1How does the The Social 401K work with Advisors?
The Social 401K will direct plan participants that want investment / financial planning advice to advisors.
Advisors will have a relationship directly with the plan participant. The Social 401K Plan places no restrictions you how you do that.
Advisors will have a relationship directly with the plan participant. The Social 401K Plan places no restrictions you how you do that.
2How do I get connected with Plan Participants?
Through our platform, plan participants will schedule an initial 30 minute consultation session (for a fee which is conveyed to you). If both parties wish to continue the relationship, you would propose a fee structure to the plan participant.
3What will the initial consultation look like?
We prefer advisors that are financial educators & planners, not stock market investment alpha generation players. Sure, we advisors like playing that game, but it's usually not what people need or want. 90% of money managers underperform the index. There are so many easier ways to deliver value as an advisor! We believe the main thing you your clients want from you is to answer the question, "Am I going to be okay? Can I live the type of life I want to live?" That’s it. That’s the job.
You should be prepared to discuss topics like:
getting your expense tracking started and reviewing your budget
getting started investing into the 401K
reviewing your investment accounts to make sure you’re properly invested for your goals
talking through your tax situation and how the new tax laws may affect you individually
reviewing your employee benefits to make sure you’re taking full advantage
putting together cash flow projections for your freelance income
talking through how plan for quitting your job, transitioning into a new one, or freelancing full time
calling a financial institution together
reviewing your credit score together and discussing how to improve it
buying your first home
You should be prepared to discuss topics like:
4Investments Available
The core 401K plan offerings are limited to low cost index funds and curated ESG funds. The entire universe of the Schwab brokerage platform is available through their Personal Choice Retirement Account feature.
As an advisor, you'll be able to work with nearly every publicly traded security / asset. 401K participants can also invest in non-publicly traded assets as well!
As an advisor, you'll be able to work with nearly every publicly traded security / asset. 401K participants can also invest in non-publicly traded assets as well!