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I'm wondering if there are any web sites out there that specialize in listing freelance pension consulting work. Prosavvy is a great site for computer experts and such, but they have almost nothing for qualified retirement plans.

I'm just starting my own consulting firm (been in the business almost 30 years and have my CPC and QPA designations) and have always worked for others. I would like to sell information only and not do administration or investments. I am an excellent writer and pride myself on the ability to put technical explanations in plain English. I am also a good public speaker. Any ideas on how to generate leads?

I know you think I'm ill prepared from a business perspective to start my own business, and your probably right, but I was tossed to the wolves by my previous employer and just decided to go for it rather than look for another position.

Thanks for any help.

Carolyn

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What do you mean by "sell information"?

If you are going to "sell" and not do administration or investments, it seems to me that the only things left for you to be selling is the concept ( a plan salesman), selling plan documents or selling actuarial services.

Maybe someone might be able to suggest something if you expanded.

George D. Burns

Cost Reduction Strategies

Burns and Associates, Inc

www.costreductionstrategies.com(under construction)

www.employeebenefitsstrategies.com(under construction)

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You might consider introducing yourself to local attorneys, CPAs and/or other consultants and describing how your prospective services may complement theirs (you'll have to define some specific services first!). With all the focus on due diligence, prudence and monitoring, its a great time to be consulting. There are lots of gaps out there. You just need to identify them and explain how you can fill them. Good luck!

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GBurns

What I mean is consulting only work. Writing articles and reference materials, training other professionals, plan design projects, consulting on fiduciary issues, etc. I know the work is out there, I'm just having trouble finding it.

Katherine (my sister's name:) )

I have been contacting local financial institutions. I haven't tried any local attornies so far, but I suppose it never hurts to try. It's interesting you mentioned due diligence and prudence. I tried marketing a Fiduciary Liability Assessment in which I would come into the client's office and look at their policies and procedures in regards to the plan and make sure that they were protecting themselves as much as possible. However, the employers I spoke with all thought the accountant that handles the annual plan audit for the 5500 would tell them if there was anything amis and wouldn't consider another service. I, of course, try to persuade them otherwise but to no avail.

Your suggestions about the CPA's seem to me to be the most promising. If they are already doing plan audits, they might be interested in partnering with me in order to offer more indepth audits of the client's fiduciary issues. I'm going to start calling the larger local firms.

Thanks!

Carolyn

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I'm not surprised that the clients said that about their auditors. Their typical response is "I have a recordkeeper, a lawyer, and an accountant for the plan -- between all three of them I'm sure I'm fine." But the recordkeeper's work is limited primarily to statements, testing, loans, distributions, etc. The lawyer's work is usually limited to documents and cleaning up past errors that are known. The profession hasn't historically "marketed" their services so they aren't usually "selling" packaged services (but it can be to their benefit to develop relationships with consultants who are actively marketing services and then bringing them in to do any drafting or legal representation when problems are identified). The accountant's work is only a financial statement audit, not an operational audit. They are only looking for (a) egregious type of violations that would result in disqualification and tax liability for the plan, and (B) specific violations that are required to be reported -- e.g., nonexempt party in interest transactions. If there is a fiduciary breach, the ultimate financial risk is on the employer not the plan. So that is exactly one of the "gaps" I mentioned -- the plan auditors aren't looking at the issue closely because it does not create a liability for the plan, but the company auditors aren't looking at it because they don't have a clue about fiduciary issues in relation to plans.

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Katherine,

Your observations are all excellent, thanks!

I sent my information packet to one gentleman who said "I think it's a great service and would be wonderful for employers....but we aren't interested." Talk about mixed signals!:confused:

Anyway, I've already started modifying my materials so I can present a packet of materials to accountants. Thanks so much for the suggestion and the points about needing this service!

Carolyn

Carolyn

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I represent a number of multiemployer funds. Our consultant performed a "fiduciary audit" and I found it to be well worth

the cost. When marketing yourself, I would recommend providing a model report along with a few problems commonly identified by the DOL. You would be suprised at the number of administrators who don't understand everyday issues such as the QJSA, or hardship distributions. You may also wish to consider an exhibitor's booth at one of the larger conferences. This allows you to meet directly with the plan trustees (who call the shots.)

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For the multiemployer (union/management) trust funds, you need to look at the International Foundation of Employee Benefits website. THere is one in Orlando in early March for attorneys, admins and advance trustees. However, the larger conferences are usually in the fall.

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Carolyn,

You have the classic problem faced by consultants and marketers of products to employers.

The employer things that the consultants, auditors, lawyers, CPAs etc are doing all that must or should be done, while the consultants are doing only the limited items that they are getting paid to do plus many times do not even know what else needs or should be done.

A good suggestion given was to offer your services through the existing consultants etc. However, since they usually will not market additional services even to their own existing client base you will have to be creative.

You might want to set up various "packages" of your services, then offer to present it yourself to their client base on their behalf on a joint venture basis but as if you work for that consultant. In other words offer to act as their "in-house" specialist.

Most will not readily allow you to use their client list unless they have their "good name" protected and also feel that you will not "steal" their client somehow.

George D. Burns

Cost Reduction Strategies

Burns and Associates, Inc

www.costreductionstrategies.com(under construction)

www.employeebenefitsstrategies.com(under construction)

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I really appreaciate all the helpful suggestions I've received. I have made a list of all the accountants in the phone book and intend to contact them to offer a partnership.

I thought I would suggest that a partnership with me would help them compete for business they are currently losing to the bigger firms who can offer more breadth of expertise to their clients.

Thanks!

Carolyn

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