By: Scott Van Den Berg, CFP®, ChFC®, CEPA®, AIF®, CRPS®, CMFC®, AWMA®
If you're considering offering an employer-sponsored retirement plan, a 401(k) is a popular option for small business and large corporations alike. In 2020 there were about 600,000 401(k) retirement plans with over 60 million active participants.1 Offering a retirement plan can be an effective tool in attracting talent and keeping employee satisfaction high. If you’re considering offering a retirement plan like a 401(k), you may want some professional guidance from a financial advisor. Here’s what you need to know about the role Century Management Financial Advisors plays when it comes to building and maintaining a 401(k) plan.
Century Management Can Help...
Identify & Align Your Business’s Goals and Needs
Each business is different, and it's likely that you and your employees may have unique goals and needs. So how do you choose a 401(k) plan that aligns with those goals and needs? As an experienced advisor, Century Management Financial Advisors can go over what you want to achieve and help you choose the right plan.
Compare 401(k) Providers for Cost and Value
Overwhelmed by the various options when it comes to 401(k) providers? Century Management Financial Advisors can provide a breakdown of costs and discuss the value of various providers to help you find a good fit.
Stay Up-to-Date on Legislative Changes
As government policy changes, retirement plan rules can be affected. While you’re busy running your business, Century Management Financial Advisors will let you know when changes are made to retirement plan rules that could affect your plan or responsibilities as a sponsor.
Educate Participants & Encourage Participation
It’s not just about creating the 401(k) plan, you want your employees to participate as well. By holding information sessions for your employees, Century Management Financial Advisors can answer their questions, encourage participation and review the benefits.
Evaluate and Monitor Investments
Century Management Financial Advisors can guide you when it comes to making informed decisions about your business, your retirement plan and its investments. We have a monitoring process with periodic check-ins to help keep you up-to-date.
Offer Administrative Support
The administrative duties involved with maintaining an employer-sponsored retirement plan can be daunting for small business owners. If you find yourself with limited time and resources to put towards these administrative duties, Century Management Financial Advisors can help.
Century Management Financial Advisors will guide you, support your needs as a plan sponsor, and help align your plan with your business’s needs. If you feel that you need help in any of the areas mentioned above, please give Scott Van Den Berg, President of CM a call at 512-636-2026. With more than 48 years of investment, retirement planning, and wealth management expertise, we welcome the opportunity to work with you.
A 401(k) plan offers benefits that will help you not only attract but keep good employees at your company. Century Management Financial Advisors can help establish and maintain a retirement plan that can put you at ease and confirm that you’re checking all the boxes. For those looking to go beyond the 401(k) plan to maximize owner tax savings and higher funding levels, ask us about a "combo" plan.
Disclosures: This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.