Revolutionizing Retirement
The Downfalls of Conventional 401(k) Plans and the Rise of Independent Wealth Solutions Agent-Led Custom Plans
In terms of business benefits, 401(k) plans have long been considered a cornerstone for securing employees' financial future. However, the frustrations with conventional non-advisor-led 401(k) plans have become increasingly palpable among businesses. At Independent Wealth Solutions, we see many clients fed up with their limited 401(k) options. We believe that new agent-led custom plans are emerging as superior options for businesses seeking a more tailored and rewarding retirement benefit.
Frustrations with Traditional 401(k) Plans
When talking with clients, we see a common theme among challenges with existing 401(k) plans. They include:
Limited Investment Options
Conventional 401(k) plans often have a limited menu of investment options, restricting employees from fully diversifying their portfolios. This lack of flexibility can hinder individuals from aligning their investments with their unique risk tolerance and financial objectives.
High Fees and Hidden Costs
Businesses and employees alike have been grappling with the high fees associated with traditional 401(k) plans. The opaque nature of these fees can erode the returns on investments, leaving employers and employees dissatisfied with the overall value offered by these plans.
Complex Administration
The administrative complexities of traditional 401(k) plans can overwhelm businesses, especially small to medium-sized enterprises. The paperwork, compliance requirements, and the need for constant oversight can strain resources and time.
One-Size-Fits-All Approach
Traditional plans often adopt a one-size-fits-all approach, neglecting the unique and unique needs and preferences. This lack of customization can result in plans that do not align with the specific goals and culture of the company.
Using a 401(k) Plan with an Advisor Is Better
Because of the challenges above and the advantages of an agent-led plan, Independent Wealth Solutions has begun to offer our custom plans with the help of Betterment.
We believe they stand out and can solve our clients’ significant frustrations.
1. Expertise and Guidance
By engaging Independent Wealth Solutions, we bring expertise and experience. We can help employers and employees navigate the complexities of investment options, asset allocation, and market trends. With our guidance, individuals can make informed decisions aligned with their financial goals.
2. Personalized Investment Strategies
We know each company and person is unique. Our IWS team tailors investment strategies based on an individual's risk tolerance, time horizon, and financial objectives. This personalized approach ensures that the 401(k) plan aligns with each participant's specific needs and circumstances.
3. Risk Management
We can assist in assessing and managing risk within the investment portfolio. Daily, we help individuals understand the level of risk associated with different investment options and guide them in making choices that match their risk appetite.
4. Financial Incentives
You may not know that there are financial incentives to starting a 401(k), even on the business side. Let us talk you through what that would look like for 2024.
5. Monitoring and Adjustments
Financial markets are dynamic, and investment portfolios may require periodic adjustments. As advisors, we continuously monitor market conditions and make necessary changes to the investment strategy, ensuring that the 401(k) plan remains aligned with the participants' goals.
Independent Wealth Solutions Agent-Led Custom Plans
Here’s what you can expect with each of our IWS plans:
1. Tailored Investment Options
Independent Wealth Solutions breaks free from the constraints of limited investment options. We offer businesses the flexibility to choose from various investment options, allowing employees to customize their portfolios according to risk tolerance, time horizon, and financial objectives.
2. Transparent Fee Structure
Transparency is at the core of Independent Wealth Solutions' philosophy. By providing a clear and straightforward fee structure, businesses can better understand the costs associated with the 401(k) plan, ensuring no hidden surprises.
3. Streamlined Administration
IWS simplifies the administrative burden for businesses. With user-friendly interfaces and efficient tools, our platform via Betterment streamlines the management of 401(k) plans, allowing companies to focus on their core operations.
4. Personalized Approach
Recognizing that each business is unique, Independent Wealth Solutions takes a personalized approach to 401(k) plans. By understanding a business's specific needs and goals, they can tailor a plan that aligns seamlessly with the company's culture and objectives.
5. Comprehensive Retirement Planning
Beyond investment management, IWS assists businesses and employees in comprehensive retirement planning. This includes estimating retirement income needs, optimizing Social Security benefits, and developing a strategy for withdrawing funds during retirement.
