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    Our Approach to Your 401(k)

    July 09, 2019
     

    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.

     

     

     
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      1Barron’s 2024 Top 100 RIA Firms. Barron's© magazine is a trademark of Dow Jones L.P. The ranking of independent advisory companies is based on assets managed by the firms, growth, technology spending, succession planning, and other metrics.

       2 Retention Rate Source: Allworth Internal Data, FY 2022

      3 The NBRI Circle of Excellence Award is bestowed upon NBRI clients meeting one or both of the following criteria: Total Company score at or above the 75th percentile of the NBRI ClearPath Benchmarking Database and/or improvement of five (5) or more benchmarking percentiles in Total Company score over the previous survey. 

      4 As of 7/1/2024, Allworth Financial, an SEC registered investment adviser and AW Securities, a registered broker/dealer have approximately $22.5 billion in total assets under management and administration. 

      5 InvestmentNews 2020 and 2021 Best Places to Work for Financial Advisers. The ranking reflects survey responses and scores completed by both employers and employees. Employers report their organization’s workplace policies, practices, and demographics. Employees complete a survey designed to measure the employee experience. 

      6  2021 Value of an Advisor Study / Russel Investments

      7 Ranked 9th Top Wealth Managers By Growth in Assets in the U.S. from RIA Channel, 2022. RIA Database and RIA Channel are registered trademarks owned by Labworks, LLC.

      8 USA Today Best Financial Advisory Firms 2024. The ranking is based on the growth of the companies’ assets under management (AUM) over the short and long term and the number of recommendations they received from clients and peers.

      9 NBRI Best in Class Ethics 2023. The Best in Class level is bestowed upon clients performing at or above 90 percentile of the NBRI ClearPath Benchmarking Database.

      ✢ Scott Hanson, Investment Advisor 2005, 25 most influential people in the financial services industry. The ranking reflects 25 people who Investment Advisor magazine believes have had or will have the greatest influence on the financial services industry.

      ✼Pat McClain, InvestmentNews 2014, Invest in Others Community Service Award, presented to an advisor who has made an outstanding impact on a community through managerial contributions to a non-profit organization.

      †Financial Times, FT 300 Top Registered Investment Advisers, June 2019. The ranking reflects six areas of consideration including the company's years in existence, industry certifications of key employees, AUM, asset growth, SEC compliance record and online accessibility and calculates a numeric score for each company. 

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