When I graduated from law school, it took a few months before I got my first job. So for the months, I wasn’t employed, I tried working with a temp agency to get temporary legal work. Let’s just say that no matter what they did, there was always a last-second change in plans where the temporary gig they had in mind for me, fell through.
No matter what, a retirement plan provider that disappoints you, will always disappoint you. Whether it’s an advisor or a third party advisor that isn’t up to snuff, will always disappoint you and the mistake you make is hoping that things will change.
As a retirement plan sponsor, you have the fiduciary duty to hire competent providers and you’re breaching their duty if you let these providers continue to make errors that cost you and cost the plan participants.
