The right 401(k) advisor can help your business tremendously by working with the business owner(s) to optimize the plan for the employers and the employees. This comes in many ways including educating employees to make wise financial decisions, assisting with the plan’s investment management, optimizing the plan’s tax situation during the year and at year-end. Operating a 401(k) plan involves many moving parts and the right advisor provides a single, familiar point of contact to get the employer or employees needed answers, without the dreaded “1-800 number” hold you may get from your recordkeeper or financial institution.
Our advisory fee is most commonly a percentage of 401(k) plan assets, which is tiered depending on the size of the plan. For new 401(k) plans, we charge a straightforward start-up fee to guide new plan sponsors through the process and educate their employees, but there are many potential tax credits available here. To discuss the potential 401(k) related tax credits available to you, set up a complementary call HERE.
There are many ways employers can incentivize employees to contribute to their employer-sponsored retirement plans. One of them is by offering an employer match. However, employer matches are not required in 401(k) plans.