Are you paying too much? We believe we can save you money. Greater savings is better for your employees, and better for you.
The Business Challenge
We regularly get calls from companies that work with well-known firms to manage their 401(k) and who are frustrated by the lack of communication and transparency. In some instances, no matter how much the business’s decision-makers dig or research, they still can’t get direct answers as to just how much they are actually paying. This is no small matter. With plans of a certain size, just a 1% reduction in costs could save tens of thousands of dollars in fees every year.
The Allworth Financial Process
When a company asks us if we can save them money or improve their plan, we approach their existing plan administrator or firm, and request a detailed fee schedule. We often find that, when things like the advisory management fees, the cost of funds, and other incidental fees are calculated, firms are paying 3% total, or more, per year. When this happens, we go to work, create an updated plan proposal and “benchmark” all the fees.
The Business Outcome
Our goal is to lower costs and improve plan design. To achieve this, we can do things like switch to institutional funds, charge a lower advisory fee, potentially slash the administrative and record-keeping fees, and modernize the existing plan. We work to get more employees participating by increasing both plan access and education. And our aim is to make all of this happen at a substantially lower cost than the firm is paying right now.