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I was with an advisor today that closed an 8m 401k Safe deal today. We had met with the controller a couple of weeks ago; today we had the first meeting with CFO. Most people still have their default option set to go into a money market account because they assume it’s safe. This is what everyone did prior to pension protection act of 2006. It wasn’t a complicated conversation. How many people know what QDIA means? The advisor made it simple. The people in Washington didn’t think it was a good idea for someone that was 25 years old to let their retirement plan money sit in a money market account for 40 years so they simply said if you want the 404c protection you need to invest it. The prospect got it. He also liked the idea that with 401k Safe he no longer had to do a 5500, have a plan audit, administer hardships, loans, withdrawals, or serve as the named sponsor of the plan. It was a short meeting.
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© 2009 401k|SAFE |
Posted on 21:10, March 24th, 2010 by 
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