They may brag, but they may not have

With my son graduating high school and listening to where other kids are going for college, it seems there were a lot of parents who did a lot of bragging about how well their kids were doing, but the college they are going to doesn’t reflect that. As my grandmother would say: “whoever brags the most, has the least.”

It’s the same as the retirement plan business, you have press releases on how well certain plan providers are doing, yet they might be bleeding money. I remember when I worked for Harvey Berman and he and his partners sold their third-party administration firm to a conglomerate, only for that company to sell our business away, 3 years later. When I asked him about regrets over the deal, Harvey had none because he said they would have gone out of business anyway. The reality was far different than how they touted themselves. The same can be said about providers who knock out press releases the way Mike Tyson knocked out opponents. They might be generating business, but the money used to build them up may mean they are actually in the red. You never know what goes on, behind closed doors.

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