Best Small Business 401k Plans
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Get Priority Access 3. Customer Service – Obviously, you want to use a company with a good record of excellent customer service. Choosing a low-cost 401k plan provider won’t be wise if you or your employees can’t get help when you need it. To help gauge customer satisfaction, you may be able to find reviews online or get a referral from other small business owners. 4. Robust Record Keeping & Administration – Finally, you want to use a 401k provider that has a strong system in place for keeping records and administrating the plan. You want a company that keeps off-site data backups, uses a continuity plan, and has the staff to manage the plans they administrate. The last thing you want is to lose all your employees’ 401k records to poor planning.
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By Paul Williams Date February 08, 2022FEATURED PROMOTION
Finding a good small business 401k plan for you and your employees can be daunting. Nearly every financial company offers some kind of option now, and financial advisers are clamoring for your business. But how do you know if you’re getting a good deal? What does a good 401k plan look like, and where can you find one? This guide will give you tips on finding the best small business 401k plans along with three suggestions for good 401k plan administrators.4 Factors for Finding a Great 401k Plan
To start, here are four factors you should consider when trying to select the best small business 401k plan: 1. Plan Fees and Costs – It’s no secret that 401k plans can have hidden costs and layers of fees that eat in to your investment returns. Some plans will cost you 2% or more of the plan’s assets every year! When evaluating a 401k plan, you’ll want clear answers on the setup costs, administration fees, any wrap fees or investment management fees, mutual fund expenses, and 12b-1 fees. If you’re comparing several options, make sure you look at the total costs for each plan. The lower the fees, the better the plan will be for you and your employees. 2. Investment Options – Depending on the 401k provider you choose, you could have anywhere from very few investment options to unlimited investment options. It’s better to have more options because you’ll be able to choose the best funds for your small business 401k. You’ll especially want to be sure you can include low-cost index funds as an option for your employees.You own shares of Apple, Amazon, Tesla. Why not Banksy or Andy Warhol? Their works’ value doesn’t rise and fall with the stock market. And they’re a lot cooler than Jeff Bezos.
Get Priority Access 3. Customer Service – Obviously, you want to use a company with a good record of excellent customer service. Choosing a low-cost 401k plan provider won’t be wise if you or your employees can’t get help when you need it. To help gauge customer satisfaction, you may be able to find reviews online or get a referral from other small business owners. 4. Robust Record Keeping & Administration – Finally, you want to use a 401k provider that has a strong system in place for keeping records and administrating the plan. You want a company that keeps off-site data backups, uses a continuity plan, and has the staff to manage the plans they administrate. The last thing you want is to lose all your employees’ 401k records to poor planning.