“If you want the job done right, you have to do it yourself.”
Totally disagree with this one when it comes to retirement plans. I use a good CPA to do my taxes (though I do my own tax planning), and I use a TPA for my own retirement plan. When it comes to filling out forms 5500, I wouldn’t touch that with a 10 foot pole. One mistake/omission and you are audited by the IRS (and they love to audit HNW individuals). I prefer a highly qualified TPA to fill those out and file them for me as well. I doubt you or I would ever be able to do some things better than professionals who do it for a living. And even though I work with retirement plans for a living, some things having to do with plan administration and compliance are better left to those who do it for a living. Being a penny wise and a $ foolish is not a good long term strategy when it comes to retirement plans. Ending up with a plan that’s disallowed by the IRS because of mistakes made by the doc is the last thing on my list to try for my clients.
I have had enough issues with specialists making mistakes that it is probably best to know what they are doing and keep an eye on them. Eventually you may get to the point where all the info you pull together you can easily just place in the forms yourself. The problem I have with many professionals is that they just don't care that much about your money. As for my actuary I was very impressed how fast and responsive they were. They already did my 5500 for the DBP.
The 5500 for the individual 401k is extremely easy to create. Vanguard sends you all the info you need. Just plop it in and done.
I have been audited a few times and it really is not that big of a deal. You send the info the IRS requests and done. The IRS is extremely friendly and helpful on the phone.
You say you use a good CPA. I have yet to find good CPA that is responsive when asking questions, timely in filling paperwork and actually gives a ************************. I'm sure they exist, but I have yet to find one.
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