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Rich and Co.

Accountants+Attorneys Get Help Solving Complex 401(k) Client Problems with Bundled+Payroll Provider Plans

The Problem — As 401(k) plan complexities, regulations and regulatory oversight increase, often problems with plans arise that the accountant, attorney and advisor do not have the experience and expertise to handle.

One of the best TPAs for this work in the country is our client Jackie Carmichael of JM Pension Advisory Inc.  Feel free to contact us as well for ideas and to discuss.

The Challenges —

  • Bundled and payroll providers offer very competitive and economic services to handle the basic needs of your client’s 401(k) plan.  Plans are typically administered in a standardized manner…..
  • As retirement plan issues become more complex, it may be difficult for you, as an expert in your core services, to keep up with the special needs of retirement plans.
  • However, as your client’s needs change or finds itself faced with failed discrimination tests, it may be necessary to find creative solutions. Sometimes, the bundled provider is not able to provide the type of consultation that your client needs.
  • You may be asked to provide specific recommendations or approve the bundled provider’s solutions.

The Solution –

We recommend establishing a partnership with an expert, local third party administrator who has had experience working collaboratively with the bundled providers and augmenting their services and resources

This can be done:

  • On an outsourced basis
  • Under you and your firm’s your name
  • Anonymously
  • These fees can be billed separately so your client does not see your fees as too much.

No need to worry about your client’s being stolen.  In fact,

  • This may be the best way to protect your relationships since client’s won’t be searching for help from other professionals or firms
  • You gain another professional referral source in the TPA who will reciprocate and bring you in on cases.

Again — contact us and we will share our resources.


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Written by Rich and Co.

February 15, 2011 at 9:58 am

Posted in Uncategorized

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