Granite Group Advisors -

NEWS

2014-04-17 :: Beware of bundle providers
The Game Changer! ING recently settled a lawsuit over revenue sharing.

Please see the attached case -- ING agreed to pay almost 15 million in damages! This is a game changer for an employer.

Here are the major issues in the ING case:

    Included funds based on revenue sharing
    Constituted a prohibited transaction
    Excessive compensation
    Self-dealing on guaranteed accounts

On top of that, ING wants to prevent the employer (plan sponsor) from suing on any future claims or past mistakes. No employer should ever sign that type of agreement.

Most Employers assume that their 401k provider is representing them.  This case makes it clear, (whether is it ING or a mutual fund, bank, brokerage, insurance company or an independent advisor who resells those platforms), these entities only represent their self-interests.

If you are looking to avoid these kind of issues, then the Granite Group Advisors' consulting service, that protects you and your employees, is the only way to go. Please call  203-210-7814


linked in facebook blog