So some background, wife and I are both physicans that recently started W2 positions. Mine has a standard retirement plan, but hers is a private group that does things differently. When she inquired about her 401k, she got this:
"You can start the process of setting up your Profit Sharing plan with the help of your financial advisor. You are eligible to participate in this plan immediately on your hire date. Your plan account should be titled “Group Name, SC Employees’ Profit-Sharing and Savings Plan & Trust FBO Wife's Name”, a trust account with trustees "Group presidents name" and Federal Tax ID#xxxxx. When you set up your profit sharing account, please authorize your broker to send a duplicate copy of your monthly account statement to our accountant: "Accountants name and address"."
So it sounds like she can set it up at any financial institution, but does this require a financial advisor? I I've set up solo 401ks before for a prior 1099 positions, but setting up trustees and mailing monthly statements.. Is this something I can set up /automate with a place like Vanguard?
The group has a great set up financially, but they seem to really cut corners admin to maximize profits. They don't even have direct deposit!
Thanks,
"You can start the process of setting up your Profit Sharing plan with the help of your financial advisor. You are eligible to participate in this plan immediately on your hire date. Your plan account should be titled “Group Name, SC Employees’ Profit-Sharing and Savings Plan & Trust FBO Wife's Name”, a trust account with trustees "Group presidents name" and Federal Tax ID#xxxxx. When you set up your profit sharing account, please authorize your broker to send a duplicate copy of your monthly account statement to our accountant: "Accountants name and address"."
So it sounds like she can set it up at any financial institution, but does this require a financial advisor? I I've set up solo 401ks before for a prior 1099 positions, but setting up trustees and mailing monthly statements.. Is this something I can set up /automate with a place like Vanguard?
The group has a great set up financially, but they seem to really cut corners admin to maximize profits. They don't even have direct deposit!
Thanks,
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