ROBS The FSL Way Pt 3 | Frank Selden Law

ROBS The FSL Way Pt 3

This post is the 3rd of a three-part series on the history of the ROBS industry and the difference between using a promoter and an attorney to create your ROBS program. The first is available here, the second here.

Enter Frank Selden Law, ROBS attorney

Heroic LawyeringFor most of my experience with the ROBS industry, I legally represented clients undertaking or having problems with a ROBS funded corporation. I accepted clients from and became familiar with the products of, most of the ROBS promoters. I did not expand into creating the entire ROBS concept because I had no interest in starting a plan admin service. Fortunately, I found a true TPA who handles 401K plans that contain qualified employer securities. An ERISA attorney started that TPA specifically for ROBS clients unhappy with their promoter admin services.

This TPA does not create ROBS concepts for people. They do, however, offer what I believe is the best TPA service for your ROBS company. They design and write your 401K plan specifically for your corporation. They have an investment platform that allows employees, including you, to invest in mutual funds through the Mid-Atlantic Financial. When I first learned about their company at a 401K plan administration conference, I knew immediately that my clients needed this solution.

I now work with them to create the best ROBS concept available. Frank Selden Law, PS creates your ROBS concept as a legal service. The TPA creates and administers your plan. We do not create or administer your plan, and they do not act as your attorney. We do not share fees with them and do not receive any compensation for referring you to their company. By the way, if you have a TPA you prefer to use for your ongoing plan administration, let me know. We should be able to work with them for your plan design.

What is the difference of a ROBS attorney versus a promoter?

You have an attorney answering your legal questions for you. We still have administrative staff handling the paperwork or non-legal functions. I have been in the industry for over 15 years. One of the biggest complaints I hear about some promoters is that the client rarely gets to talk to the same person.

The ROBS promoters are not regulated. They are not backed up by a trade association equivalent to the BAR association. Anything illegal about the ROBS promotion business? No, just a different experience and result. You are my legal client, and that means something to me. My goal is 100% right, 100% of the time, treating each client as an individual.

Check out the differences for yourself. Call a promoter or two, then call us. You can set an appt here.

I can sleep at night with my service the way it is. Yes, we could charge more. If I billed this as a legal service at my hourly rate, I could not compete with the ROBS promoters on price.

The bottom line is, I love this work. It’s creative, entrepreneurial, helping people realize their dreams. I dreamed of a Jerry McGuire kind of law firm, and I have it. As Dicky Fox said, near the end of that movie: “In life, to be honest, I failed as much as I have succeeded. But I love my wife. I love my life. And I wish you my kind of success.”

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