One of the biggest problems for my clients after they hire me is that they realize that they never bothered to review the plan provider contracts that they signed long ago. There might be surrender charges or termination fees that they never anticipated. In the past, I’ve had plan sponsors figure out there were 7% surrender charges out there because they decided to break a 7-year contract with their bundled provider.
You can avoid that kind of sticker shock by having counsel reviewing those agreements before they’re signed. The few hundred bucks in legal fees can avoid unnecessary surrender charges later that will dwarf any legal fees you’re paying upfront