As discussed in my newest book, “The Greatest 401(k) Book Sequel Ever”, I’m still amazed at my interaction with “renowned” ERISA fiduciary expert turned convicted thief Matt Hutcheson. It’s no a great episode in my career because I didn’t want my name to be in the same sentence with him. Yet I did.
So I’m surprised to hear of plan providers that may be affiliated with other plan providers where the principals have less than sterling reputations. An Aerosmith said it best in the B-Side “Don’t Get Mad, Get Even” (a message I support): “When you sleep with the dogs, you wake up with the fleas.” Your reputation is everything, so I think it’s an absolute mistake to be involved with other providers that will hurt your brand with that affiliation.
As I said in a book, you can build a reputation over a lifetime and lose it all in a minute.
