Yes! Most likely we can work with your record keeper.
- We have great relationships with many record keepers and using our services does not mean that you have to use our record keeper.
- Oftentimes companies choose to stay with their record keeper for ease.
- The transition to our firm has little disruption on your current plan if you continue with the same record keeper, but the service definitely will increase!
Most 401k advisors are not fiduciaries and are not bound by the same codes of conduct as we are. Most advisors will talk with employees about the power of tax deferral and about if someone is young, they might want a more aggressive allocation, but when it comes to the employee asking for their advice on their actual investments, the advisor cannot make any recommendations. We are different in that we can and do give actual investment recommendations to the participants. This is helpful not only in building their plans along the way, but also to give encouragement during any equity downturns, when employees balances are falling and they do not know what to do. We give actual investment advice to participants.
You can defer the maximum allowable. For 2015 that amount is $18,000 (plus another $5,500 if you are over age 50), in addition to the match or contribution your employer provides. For those with higher incomes, between your contribution and the company match, you can defer up to $52,000 each year. We often review plans that, with a few simple changes, would allow us to defer more income, helping out the more highly compensated employees so they can achieve their retirement goals.
We exclusively offer safe harbor plans for plans with under 100 employees. We feel that employees get the shaft and they need some sort of contribution or match from their employer. Safe harbor plans allow for this and also allow for easier plan administration. They also allow for easier deferral of more income for the owners and the highly compensated employees. It’s a win-win for all, so we love Safe Harbor.
Great! You are on your way and you made not need us. Ask these questions:
- Are you a 3(21) Fiduciary or a 3(38) Fiduciary?
- How often do you meet with my employees?
- Do you offer specific investment advice?
- How many employees have you met with?
- How did these conversations go?
- How much, specifically, have they committed to saving?
We meet with every plan participant, one-on-one, man on man, woman on woman, mano e mano.
– Planning is lacking in every 401k plan. Planning is critical to the success of employees when they plan for their retirement. We meet with every employee.
– Retirement Income Planning Meetings
- Conducted every quarter or as needed with as many employees who want to meet.
- Social security maximization strategies.
- Converting a 401k balance into an income stream at retirement.
- Negotiating taxable consequences.
- Creating a realistic plan for achieving success.
It means that we have to make recommendations that are in your best interest, not ours. It puts us on the same side of the table as you.
Recordkeeping Services:
- $650 to start up
- $175 per month + $4 per participant per month
Investment Choices within the plan:
- Average cost is 0.09% per year
Fiduciary 401k Investment Management fees, based on assets inside of the plan:
- Up to $110,000: 1.5%
- Up to $610,000: 1.25%
- Up to $1,110,000: 1.0%
- Up to $2,650,000: 0.80%
- Up to $5,100,000: 0.60%
- Up to $10,100,000: 0.50%
- Up to $30,100,000: 0.35%
- Over $30,100,000: 0.25%