Demographic 8 Physician/Owners-1 Practice Manager
Solution: In order to achieve the clients' goals, the plan was redesigned to be a "Class Based" Profit Sharing/401(k) Plan to maximize contributions. To lower costs, an "Open Architecture" record keeping Platform (no revenue sharing/12b-1 fees) was implemented.
Additional "tax saving" option: Add "Cash Balance" Plan which would dramatically increase owner's contribution allocation.
Demographic: 240 employees, both full-time and part-time
Solution: Transfer assets to record keeper with strong governmental experience and mobile technology. Other features included advanced employee education using an "Open Architecture" mutual fund platform. HR hired a new payroll provider with robust HR module/360 integration with record keeper.
The Prizant Group takes overall control of education and continual financial support for employees on an individual /group basis. 50% savings on lower cost mutual funds, record keeping/TPA compliance.
Demographic: A 20 employee technology start-up wanted to offer a cost-effective, 401(k) to their employees. One of the requirements was to ensure that the participants had anytime access through their mobile device. A second requirement was to ensure that payroll was integrated with the platform.
Our search was to find a low cost and reputable provider that offers mobile ready technology with payroll integration. This technology is relatively new and recent entries into the plan start-up arena appeared to be promising. After lengthy discussions with multiple vendors and hours of website/mobile application demos; The Prizant Group recommended 3 record keepers to the client. The selected vendor was able to have the plan "up and running" by the first of the year and it has been operating smoothly ever since.
Demographic: Advertising firm with 1 owner and 9 employees.
With our marketplace expertise, we knew the plan was significantly overpriced. We analyzed the entire plan for design changes, costs, and investment options. We prepared a full cost benefit analysis using multiple alternative record keepers. Ultimately we were successful in helping the client select a new provider that resulted in dramatic cost savings.
Important Disclaimer: “These hypothetical case studies are provided for illustrative purposes only and do not represent an actual client or an actual client’s experience, but rather are meant to provide an example of the Firm’s process and methodology. An individual’s experience may vary based on his or her individual circumstances. There can be no assurance that the Firm will be able to achieve similar results in comparable situations. No portion of this article is to be interpreted as a testimonial or endorsement of the Firm’s investment advisory services and it is not known whether the hypothetical clients referenced approve of the Firm or its services