New Program Helps Advisors With Retirement Planning

May 29, 2021

Advisors who would like assistance in consulting on 401(k) plans—particularly for small employers—can work with the newly launched 401KInABox, which was created by retirement consultant Lee Bachu.

The new firm, based in Ellicott, Md., handles the administrative and compliance requirements for advisors who want to work with employers on retirement plans, Bachu said in an interview today.

“Advisors want a solution that is cost effective, easy to use, and lets them remain in control,” Bachu said. “401KInABox lets the advisor bring his or her investment lineup to the plan and use whatever record keeper he or she wants. It simplifies the process of advising employers on employee retirement plans.”

Providing a 401(k) retirement plan, with matching money from the employer, can help small employers compete with larger companies for talented employees, she added. 401KInABox has an initial fee of $250 and a yearly fee of $250. It is designed for advisors who already are advising on retirement plans or those who want to tap into this market. The program handles the administration of the employee contributions and the matching amounts from the employer, Bachu said.

In the retirement plan market today, “it is the smaller employer plans that are ignored, while these are often the clients needing the most help and guidance,” she said. “401KInABox is a third-party advisor solution built to eliminate the burden advisors often experience while working on small plans. What you get is simplified administration making retirement plans easy for employers and advisors, while offering the lowest in administration cost the industry has ever seen.”

The platform features a portal for managing plans and an entirely web-based sign-up, on-boarding and payment experience. The program offers assistance on solo 401(k) plans, safe harbor 401(k) plans, and small business profit-sharing and cash balance plans.

Before launching her company, Bachu founded and presided over the regional MGA Pension Consultants for nearly 20 years before becoming CEO of United Retirement Plan Consultants from 2016 until its sale in 2019 to Ascensus. She was appointed to be chairwoman of the Maryland Commission for Women, which works on anti-discrimination and women’s issues.

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