- 10,589
- Thread starter
- #4
- 1,271
This always gets me. If the employer "doesn't want to pay anything", what the hell does he care what his employees do with their own money???
Employer contribution on Safe Harbor 401k plans are tiny. Tell him to stop being such a scrooge. Some carriers will list bill personal IRAs to one place but again I see no point in doing that. JMO- 393
I just did one today for a group of 4, can contribute monthly any amount they want from $10 up, you can set up list bill which gets more participants or just pay on an individual basis and they own it outright. Email me for more info. I'll give you carrier info + how to make the list bill work/presentation info if interested.
- 10,589
Why not just offer a traditional 401k? The employer is not required to match anything, and the fees are often less than most group annuity platforms
- 393
For me, we are going into small groups 2-15 EE most the time. Setting up an annuity or a UL product on list bill for employees and guaranteeing no losses is a great close for us. Lot less rules for the employer to be concerned with. If I were dealing in larger companies I would look more into offering 401k programs though.
- 2,455
Hey if a guy wants to come in there and offer 401k then go ahead. I can't see it being worth the hassle nor any money in it and then even doable by a single agent. Maybe it doesn't fit COins current business model. You have to know how to read a prospectus and be licensed to do so. Then you have to be prepared to answer those calls when people call and say hey my account went from $20k to $15k. What's going on. With this he sleeps well at night.
- 393
Correct: As a disclaimer to this thread I'm not & don't intend to be securities licensed anytime soon. Working in the very small group market I cant see the profit margin working well for even a 401k guy to want to come in on and be able to make enough sales to be successful.
