News & Analysis as of

Retirement Plan Providers Third Party Administrators Best Practices

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Dear Plan Providers: Here’s the Kind of Content Plan Sponsors Actually Want

If you’re a plan provider—advisor, TPA, recordkeeper, or pooled plan provider—you’ve probably heard the advice a million times: “Create content to stay top of mind with plan sponsors.” But what kind of content actually works?...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You can’t go negative

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Need to differentiate yourself among the big boys and girls

A report by Cerulli on the future of the retirement plan business had a startling number. The report showed estimates that the 10 largest recordkeepers will represent more than 75% of record kept 401(k) assets by year-end...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Great distribution needs a good product

If you have a great product, but lousy distribution, you’re not going to do well. Yet the same thing is on the flip side if you have great distribution, but a lousy product. Whether it’s a multiple employer plan, a great...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Focus on what the competition isn’t

When I started my law practice, I started to look at what the competition was doing and I decided to do things differently. Other ERISA attorneys charge by the hour, they charge for every phone call, and I just didn’t want to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - November 2019

....One More Thing For Plan Providers, Some points to ponder. When Steve Jobs would lead an Apple press conference, he would always end it with "one more thing," which was an important announcement of a new Apple product....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure what you sell works

At home, I have Verizon FIOS for TV and the Internet and that was after having my cable provider, Optimum for about 13 years. A few months back, I was enticed to re-sign with Optimum and their new Altice converter box/router....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The big problem with an ancillary line of business

As a plan provider, it makes sense to create an ancillary line of business if it’s a natural carryover of the existing line of business....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just realize it’s a relationship driven business

For 9 years working for third-party administrators (TPAs), I never worked a day without Richard Laurita being the salesman for the TPA. Richard is going to be gone 12 years in March and the most important lesson that he ever...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

One of the biggest problems is unmet expectations

I have a lot of opinions and I’m not afraid to express them. One of the things that get me upset with businesses and organizations is unmet expectations. Whether it was my law school or some legal staffing agency when I was...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When you have to cut a retirement plan provider client off

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 - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - January 2019

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - November 2018

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Speak up or it won’t get better

Many years ago, I was an associate at a law firm that worked with a third party administration (TPA) firm. One of the owners of the TPA was also the attorney who was my boss. During my single days, I had plenty of time and I...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

There are no guarantees in this business

I was in college and a political friend guaranteed that if we formed a political party to take over the student government, we all would win. We lost because we didn’t know the lengths our opponents would take to beat us...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - August 2018

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Learn to say no

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 Rosenbaum Law Firm P.C.

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

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 - The Rosenbaum Law Firm P.C.

Plan sponsors need to Google Their TPA’s Principals

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 - The Rosenbaum Law Firm P.C.

Stick to a plan that will work

When I first started out, I worked as an attorney affiliated with a third party administration (TPA). The problem with this TPA that it had 4 main partners and two other employees who had small ownership interests; it was a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Consider how an advisor uses other plan providers

What makes a good retirement plan financial advisor? Well it takes an attention to detail, an understanding of what the role entails, and a dedication to the plan sponsor client. In addition, what I find is the way a good...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Beware of Insurance Brokers Masked as TPAs

A friend of mine who is a financial advisor asked me about a third party administration (TPA) firm that is actually about a village over from where I live in Long Island. My friend has this prospect with a defined benefit...more

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