Can anyone recommend a company to use for a solo 401k for myself? I'd like it to be full service if possible. I don't want to have to worry about record keeping or 5500 reporting when it gets to $250k. Best if it's an open architecture platform. Thank you.

likehelpful
Posting as :
works at
You are currently posting as works at

I use TD. When it gets over $250k you can either go SIMPLE or SEP for a year, or pay a local CPA $500 for 5500.

like

If you mean an Owner K we do them at Jones, full service of course, I have a bunch of them

like

Unless you are going to put in more than $13k per year I wouldn't do a Solo K. If you are planning on putting in more than $13k per year a SEP IRA may be a more economic option depending on your annual net income.

like

If they are an S Corp then solo k is better for taxes.

like

I use Ascensus for 401k and manage the assets in my own models. Not stuck with one company’s funds. If you are a 1099 with no employees then you can set up Solo 401k or a SEP. I like Solo 401k because you can contribute $19,500 or $26,000 as the employee plus about 20% of Schedule C as an employer contributed profit share. So if your income is $100k then you can contribute $19,500 or $26,000 as the employee plus about another $20k as profit share for a total of $39,500 or $46,000. If you go SEP then just the $20k.

like

This is perfect. Thank you!

like

We offer them at Schwab, I have a number of clients that have them

like

I use TD. I have a CPA that will do a 5500 for $50. Game on.

like

You can't do a 401k by yourself, it must be administered by a workplace. It is a specific type of retirement account. If you mean an IRA then there are a plethora of options, including full service.

I would look into schwab or fidelity or any other big wealth management firm (depending on how much $$ you have).

A solo 401k is for a small business owner without employees

likesmart

Right...this would be for my business. I'm looking at Invesco, but it looks like I can only use Invesco funds.

Yes. If you go fund co your stuck with them.

likeuplifting

I’ve started partnering with Nova for some of my small business clients. Might be worth a conversation

Which firm are you affiliated with?

Cambridge. I use AssetMark for my advisory business. I looked at AssetMark, but not too sure about it. How are the fees?

smart

Why aren’t you using your own firm?

Pershing sucks

like

Ubiquity has a nice plan. Bring your own custodian and they will do the documents and record keeping for you. I think it is $18/month, so very reasonable in cost.

Use July Services

Related Posts

Safest wallets / exchanges for buying VET and safe moon? 😭

like

I’ve been practicing in traditional labor for about two years now (although about a decade of labor relations experience) but I’m trying to break into employee benefits law. Unfortunately I’m not being given much experience in benefits as I’m pretty typecast as a labor atty. Any advice on how I can go about getting employee benefit experience? My long term goal is to have benefits be my main area of practice.

like

Is it worth saving money with 401K or get better rates in FD’s / Post Office etc in India ? FYI 50% match is provided by company for first 5% only

like

Thoughts on switching between healthcare provider consulting and life science/pharma consultant

like

With interest rates between 6.5% and 7.5%, it is safe to say that buyers are slowing down in their search.

I am a real estate agent who is in the process of closing on her first home. We offered $15k under list and asked for closing costs to be paid for. Granted, this is in a very small rural town; however, just know... If you have been looking for a home for the last 2 years and have not had great luck, now is the time to take advantage of the changing market. You can refi when rates drop.

like

My son made 11k on Doge but it is a joke coin. Put some money into SHIBA another joke coin. I knew all the cryptos would come back after the big fall. It was an opportunity to buy. Polygon has held up through all this because of the news from Deutche Bank. Look at the real cryptos. Bought these.

like

Recommendations for best ways to save for retirement after contributing to 401k up to match and maxing out Roth IRA?

like

What’s the best credit card for points in the UK. I’m from the US and have the Chase Sapphire Reserve and the Marriott Amex

like

I’m a healthcare admin professional looking to transition into a new role & I’ve just updated my resume but I’m afraid it’s too long. I’ve even taken irrelevant experience out & it’s still about 3 pages long. How do I shorten 10 years of experience to ONE PAGE???? Helpppp lol

like

My dad stole my identity a couple
years back and tanked my credit score
- brought it down to like 400. I've
been working towards fixing it so that
my boyfriend and I can buy a house in
the next year or so. This morning, I
checked my score after not looking at
it for a while and I'm in the mid 600s!
Y'all don't know how happy I am
about this lol

uplifting

Does anyone have any good mortgage broker recommendations that will help find a way to not pay PMI?

like

Hey there, new and curious fish. Are you considering a position in pharma? Worried about how creative you can be? Thinking if the salary is worth it? Ask your questions about entering the world of healthcare advertising here and we’ll answer.

likefunny

I have a client who needs a 401k, or a solo retirement account w loan options. When I was at UBS/Ameriprise, it was no issue but now it seems tougher to find a firm that does solo 401k as a RIA's.

likehelpful

Which one of the two has more long term monetory benefits/growth? Working as a product manager or working as a software developer. I need an honest opinion.

like

Am i able to sell commercial insurance while working in IT? I’m in industry no longer consulting but want to get my property and casualty license. Thoughts?

like

These are the benefits for a client we’re working with that needs Sales Engineers and Applications Engineers ASAP! These are regionally specific jobs that can sit in SC, CA, NC, GA, anywhere from Houston to Chicago - pretty much just hit me up if you’ve got an engineering degree and some moxy!

Post Photo
like

Curious if anyone has invested a big amount in one stock let’s say buying 150k of CRWD in may based on gut or conviction however you may put it. Want to have a discussion around lessons learnt and ways to derisk.

like

Implications of a PE firm selling and a company bringing on a new investment partner?

funnylike

I work in a sucky IBM cic, making $54k. It’s a full time job with regular benefits and vacation etc, it’s working with government clients. The job isn’t what I applied for & constantly changes. I don’t like that, but I’m a full time employee which is “stable employment”. Btw, I’m in the DC area.

I just got hired for a government contract through Accenture for a Business Analyst role. Pay is $65 per hour. 3 year contract. Benefits too. No PTO. Holidays off with pay, after 90 days.

Thoughts?

like

More Posts

What is street parking like in Little Italy? Looking at a place but will have to park on the street, specifically near grape street/Columbia street

What are some important keywords to add to my resume to land me an interview as a SDR? No experience in SaaS but I have 5+ years of sales experience.

like

What’s up y’all. Motivated and performing Corporate BDR here that got let go of HubSpot after a year due to a tough family situation and rough economy hitting my MRR number despite being at my meetings. I’m looking for my next role with a base above $55-60k. Would truly appreciate any referrals you may have to Help me out!

like

Any advice on how to find new creative interns in NYC? We aren’t a big agency but we have some great opportunities!

likehelpful

Does anyone actually get jobs through using LinkedIn easy apply? If there’s a cover letter submission component- how important is that part? In general are cover letters super important?

like

What's the difference between entry level and associate level? I'm two years into my career and thinking of making a jump to a different industry. Would that be considered associate since I have experience?

like

Anyone hit this morning on the Jordan birthday restock?

Hello Fishes!
Can anyone tell me if our parents can stay with us for couple of days in the accommodation provided by HSBC ?

like

Which one is easier? Join FDD from FAAS or Audit?

like

How do I say to my counselor, "be prepared to see a big fall of my utilization because of things out of my control" without sounding like complaining or having a lot of negativity?

like

If I get laid off, I have a previous colleague that started a cybersecurity company. I would love to get involved on the business side of it. Any pointers on skills that are attractive in this realm for a startup? Would be mostly (if not all) federal defense contracting clients. I’m currently in Deloitte’s cyber risk practice but my background and passion is in accounting and finance, and business operations. Graduated in 2017 so still early career.

like

Freakin @NonEquityPartner on IG 😂

Post Photo
likefunny

How do you report your CPE credits to the state board? I know firms usually have a tracking system, will they automatically be sent to the state boards or something? And what do I need to do if I leave the firm?

like

Not able to clear Independence Training for new joiners can anyone help how I can clear this?

like
like

Would you ever join faAng even if it wasn't the role you wanted, just to get a foot in the door for a lateral switch soon after?

like

How do your firms do payroll? This is like the 5th time in 26 months that paychecks weren’t timely deposited. Allegedly, the boss did everything right and this is something in the payroll company. But his stuff is getting crazy and everyone is out on PTO, I’m kinda like: meet minimum ethical obligations and no more. Once or twice, I understand. But this is becoming regular.

like

Hi folks,

Please suggest me some career advice. Currently I'm working as a PLSQL Devloper for about 7 years. But I would like to change my career path.
Which skillset/technology should I start with?

Any guidance would be really helpful.

Looking for a referral in Microsoft. Can anybody help me?

like

Additional Posts in Financial Advisors

I have a client who needs a 401k, or a solo retirement account w loan options. When I was at UBS/Ameriprise, it was no issue but now it seems tougher to find a firm that does solo 401k as a RIA's.

likehelpful

It's March, and I have done a lot of seminars in Jan and Feb. I've gotten a few clients but would like to increase AUM drastically! Any books, sites or advice on what I can do for marketing?

like

Do you dress up to go into the office?

like

Words to say, questions to ask, things to do when a client who moved their money to year exactly one year ago, blind sides you with ACATS out after you’ve made 13.7% because he is conservative? GO!

like

How do you get comfortable eating alone at a restaurant?

like

Is cold calling still a thing?

Has anyone left a wire house to go completely hourly fee based, and run your own financial consulting business? Is this a stupid idea or is it feasible?

like

Anyone tried meditating and found it helpful to deal with work stress (or just stress in general)?

like

Best books to give to new young client who genuinely wants to grow and develop his interest & understanding of finance, doesn’t want to be bored, & cares about his investment accounts?

like

What has been the shadiest thing someone has done to you at work?

like

Recruitment Referral Incentives - Looking to see what other firms are doing as rep referral incentives, many of our advisors are sending us referrals and want to show some sort of financial gratitude.

like

Is the use of "kind of and "sort of overused public speaking? I have been working with colleagues who use this terminology all of the time and it's rubbing off on me. Precision is lost.

like

Any ideas for creative ways to prospect to large numbers of people that require little to no overhead? I’m thinking seminars or workshops that don’t require paying for meals, mailers, or ads.

likefunny

Anyone finding it harder getting managed money biz? If so, what changes or adjustments have you made in prospecting or sales approach? Thanks.

like

Anyone think that they've become more materialistic in this industry?

like

Does anyone think there is long-term viability in Cryptos?

like

Is anyone here a CKA as part of the Kingdom Advisors? Any thoughts? How many leads do you typically receive per month? Is it worth the cost?

like

Best music/audio to listen to while working?

like

Do you believe that economic inequality is as bad a problem in the US and gloabaly as we are led to believe, and is a wealth tax a viable solution to the problem?

like

Clients I found = 99% retention, assumed/ adopted clients = 75%. True?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal