Does an online 401(k) plan make sense for your small business?The key piece of technology that makes this new generations of plans available is automation. Many of the individual tasks related to 401(k) plan creation and administration can be better performed by automation technology. Knowing some of the most significant benefits of an online 401(k) plan can help you decide if this new type of retirement savings program is right for your business.
- Automated Onboarding Forget about chasing people and paperwork. Automation technology eases the setup process from weeks of hassles to just a few minutes of focus. In just 15 minutes, you can have your new plan completely set up. This includes the plan document, dashboard login, and notifications to employees.
- Increased User Control The best digital retirement savings strategy puts employees and plan sponsors in control of their contributions. Once set up in the system, participants can log into their accounts and easily see allocations, modify savings, and ask questions.
- Cost-Savings Traditional 401(k) options are expensive. But, thanks to the amount of work that is saved using automation, online retirement solutions are able to offer affordable plans for even the smallest businesses. You’ll enjoy a high-end plan at a rate that traditional 401(k) providers can’t touch.
- Plan Flexibility Business owners and financial advisors know firsthand that their employees and clients have unique needs. Using an online 401(k) vendor eliminates the need to force-fit employees into a predetermined category based on their age and risk tolerance. Instead, employers and financial planners have the flexibility of adding the various components. Our unique algorithmic guided selection process is a new approach to investing which accounts for the nuances of participants’ needs for the right final fit.
- Payroll Integration You won’t need to pay a bookkeeper, because leading online providers integrate with your company’s payroll or HR system to drive efficiency. Integration not only saves time, but also reduces errors. Once the integration is complete, you won’t need to worry about it again!
- Automated Compliance Manually managing compliance can put both businesses and financial advisors at risk. A modern retirement solution automates compliance, monitoring constantly for problems to ensure they can be resolved quickly before they get out of hand.
- Access to Actual Humans (Yes, Really) Leading online 401(k) providers won’t just offer the best plan — they’ll also offer the very best people. You’ll have access to their customer service support team to provide clarity and answer questions for optimized peace of mind.