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  • www.mysolo401k.net experience?

    Does anyone have personal experience with www.mysolo401k.net?  How is their customer service after the plan has been set up?  Thanks, Rock

  • #2
    I recently set up a solo K with Fidelity. Everything was very smooth. I first opened the account without depositing any money, then spoke on the phone with a very nice rep who explained to me different things about the account. She also gave me some tips, like how to make sure I dont exceed my allowed contributions. Also, I learned that you can buy into Fidelity funds with less then the required minimum which is generally 2.5K. You just need to call them and they will do the transaction without a fee. There are also some ETFs that you can buy without a commision online. So far I am very satisfied.

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    • #3
      My situation requires that I have a "custom" Solo 401K plan. The plan will necessitate a Third Party Administrator (TPA).  The options that I need include:  1. Brokerage option (unlimited)  2. Roth option  3. Accepts incoming "in kind" rollovers  4. In plan Roth conversions  5. Allows for NON-Roth after tax contributions   6. Allows for non-hardship in service withdrawal of after tax contributions.  None of the big brokerage houses' plans offer these options.  There are multiple TPAs that do offer all of the above.  These plans can then be held at one of the big brokerage houses.  I am doing my due diligence on the various TPAs.

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      • #4




        My situation requires that I have a “custom” Solo 401K plan. The plan will necessitate a Third Party Administrator (TPA).  The options that I need include:  1. Brokerage option (unlimited)  2. Roth option  3. Accepts incoming “in kind” rollovers  4. In plan Roth conversions  5. Allows for NON-Roth after tax contributions   6. Allows for non-hardship in service withdrawal of after tax contributions.  None of the big brokerage houses’ plans offer these options.  There are multiple TPAs that do offer all of the above.  These plans can then be held at one of the big brokerage houses.  I am doing my due diligence on the various TPAs.
        Click to expand...


        It seems to me that their services are geared more towards using the 401k to fund business expansion as well as investing in alternative assets.  So indeed they have a product to sell, and the solo 401k for them is just the means to enable that.  Their prices are definitely competitive.  My only question is how they can make any money charging $125 a year unless they get a huge volume of clients. They do seem to have staff to provide client services, but given the complexity of the product they are offering, I wonder how they make sure that their clients don't mess things up (and how they would fix it).  They don't seem to have access to your account statements, so they are asking you to tell them when things should be filed, which is something I don't like (they should tell you when to file stuff).  Another question is, would they actually verify all of the transactions to make sure you are in compliance, or would they simply just file the forms as they are? I think that the TPA should have some access to the account statements even to see if anything happened that's out of the ordinary.  After all, these are very complicated accounts with multiple features, so it is a good idea to have oversight by someone who knows what they are doing at all times because people make mistakes. Given such a complex tool and the time it takes to fix any mistakes, $125 won't take you far in that regard.

         

         
        Kon Litovsky, Principal, Litovsky Asset Management | [email protected] | 401k and Cash Balance plans for solo and group practices, fixed/flat fee, no AUM fees

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