The one drawback in the fee disclosure regulations was that the Department of Labor (DOL) never bothered to develop a model fee disclosure form for plan providers, I understand the hesitancy of the DOL because it’s hard to group fees clearly in a business where everyone has different fees, especially the business of third-party administration (TPA).
When it comes to marketing, I’m a fan of thinking outside the box and simplicity. I think a TPA firm would be wise to try to contain all their fees in one 8.5 x 11 piece of paper, creating a model form, such as a car sticker price or those Federal truth in lending forms. Describing fees as a summary in an easy-to-understand language will go a long way in helping with clients and potential clients.
That’s just my two cents.
