10 Reasons NOT to Hire Ampersand to be Your Pension Consultant

A tongue in cheek, but no less blunt approach to hi-lighting some issues and thinking related to your company’s group retirement or pension plan that exposes your organization to unnecessary costs, risks and liability.


Top 10 Reasons NOT to Hire Ampersand to be Your Pension Consultant

1. We like paying higher fees, it keeps the economy going.

2. Having the fox guarding the hen house is okay with us.  The insurance company, bank or mutual fund company will, always and in all ways, put our company’s interests first, ahead of their own.

3. Our existing responsibilities and priorities leave us lots of extra time to effectively and comprehensively monitor and oversee our retirement plan and current advisors. 

4. We already have in-house expertise in investments, governance and risk management to ensure we are fulfilling our fiduciary duties and meeting all regulatory and legal requirements.

5. We like surprises. We would rather be surprised by new products, legislation, regulations or court decisions affecting our company rather than having our pension consultant pro-actively inform and educate us.

6.  It ain’t broke why fix it?  We are confident our company’s retirement plan has no room for improvement.  Keeping things on auto-pilot until there is turbulence is how we like to manage and conduct our business.

7.  We don’t want to know how our existing advisor is paid (how calculated or actual dollar received last year).  Accountability, transparency and full disclosure aren’t important to us.  High embedded compensation reduces our employees ability to save for retirement, but we don’t mind, our advisors and service providers are probably earning every penny.

8.  Seeing our pension consultant once or twice a year for a routine and canned meeting is all the service and advice we need.

9.  We don’t want a pension consultant that takes a more specialized and comprehensive approach to serving and protecting us.

10.  Getting a professional second opinion never brings a fresh independent perspective that uncovers gaps, risks or opportunities for improvement.  What we don’t know, won’t hurt us.