At the end of a recent Fiduciary Education Program held on the campus of Marquette University, Fred Barstein, CEO and Founder of The Plan Sponsor University (TPSU) and 401kTV, interviewed Todd Barden, TPSU Adjunct Lecturer for the Milwaukee region and Principal of Great Lakes Retirement Plan Consultants. Together, they celebrated 10 years of partnership and service, helping local plan sponsors strengthen their retirement plans and make a lasting impact within their organizations.
Based in Wauwatosa, Wisconsin, Barden leads a six-advisor team that focuses on 401(k) consulting, ESOPs, and non-qualified plans. With more than 30 years in the industry, he’s known for blending negotiation strategy with data-driven analysis to help plan sponsors achieve better outcomes. A key moment in his career came when he attended Harvard Law School’s Executive Program on Negotiation—where he was, according to their records, the only financial advisor ever to participate. Led by negotiation expert Dr. Daniel Shapiro, the program deepened his understanding of structured negotiation techniques, including the concept of BATNA (Best Alternative to No Agreement).
Barden explained how these lessons have shaped his work. By collecting data from multiple recordkeepers and approaching each discussion with a clear framework, he has completed 31 successful negotiations, resulting in 35% to 70% reductions in recordkeeping fees. “The data opens the door,” he said, “but the key is knowing how to have a professional, informed negotiation with the right people.” While formal RFPs can provide similar information, Barden believes that proactive, data-driven conversations often deliver faster and more meaningful results.
When asked why TPSU programs continue to attract repeat attendees, Barden pointed to the university setting, the collaborative learning environment, and the fresh, evolving curriculum. “Participants take pride in being part of the nation’s only university-based fiduciary education program,” he shared. “They come back because it’s practical, comfortable, and they learn from both the instructors and their peers.”
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein, CEO and Founder of TPSU and 401kTV. I’m here on the beautiful campus of Marquette University on a gorgeous day in Milwaukee. Joining me is our TPSU Adjunct Lecturer for this region, Todd Barden. Welcome, Todd.
Todd Barden:
Thanks, Fred. Great to be here.
Fred:
Let me ask you a few questions — but first, tell us a little bit about yourself and your organization.
Todd:
Sure. I entered this business 35 years ago. Our firm, Great Lakes Retirement Plan Consultants, is based in Wauwatosa and we currently have six advisors. We do a lot of 401(k) work, as you know, and we also specialize in ESOPs and other non-qualified plans.
Fred:
One thing that stood out in your bio is that you attended the Harvard Law School negotiations program through their executive education track. And you were told you were the only financial advisor who had ever attended?
Todd:
Correct. According to their records, I was the only financial advisor — not just retirement plan advisor — who had gone through the program. It was part of my involvement with YPO, the Young Presidents’ Organization, where I’ve been a member for 15 years. I wanted to learn the skills, frameworks, and mindset that drive successful negotiations. The program is led by Daniel Shapiro, who’s world-renowned and has published several books.
Fred:
And how has that training helped you and your clients?
Todd:
Since attending, I’ve completed 31 structured negotiations where I keep detailed records — and I’m 31 for 31. I can’t promise guarantees, but those negotiations have produced 35% to 70% savings on recordkeeping fees due to the due diligence and rigorous process we use.
Fred:
What’s one of the key techniques from Harvard that you apply?
Todd:
One major concept Professor Shapiro teaches is BATNA — Best Alternative to No Agreement. By framing the negotiation around real alternatives, supported by competitive data from other recordkeepers, we can have a structured and effective discussion with the incumbent provider. Without the data and the negotiation framework, the typical response you hear is, “We think we’re well-priced and we’re not making changes.”
But when you show real alternatives, it changes the dynamic.
Fred:
And some people might say an RFP could achieve the same result, right?
Todd:
Possibly. But what I’ve found is that the data only starts the conversation — the real outcome depends on knowing the right people at those organizations and conducting a structured negotiation. That’s where the expertise comes in.
Fred:
You’ve been an adjunct lecturer with TPSU for over 10 years. This program gets a lot of returning attendees — almost half of today’s participants have been here before, and your organization has attended every year for a decade. Why do you think people keep coming back?
Todd:
Because this is the nation’s only university-led education program for plan sponsors. People respect that. They value the setting — a beautiful campus like Marquette — and the opportunity to learn together. The collaboration and peer interaction are powerful, and the curriculum evolves every year. It’s familiar, but always fresh.
Fred:
Well said. Thank you for serving as a TPSU Adjunct Lecturer for so long, and thank you to everyone for watching 401kTV. Please stay tuned.
