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Avoid the No-Win Situation

kirk

Captain Kirk didn’t believe in the no-win situation, he learned the hard way in Star Trek II: Wrath of Khan.

 

There are certain situations as a plan provider where a client relationship puts you in a no-win situation. It could be the difficulty of the client or difficulty in working with other providers. A few weeks back, a registered investment advisor advised me of issues with a brokerage team they had to work with on a particular 401(k) plan. The problem is the advisor was the stick in the wheels for the brokerage team, who made it very difficult for the advisor to properly work with the client. The advisor resigned, as it clearly was a no-win situation in working with a brokerage team that was more interested in their inflated fees, than providing quality services to the plan sponsor. The advisor knew that this was a relationship that could never be cordial or built on trust, it would be a fight every step of the way.

 

As I’ve said before, there is no shame in quitting when things don’t work out and there are certain no-win situations where quitting is the best option.

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