Banned by the NTSA
January 24, 2020
My podcast partner Scott Dauenhauer, CFP, had the brilliant idea to attend the National Tax-Deferred Savings Association's annual conference that runs from January 26 to January 28 this year in Denver, Colorado. Here's how the NTSA describes the event:
The NTSA Summit is the premier 403(b) and 457(b) forum for education, compliance and sales ideas for producers, providers, agents, broker/dealers, sales and marketing managers, office staff, plan sponsors and other business officials. In 2013, NTSA combined the world class 403(b) Advisor Summit and 403(b) Compliance Summit into the ultimate Summit to enable you to create a conference experience that is as unique as your business.
General Sessions and breakouts will provide coaching, motivation and innovative sales ideas as well as in-depth information on retirement issues relating to the not-for-profit and public markets, technical education and legislative updates. Attendees can learn from, and share and interact with recognized authorities and top experts in the financial services and retirement fields.
We are no fans of the NTSA as we see them as impediments to 403(b) reform. The organization puts out dubious self-serving "research" such as this finding that more 403(b) vendors equals more participation. But we have friends within the organization and were looking forward to attending the event and trying to understand their perspective. Then at 9:16 am on Thursday, January 23, Scott got the following text:
Scott strongly disputes Mr. Neese's assertion. In fact, here's a list of all of Scott's writing and commentary about the organization.
As Scott and I were exchanging texts about our ban I Googled "Banned in the USA" and came upon a 2 Live Crew album with that title, a play on Bruce Springsteen's anthem Born in the USA. So naturally, I had to write the following in honor of my partner in 403(b) advocacy.
Banned by the NTSA by The (Apparently) 2 Live 403(b) Crew
Update: This is now a song that you can listen to here.
Told I am not welcome in a mountain town
They kicked me to the ground
I am on their case like a bloodhound
I have spent half my career ringing the alarm sound
I was born in the U.S.A., but banned from the NTSA
I was born in the U.S.A., but banned from the NTSA
Got in a 1st Amendment jam
NTSA dismisses truth out of hand
They banned me from their foreign land
For talking truth about the index annuity salesman
Born in the U.S.A., but banned from the NTSA
I was born in the U.S.A., but banned from the NTSA
Leadership Council said son stay at home
Seems they are afraid that the truth will be known
They love the index annuity man
and they love their money making plan
I was born in the U.S.A., but banned from the NTSA
I was born in the U.S.A., but banned from the NTSA
I was born in the U.S.A., but banned from the NTSA
I was born in the U.S.A., but banned from the NTSA
Born in the U.S.A, but banned from the NTSA
I was born in the U.S.A, I'm a 403(b) truth speaking daddy in the U.S.A.
