How To Be A Big Thing In The 401(k) Plan Business Or Play One On TV
You may not be able to handle it.

The basics of playing well with others probably goes back to pre-school. The problem is that so many plan providers forget that when dealing with other plan providers. As a plan provider, you can't afford to develop a bad reputation among other plan providers, whether you compete against them or not. This article is all about how and why you should play nicely with other retirement plan providers.

To read the article, please click here.
Make sure clients check plan document vs. practice.
Plan document must correspond with administration.

I've spent 21 years as an ERISA attorney and took some classes when I was getting my LLM and I learn something new about retirement plans every day. As a financial advisor, you likely didn't have the training to be an ERISA expert, so there is so much you don't know.

One of the biggest errors out there that could embroil your plan sponsor clients is when the plan document says one thing and your client does something else, It's a huge problem. Retirement plans have to live by the plan document that governs them, any delineation is a huge compliance program that could subject the plan to penalties and possible disqualification.

It might make sense for you to get your client's plan document reviewed and make sure the plan in administration is consistent. When I draft plan documents, there is this handy index that my volume submitter publisher creates that makes reviewing the plan easy. Most plan documents, you don't get that handy index. So have your plan reviewed by an ERISA attorney (hi, there) or the trusted third-party administrator to review the plan document against practice and fix whatever doesn't match through a plan amendment, self-correction, or a voluntary compliance program.


We'd all love to create our own MEP, but.....
It takes a long time to get it working.

Thanks to renewed interest in. multiple employer plans (MEPs), I will always get the phone call from someone interested in setting up a multiple employer plan. That person might be an advisor, third party administrator (TPA), or even a plan sponsor.

On paper, we all would like to start our own MEP. The problem is most MEPs fail because they never get the size they need in order to justify it, in terms of costs. Nothing worse than a MEP that has little in assets, but an audit to pay for. While everyone thinks their MEP is the end all to be all and everyone would adopt it, the sales process is slow. After working on so many MEPs, only a few are successful and the ones that were successful took many years to achieve a level of success. It doesn't mean that people won't try a MEP.


It's a memory game.
Make those events memorable.

When having unique events to promote your business, I think you need to make it memorable because I've been to too many forgettable industry events. Creating lasting memories helps your business because people end up remembering you.

That's what I had in mind when creating That 401(k) Conference. Instead of the same olf educational event for advisors, I decided a memorable location and memorable experience (stadium tour and athlete appearance) would go a long way in helping my business out as a leading ERISA attorney. That memory that I gave these advisors has expanded my networking capability and footprint.

When developing events for plan sponsors and sources of referrals, think of an event that will create memories.
The Legend of the Korean Fish Store.
You have to change with the times.

I grew up in Brooklyn and the area I originally lived in is called Midwood and I lived right off a street called Avenue M. It has always been a Jewish neighborhood and over the last 35 years, it's become more Orthodox.

Proof of that is a fish store located on Avenue M, a block away from the elevated Q train. The fish store is owned by a Korean family and they've been around for more than 30- years. When they first opened in the 1980s, they sold fish, which was next to shellfish (which isn't Kosher). A few years later, they relegated the shellfish to the opposite wall. Eventually, they got rid of the shellfish and started to be Shomer Shabbos (closed on Saturdays and all other Jewish holidays). In 2019, they are still around and doing well. They knew where the customer base of the neighborhood was heading and they adjusted. They didn't stubbornly decide to keep to the status quo. They realized that the customer base was changing and they changed their operation to meet that changing demographic. They're still in business while the greatest Greek diner that ever existed a few blocks away, Caravelle, is long gone.

As a plan provider, you need to be ahead in the game and identify where the potential customer base is going and make sure your services and pricing meet that need. Make sure your services and pricing meets that need.
MetLife is this week.
Registration for all event open including Disney World.

That 401(k) Conference is the most fun 401(k) advisor out there with a price point that won't break your back.

$100 gets you 4 ho urs of content to grow your advisory business, lunch, a stadium tour and a meet and greet with a baseball legend. 

These events are so fun, we have advisors from around the country to fly in. The cost and the experience can not be beat. 
 
This week, we come home, sort of. The events started a year and change ago at Citi Field and we will be close by in New Jersey at MetLife Stadium. While it's the home of the Giants and Jets, we will have a Giants themed event.

 Information on sponsorship can be found here

Tickets can be purchased here . The agenda for the event can be found here.


To finish the year, we will be in Arlington Texas, home of the Dallas Cowboys. That event at AT&T Staidum will be on Friday, December 13th.  Tickets can be purchased here.

For information on sponsorship opportunities, please click here.  


Don't forget, our national conference for March 2020. Family fun at Disney World with a conference that won't break your bank if you're a sponsor or attendee. Information on That 401(k) National Conference sponsorship and to sign up is here.



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The Rosenbaum Law Firm Advisors Advantage, November 2019
Vol. 10 No. 11

The Rosenbaum Law Firm P.C.
734 Franklin Avenue, Suite 302
Garden City, New York 11530
516-594-1557
Fax 516-368-3780

  Attorney Advertising.  Prior results do not guarantee similar results. Copyright 2019, The Rosenbaum Law Firm P.C. All rights reserved.