MySolo401k provides self-directed retirement accounts which includes ROBS 401k plans. They service small business owners, aspiring entrepreneurs and alternative investors. We compiled available MySolo401k reviews from around the web to determine what their customers think about the company.
MySolo401k Customer Reviews
Summary of MySolo401k Reviews
We looked around the web and found that MySolo401k has mostly positive ratings with a significant number of reviews on BBB and Yelp. Here’s what we found:
What MySolo401k does well:
MySolo401k has great customer service that is known to help their clients every step of the way. The owners of the company are also known for being hands-on in their clients’ financing journey.
What MySolo401k does not do well:
Unlike other ROBS providers, MySolo401k has no option for cancellation of service, once you’re up and running, stated anywhere on their website. They advise against it due to IRS conflicts that may arise, but if you want to back out quickly they do offer a full money back guarantee within 7 days.
Most Helpful Positive User Reviews
One positive reviewers on Yelp said that he and his wife had no idea what direction they were going in when they started. With the help of MySolo401k’s customer service team and their agent, they were able to go in the direction that was right for them.
Most Helpful Negative User Review
At the time of writing this article, we were unable to find any negative user reviews on the service.
MySolo401k has an initial setup fee of $4,000, and an annual fee of $899 after the first year. There is an additional fee of $75 for each employee after the first 10 employees.
|401k Self Starter Plan|
|Initial Setup Fee||$4,000|
($500 discount for veterans)
|First Year Fee||Waived|
|Annual Fee After First Year||$899|
(Additional $75 for each employee after 10)
|Wait Time for Funds||2-3 Weeks|
|Will the firm help in the case of an audit?||Yes|
|Outside counsel in case of an audit||Included|
MySolo401k rates are quite competitive even though some users find the annual payment terms a burden.
It’s worth noting that you can continue to save up for your retirement by making annual tax-deductible contributions. There are also various options to fund your business with MySolo401k such as your 401k, IRA, or other retirement funds.