Need help finding a 401K custdian/investment platform that knows what a ROBS is
Need help finding a 401K custodian/investment platform that knows what a ROBS is and how to handle it. Guidant has been no help at all.
Thanks for your question. It sounds like you’re trying to find the right custodian to oversee your company 401k plan. I’m sorry that you’ve had some difficulties finding one that seems intelligent with ROBS. I don’t think that the key is to find the right firm with experience in ROBS, but to find the right individuals within that firm (if you’re looking for this experience). Most of the large custodian banks likely have plenty of experience with ROBS, but you just have to get to the account managers that have it.
For instance, Wells Fargo, Bank of America, JPMorgan Chase, TD Ameritrade, Fidelity, Schwab, T. Rowe Price, etc. can all be a 401k custodian. Any of them work with your ROBS, and likely have experience with a company using a ROBS.
Keep in mind that your custodian won’t be doing anything different because you’re using a ROBS. They’ll still be managing the investments of the company 401k plan. The ROBS rules come into play away from the management of those investments, so I wouldn’t worry too much about a ROBS expert at your 401k custodian company, and more on what kinds of returns they can get for your employees.