By Tobi Cogswell
Have you ever noticed how Bundled Providers speak to clients as if they’re reading from a gospel? In their world, everything seems so rigid and matter-of-fact. They’ve been known to adopt document provisions on behalf of your clients -- and not even inform your client of the elections that were chosen. Bundled Providers seem to do it their way.
But, what about your clients’ preferences? What’s best for them? Who should decide?
Here’s an example that helps make the point:
You have a client whose plan has an Automatic Contribution Arrangement. The plan document has the provision that participants can opt out within 90 days of their first deferral.
The notice prepared by the bundled provider states: “If you process any fund exchanges, loans or withdrawals within your account, you are no longer eligible for this withdrawal”
And, here is the critical point. Did they talk to your client about this? My guess is no. Was this approach in the plan document? Not likely. Is this provision in the law? No. It isn’t.
Protect your clients.
This is exactly why you and your clients need to partner with a consultant who will keep their interests at the forefront, and who will design and administer a plan that meets their needs. We may ask them some tough questions, like “why did you want this plan in the first place?” and “what do you want to accomplish with it now?” That will enable us to design, or re-design a plan that’s strong, flexible, attractive to their employees and something we all can be proud of. Something that will meet the needs of your clients now and as their businesses evolve.
We’re advisors. Your client is the boss. They should get what they need!
Now is the perfect time to talk to your clients about unbundling their administration and moving the compliance to ACI. They deserve to work with a firm that’s pro-active and always focused toward them. Our goal is to save them money and let them concentrate on doing what they do best – running their own businesses.
Call us before they pay for another year of average work.
Have you ever noticed how Bundled Providers speak to clients as if they’re reading from a gospel? In their world, everything seems so rigid and matter-of-fact. They’ve been known to adopt document provisions on behalf of your clients -- and not even inform your client of the elections that were chosen. Bundled Providers seem to do it their way.
But, what about your clients’ preferences? What’s best for them? Who should decide?
Here’s an example that helps make the point:
You have a client whose plan has an Automatic Contribution Arrangement. The plan document has the provision that participants can opt out within 90 days of their first deferral.
The notice prepared by the bundled provider states: “If you process any fund exchanges, loans or withdrawals within your account, you are no longer eligible for this withdrawal”
And, here is the critical point. Did they talk to your client about this? My guess is no. Was this approach in the plan document? Not likely. Is this provision in the law? No. It isn’t.
Protect your clients.
This is exactly why you and your clients need to partner with a consultant who will keep their interests at the forefront, and who will design and administer a plan that meets their needs. We may ask them some tough questions, like “why did you want this plan in the first place?” and “what do you want to accomplish with it now?” That will enable us to design, or re-design a plan that’s strong, flexible, attractive to their employees and something we all can be proud of. Something that will meet the needs of your clients now and as their businesses evolve.
We’re advisors. Your client is the boss. They should get what they need!
Now is the perfect time to talk to your clients about unbundling their administration and moving the compliance to ACI. They deserve to work with a firm that’s pro-active and always focused toward them. Our goal is to save them money and let them concentrate on doing what they do best – running their own businesses.
Call us before they pay for another year of average work.
Tobi Cogswell
Director, Consulting Practice
(310) 212-2623
No comments:
Post a Comment