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Finance Advising reviews in Bloomfield Hills

  • F
    The Retriement Advantage

     

    In early November 2013 I began looking into a Cash Balance plan to enhance my office?s profit sharing and 401k plans.  I was using the Third Party Administrator (TPA) Great Lakes Pension for my 401k and I looked at two other companies The Benefit Advantage (TBA) and The Retirement Advantage (TRA).  Each of the three companies gave proposals for costs associated with setting up the Cash Balance plans (CBO) and ongoing annual costs associated with running the plans.  Upon receiving the quotes, it appeared that TRA was the lowest.  We had numerous email correspondences about the process and on November 13th I signed a contract to proceed to set up the plans using TRA.  The front page of the contract showed that I would us be executing this agreement with TRA, through their agent Rick Nowicki, David Kaiser the financial advisor and Great West, the fund management company.


    However, on November 18 (15 days after I signed the contract), Rick wrote that he was unable to get back with me sooner because he was traveling, but he needed to inform me that the fee structure that was quoted would be different than what was presented.

     

    My apologies for the lack of immediate feedback.  I?m traveling this week in the UP.  I understand the concern with the difference in cost between the standard and custom design.  I did not present the custom pricing based on the conversations surrounding the $100k contribution goal Dr. Freedland expressed.  I do not want anyone to think that I purposely did not  disclose the fees associated with the custom plan design.  With that said,  I have reached out to actuarial partner, Kravitz, Inc. to discuss the reasons surrounding fees and if there is anything we can do to accommodate Dr. Freeland.  Please see his email below and the attached marketing piece that discusses Standard v. Custom designs.  I will follow up with a revised proposal that illustrates the $3000 set up and annuals of $4200.  I hope the decision is to continue to partner with The Retirement Advantage and Great West.  If I can be of further assistance or additional information is required, please do not hesitate to contact me directly.



    Regards,



    Rick Nowicki



    He attempted to explain that their actuarial partner, Kravitz set their fees differently for different types of plans.  I had my office manager tell Rick to hold off on processing our plans through TRA until we had more clarity about what appeared to be a Bait and Switch.  Then, in early December Rick notified me that since Kravitz would be calculating the actuary tables, they would also have to manage the funds within their own proprietary funds.  That is, we would not be able to use Great West.  Understand that the fees associated with Kravitz funds are exorbitant and the company is poorly rated.  So, we would have to pay more to have the plan managed as well as pay more for each fund within the plan and endure much higher risks.



    I would think that since the original contract is signed between a specific set of parties, and that one of those parties, namely Great West was disqualified by TRA, the original contract, dated November 3rd would be null and void.


    Regardless, TRA sent me to collections to obtain $3,500 for their services even though they will not be handing any of my moneys.


    - Michael F.
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