The firm hasn't turned a profit since 2018. Overspending is k-i-l-l-i-n-g us. Many of our non profit clients are in much better financial shape than we are. They know how to get grant money, keep a tight lid on expenses, and balance their books. Many turn a sizable " profit" each year and have large surpluses and endowments and foundations with sizable investible assets. We used to go after Institutional money but we gave that up. Comb the IRS 990 forms. Schit, it lists tons, and I mean tons, of investigable STICKY MONEY assets. Where is Steph Rich and his goons in Capital Management trying to go after this money ? Where is the Board ? Where is the field and the overpaid Ex VPs and RVPs ? Nowhere to be found. It is shameful. We could pick up $100M a year in institutional funds from our own clients. Why we haven't is anyone's guess. Could have potentially saved 25-50 jobs.
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Rumor has it that they rolling out this Morningstar IRA advice option for at least 150 basis points. This is for a Robo Advisor. Holy Schit !! Talk about a lawsuit in waiting. TIAA-CREF got sued up the wazoo for the same cr-p. The PARs already get too much company anyway and to put this on top of it won't go over well. For a Robo Advisor, you can get one at Schwab or Vanguard for 25 BPS. Why pay 150 BPS ? For the extra 125 BPS do you also get a blo-job with it ?
Gaslighting at its finest ! Complaining behind closed doors has been banned. We can't complain with open doors because the Executives don't listen anyway. And if we did, we'd be fired anyway. So, might as well fight for change behind closed door on a forum like this because you know all the company decision makers are reading this and the posters are 100% accurate and correct.
Goonbuster,
So to summarize, you just like to complain behind closed doors and not be a team player and help right the ship. "Not my problem," huh? If you haven't already been terminated, you should be.
To the poster who said we should go to Stephan Riché with these brilliant opinions. They are not brilliant. They are common sense and the "board" members who get paid $300,000 each should have already forced the hand of management to act on this cr-p. Besides, that is why these goons get paid hundreds of thousands a year is to formulate this ideas on their own. If they haven't already put in place these plans, they don't deserve to be CEO, CFO, CSO, or AHOLE in charge.
Signed,
Goonbuster
Goons,
Why don't you go talk to Stephen Rich and executives in Capital Management and tell them your brilliant ideas? I have always found them to be open to good ideas from employees regardless of their level. Stop complaining and do something about it if you have good ideas. Posting them on this message board isn't going to bring your ideas to Management. Put your money where your mouth is and TELL THEM. If your ideas are really that good, you will move further up in the ranks and be in a position to impact even more policy.
Landmark/Truspire was a dud. I believe there was only $40M in AUM. A total bust and Mutual spent millions on branding, insurance filings, etc. it took up probably close to 20% of key stakeholders time. It is a great example of The Firm moving away from its singular focus of being the best recordkeeper it could be. Took the eye of the ball and and went down deep, hard, and long'
Did Landmark/Truspire ever accomplish anything? It seemed to be a pipedream from the get go.
Do we even still have a platform for institutional funds ? We should replace FIS OMNI with Schwab since we are dumping Landmark/Truspire. We went with FIS originally since they could handle annuities. Now with the Landmark Admin data breach, we are getting of it. All for nothing ! Switch FIS OMNI over to Schwab or Accenture Recordkeeping.
In terms of Institutional Funds, Blackrock and Vanguard have 80% of the market. Fidelity 10% more of the market. MOA has little to no chance in a crowded market unless Board, Committee's, and their Advisors were "advising drunk."
Oh come on now, they trotted out abysmal, low performing vanilla index mutual funds that cost 5x the same index funds they mimicked. Fooling a worker with that is one thing, but fooling a board of actual intelligent people is another thing whatsoever. No separate account charges to lever on them either...not good business. I sold them when they used to exist and 1) they didn't count towards goal like VA sales 2) I was told they lost money (how do not ask me) and 3) their performance was a joke; boards have actual advisors who can read so unfortunately they fired us most of the time unless they were only a tiny 501(c)(3) who couldn't afford anything better.
Because it’s no longer in the sales campaign and one doesn’t get any credit or compensation for bringing in those assets anymore.
Great point. But why go after this money. It is low hanging fruit and too easy. Why not build 300 condos in Boca and SPEND $100M instead ? It more fun to spend money then to raise money. Touché.