We’ll do the heavy lifting. You provide the info.
Let’s say you haven’t been satisfied with your company’s retirement plan, and it’s time to switch 401(k) providers. Perhaps your employees aren’t receiving any educational support and participation is consistently low. Or, you’ve discovered the high fees you’re paying don’t match up to less than stellar service and communication you’ve received.
Chances are you’ve been wanting to move on for a while now, but are under the impression switching 401(k) providers is a big hassle. Whatever the reason is, switching 401(k) providers is very common – and necessary – for companies to stay competitive in their industries. At Prosperity 401(k), we make the process easy for you.
Reasons to Switch 401(k) Providers
Every year, a 401(k) plan sponsor should benchmark their plan to ensure they are offering the most competitive retirement plan out there. Here are some of the reasons to consider.
Cost: For good reason, plan costs can be a determining factor for switching 401(k) providers. The best 401(k) providers will be transparent about all fees and costs for both your company and your employees. If you find you’re paying more than you want, or, you don’t understand where the fees are coming from, it’s probably time to switch. There are no hidden costs at Prosperity 401(k), and we strive to educate our clients on how the details of their plan work.
Employee Participation: What’s the point of providing a company retirement plan if your employees don’t participate? If you’re noticing a trend, most likely the cause is poor plan education for your participants. People need to understand where their money is going, what their options are, and how it directly benefits their retirement future. We have a great educational program that helps your employees participate and also plan for their financial future.
Investment Performance: Behind the scenes, there’s a team working on getting you the best investment performance. Sometimes this can fall short of your expectations. At Prosperity, it won’t. Simple as that. While short-term market swings should not be a factor in switching 401(k) providers, you should be happy with the strategy behind your investments. Investment diversity and performance in the long haul are important topics to cover when changing providers. Prosperity 401(k) has a team of financial experts that make all portfolios in-house, tailor-made to fit your goals and needs.
Service and Support: Prosperity 401(k) Advisors go above and beyond to ensure you are taken care of. You’ll have a go-to consultant when you have concerns about passing compliance tests, IRS audits, plan changes, recordkeeping, and more.
How to Switch to Prosperity 401(k)
Tell us about your business.
We want to know all about your business, your values, your employees, and your current plan. This can even be done over a lunch meeting. Book a complimentary appointment [here] or give us a call at [phone number] to get the conversation started.
Set up your plan.
Voila! We’re already on to the next step. We will work with your current provider for the handoff of plan information and asset transfer. You’ll only have to amend your plan document that lays the ground rules. Are you happy with your current plan but unhappy with the costs? You can switch to Prosperity 401(k) and keep the same exact plan for low fees and better service.
Select your investments.
Work together with your new Prosperity 401(k) provider to select a lineup of investments that suits the needs of both your business and employees. You can have as much or as little say in this as you’d like. Ask us about the levels of financial advisory we can provide for you.
Make announcements and enroll employees.
Once the handoff is complete, we’ll provide you with all the information you need to get your employees started, including how to assess their accounts and find support. Educational programs on plan features, how to use platforms, and the options available to them will be the last step.
Painless, right? It seems like there are plenty of moving parts when it comes to switching 401(k) providers, but the process is simple. With cutting-edge tech, world-class investments, and the most competitive platforms out there – there’s little reason to stay with your current provider.
Come on over to Prosperity 401(k) for the all-inclusive service your company needs to succeed.
Let’s get started today. Contact us below.