Originally posted on my Meridian Wealth Blog on August 26th, 2011 http://meridianwealth.wordpress.com http://meridianwealth.wordpress.com/2011/08/26/ntsaaasppa-false-“choice”-censorship-graff-radio-silence/ False “Choice” ASPPA through their NTSAA branch has decided to side with old school 403(b) providers and are trying to keep the gospel of “choice” alive. The surface argument is that participants should be able to work with whatever advisor they choose. What is really behind this argument however is a set of high-cost providers trying to protect their turf and product lines. When ASPPA/NTSSA speaks of “choice” they are simply protecting their members, not participants – it’s code.I think we can all agree that a participant should have the ability to work with whatever advisor they choose, however where I disagree with NTSAA is the qualifications and legal duties to those participants. I believe that an advisor should be required to always put the best interest of the participant first and find it tough to believe anyone could disagree with such a position. Where ASPPA/NTSAA fails in their position is where they promote products over people.There is no reason a plan can’t have a single vendor, but offer multiple fiduciary advisors. This gives the participants a fiduciary plan with the benefits of competitive bidding along with their choice of advisors. They can continue to use their current advisors so long as that advisor adheres to a fiduciary standard.ASPPA/NTSAA must answer the question why they don’t support a fiduciary standard for all advisors who work with participants.The current argument over choice is a red herring, it’s really an argument over whether the participants should have an advisor who is a Fiduciary.