Intelligence

Need experts on Individual 401(k)s

Reporter: Jeff Brown

Publication: U.S. News & World Report

Contact: iq@fullyvested.com

Deadline: Apr 17, 2017 6:00 pm

I’m looking for financial advisors, academics, 401(k) advisors
and others with pointers on choosing a provider for an individual 401(k). First, how common are these accounts? They’ve been around awhile but I gather they were slow to take off. Who is the ideal investor for such a solo 401(k)? Do you have many clients who are able to contribute the maximum allowed? Most important, what should one look for in choosing a firm to keep the account with? I know, for example, of an investor who recently transferred an account from Vanguard to Schwab because Schwab would allow just about any type of investment, including a preferred stock ETF that Vanguard would not. Vanguard seemed to be limited to Vanguard products. Do you often find investment restrictions in these accounts? What other issues should one keep in mind? Fees, I imagine. Do they vary widely? Do you find they are big enough to be an issue? What types of fees does the customer face? Are there hidden fees? Other issues? For an investor who already has a solo 401(k), what steps are taken to transfer to another firm? Are there dos an don’ts in this process, like not having the funds sent to the investor directly? Aside from convenience and tax matters, are there benefits to direct transfers between firms? Like being able to keep the money invested to not miss gains or dividends? Or must
one expect to be on the sidelines for some period? What else should I be asking? Requirements: I prefer responses by email containing usable content and quotes, the source’s contact info, full name, title, firm and location.

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