Why Replace Your 401(k) Provider?

Most small business plans are overcharged for investments and underpaid in terms of employee engagement. A 401(k) provider can charge clients in a variety of ways. Fees for Assets Under Management coupled with per-person charges can really eat away at a company’s 401(k) profits.

Ubiquity’s transparent monthly flat fee doesn’t penalize you for having a successful or large plan.

Small-to-medium-sized businesses often require more hands-on help than a typical 401(k) provider is willing to give. The provider may not specialize in the different types of 401(k) you need — like Roth or Safe Harbors. A 401(k) provider may lack the resources to support your business filing requirements, deadlines, and employee engagement. That’s why it’s important to partner with a company like Ubiquity, which caters exclusively to SMB clientele.

Simply offering a 401(k) plan does not always result in immediate participation. The best 401(k) providers will set you up with auto-enrollment to ensure everyone benefits. Effective enrollment also ensures you get extra tax credits for the first three years of a new plan AND pass your annual nondiscrimination tests.

Ubiquity helps employees feel financially prepared for retirement, understand their benefits, and have access to a plan advisor one-on-one if necessary.

Some 401(k) plan administrators demand that you choose investments through their third-party provider. Sometimes this is good, and you are placed in perfectly capable hands. Other times, you may find the provider doesn’t offer what you and your employees want or need.

Ubiquity allows clients the ability to work with any investment manager of their choosing, freeing you to invest wherever and however you want. The best providers look beyond Morningstar ratings to provide a rationale for making changes. They take on fiduciary responsibility for their management, accommodate a wide range of investment styles based on risk, and provide investing educational tools to plan members.

The best 401(k) plan providers are there to answer your questions and calls. You know you can rely on them to take care of paperwork, send timely reminders, and explain any IRS changes affecting your plan.

Ubiquity is dedicated to helping you manage a successful retirement plan without high fees or impersonal chatbots. Call us to discuss your needs, and we’ll ensure a seamless transition.