I worked at the college newspaper and if you said something to one staff member, they would tell someone else in 5 minutes. However, like the game of telephone, the story would get misconstrued. I remember telling someone about possibly seeing Aerosmith for New Year’s Eve in Boston and hearing back that the story going around was I’d see Aerosmith in Boston and then kill myself (I didn’t end up going).
Sometimes, the retirement plan business is no different than the Stony Brook Statesman. Sometimes, words swirl, and stories are created, that isn’t close to reality. Recently, I heard about one plan provider being upset with me because I vetoed their selection as third-party administrator because I didn’t want to lose my position as a plan fiduciary. The only problem is that it never happened. I’m not certain, but I think the situation arose because it was the plan’s advisor that nixed it, concerned that I’d be pushed to the side.
You can’t worry about what you can’t control. So rumor and innuendo and the game of telephone are hard to control. The only you can do is be in communication with people around the industry, which can allow you the opportunity to separate fact from fiction.
