k) providers can treat their employees

by Ary Rosenbaum on

I love Clint Eastwood movies and one favorite is “In The Line of Fire’. John Malkovich is playing a wannabe Presidential assassin named Leary and Clint is playing Frank Horrigan, the Secret Service agent who is trying to...more

Ary Rosenbaum

The Plan Sponsor may not see how great you are

by Ary Rosenbaum on

Aside from my children and my wife, my favorite person of all-time was my grandmother Rose. She was the most selfless person I ever met, who was full of life, and love for family. When my grandmother decided she would move...more

Ary Rosenbaum

Tell your TPA what you’ve got

by Ary Rosenbaum on

As a plan sponsor, you really need to let your third party administrator (TPA) what you have in terms of retirement plans and interrelated businesses....more

Ary Rosenbaum

Learn to say no

by Ary Rosenbaum on

I always believe that regardless of whether it’s business or in regular day-to-day life, that you can’t be everything for everybody. Being honest with that is only half the battle....more

Ary Rosenbaum

The Value and Peril of Flat Fee Billing

by Ary Rosenbaum on

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

Ary Rosenbaum

Advisors can’t care about fiduciary duty and recommend bad TPAs

by Ary Rosenbaum on

When the cheaters were caught cheating at a game of blackjack, Sam “Ace” Rothstein wanted to make an example of them at the Tangiers Hotel in Casino. He had the security guards use a hammer on one cheater’s hand and then told...more

Ary Rosenbaum

I avoid it when it doesn’t look right, you should too

by Ary Rosenbaum on

I live in an unincorporated village on the south shore of Nassau County and the elected Board of Education has this problem that doesn’t want to talk about and it’s called nepotism. Three out of the seven members have a child...more

Ary Rosenbaum

Retirement Plan Advisors Advantage - May 2018

by Ary Rosenbaum on

Free Advice In Dealing With A TPA's Business Challenges. It's free. I always joke that when my wife discusses to people what I do as an ERISA attorney, she claims she has no idea. Imagine if I was a third party...more

Ary Rosenbaum

When it comes to theft, the fiduciary vs. settlor function debate is meaningless

by Ary Rosenbaum on

A friend of mine called me up a few weeks back and was telling me a story how he had a debate with Jeff Richie from Vantage Benefits at a conference a few years back. Richie claimed he had some writing from the Department of...more

Ary Rosenbaum

Don’t show clients you don’t care

by Ary Rosenbaum on

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

Ary Rosenbaum

Clients who don’t pay aren’t clients

by Ary Rosenbaum on

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

Ary Rosenbaum

Retirement Plan Advisors Advantage - April 2018

by Ary Rosenbaum on

The Road and Roadblock To Dynamic Plan Provider Marketing. What to do and what to avoid. When I was in college, I didn't take any classes in marketing. In law school, the last thing they'll teach any law student is...more

Ary Rosenbaum

The Rosenbaum Law Firm Review - April 2018

by Ary Rosenbaum on

Plan Sponsors Need To Fix Their Plan Errors Now! You can't wait, fix it now! For most of us, when we don't feel well, we go to the doctor. We don't wait until things get worse, we take care of things because there...more

Ary Rosenbaum

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

Ary Rosenbaum

Stop thinking of TPAs as just a price placeholder

by Ary Rosenbaum on

When you’re a financial advisor and working out proposals for potential plan sponsor clients, pricing is an important thing. This is the case especially when we’re in an environment of fee disclosure, narrowing margins, and a...more

Ary Rosenbaum

Advisors Advantage - March 2018

by Ary Rosenbaum on

Trying To Understand A Plan Sponsor's Irrational Decisions Isn't Easy. It's hard to make sense of irrational decisions, but here is a starter. As retirement plan providers, we know that it's very hard to recruit new...more

Ary Rosenbaum

The Rosenbaum Law Firm Review - March 2018

by Ary Rosenbaum on

That Fiduciary Warranty Is Not Worth The Paper it's Printed On. They are pretty much worthless. A 401(k) plan sponsor is also a plan fiduciary and they have the responsibility to prudently run their plan. One major...more

Ary Rosenbaum

Never leave a bad taste in the mouth of the one who brings you business

by Ary Rosenbaum on

I was working with an advisor recently, who had issues with one of those third party administrators (TPAs) I warn people about. Yeah, you know the folks who do payroll as are TPAs on the side....more

Ary Rosenbaum

The one list of TPAs that plan sponsors should ignore

by Ary Rosenbaum on

What’s the best hamburger out there? There is a burger fad out there with so many expanding chain and franchised restaurants, so there are many choices out there. I’m sure there are thousands of places better than McDonald’s,...more

Ary Rosenbaum

Plan sponsors need to Google Their TPA’s Principals

by Ary Rosenbaum on

I believe in the idea of redemption, that people who make mistakes can atone for them. Maybe that explains why Return of the Jedi is my favorite Star Wars films because Darth Vader was redeemed and brought balance to the...more

Ary Rosenbaum

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

Ary Rosenbaum

It just doesn’t look right, avoid sending gifts to plan sponsors

by Ary Rosenbaum on

I’ve been a New York Giants football since the days of Ray Perkins, Brad Van Pelt, and Joe Danelo. 4 Super Bowl victories have been far more rewarding than my time as a Mets fan. Thinking about football reminded me of a...more

Ary Rosenbaum

To be safe, read those trust statements

by Ary Rosenbaum on

In light of some troubling news that a third party administrator (TPA) was shut down by the Federal Bureau of Investigation (FBI) for possible theft of plan assets, there is one pro-active step you should take as a plan...more

Ary Rosenbaum

Thinking outside the box for marketing

by Ary Rosenbaum on

When I was the Vice President of a synagogue, I ran an event a month to fundraise and/or to bring members together. My crowning achievement was having a standup comedy event hosted by Sal The Stockbroker Governale from The...more

Ary Rosenbaum

Advisors Advantage - January 2017

by Ary Rosenbaum on

Plan Providers Should Encourage Participants To Rollover Assets. In so many ways, it makes sense. There are so many issues in advising retirement plan sponsors in your role as a retirement plan provider that you may...more

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