The No Surprises Act: A Cost Saving Opportunity for Employer Plan Sponsors
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
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 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
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
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
....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
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
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
I remember when I first saw the political sign as a freshman at Stony Brook over 25 years ago where the student government Acting Treasurer Naala Royale was running for her own full term. Her motto for the race was that “If...more
Chess is not a game that I ever played a lot or was ever good at it, but it’s a fascinating game because every move can change the course of the game. I see sometimes plan design as similar to the game of chess because a...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
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
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
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
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
401(k) Options That Must Be Obligatory For Plan Sponsors. They need to be obligatory. Buying a car isn't easy because it's confusing with the different option packages and trims. Sometimes I jokingly ask whether a...more
Challenges In 2019 For 401(k) Plan Providers. It's always a challenge. Being a retirement plan provider is very challenging and every year presents a new challenge. The retirement plan industry is always in flux and...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
This is the first episode in K&L Gates’ three-part series on the 340B Program with Chris Hatwig, President of Apexus, LLC. Apexus serves as HRSA’s Prime Vendor in administering the 340B Program, including by publishing...more
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
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
I’m a big fan of Survivor since day one. One of the more memorable seasons in the beginning was the fourth season on the island of Marquesas. Besides the first appearance of Boston Rob (who played his worst game), it was...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
A Plan Advisor Should Be Careful About Their TPA Referrals. They need to. There was a time when a 401(k) financial advisor could get 75 to 100 basis point working on a plan, those were the days of wine and roses. Now...more
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