Your Referrals Shouldn’t Be For Sale

for sale

My word is my bond; at least I try to make it that way. My opinions on which providers are good for plan sponsors aren’t for sale and neither should yours.


When I get asked for referrals, I always try to point out at least three competing providers to plan sponsors because I don’t want any suggestions that I’m just pushing one because it could benefit me and I want the plan sponsor to pick a provider they are most comfortable with.

I just received a call from an irate plan sponsor who felt swindled by a broker for their retirement plan. The broker was referred by the third-party administrator who was referred by their attorney. The attorney won’t return calls, there may be a reason or two why.


Thanks to the popularity of my articles and blog, I get a lot of requests to meet with financial advisors and third-party administrators. Of late, I have not done a good enough job in meeting them. I think some of it is my schedule and some of it is remembering how many other plan providers I met and how little business came from it.


Regardless, I have heard of some brokers offering some sort of referral program. I have to clearly state that I have never been directly or indirectly paying for making a referral and I never will. My opinions on who is a good plan provider are my own and it’s not for sale. I sure could use the money, but there are more things important than money: my reputation and that’s not for sale.

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