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.

Small Business/Practice Retirement Plan Providers/Advisors

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.

Emparion

 

iQ401k (Division of FPL Capital Management)

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

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.

 

Self-Directed/Customized Individual 401(k) and Self-Directed IRA Providers

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 Money Solo401K

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:

  • User-Friendly: Intuitive design with easy navigation, featuring calculators, step-by-step guides, and readily available customer support to minimize errors.
  • Versatile Contributions: Make pre-tax, Roth, and optional after-tax contributions.
  • Powerful Tax Strategies: Execute complex strategies like the Mega Backdoor Roth and Backdoor IRAs in just a few clicks.
  • Payroll Integration: Seamless integration with Gusto to set up automated contributions directly from payroll.
  • Investment Flexibility: Invest in a wide range of assets, including stocks, ETFs, startups, real estate, and more.
  • $1500 Tax Credit: Carry Solo 401k plans are eligible for the EACA tax credit (learn more here).
  • Loan Options: Ability to take and repay loans from your Solo 401k.
  • Financial Planning: Access to additional financial planning and the ability to chat with a planner (on their Pro Plan).

There are two plans (you can cancel at any time):

  • Basic – $29/month
  • Professional – $49/month
  • If you’re looking to test the waters, they also offer a $1 trial here.

 

Open a Solo 401(k) with Carry Money Today!

 

IRA Financial

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:

  • Self-Directed IRAs, Checkbook IRAs, and Solo 401(k)s for flexible retirement planning
  • Nearly unlimited investment options that include real estate, private equity, cryptocurrency, and more
  • Easy-to-use platform designed to simplify self-directed investing
  • Expert guidance to navigate IRS regulations, account setup options, and ensure compliance
  • Transparent fee structure with no hidden costs
  • Personalized service to help clients achieve their financial goals

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.

 Open an Account with IRA Financial Today!

 

Broad Financial 

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.

Open a Self-Directed IRA or Solo 401(k) with Broad Financial Today! 

 

 

 

Standard “Free” Solo 401(k) Plan Providers

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.

 

Fidelity

Fidelity is a privately owned mutual fund and brokerage company which has one of the best reputations of any financial instituion 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.

 

Charles Schwab

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).

 

eTrade

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, but some believe that you’d still receive better service at Vanguard.

 

HSA Providers

Health Savings Accounts (HSAs) are some of the best investing accounts in existence, due to their triple-tax-free nature.

Lively

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.

Open an HSA at Lively Today!

 

IRA Financial HSA

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.

 

Open an HSA at IRA Financial Today!

 

 

 

 

Like the entire website, this page contains links that are affiliate links, meaning if you buy products or services from a company after going through these links, we might be paid. Affiliate marketing, like other advertising, supports this website and allows you to access high-quality content for free.

 

 

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