What is the Student Loan Match Feature?

The student loan match feature in 401(k) plans permits employers to make matching contributions to an employee’s retirement account based on the employee’s qualified student loan payments. It addresses a significant gap, in which many employees find it difficult to both make student loan payments and contribute to their retirement savings. Without the 401(k) contributions, they may miss out on valuable employer matching funds, as well as the time in the market that is so important to wealth building.

By allowing loan payments to count as retirement contributions, this program attempts to encourage retirement planning even when facing debt.

How the Student Loan Match Provision Works

The student loan matching provision is structured to simplify the process for both employers and employees. Here’s how it unfolds.

1. Employees make payments to their qualified student loans monthly. 
2. These student loan payments are then recognized as contributions for the purpose of employer matching. Essentially, the loan payment takes the place of the traditional deferral. 
3. Employers then make matching contributions to the employees’ 401(k) account based on the amount of the student loan payment.

Using this provision, the debt can be repaid and the retirement savings can grow simultaneously.

Benefits of the Student Loan Match Program

Since employees can continue to build their retirement savings while focusing on paying off student debt, this feature enhances the desire—and ability—to save for those who previously believed they couldn’t. Workers appreciate an employer who gives them this flexibility, which may be just as meaningful as a raise for helping employees feel appreciated and respected.

Offering a student loan match program can be a powerful way for employers to attract and retain talent. It demonstrates a commitment to employees’ financial well-being, appealing particularly to young individuals who might be navigating student debt.

Implementation Timeline and Best Practices

The student loan match feature officially took effect for plan years beginning after December 31, 2023. While it is legally available for all plans, it takes time for recordkeepers to build the functionality to support it, so many providers don’t offer it. 401GO does.

Employers who wish to take advantage of this provision should talk to their plan provider to get it added to their plan document. Then, they will need to establish a verification process to ensure that student loan payments are accurately recorded. They should also communicate the specifics of the program, including eligibility and matching opportunities, to their employees.

Conclusion

The integration of a student loan match feature in 401(k) plans is a huge benefit for those balancing educational debt and retirement savings. At 401GO, we are committed to helping businesses implement strategies that support their employees’ financial health. Employees looking to take advantage of this new feature should talk to their employer to discover whether it’s available, and encourage them to adopt it if not.

By adopting a student loan match provision, employers can not only improve their employees’ financial futures but also create a more engaged and committed workforce in the process. To get started, talk to us about adding this valuable upgrade to your plan.

The post Understanding the Student Loan Match Feature in 401(k) Plans appeared first on Fast and Affordable 401k for growing businesses.

Let’s break down the differences between these two retirement plan options.

What is 401GO’s GO-Starter Plan?

401GO’s GO-Starter is an innovative and simplified 401(k) plan designed for small businesses, startups, and self-employed individuals. Unlike traditional 401(k) plans, which can often be cumbersome to set up and manage, GO-Starter offers an easy-to-use platform with minimal administrative complexity. The goal of 401GO’s platform is to provide a user-friendly retirement savings option without the need for a dedicated HR or finance team.

One of the standout features of the GO-Starter plan is its low cost. It eliminates many of the fees that are typically associated with traditional retirement plans, making it a cost-effective solution for smaller businesses that may not have the resources to offer complex benefit packages. Additionally, GO-Starter includes features such as automatic payroll integration, employee enrollment, and an intuitive dashboard for employers to manage their accounts.

This plan also offers flexibility in terms of contribution levels, allowing both employees and employers to contribute to the retirement fund. GO-Starter helps employees to begin saving for retirement without the need for complicated paperwork or investment knowledge.

What are State-Offered Retirement Plans?

State-offered retirement plans are a growing initiative aimed at helping workers who do not have access to an employer-sponsored retirement plan. These plans are available in states that have implemented mandatory or voluntary programs to address the increasing number of individuals who are not saving for retirement. Some well-known examples include California’s CalSavers, OregonSaves, and Illinois Secure Choice.

State-offered plans are primarily designed to help individuals who work for businesses that do not offer retirement benefits. In these states, employers are required to either offer the state retirement plan or offer a different type of retirement option from a private provider. Using the state-run programs, employees can contribute through payroll deductions, and the state typically manages the investment options. Unlike 401(k) plans, state-offered retirement plans are often set up as Roth IRAs, which means they may have different tax benefits and withdrawal rules.

One key advantage of state-offered plans is that they are highly accessible to workers who otherwise wouldn’t have access to retirement savings. For employers, offering these plans comes with fewer administrative burdens compared to setting up a private retirement plan like a 401(k). However, the investment options within state-offered plans may be more limited, and employees don’t have the same level of control over their savings as they would with a 401(k) plan.

Key Differences Between GO-Starter and State-Offered Plans

1. Eligibility & Access: GO-Starter is designed for small businesses who want to offer a 401(k)-type plan to their employees. It is designed to be generally accessible to almost all employees who live in the U.S. In contrast, state-offered programs are available only in specific states and only for employees who reside in that state.
   
2. Plan Type: The GO-Starter plan is a 401(k) plan, which provides both employees and employers with the opportunity to contribute to a retirement fund. On the other hand, state-offered plans are often structured as IRAs, typically Roth IRAs, meaning they are owned by each individual employee and not the employer.
   
3. Control & Customization: With 401GO’s GO-Starter, employers have more flexibility in terms of plan structure and investment options. Employees also have a wider range of choices for their contributions. State-offered programs are not plans, and therefore have few, if any, customization options.
   
4. Administrative Effort: Both options aim to simplify the process of retirement savings, but the 401GO plan is particularly designed to minimize administrative costs and workload for businesses with automation technology. State-offered programs require some work on the part of employers, to maintain a current employee census and educate new hires about the program.
   
5. Investment Options: 401GO offers a broader selection of investment options for employees compared to most state-offered retirement plans, which typically have limited choices managed by the state.
   

Conclusion

Both 401GO’s GO-Starter plan and state-offered retirement plans serve a vital role in helping individuals save for retirement, but they cater to different needs and situations. GO-Starter is a more flexible, customizable solution for small businesses and self-employed individuals who want to offer employees a traditional 401(k) retirement plan. State-offered retirement plans, meanwhile, are a simpler, more accessible option for workers in states where businesses are required to participate. Choosing the right option will depend on your specific needs—whether you’re a small business owner, an employee, or an individual looking to secure your financial future.

The post GO-Starter vs. State-Offered Retirement Programs: What’s the Difference? appeared first on Fast and Affordable 401k for growing businesses.

Did you know there are over 150+ acronyms in the retirement industry? This is where an advisor is at his best!

How Advisors Are Helping Individuals

The average American’s net worth is held entirely in their home equity and their retirement account. A financial advisor can support people with so many other priorities, like caring for an ailing family member, dealing with a personal disability or tragedy, managing a job loss, recovering from a natural disaster, or traveling to support family in distant locations. The advisor is the lifeline, the quarterback/chef/conductor, the peace-of-mind maker, the retirement translator, who acts in the best interest of the client, answers the “when in doubt” questions that pop up, and so much more. 

Depending on the service model, a financial advisor may be able to assist with chat, phone, email and onsite meetings to make sure you maximize the value of the retirement plan benefits you offer your team. And, using experienced financial planning, advisors can take a holistic approach to client assets, helping both business owners and employees set proper goals and personalize their retirement experience.

4 Big Value-Adds

Including a financial advisor on your 401GO retirement account can benefit you in several ways.

Navigate Uncertainty: An advisor can help you avoid hitting the panic button during uncertain times. Too many workers buy high and sell low, or take early withdrawals or loans that come with penalties and fees. A good advisor will present other options.

Monetary Life Coach: An advisor can act as a financial life coach, helping you through the ups and downs and curve balls that life throws at you and your business.

Better Outcomes: Advisors, on average, provide better outcomes, higher satisfaction, more engagement, higher deferral rates, and, as a result, happier employees. 

Holistic Approach: An advisor can help you bridge the gaps between your wealth, health, and retirement needs in a personalized way, and they can do the same for your employees.

401GO Supports Advisors

401GO is the partner that makes retirement easier for all three parties. We help the advisor to do their work in a frictionless and fluid way, with contact details, investment fund access and review, participant notices and billing flexibility. We help the employer to set up their plan in just 15 minutes and to manage ongoing needs in an efficient and hands-off way. We give the participant an easy-to-navigate user experience with free financial wellness tools and no transaction fees.

There are over 300,000+ advisors in the U.S. Make sure you’re working with one that partners with 401GO.

The post The Value of Including a Financial Advisor within a Retirement Plan appeared first on Fast and Affordable 401k for growing businesses.

Let’s define the terms and explain why they are relevant, so we can set your plan up for success.

Term 1: 180 or 360

These numbers refer to the information that would be flowing between your payroll provider and your retirement plan provider. Think of a circle when you hear these terms. Just like 180° is halfway around a circle, a 180 integration does half of the communication.

A 401(k) provider needs census information (i.e., name, birth date, hire date, contact information) in order to track eligibility for your employees. It also needs payroll information (wages, hours worked, retirement plan deductions) to determine if deductions were withheld and the amount. If automatic communication flows only from the payroll provider to the retirement plan provider, it is referred to as a 180 integration.

A 360 401(k) payroll integration encompasses the same items listed in the 180 integration, with the addition of information shared from retirement back to payroll. Your retirement provider will track all those who enrolled into the retirement plan and what percentage or dollar amount they selected.  This information would be sent back to your payroll provider so they can update their system to include (or remove) retirement deductions at payroll.  Retirement plan loans might also be included in this information but it would require some additional coordination.

Term 2: SFTP or API

SFTP and API are the technical mechanisms for sharing information between your recordkeeper and your payroll provider. The type of technology used can affect how much time your team will spend managing retirement issues each payroll period.

SFTP stands for Secure File Transfer Protocol.  In simple terms, this is a secure (encrypted) file that is sent over the internet.  Your payroll provider will most likely send a spreadsheet every time the census is updated or payroll is run. If a 360 integration is in place, then the recordkeeper is most likely sending a spreadsheet to the payroll company with details of employee deductions (and possibly loan repayment information) for your payroll provider to update on the upcoming payroll. 

Importantly, this file transfer usually must be initiated by a human. Sometimes it can be automated by setting information to download and send at specific set times.

API Stands for Application Programming Interface and it allows for software systems to communicate directly with each other.  It essentially sends the same information that SFTP files would send, but it does so automatically through the software with no need for spreadsheets. An API integration lets data flow in real time between the two providers, eliminating the human error and lag time that are created when information is only exchanged at scheduled intervals.

You may come across the term “operationally supported integration.” This is a manual integration, meaning that an individual will be logging into your payroll system and manually pulling census and payroll data and updating deductions on your behalf.  Although it is often referred to as an integration, it is not an actual integration but rather a service. It can be a useful service when a technical integration is not available, but it’s smart to understand the difference. 

How to Make Integration Decisions

Given the options listed above, not all providers can accommodate each scenario. When talking through integration options with your payroll or retirement plan provider note that it may not be required that you use their integrated solution.

Most recordkeepers will let you manually update employee census and payroll details directly into their websites.  This option might be beneficial for those who have a full time staff member(s) that takes on these tasks themselves or prefers to maintain a close watch. This individual(s) is solely responsible for updating their payroll to reflect enrolled participants, changed deductions, and setting up loan repayment amounts.  They are also responsible for any changes on the census like termination or employee classification, identifying ownership and highly paid individuals or officers.

However, these administrative tasks can become overwhelming to those who might not be familiar with these types of responsibilities or if they already have a full plate of duties already.  Furthermore, it might be uncomfortable for employees to have access to other employees’ financial details.  If employees are sensitive to who might know that they are, for example, requesting a loan or stopping deferrals due to financial reasons, having an automated integration is a good solution. Moreover, if you have a highly paid individual or owner, they may want to be more discrete in maximizing their retirement benefits as well.  

Automating tasks helps to lighten the load of additional administration work while helping to reduce or eliminate human error that could be costly when talking about corrective actions to a list of possible plan failures.

No two retirement plans are the same and neither are their integrations.  What is good for one plan administrator may hold little to no value to another.  It is up to you to decide what option would work best for your unique circumstances. Happy retirement saving!

The post What is a 401(k) Payroll Integration and How Does it Work? appeared first on Fast and Affordable 401k for growing businesses.

With the right approach, Q1 can be a launchpad for a successful year ahead. Here are five essential tips to help you close deals faster and maximize your commissions in the first quarter:

1. Leverage Fast Transfers with a Fintech 401(k) Solutions Provider

Traditional Fintech 401(k) solution providers often require a lengthy waiting period—sometimes up to three months—to complete transfers. 401GO, on the other hand, can perform fast transfers, enabling you to bundle payroll and 401(k) sales seamlessly. Highlighting this efficiency to potential clients can be a game-changer, as it accelerates their transition to both a better payroll and a better retirement solution.

2. Avoid Losing Sales to Delays

Business owners who express initial interest in switching their 401(k) and payroll providers may lose enthusiasm if faced with a three-month wait. Delays create opportunities for them to change their minds, reconsider their priorities, or stick with their current providers. By offering a fintech solution with quick transfers, you can eliminate this risk and keep the momentum going, ensuring that your prospects remain committed.

3. Earn Commissions Faster

Time is money, especially in sales. Partnering with a fintech 401(k) solution provider like 401GO that enables swift transfers means you can close deals faster and start earning commissions sooner. Instead of waiting for a prolonged onboarding process, you can see results—and paychecks—in record time. This speed not only benefits you but also keeps your clients satisfied and engaged.

4. Offer Faster Benefits to Your Clients

Speed isn’t just a perk for you—it’s a selling point for your clients. A fintech 401(k) partner allows business owners to quickly access both payroll services and 401(k) savings. This efficiency helps them streamline operations, reduce administrative headaches, and start seeing the benefits of their new solutions almost immediately. By emphasizing the quick turnaround, you can position yourself as a problem-solver who values their time and priorities.

5. Capitalize on the Q1 Slowdown

The first quarter is typically a slower time for sales, but it’s also an ideal moment for businesses to reassess their payroll and benefits providers. By promoting transfer 401(k) plans as part of a bundled payroll solution, you can tap into this window of opportunity. Businesses are more likely to make changes early in the year to set themselves up for success, and your proactive approach can help you secure new payroll clients while addressing their 401(k) needs.

Partner with 401GO

Selling payroll services in the first quarter doesn’t have to be an uphill battle. By partnering with Fintech 401(k) solution provider 401GO and emphasizing the advantages of fast transfers, you can overcome common objections, accelerate the sales process, and boost your commissions. The key is to focus on delivering value to your clients while making the process as seamless as possible. 

Use these strategies to turn the Q1 slowdown into a period of growth and set the tone for a successful year.

The post Fast-Track Q1 Payroll Sales with Fintech 401(k) Solutions appeared first on Fast and Affordable 401k for growing businesses.

1. Leverage Tax Benefits

A 401(k) isn’t just a retirement savings plan—it’s a savvy tax strategy. Contributions to a traditional 401(k) reduce your taxable income, while a Roth 401(k) offers tax-free withdrawals in retirement. Business owners can also take advantage of SECURE Act 2.0 tax credits for starting a new plan, making now the ideal time to act.

2. Engage and Retain Employees

In today’s competitive job market, offering a robust 401(k) can be a game-changer for attracting and keeping great talent. Studies show financially secure employees are more productive, experience higher job satisfaction, and have greater loyalty to their companies. Providing employer matching is an excellent way to show you value them while boosting participation. 

Bonus tip: Partner with a provider offering education and financial wellness tools to help employees understand retirement savings. Educated employees are more likely to fully utilize the plan.

3. Maximize Contributions

For 2025, the employee contribution limit is $23,500, with an additional $7,500 catch-up contribution for those 50 and older. As a business owner, you can contribute even more—up to $70,000 total. Explore strategies like profit-sharing and Safe Harbor plans to maximize contributions and take full advantage of these limits. If you’re already maxing out your profit-sharing plan, consider adding a Cash Balance plan to help you save even more.

4. Streamline your Plan Administration

Managing a 401(k) doesn’t have to be complicated. Work with a provider that makes administration simple through automation, offers transparent pricing, and ensures compliance with IRS regulations. This saves you time and helps avoid costly mistakes.

5. Plan for the Long Term

Your 401(k) is more than a retirement savings tool—it’s a way to build financial stability for yourself and your team. As you grow your business, your plan can evolve to support succession planning and ensure a secure future.

As we enter the New Year, take time to revisit your 401(k) Success strategies. Whether you’re refining your current plan or just getting started, these steps can help you make the most of this essential benefit. Here’s to a successful year—financially and beyond!

The post 401(k) Success Strategies for the New Year appeared first on Fast and Affordable 401k for growing businesses.

Questions about retirement options and 401(k)s are common, and smart accountants need to have answers ready. Here’s how to lead your small business clients in the right direction.

Why should I invest in a 401(k) for my small business?

There are two important reasons to consider a 401(k) for your business.

1. It is one of the best tools for recruiting and retaining good employees. A few years ago, the country went through “The Great Resignation.” What we learned from that is that the current generation of employees want more than just a 9-5 job. They want to do work that makes a difference and with a company that cares about them, personally. As a small business owner, you show you care about your employees by taking care of them. That means, providing them with benefits, most importantly, retirement benefits. The feeling of financial security helps employees worry less and engage more at work.
2. Huge tax incentives may cover most or all of the expenses for the first three years. The government has rolled out several big credits that employers considering a new 401(k) plan should know about. They include auto-enrollment credit, administrative expense credit and employer matching credits. These credits are intended to help small companies offer good retirement benefits, and are available to businesses with 100 or fewer employees.

What are the state retirement mandates I’ve been hearing about?

About half of all employers in the US live in states where offering retirement is no longer optional—it’s mandatory (or will be soon). That puts a lot of stress on employers to figure out their responsibilities in becoming a plan sponsor. It can be overwhelming to be faced with researching options, trying to understand responsibilities, and executing all of the tasks related to sponsoring a plan.

401GO actually began in response to this same overwhelm. CEO Dan Beck, when looking for a retirement plan for employees of another company he owned, experienced what so many other small business owners experienced when starting a 401(k). He discovered that navigating the responsibilities and cost of starting a retirement plan for his company was difficult and frustrating, and that there were no options aimed at helping small companies.

Thus, 401GO was born and we have been helping small businesses by taking that stress away.  401GO steps in and performs almost all of the compliance related to sponsoring a 401(k), relieving the burdens of the sponsor so they can focus on running their business.

I want to start a 401(k) but how do I get started?

That’s an easy question and one I love to answer.  Simply send them my way and we will take care of them from start to finish.  I work with some of the most talented people on the planet and they have worked with thousands of people in companies starting new small business 401(k) plans. Our Plan Consultants can answer questions and walk someone through a plan setup in about 15 minutes.

Accountants can have an easy answer for their clients by partnering with 401GO, and learning what we have to offer compared to others. Then you’ll be a hero to your clients by giving them not only a quick solution to their problem, but a good one too. They’ll be thrilled at your expertise and you’ll have another happy customer.

I want to move my current plan to another provider.  How do I do that?

Tell your client to WAIT before taking any further action.  You cannot simply shut down a plan and start a new one.  If you do, you will be restricted from opening the new plan for 1 year…and that is a bummer.  So, send them my way so we can help walk them through this process.

401GO has a great process for transitioning a small business 401(k) plan from an old provider. We do it with minimal disruption to employees, and we even have a team of experts in place to help. 

Prepare Your Answers

Accounts should be ready for these questions, and have some good answers prepared. To learn more about how a partnership with 401GO can benefit you and your clients, contact us. 

The post Small Business 401(k) Questions and How Accountants Can Answer Them appeared first on Fast and Affordable 401k for growing businesses.

The Problem with RetireTech

It all started when two of our founders, Dan and Nathan Beck, confronted the challenge of providing 401(k) plans to the employees of another small business they owned. After learning how expensive and complicated the process was, they eventually abandoned the idea. However Nathan, a software engineer, was confident that he could build an alternative from scratch. Two years later, that alternative debuted as 401GO.

The primary reason our technology is such a radical improvement over what came before is our access to modern software development languages and tools. Most of our competitors built their solutions on the same white-labeled product, which is so outdated it was developed long before the consumer internet even existed. Due to the nature of software development, the inherent shortcomings of that technology cannot be remedied. 

Yes, the user interface can be made to look better, but it’s really just lipstick on a pig.

The Solution is a New Approach

Unlike the legacy alternative, 401GO was built for the internet, with a codebase that permits extensive automation and the fluid addition of new features. Our partners particularly value those attributes because they save them enormous amounts of time and allow us to rapidly add new functionality in response to their requests.

The evolution of the 401GO partner dashboard offers a good example of our approach to new feature addition. A partner asked us to make it easier to access specific pieces of plan data to make it possible to get right to specific bits of information. That made sense to us as well, and that advanced filtering functionality went from concept to reality in about two months. Now, a financial advisor partner with dozens of plans can immediately access performance data that can inform improvement strategies. For example, they can instantly see which of their clients  have low participation rates and develop a non-participant communications plan to raise those numbers. 

Automation is the Key

On the automation side, our partners love that neither they nor their clients have to do a thing when it comes to filing compliance documents. Our automation even invoices on their behalf and deposits the funds directly into their accounts. The legacy solution depends on slow, error-prone people using spreadsheets, and of course invoicing remains 100% each advisor’s  responsibility.

Automation runs deep in 401GO’s retiretech, and the most obvious example of this is plan setup. We’ve got the process down to 15 minutes, while setup on the legacy platform takes a few weeks. That means using 401GO, our advisor partners waste no uncompensated time dealing with setup issues and can see revenue almost immediately. 

Experience the Revolution

If such an improvement over what came before us sounds too good to be true, you owe it to yourself to see our technology in action. Send us your information and we’ll schedule a demo.  

The post 401GO is the Disruptive Force Behind a New RetireTech Paradigm appeared first on Fast and Affordable 401k for growing businesses.

Offering Retirement Benefits is a Signal of Stability

Startups are constantly competing for the attention of three groups: customers, talent and investors. As a startup, 401(k) plans send strong signals to the latter two that a startup is stable and on a course to success. It also goes a long way toward keeping talent from jumping ship for the next shiny object to come along. 

It also reduces pressure to constantly give raises. According to a Glassdoor survey, 79% of employees prefer new or additional benefits over a pay increase. Employees are more likely to stay with a company that invests in their future. The Society for Human Resource Management (SHRM) found that 82% of employees consider retirement plans an important factor in job satisfaction.

Tax Advantages

When founders complain that money is tight, their runway is short and they can’t afford to offer a 401(k) plan, they are always surprised to learn that recently-passed legislation provides federal tax credits that might make their plan free for three years. You can estimate your savings using our tax credit calculator. 

The tax benefits extend to the employees, also. Employee contributions to their 401(k) are made pre-tax, reducing their taxable income for the year, which can lead to significant savings.

Financial Wellness

As a startup, 401(k) plans show a founder cares about their employees’ long-term financial wellbeing. According to a study by the Employee Benefit Research Institute, employees with access to retirement plans are significantly more likely to have substantial savings.

Financially secure employees are typically more productive and loyal while experiencing less stress day to day. Lower stress means better physical health. Additionally, a PwC survey found that employees under financial stress are twice as likely to leave their job, further reducing efficiency-killing turnover.

What’s more, 401GO customers enjoy free access to a suite of personal financial management tools that drive better personal fiscal outcomes. 

Payroll providers and financial advisors serving startups should counsel them that adding a 401(k) plan to their benefits packages provides them with a secret weapon that will make them more attractive to talent and investors, and having those resources in place will result in a better product certain to catch the attention of customers. Talk to me to learn more.

The post 401(k) Plans are a Startup’s Secret Weapon appeared first on Fast and Affordable 401k for growing businesses.

I’ll discuss three big reasons these partnerships are so valuable to HCM businesses.

Reason 1: It helps them compete.

In my experience, HCM companies want to be a complete solution for their clients, and offer them a full range of the services they need. Bundling various products together and selling them under one brand creates value that is enticing to potential clients. Businesses, especially small ones, usually prefer to deal with just one company, and these partnerships make that possible. 

This is especially useful for smaller payroll providers, since it can be tough to compete with the big boys like Paychex and ADP. It’s even more valuable if the retirement provider can integrate with the payroll software, because it creates a seamless experience for the client. This extended product offering can be presented during the sales process. It gives the client all the same benefits they would get with a bigger provider, often with better service and pricing.

Reason 2: It increases revenue.

One big advantage these partnerships provide HCM companies is the ability to offer their clients cost savings without discounting their own services. When you look at the total cost of payroll and 401(k) combined, an affordable retirement partner can offer them a lower total cost without the need for also lowering the payroll pricing.

Factor in tax credits for starting new retirement plans and the savings increase even more. SECURE Act 2.0 gives business owners that start a new 401(k) plan thousands of dollars in credits, essentially covering the full cost of their plan for three years. Mention these credits on a proposal to add context for the prospect.

Many retirement partners offer revenue sharing, spiffs and bonuses for salespeople, and other incentives that help bring additional revenue to an HCM team. Retirement partners want sales teams to be happy, and to create a beneficial environment for everyone involved.

This provides HCM salespeople the flexibility to find cost savings in several different ways, so that reducing the price of their own product isn’t the only option. I’ve found that when I’m able to connect with the prospect myself, I can serve as an unbiased third party, helping them determine their true needs, and uncovering pertinent details that help us tailor their proposal to their circumstances.

Reason 3: It keeps them in their lane.

You don’t have to be a retirement expert to offer your client a really great retirement plan. When HCM companies partner with a 401(k) provider like 401GO, they can stick to what they do best, and let the retirement partner be the expert in that area. The client still gets great products and service without needing to add a new arm to your company.

Ready to partner?

If a partnership with 401GO makes sense for you, our team is happy to help. A short conversation may be all you need to form a relationship that brings a lot of added benefit to your clients and prospects.

The post HCM Companies Should Partner with 401(k) Providers appeared first on Fast and Affordable 401k for growing businesses.