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Do I need a financial advisor?
Old 04-30-2016, 06:30 AM   #1
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Do I need a financial advisor?

I'm one of three owners of an LLC. We would like to set up some sort of a retirement account (either SEP, Solo401k, 401k, etc.). I feel like we need an expert to advise us on which of these accounts is best suitable for us. Should I look for a financial advisor or a tax advisor?

Quick facts about LLC:

--Currently operated by two owners, no employees. May add employees in the coming years.

--Each owner, including myself who does not work in the day to day, would like to max out contributions to retirement accounts. I also have 401k and profit sharing at my job that I fully max out.

Thanks for your thoughts.




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Do I need a financial advisor?
Old 04-30-2016, 07:03 AM   #2
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Do I need a financial advisor?

The first place I'd look is Vanguard. It is unique in the investing world as a kind of coop owned by the customers who buy the funds. Therefore, they are the only company that has the incentive to make costs as low as possible, which is a huge part of success for individuals investing for retirement. It must be a model that works because it is also the largest provider of mutual funds. If Vanguard will accept your small company, you won't go wrong because the best decisions an investor can make are baked into their DNA and business model and most of the worst mistakes weeded out. Good luck.
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Old 04-30-2016, 07:08 AM   #3
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My opinion (and I am sure others think different) is that you should talk to a retirement specialist...

I know Fidelity has some that will come out, but it does make a difference on how much money is in play... the Sub S where I worked had 25 employees and they sent two people and gave us great service... but, we were only looking at 401(k)....


If you go with a FA, make sure that they are not receiving any compensation from the company they recommend, unless they tell you up front... the decisions on which service provider etc. can make a big different in fees... and guess who pays those fees


Edit.... just noticed the previous post... Vanguard is also good, but for 401(k) you need to be pretty big for them to talk to you... I am sure they will talk about the other options...
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Old 04-30-2016, 07:26 AM   #4
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Quote:
Originally Posted by Legally_dead View Post
I'm one of three owners of an LLC. We would like to set up some sort of a retirement account (either SEP, Solo401k, 401k, etc.). I feel like we need an expert to advise us on which of these accounts is best suitable for us. Should I look for a financial advisor or a tax advisor
I went to a Fidelity office. They helped me fill out the forms for my S-Corp SEP IRA. It was free.
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