Can Anyone Locate CWM Retirement Plan Services?

[ERISA1]

Hi - We are trying to provide TPA services to a plan that had, until 2019, been serviced by a TPA called CWM Retirement Plan Services, LLC, in Massachusetts. They have not responded to our communications in any form.  I now understand that they were shut down quite suddenly and dramatically. It seems clear the owner is not available to provide any information.

Is anyone aware of how we might be able to obtain records that had been held by CWM Retirement Plan Services?  For example, did another TPA take over their files?  Any help or information will be much appreciated.

[Belgarath]

I know nothing about finding records, etc., but I pulled this write-up off the internet. I can't vouch for its accuracy, but if true, perhaps the regulatory authorities might be able to provide you with some insight.

 

https://www.fa-mag.com/news/ex-lpl-advisor-pleads-guilty-to-robbing-clients-of-more-than--2-8m-69610.html

[ERISA1]

Thank you.  I saw the article too.  Shocking!  I figured there ought to have been other clients and advisors who would have found replacement TPA's 2 years ago, when the arrest first happened, and that one of those TPA's is a subscriber to these Boards.  I appreciate your response very much!

[Belgarath]

You've probably checked this already, but have you used their EIN to see if 5500's have been filed for 19, 20, and 21? If so, did client prepare themselves, or have their CPA do it, etc.? Seems like the client or CPA/financial advisor should know SOMETHING about what happened, but maybe not...

Hopefully someone here will have some better ideas for you.

Good luck!

[ERISA1]

The shut down must have happened in 2020, because the 2019 work was completed. CWM even prepared a restatement effective 1/1/21, so they were probably in business until the 2nd half of 2020. I think many clients were waiting for CWM to complete 2020. The owner was in the investment business. He must have had employees performing TPA work.  Perhaps if we keep on posting this query will become more prominently featured for all of its activity.

I am just getting started with the search for CWM's files.  I can start posting on other social media. I just know that BenefitsLink is the best place to get started.

[Peter Gulia]

Even if one might find and get some records from CWM or a receiver, your client might consider whether it wants CWM’s records.

Consider that those records might have little, no, or even adverse value. The linked-to news reporting suggests CWM might have been used for some frauds. How likely is it that your client would discern which of CWM’s records are true and correct, and which are false or incorrect?

If it helps any, this hyperlink is to the Securities and Exchange Commission order that bars Mr. Couture from association with any securities-related business. https://www.sec.gov/files/litigation/admin/2022/34-96392.pdf

With other information, the order shows the District of Massachusetts’ docket number for United States v. James Kenneth Couture—No. 21-cr-10172-NMG (D. Mass.).

[ERISA1]

Thanks Peter. Fortunately, this Sponsor did not have investments with Couture.  Couture has not been banned from the TPA business. His website is still up and running (though email is not).  I would expect his TPA work could be bad, but some records, especially plan documents and census records, are better than nothing.  

[Kansas401k]

ERISA1, if you go out to LinkedIn and search for CWM retirement plan services and choose "people results", you can find a few former employees and also some FA's that list that their investment services are/were offered through CWM. Might DM some of them and see if anyone would help you out.