7 Ways Online 401K Plans Change the Retirement Savings Game For Small Businesses
Modern 401K providers are officially changing the retirement savings game for small business owners, HR specialists, and financial advisors. These cutting-edge providers leverage state-of-the-art technology and app platforms explicitly designed to streamline the process for contributors and significantly reduce the overall risk for businesses and financial advisors.
The latest technology surge of 401K apps improves user experience, leveraging automation to drive cost and time savings efficiency. Most importantly, these industry innovations offer an intuitive resource that bridges the gap between investors and access to professional investment management.
Does an online 401K plan make sense for your small business?
Knowing some of the most significant benefits of an online 401K plan can help you decide if this type of retirement savings program is right for your business.
Some of the biggest advantages offered by a centralized and automated digital retirement planning solution include:
- Automated Onboarding
Forget about chasing people and paperwork. A dynamic online solution automates the process to eliminate manual entry errors and simplify 401K administration.
- Increased User Control
The best digital retirement savings strategy puts employees and clients in control of their contributions. Once set up in the system, participants can log into their accounts to see allocations, modify savings, and ask questions as needed.
Let’s face it: traditional 401K offerings are often expensive. However, online retirement savings solutions offer affordable plans for even the smallest businesses. No more looking in the fine print for hidden fees and costs — you’ll enjoy full-scale support at one low, flat monthly rate per plan participant.
- Plan Flexibility
Business owners and financial advisors know firsthand that their employees and clients have unique needs. Using an online 401K vendor eliminates the stress of force-fitting their people into a predetermined plan. Instead, employers and financial planners have the flexibility of adding the various components, such as Safe Harbor plans and Roth & Traditional IRA options, for the right final fit.
- Payroll Integration
A leading digital provider will leverage cutting-edge technology that integrates with a company’s payroll systems to drive convenience and efficiency.
- Automated Compliance
Manually managing compliance can put both businesses and financial advisors at risk. A digital retirement solution automates compliance on both a federal and local legislation level.
- Access to Actual Humans (Yes, Really)
Leading online 401K 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.
401GO is Changing the Retirement Savings Game for Business Owners, HR Professionals, and Financial Advisors
401GO’s customized solutions make retirement savings easy, fun, personalized, and empowering for employees. Contact us today to learn more.