After doing the analysis with your retirement plan adviser, you decide that a SIMPLE IRA is not going to allow you to save enough, and that you want a custom-designed 401(k) plan instead. Once you start looking around for a retirement plan provider for your practice, it does not take long to realize that plans offered to small practices are sold as a product rather than custom-designed for each practice based on your specific practice needs. When looking for the lowest cost option, small practice owners often opt for plans with lower recurring administrative fees, and end up paying significantly more than they anticipated over the long term because most of the cost is hidden in the asset-based fees charged for plan investments and services. Moreover, many retirement plan providers are large record-keepers which don’t have much interest in working with small practice retirement plans, so their service quality for small plans can be significantly lacking, and this will end up costing you money.
If you could get the best plan services for the right price, what would be the components of an ideal retirement plan? Please read the full article here: