Figuring out the intricacies of all the different retirement accounts available to employers and business owners can be tricky. If you need help determining what kind of plan—whether it’s a small business 401(k), a SIMPLE IRA, a defined benefit/cash plan, a self-directed solo 401(k), a self-directed IRA, or an HSA—is right for you, this page lists all of WCI’s recommended service providers.
Once you have employees, putting in a 401(k) at your practice/small business is no longer a do-it-yourself project. You need professional help. These folks can help you study your practice and decide whether to use a 401(k), a SEP-IRA, a SIMPLE IRA, or nothing at all. They can help with defined benefit/cash balance plans, too. They can also help with self-directed/customized solo 401(k)s, but they may not be the lowest-cost providers (see below). All providers on this list are paid advertisers/partners with The White Coat Investor.
iQ401K utilizes a powerful, open-architecture platform that is built specifically for medical practices that are small or mid-sized—including dental, radiology, anesthesiology groups, and more. Our platform allows you to access thousands of low-cost, passively managed funds from some of the most reputable brokerages in the country, including Vanguard, Dimensional, and Avantis.
We don’t charge an AUM fee. Instead, our pricing is based on the number of participants in the plan, meaning you can save 40%-60% in fees compared to other providers, and our fee always stays the same, even as the plan’s assets grow. Our ultimate focus is to offer clients a scalable and flexible investment management platform
Litovsky Asset Management offers comprehensive retirement plan advisory and investment management services. We set up and manage retirement plans, including 401(k) and defined benefit/cash balance plans for solo and group medical and dental practices, and we serve in an ERISA 3(38) fiduciary capacity. Our clients are almost exclusively doctors and dentists, and our retirement plan services are offered nationwide.
Konstantin Litovsky is the founder of Litovsky Asset Management. As an ERISA 3(38) fiduciary, our job is to make sure that your practice has the best plan cost and that your plan is managed prudently so that your plan sponsor fiduciary liability is minimized. If you’re looking to set up a 401(k) or a cash balance plan for your practice, we would love to have a conversation with you.
At Emparion, we work with physicians nationwide on tax efficient retirement structures. Our strategies include cash balance plans, defined benefit plans, 401ks and other retirement vehicles. Our goal is to educate our clients on retirement strategies that aren’t often understood or implemented by CPAs or financial advisors. Many of our plans allow our clients to contribute in excess of $100,000 annually and get a full tax deduction. We are third-party administrators and not financial advisors or custodians. This allows you to use our plans with your current financial advisor or even at custodians like Charles Schwab, Vanguard or Fidelity. We examine your situation and offer strategic advice to lower your tax bill and help you grow your retirement. Contact us today or call us at 1-844-340-1000 for a free, customized cash balance plan illustration or retirement consultation.
A self-directed 401(k) or a self-directed Roth or traditional IRA allows you to invest in alternative investments, such as real estate, using the tax-protected and asset-protected money in your retirement accounts. You can also often get a customized solo (individual) 401(k) plan that allows for such features as the Mega Backdoor Roth IRA process. These solo 401(k)s are not free (see below for those), but if you want/need those features, there is no free option that provides them. Some of the links below are affiliate links.
Carry's Solo 401k offers unmatched flexibility, allowing you to leverage all its benefits without any AUM fees. Transferring from another provider is free, and their intuitive interface, paired with comprehensive onboarding, simple investing flow, and customer support, ensures a seamless experience from start to finish.
Key Features:
There are two plans (you can cancel at any time):
IRA Financial is a leading provider of self-directed retirement accounts, giving individuals the freedom to invest in a wide range of assets within their retirement portfolios. We offer:
Whether you're a real estate investor, business owner, or someone looking to diversify your retirement strategy, IRA Financial provides the tools and support needed to maximize tax benefits and grow your wealth with confidence. Learn more on our website or request a free consultation.
Broad Financial provides self-directed accounts that allow you to place your retirement funds in assets beyond Wall Street. Use your IRA or Solo 401(k) to invest in real estate, cryptocurrency, private business, or almost any asset that the IRS allows. With the added feature of checkbook control, you can invest with breathtaking speed by simply writing a check or sending a wire and avoid asset-based and transaction fees.
Don’t just listen to us, read reviews from our clients.
There are three good choices here, none of which advertise with The White Coat Investor. You can learn more about them and the experience that readers have had with them in the comments section on this post originally published in 2014 or on this more recent post from 2023.
eTrade is a brokerage company that has been around since the late 1990s. At one point, many considered it the top standard solo 401(k) option since it allowed ETF investments through its brokerage feature (many excellent ETFs and even Vanguard mutual funds offered commission-free), Roth contributions, 401(k) loans, and IRA rollovers. However, there have also been complaints about it over the years, especially with regard to botching paperwork and requiring physical forms for things that other companies allow you to do online. eTrade offers a 401(k) loan feature that other brokerages do not.
Fidelity is a privately owned mutual fund and brokerage company which has one of the best reputations of any financial institution out there. The customer service is generally excellent, and the same goes for most of the low-cost funds that Fidelity offers. However, Fidelity does not have a Roth contribution option for its solo 401(k)s, and it also does not permit 401(k) loans.
Schwab is a publicly owned mutual fund and brokerage company with an excellent reputation. Its standard 401(k) allows you to invest in ETFs via its brokerage feature. Like Fidelity, it does not offer 401(k) loans, but, beginning in 2024, Schwab began allowing you to make Roth contributions in your solo 401(k).
Health Savings Accounts (HSAs) are some of the best investing accounts in existence, due to their triple-tax-free nature.
Lively is a high-quality, low-cost HSA provider. You can open an account directly with Lively or you can roll money over once a year from your employer's chosen HSA provider. You can invest the money for the long-term in low-cost, index mutual funds. They also have an excellent feature for tracking your expenses if you're using the “save receipts” strategy.
Fidelity offers a very low-cost HSA where you can buy Fidelity index funds or Vanguard ETFs. It is slightly cheaper than Lively but does not have the same expense-tracking feature.
Tired of limited HSA investment options? With IRA Financial, you can self-direct your HSA into alternative assets—real estate, private funds, and even crypto. You’ll have more control, and more opportunities. Maximize your tax savings and your investment potential with complete flexibility.
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