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Rich and Co.

Protecting Client’s Plans from BrightScope Misinformation and Predatory Sales Tactics

Bad Information Pushes Out Good and Your Clients Suffer
We have been vocal opponents of using old and incomplete 5500 information to (mis)portray current plan status for many years.  However, now BrightScope has funded a highly aggressive and negative PR campaign to unfairly portray plan sponsors, TPAs and firms that serve them as deceptive and incompetent.

Unfortunately, your clients are the victims of this misrepresentation, along with unknowledgeable advisors who carry this misinformation and erroneous reports to meetings with your clients.

The Best Way to Defend Your Client’s Plans Is an Education Campaign
We have developed ways to counter this misinformation, while also educating your clients and helping them protect their good work and their plans.   It also helps if it comes from an independent hir-party who has no commercial interest in plan matters.  

We undertake a fully professional, fact-based education campaign that gives plan sponsors – and advisors – the tools they need to respond to predatory sales tactics.  It also protects you existing relationships.

  • We create a briefing on the topic of plan information and 5500 reporting.  This helps clients understand this obligation better and what you do for them as well.
  • We explain the BrightScope business model and approach, specifically identifying the serious flaws in the methodology.
  • We then explain the ratings and reports as based on flawed data and business practices and what advisors can buy and use in sales efforts.
  • Finally we help plan sponsors respond to sales calls and efforts that are based on misinformation.  

There is more we can share with you. Contact us.

You add significant value — Not only does this equip your clients to defend against misinformation and predatory sales tactics, but you add significant value by starting to educate your clients on general fiduciary matters and handling public communications of plan matters.

P.S. – We have been active on social media addressing the flaws with BrightScopes’s business model and practices.  BS principals have consistently deflected pointed inquiries and responded only with angry personal attacks when legitimate questions are posed by us and others.  

Here is a blog post illustrating their attitudes.  In contrast, we are thanked repeatedly by retirement professionals who are afraid to stand-up to them in public.  

As professional communicators however, we do feel, that we have a professional responsibility to speak up when misinformation is communicated.  

Feel free to send us you experiences with BrightScope and we will pass them on anonymously for the benefit of the community.

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Written by Rich and Co.

March 21, 2011 at 12:43 pm

Posted in Uncategorized

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