I’ve been in this business long enough to know that the only thing “simple” about a 401(k) plan is the way people pretend it is. Every provider brochure says “turnkey,” “easy to administer,” or my personal favorite, “set it and forget it.” The problem is that the Department of Labor never forgets.
When I started out, I thought complexity was the problem. Now I know it’s denial. Plan sponsors want to believe a retirement plan runs itself. Payroll’s on autopilot, the TPA’s on it, and the advisor’s keeping watch. But one missed deposit or a misclassified employee later, and that “turnkey” plan turns into a compliance whack-a-mole.
Good providers don’t sell simplicity, they translate complexity. They build systems that catch errors before they become DOL letters. They educate clients who think an audit means “someone’s getting fired.” And they never promise perfection, just accountability.
If your client thinks their plan runs itself, remind them: 401(k)s aren’t Crock-Pots. You can’t just set it and walk away. Because when things boil over, it’s always the provider cleaning the mess.
