Many of our competitors only offer their clients one plan option for their new businesses: a 401(k) plan. At Benetrends, we don’t believe in cookie-cutter plans. Instead, we help you choose and manage the best plan option to meet your individual needs.
Want to know what one of our competitors says about our custom-designed profit sharing plans vs. a standard 401(k) plan?
In an article written by one of our competitors, this is what was mentioned on the topic:
“Why would you buy a Hummer as a commuter car? It is way more than you would need and very expensive to maintain.”
“Although we could charge a premium to offer a profit-sharing plan, we made a strategic decision to use a 401(k) plan instead because it is our belief it’s in our clients’ best interest.”
To us, it sounds like they are saying, “Yes, a profit-sharing plan is better but it takes too much work and costs too much, and if we offered that, we would have to charge more".
And we agree with most of that.
• Is it better?Yes. • Is it more work? Yes, for the plan administrator, not the client. • Is there a premium charged to get a higher end plan like this?Not necessarily, because we incur most of those added costs. And the money saved in long-term planning will far exceed any added cost.
We understand that one size does not fit all, and we work with our clients to design a plan that works best for their situation.