Lots of Changes in California TPA's

Though there have been no press releases, my sources have told me that much is ado in the world of California Compliance TPA's.

Keenan has sold Envoy Plan Services (and Retirement Solutions Group) to Zuk Financial Group, closing around September 1st.

Tax Deferred Services has apparently been sold to the Newport Beach company R.A. Lotter, though no press release has been found.

Gatekeeper seemed to almost go out of business after major compliance nightmares and not sending money in a timely fashion, but was scooped up by CPI Qualified Plan consultants.....who then sold out to CUNA (Credit Union Backoffice).

The FBC had some problems of their own when the San Diego Union Tribune published a piece that pointed to one of the employees being involved in what appears to be less than ethical behavior (you can read about that on this blog).

Lots of action, it isn't clear to me how the participant will benefit from any of these transactions, the likelihood is that they will be offered more commission based products with what appear to be an endorsement from the employer.

Scott Dauenhauer CFP, MSFP, AIF
www.meridianwealth.com