I referred a client to a third-party administrator (TPA) that would be the best fit for fixing a defined benefit plan that was a hot mess. The fees are a little higher, but the client would make that up with a quality TPA. The client’s advisor was making things difficult, but I nipped it in the bid as it pertained to haggling over fees. That TPA didn’t allow haggling and I wanted what was best for my client, instead of having to find another TPA if this one would bolt over haggling. A concern is whether I was wasting the TPA’s time. If they would end up doing that, I’d apologize on my client’s behalf.
There are times when a referral you make to a client isn’t filled. That is OK. Wasting the time of people you respect, who don’t get hired, should require a simple apology, regardless of whether it’s your fault.
