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May 2021

NWPS Adds to Its Business Development Team with Industry Professional Mike Cohen AIF

NWPS is pleased to announce the appointment of Mike Cohen as Director of Advisor Relations. Mr. Cohen comes to NWPS with over 15 years of retirement industry experience having held senior positions with Charles Schwab Trust Bank, The Standard and TRI-AD. In this newly created role, Mike will focus on managing NWPS’ strategic relationships including with leading wirehouses, independents, RIAs, money managers and custodians. “Mike’s extensive experience working with retirement plan professionals and home office leaders makes him uniquely qualified to serve as a resource for our business partners and their clients,” remarked Tim Wulfekuhle, President & CEO of NWPS. “He is an authentic, seasoned relationship manger and we are thrilled to welcome Mike to our team.” Mike received his bachelor’s degree from the University of Colorado. He holds the FINRA Series 7 and 63 licenses and is an Accredited Investment Fiduciary with Fi360.

Recordkeeper consolidation may be coming, but don’t squeeze the participant!

The idea that a recordkeeper should “monetize” participants is appalling. George and Abigail Revoir of AMRev Consulting, writing in the November 4th 2020 edition of RPA Convergence opine on recordkeeper consolidation and the ever widening gap between mega and midsize providers. No question there is revenue pressure in our business, but one comment in their otherwise satisfactory analysis of this trend stopped us in our tracks. The end game, says the Revoirs, is to “monetize the participants.” Monetize the participants? How appalling! What plan sponsor wants to hear that in a “finals” presentation! “Mr. Plan Sponsor, we offer X, Y and Z services, but what we’re really after is access to your employees to upsell them non-plan related products and services.” Which CFO is OK providing 100% of employees’ personally identifiable information to an organization that will use it to “monetize” her employees? Be assured, it is quite possible to profitably serve plan sponsors and their participants with accurate, responsive and innovate recordkeeping without having to view participants as piggy banks. NWPS has been doing it for 26 years and we are certainly not the only ones. And let’s not forget the current discussion over who really owns the participant data