| Broker | Address | Carrier | Commissions | Fees | Total comp | % of premium |
|---|---|---|---|---|---|---|
| FRENKEL BENEFITS LLC3 | 350 HUDSON STREET 4TH FLOOR NEW YORK, NY 100144500 | METROPOLITAN LIFE INSURANCE COMPANY | — | $76K | $76K | 1.11% |
| EDGEWOOD PARTNERS INSURANCE CENTER3 | 425 CALIFORNIA STREET, FLOOR 24 SAN FRANCISCO, CA 94104 | THE PRUDENTIAL INSURANCE COMPANY OF AMERICA | — | $200K | $200K | 3.58% |
| MERCER HEALTH AND BENEFITS, LLC3 Filed as: MERCER HEALTH & BENEFITS LLC | 4565 PAYSPHERE CIRCLE CHICAGO, IL 60674 | THE PRUDENTIAL INSURANCE COMPANY OF AMERICA | $3K | $147 | $3K | 0.06% |
| FRENKEL BENEFITS LLC3 | 350 HUDSON STREET 4TH FLOOR NEW YORK, NY 100144500 | METROPOLITAN LIFE INSURANCE COMPANY | — | $20K | $20K | 0.54% |
| DAVIS VISION3 | 881 ELKRIDGE LANDING ROAD SUITE 300 LINTHICUM, MD 21090 | HM LIFE INSURANCE COMPANY | — | $94K | $94K | 4.50% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $201K | $143K | $344K | 26.30% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $33K | $33K | 2.56% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $86K | $59K | $145K | 26.12% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $14K | $14K | 2.52% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 55 BROADWAY, SUITE 701 NEW YORK, NY 10006 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $88 | $88 | 0.02% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 40 WALL STREET, SUITE 1304 NEW YORK, NY 10005 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $44 | — | $44 | 0.01% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $99K | — | $99K | 19.18% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $7K | $7K | 1.32% |
| DWG CONSULTING INC.3 | 300 S OYSTER BAY ROAD SYOSSET, NY 11791 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $5 | — | $5 | 0.00% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $67K | — | $67K | 19.33% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $5K | $5K | 1.45% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $53K | — | $53K | 18.59% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $6K | $6K | 1.98% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $38K | — | $38K | 15.38% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $1K | $1K | 0.60% |
| BARBARA B. BALSER3 | 3475 LENOX ROAD, NE, SUITE 970 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $715 | — | $715 | 0.29% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $37K | — | $37K | 15.81% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $3K | $3K | 1.27% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $34K | — | $34K | 18.47% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $3K | $3K | 1.45% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $14K | $10K | $24K | 26.91% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $2K | $2K | 2.62% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $4K | — | $4K | 14.26% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $261 | $261 | 1.05% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $3K | $2K | $6K | 23.88% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $475 | $475 | 2.03% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $2K | $1K | $3K | 13.25% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $212 | $212 | 1.01% |
| MULLINTBG INSURANCE AGENCY SERVICES3 | 33174 COLLECTION CENTER DR CHICAGO, IL 60693 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $139 | $62 | $201 | 0.96% |
| MULLIN BARENS SANFORD FINANCIAL3 | 3719 SANTA CLAUS LANE CARPINTERIA, CA 93013 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $5 | $2 | $7 | 0.03% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $3K | — | $3K | 14.06% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $164 | $164 | 0.81% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $3K | — | $3K | 14.00% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $192 | $192 | 1.00% |
| MANAGMENT COMPENSATION GROUP/3 | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $2K | — | $2K | 14.00% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $151 | $151 | 1.00% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $3K | — | $3K | 19.81% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $270 | $270 | 1.98% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $2K | — | $2K | 17.68% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $156 | $156 | 1.15% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $1K | $865 | $2K | 16.46% |
| NFP INSURANCE SERVICES INC3 Filed as: NFP INSURANCE SERVICES, INC. | 1250 CAPITAL OF TEXAS HWY BLDG. 2, SUITE 125 AUSTIN, TX 78746 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $181 | $181 | 1.44% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $12 | $12 | 0.10% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $2K | — | $2K | 17.28% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $1K | — | $1K | 18.07% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $123 | $123 | 1.57% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $718 | $489 | $1K | 18.41% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $130 | $130 | 1.98% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $1K | — | $1K | 17.62% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $63 | $63 | 0.97% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $865 | $554 | $1K | 24.00% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $117 | $117 | 1.98% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $869 | — | $869 | 24.66% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $110 | $110 | 3.12% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 40 WALL STREET, SUITE 1304 NEW YORK, NY 10005 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $492 | $77 | $569 | 17.14% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $57 | $182 | $239 | 7.20% |
| NFP INSURANCE SERVICES INC3 Filed as: NFP INSURANCE SERVICES, INC. | 1250 CAPITAL OF TEXAS HIGHWAY BUILDING 2 SUITE 125 AUSTIN, TX 78746 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $61 | $61 | 1.84% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $9 | $9 | 0.27% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $377 | — | $377 | 15.62% |
| M FINANCIAL HOLDINGS INC3 Filed as: M FINANCIAL HOLDINGS INC. | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $29 | $29 | 1.20% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 40 WALL STREET, SUITE 1304 NEW YORK, NY 10005 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | $300 | $53 | $353 | 16.37% |
| NFP INSURANCE SERVICES INC Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 55 BROADWAY, SUITE 701 NEW YORK, NY 10006 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $116 | $116 | 5.38% |
| NFP INSURANCE SERVICES INC3 Filed as: NFP INSURANCE SERVICES, INC. | 1250 CAPITAL OF TEXAS HIGHWAY BUILDING 2 SUITE 125 AUSTIN, TX 78746 | PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY | — | $43 | $43 | 1.99% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $103 | — | $103 | 16.78% |
| M FINANCIALS HOLDINGS INC.3 | 1125 NW COUCH STREET, SUITE 900 PORTLAND, OR 97209 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | — | $8 | $8 | 1.30% |
| NFP INSURANCE SERVICES INC3 Filed as: MANAGEMENT COMPENSATION GROUP/ | SOUTHEAST, INC. 3445 PEACHTREE ROAD, SUITE 200 ATLANTA, GA 30326 | PROVIDENT LIFE AND CASUALTY INSURANCE COMPANY | $50 | — | $50 | 16.84% |
No Schedule C service providers reported on this filing.
Benefits declared on the Form 5500 main form (✓ = also has a Schedule A insurance contract; otherwise the benefit is funded out of plan assets or via a Schedule C TPA).
The plan reports several different headcounts depending on which form you read. Each one measures a different slice of the population.
| Active participants | 38,877 | Currently employed and enrolled or eligible. |
| Retired/separated still receiving benefits | 2,150 | Continuation coverage (COBRA, retiree health). |
| Total participants (= "Plan participants" tile) | 0 | Active + retired/separated + beneficiaries. No dependents. |
| Coverage | Top carrier | Persons covered EOY | Premium |
|---|---|---|---|
| Vision | HM LIFE INSURANCE COMPANY | 29,314 | $2.1M |
| Life insurance(6 contracts, 3 carriers) | METROPOLITAN LIFE INSURANCE COMPANY | 38,877 | $18.1M |
| Short-term disability | THE PRUDENTIAL INSURANCE COMPANY OF AMERICA | 20 | $3K |
| Long-term disability(31 contracts, 3 carriers) | THE PRUDENTIAL INSURANCE COMPANY OF AMERICA | 18,911 | $10.9M |
| Other(6 contracts, 4 carriers) | CIGNA HEALTH AND LIFE INSURANCE COMPANY AND AFFILIATES | 38,877 | $1.7M |
| Persons covered (= "Persons covered" tile) | Max across the rows above | 38,877 | — |
Why the numbers differ. Form 5500 line 6 counts employees + retirees + beneficiaries; no dependents. Schedule A persons-covered counts everyone enrolled, including spouses and children, so it usually exceeds line 6 by 30-60% on a working-age workforce. The medical row is normally the broadest single line because it has the highest take-up; dental/vision/life often dip below it. Stop-loss / reinsurance contracts sometimes report the carrier's full underwriting pool rather than this filer's headcount; the row is shown for transparency but shouldn't be read as "people in this plan."
The primary carrier changed from prior filing. The plan is already willing to move; opportunity to re-pitch on the next cycle.
Broker compensation exceeds 5% of premium. Either a small-plan minimum-fee dynamic or an inefficient broker structure ripe for a counter-bid.