Let’s take a step back to better understand how we got here.

401GO and Heartland have plenty in common, the most important being that both companies were founded with the goal of making vital financial services more accessible and affordable to the typically neglected small business market. Specifically, Heartland’s founders wanted to make it easier for small retailers to accept credit cards in a world where the incumbent processors either ignored them or preyed upon them. They also wanted to make outstanding customer service a primary differentiator. Over time, Heartland developed many more products specialized for small businesses, most notably payroll and HR management technologies.

The 401GO origin story is similar, in that our founders set out to use technology to tweak the economic problems that historically made it make it difficult for smaller businesses to offer retirement savings benefits. Like Heartland, our founders also determined early on that real people offering the highest quality customer service should be the first thing our users think of first when listing the reasons they stick with us.

This arrangement is a few weeks old and already proving extremely beneficial to Heartland, 401GO and many of Heartland users and their employees. It’s been great working with the Heartland team to strengthen both our organizations and we look forward to enjoying the benefits of a long and fruitful partnership.

The post Big news: We’re Partnering with Heartland appeared first on Fast and Affordable 401k for growing businesses.

With these funds, we will develop new products and bring on key new talent while advancing existing partnerships. We will also be able to offer our revolutionary, tech-forward retirement savings products to a broader range of businesses.

“For the past several years 401GO has maintained an annual growth rate over 150%. SVB was excited by our growth and other key metrics  and worked with us to make this loan happen. This infusion comes with the confidence from our investors that we will continue that track record of success,” says co-founder and CEO Dan Beck. “The faith the SVB team has in us is matched by our determination to continue growing and innovating.”

“This loan comes at a time of great expansion. We plan to utilize it to continue our development while maintaining our history of exceptional service,” says Matthew Jones, Director of Financial Planning and Analysis. “It gives us the power to expand our customer base to serve more individuals.”

401GO is committed to providing the retirement planning experience workers are looking for. We will continue to simplify the process with our groundbreaking technology to ensure a more secure financial future for all. We are grateful to the team at SVB for their acknowledgment of our unmatched ability and look forward to continuing our partnership.

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“This nation is facing a true retirement crisis. 401GO has the opportunity to provide working Americans with the tools they need to shore up their financial futures. That’s a mission I am passionate about and so I view this opportunity as much more than just a job,” says Smith. “I feel like all my past professional experiences have prepared me for exactly this challenge.”

In addition to leading a sales team, Smith will help 401GO diversify its revenue streams through the development of additional products tailored to several underserved markets.

“We added Stan to our executive team knowing he has the very specific skillset needed to take 401GO to the next level, working shoulder to shoulder with our Chief Revenue Officer Ted Haase,” says CEO and co-founder Daniel Beck. “Stan is known for his ability to foster a culture of action, inspiration, and motivation, and we’ve already seen clear signs of his influence on this organization.”

Having recently raised a successful $12 million series A venture fundraising round, 401GO is in the midst of a strong and pronounced growth phase, experiencing multiple periods of year-over-year revenue gains exceeding 150%.

Smith’s professional certifications include AIF®, CHSA® and C(k)P®. He earned his MBA at the University of Leicester School of Business. Smith lives in southern California with his wife and two daughters. He enjoys serving a local youth development program that uses skiing to build confidence on and off the slopes. A firm believer that a fulfilling life is one of constant learning and growth, he most recently began learning to play the acoustic guitar.

About 401GO

401GO is a leading fintech innovator specializing in retirement planning solutions optimized for small and medium sized businesses. With a mission to make retirement planning accessible, practical and frictionless, 401GO offers innovative tools and services designed to help individuals secure their financial futures.

For more information, visit 401go.com.

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KWP Growth Partners

This recognition underscores our commitment to revolutionizing retirement planning by making 401(k) plans more accessible and affordable for businesses of all sizes.

KWP’s RetireTech Map categorizes companies into nine focus areas, highlighting innovations that enhance retirement plan access, participation, engagement, and outcomes.

401k Specialist Magazine

Our inclusion in this map reflects our dedication to bridging the retirement coverage gap, particularly for small businesses that have historically been underserved.

At 401GO, we leverage cutting-edge technology to streamline the setup and management of 401(k) plans, enabling a 15-minute plan setup with no setup fees and transparent pricing.

Fast 401k Solutions

Our mission is to simplify the retirement planning process, ensuring that more employers can offer valuable benefits to their employees, thereby contributing to a more secure financial future for all.

We extend our gratitude to KWP Growth Partners for this acknowledgment and remain steadfast in our pursuit of innovation within the retirement industry. We look forward to continuing to provide exceptional service and solutions to our clients and partners.

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1. Payroll Compliance

• Employee Data Review : Ensure employee information (names, addresses, SSNs/ITINs) is accurate and up to date.
• Payroll Records Reconciliation: Compare year-to-date payroll reports with general ledger and tax filings to confirm accuracy.
• Tax Withholdings Verification: Check federal, state, and local tax withholdings for accuracy and compliance.
• Forms W-2 and 1099 Preparation: Ensure all employees and contractors receive their forms by the IRS deadline.
• Account for Fringe Benefits: Reconcile taxable benefits such as company cars, relocation expenses or education reimbursements.
• Adjustments and Corrections: Resolve any payroll errors to avoid penalties.

2. Benefits Compliance

• Benefits Election Verifications: Ensure employee benefits elections match payroll deductions.
• ACA Reporting Review: Ensure compliance with the Affordable Care Act (ACA) and prepare Forms 1094-C and 1095-C.
• Health Savings Accounts and Flexible Spending Accounts: Notify employees of contribution limits and deadlines for rollovers or reimbursements.
• COBRA Compliance: Verify COBRA-eligible employees are accurately tracked and notified.
• Retirement Plan Audits: Ensure contributions to 401(k) or other retirement plans comply with IRS limits.

3. Tax Compliance

• Tax Deposits Reconciliation: Ensure all payroll taxes were deposited accurately and on time.
• Year-End Filings Preparation: for federal and state unemployment taxes, as well as local payroll taxes (where applicable). 
• Deadline Monitoring: Confirm IRS and state filing deadlines for W-2s, 1099s, and tax payments.

4. Vendor Coordination

• Deliverables Confirmation: Ensure your payroll provider will deliver all necessary reports and tax forms by agreed-upon deadlines.
• Service Agreement Reviews: Verify the scope of services to avoid surprises or gaps in compliance responsibilities.

5. Communication with Employees

• Year-End Statements: Share pay stub summaries and benefits statements for employee records.
• Deadline Reminders: Communicate deadlines for FSA claims, HSA contributions, and other year-end benefits.
• Tax Form Distribution: Notify employees when to expect W-2s and 1099s and how to update mailing addresses.

6. Recordkeeping and Audits

• Archive Records: Save copies of payroll reports, tax filings, and benefits documentation for at least the legally required period.
• Audit Planning: Prepare for potential audits by ensuring all records are complete and accurate.

7. Plan for the Next Year

• Update Payroll System: Adjust for new tax rates, contribution limits, and regulatory changes.
• Set Calendar Reminders: reminders for recurring compliance tasks and filing deadlines.
• Conduct Training: Educate staff about any changes to compliance requirements.

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We work hard to listen to our advisor partners, and have launched a cash balance education webinar series. the first episode will take place on December 11, 2024 at 1:30pm ET, followed by additional episodes every quarter for one year. Each will be an hour long and will include time for Q and A with 401GO’s COO Jared QKC, QKA and Head of Plan Operation Sue Hardy QPA, ARA — two of the leading experts in retirement planning.

The first episode is titled Cash Balance 101 and will approach the topic at an elementary level using plain language. Each subsequent episode will build upon the last, and all will qualify for CE credit.

This is your chance to become an expert on the cash balance plan: a topic that is growing in popularity despite being poorly understood by a significant number of advisors.

The post Announcing 401GO’s Cash Balance Plan Education Webinar Series appeared first on Fast and Affordable 401k for growing businesses.

Founded in 2019, 401GO is a 401(k) plan recordkeeper and leader in using innovative technology to simplify and enhance workplace retirement solutions for more than 2,500 small and midsize companies sourced through payroll firms, start-ups and plan providers. Recordkeepers are firms that set up and administer workplace retirement plans for sponsoring employers and advisors.

Working with Pontera’s technology, 401GO will be able to empower plan participants to receive holistic, personalized 401(k) account management from their own advisor, helping them to realize better outcomes. Pontera believes all retirement savers should have access to expert help managing their 401(k) accounts and the ability to choose how they receive that help.

“Enabling personalized 401(k) account management through Pontera provides plan participants more choice in how they receive in-plan help, complementing target-date funds, managed accounts and other solutions,” said Jerry Bonnabeau, Head of Defined Contribution Partnerships, Pontera. “Our secure platform helps clients with more complex financial management needs receive a higher, more comprehensive level of service from their trusted advisor and optimize the growth of their retirement savings.”

The milestone agreement marks Pontera’s first recordkeeper integration that lets advisors debit directly for their services from the retirement plan accounts they are managing. This important new feature, requested by many plan participants on the Pontera platform, will offer greater convenience for retirement savers by allowing them to pay their advisors’ management fees directly from their 401(k) accounts.

This will align Pontera’s platform with other in-plan assistance for participants, such as target-date funds and managed accounts, which already collect management fees from workplace retirement accounts. Direct debiting also will fuel significant operational efficiency gains for advisors who offer 401(k) management to their clients.

The partnership with Pontera opens up new opportunities for 401GO in the marketplace. Financial advisors using the 401GO recordkeeper platform will be able to extend their services to more households when they can also manage account assets in workplace accounts.

“Pontera shares 401GO’s vision for reshaping the retirement industry through technology, making 401(k)s more inclusive, approachable and affordable,” said Daniel Beck, 401GO Co-Founder and Chief Executive. “We’re dedicated to helping companies of all sizes offer retirement plans that attract and retain employees. By working with Pontera, we can help more advisors offer 401(k) management efficiently, at scale, as a core service to more clients. Our partnership also expands the menu of advice services we offer to meet the unique needs of different retirement savers.”

More than half of the median American’s wealth is held in workplace-sponsored retirement accounts, yet historically it’s been challenging for participants to turn over management of their 401(k) to their existing, trusted advisor. Studies have shown professionally managed accounts generate more than 4% in additional returns each year, net of fees, than self-directed accounts.

Pontera’s secure, client-permissioned technology enables retirement savers to receive personalized 401(k) management as part of a holistic wealth management service that incorporates all, not just some, of their financial holdings. The platform, certified under SOC 2 Type II- and ISO 27001 standards, acts as a secure layer that lets advisors analyze, rebalance, and monitor accounts while also safeguarding clients’ data.

About Pontera

Pontera is a fintech company on a mission to help millions of Americans retire better by enabling their financial advisors to manage, balance, and report on clients’ assets in 401(k)s, 403(b)s, and other workplace-sponsored accounts. Our secure, purpose-built platform, seamlessly integrated with advisors’ portfolio management tools, is designed to work across many account types and help advisors deliver comprehensive investment management and improve financial outcomes. Founded in 2012, Pontera is headquartered in New York City. To learn more, visit pontera.com.

About 401GO

401GO is a leading fintech company dedicated to revolutionizing the way individuals save for retirement. Through its innovative blend of cutting-edge technology and personalized human support, the company is empowering individuals to secure their financial futures with confidence. With a commitment to empowering individuals to secure their financial futures, 401GO stands out in the competitive fintech sector by offering a unique approach that marries advanced technological solutions with a high-touch, advisor-based model. This hybrid model ensures that customers receive the benefits of state-of-the-art digital tools alongside the guidance and support of seasoned retirement experts.

The post Pontera and 401GO Partner to Enable Personalized 401(k) Management 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.

Here in Utah, the first week in October is usually when fall leaves are at their most colorful. Students are already bored with their new classes. The days average a comfortable 70 degrees while nights get chilly and sweaters are required. That feels a long way off from a mid-July day like today, with kids at play, sunflowers in full bloom and the mercury threatening to break 100 well into the foreseeable future.

So why are all the other 401(k) providers getting all worked up on social media, saying it’s urgent that the process of creating a new safe harbor plan must begin immediately if that distant deadline is to be met? Is it possible their calendars are broken?

One post in particular actually features video of a plan consultant on a sweltering golf course warning, “We need signed paperwork by August 30th. A lot of the record keepers actually need signed paperwork by mid-August…in order to be a safe harbor plan. I know a lot of people have been enjoying their summer, but deadlines are coming up!”

How fast can 401GO set up a safe harbor 401(k) plan?

It’s all a bit foreign to us at 401GO because our technology and automation can get a safe harbor 401(k) set up in about 15 minutes. That means we’d be safe if we started posting gentle deadline reminders around noon on September 30th.

The difference is, the others use the outdated legacy technologies that actually do require weeks and sometimes months to accomplish what we can in less time than it takes to mow your back yard.

So do enjoy your summer, take your vacation and come see us when the kids are back in school. That’ll be more than enough time to get your safe harbor 401(k) plan set up, with all the many benefits that entails, including significant tax advantages and reduced administrative burden.

If you would rather get that conversation started today, we’re up for that, too.

The post Enjoy Your Summer: 401GO Can Set Up Your Safe Harbor 401(k) in Minutes appeared first on Fast and Affordable 401k for growing businesses.

The Reality for Small Companies

The challenges were many but three factors stood out:

Complexity: The process of designing a plan involves coordination of many moving parts and getting them into alignment can be very challenging, especially when some decisions impact other variables in ways that are not obvious and difficult to anticipate. The outcome is often many re-starts and frustrated owners discovering they’ve done a lot of work for nothing. 

Cost: 401(k) plans carry with them new expenses, including plan administrators, financial advisors, auditors, lawyers and several other ongoing operational costs. For small businesses, these expenses often upset the balance sheet. 

Risk: The Employee Retirement Income Security Act (ERISA), IRS and Department of Labor all impose strict regulations on 401(k) plan sponsors, and the consequences of getting it wrong are steep. Lacking dedicated HR and legal departments — as most startups do — makes managing 401(k) regulations both expensive and intimidating. 

Three Sensible 401(k) Solutions

One vital function of a financial advisor is to help their clients navigate these challenges. Unfortunately, the economics of financial advising don’t traditionally make this kind of work a high priority when the clients are small businesses. Indeed, according to a study by Nationwide Insurance, only 35% of small businesses use financial advisors, with about half of those saying they either can’t afford or don’t know where to find a good one. 

Recognizing this, 401GO’s founders decided to build technology able to solve the plan design complexity problem and in so doing realized they had the foundation of a marketable product with the potential of solving the others — including the financial advisor incentive problem. 

401GO makes 401(k) plans for small businesses profitable in a few ways.

First: We don’t charge plan sponsors a setup fee, which gives advisors the opportunity to charge their own and thus see some revenue from the outset. And because 401GO gets plans up and running in about 15 minutes, the amount of time advisors spend on that process — time that’s usually uncompensated — is essentially zero. 

Second: The extreme efficiencies our technology realizes keep our costs low, which makes it possible to charge advisors’ clients a discounted rate, giving them an opportunity to add their own fees as well. This establishes an ongoing revenue stream even while assets under management are low.

Third: We handle all advisor invoicing, for free, ensuring on time payment, every month. 

Put all these factors together and the 401GO technology makes profitable access to the enormous but underserved small businesses market a real possibility for financial advisors.   

Many revolutionary technologies were originally developed by companies trying to solve their own internal operational challenges. Amazon Web Services, Google Ads, Slack, Jira by Atlassian, Shopify and Basecamp are a few examples. All these successful companies have redefined their categories. Now we can add 401GO to that list.

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