401k Exchange Lives On…By Another Name
Many business owners remember getting hammered by daily phone calls from a company called “401k Exchange” out of Palm Beach Florida. They offered to review your companies 401(k) plan for free. For those of you that finally agreed (just to make the calls stop if nothing more) they then sold your contact information to the highest bidder – Financial Advisers who may or may not even have the expertise to really help.
The Better Business Bureau gave 401(k) Exchange an “F” rating and the company filed for bankruptcy in 2012.
So those annoying phone calls stopped…for a while.
Now meet a company named Retirement Research Group out of (you guessed it) Palm Beach Florida. They recently called me out of the blue saying that a 401(k) plan in my area needed a Financial Adviser and to call them for more information. After a little homework I can see that Retirement Research Group is run by some of the same people that ran 401(k) Exchange.
Maybe Retirement Research Group will be run ethically and honestly this time around, but I still can’t help but cringe whenever my phone rings.