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It’s 401(k) Improvement Time

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The end of every year and the beginning of the new year are the absolute best times for Trustees and Administrators to work on improving their 401(k). 

 So you should be asking yourself:

What and how can our 401(k) be improved?

Here are your answers with a few more questions.

  1. Do we have the lowest-cost and most resourceful platform? If the answer is unknown, then this time may be a great time to shop platforms. Fees are coming down in the 401(k) space every year and this is a great time to tune up fees.
  2. Do we have the best 5-Star and 4-Star Funds on our Platform for our employees, giving them the best opportunity to have great outcomes? Index Funds, which are generally lower in fees, are, for the most part, 3-Stars and may or may not be in the best interest of all participants.
  3. Are you doing annual Trustee/Administrator reviews, even virtually? 
  4. When was the last time you did a full review of all fees, costs and investment returns?
  5. Are you having live or virtual employee 401(k) education meetings at least annually?
  6. Do you participants have access to the company’s Financial Advisor?
  7. Is your Financial Advisor a Fiduciary on your 401(k) and Profit-Sharing Plan?
  8. Does your Profit-Sharing plan use every tool available to benefit the owners?
  9. Does your average employee contribution meet or exceed the national average of 7.8%?
  10. Do your employees know if they have enough money to retire?
  11. Do you have the highest rated Target-Date Series of Funds? Are they “through” or “to” Funds, and do you know the difference?

These 11 questions are great reasons to review your 401(k). 

Give us a call to set this meeting up and let’s find a “yes” answer to the above questions.

Let’s schedule a Zoom meeting to cover these topics. Call our San Ramon, CA office at (925) 314-8500 or email me at elliot@prosperityfinancialgroup.com.

Elliot Kallen

Registered Principal

Prosperity Financial Group

D | (925) 314-8503

E | elliot@prosperityfinancialgroup.com

C | calendly.com/elliotkallen

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As your Fiduciary Registered Investment Advisory firm, we’re bound by law to put your interests above our own. We’re committed to maximizing your wealth within the constraints of your values and your life goals.

Our team of qualified and experienced experts is dedicated to building a positive, long-term relationship with you.

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