Every plan provider has crossed paths with one — the advisor who talks a big fiduciary game but couldn’t tell you the difference between an ADP test and a CPA firm. He’s polished, personable, and occasionally sends you client leads, but when the 5500 deadline hits, he vanishes faster than a match in a down market.
He’s the one who promises, “I’ll handle all the client communication,” and then forwards your compliance emails to the HR intern with the subject line: “Can you deal with this?” He loves calling himself the “quarterback” of the plan, even though he’s never actually read the playbook — the plan document.
To be fair, not every advisor needs to be a technical ERISA savant. But the problem comes when they pretend to be. They assure clients that everything’s “taken care of” while the plan fails testing, the audit’s late, and the participant statements show Roth deferrals in pre-tax accounts. Then the plan sponsor calls you — the provider — wondering how the quarterback managed to throw the ball into the wrong end zone.
Here’s the truth: collaboration works only when everyone knows their role. The best advisors I’ve ever worked with admit what they don’t know. They lean on their TPAs, ERISA attorneys, and recordkeepers instead of bluffing through compliance questions like they’re on Jeopardy!
So, if you’re a provider stuck with a know-it-all advisor, document everything, stay professional, and keep your humor handy. Because at the end of the day, when the plan sponsor realizes who actually did the heavy lifting, it won’t be the “quarterback” getting the thank-you email — it’ll be you.
