I work in an industry that has a terrible reputation. Not the retirement plan industry, the legal industry. One of the big parts of the legal industry is where they create awards, sell ads in a magazine or just make money on awards. So with so many awards out there for Best Lawyer, I’ve seen quite a few bad lawyers win these awards.
One of the worst ERISA attorneys I ever met (I worked for the third party administrator and she represented a mutual client), happened to win one because her law firm pt out a big ad in the Best Lawyers magazine.
When people tout awards they won, I get suspicious if I haven’t heard of the award or the award is tied to ads. Heck, the former managing attorney at my law firm that I derided for the past 11 years got a boatload of these top CEO awards and she shrunk the firm in half during the length of her 12-year reign.
The point is when picking plan providers, don’t get hung up on the awards they win.