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Coach
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.
Schwab might have a solution for you. https://www.schwab.com/small-business-retirement-plans/individual-401k-plans
If you mean an Owner K we do them at Jones, full service of course, I have a bunch of them
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.
Coach
If they are an S Corp then solo k is better for taxes.
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.
This is perfect. Thank you!
We offer them at Schwab, I have a number of clients that have them
Coach
I use TD. I have a CPA that will do a 5500 for $50. Game on.
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
Right...this would be for my business. I'm looking at Invesco, but it looks like I can only use Invesco funds.
Coach
Yes. If you go fund co your stuck with them.
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?
Why aren’t you using your own firm?
Coach
Pershing sucks
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.
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