Best solo 401k provider?

Griv@x

Griv@x

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I currently have a self-directed solo 401k through FuturePlan by Ascensus, but their fees are increasing. I'm considering other options and wondering if anyone has suggestions for a new provider, especially one that offers self-directed accounts.
 
I used to recommend Vanguard, but not anymore since they sold their small business retirement plans to Ascensus.

Between eTrade, Schwab, and Fidelity, only eTrade and Schwab offer Roth options. eTrade is the only one that lets you borrow from your 401k, and it’s the most flexible with rollovers.
When it comes to contributions, eTrade and Fidelity allow you to contribute electronically, but Schwab requires you to either mail or deposit a check at their branch. Alternatively, you can transfer funds to a Schwab brokerage account, then upload your contribution form, include a signed letter, and either call support or use their online chat. I found the online chat to be easy, and they processed my contribution about a week after I made the request.
 
Bleeko99 said:
I used to recommend Vanguard, but not anymore since they sold their small business retirement plans to Ascensus.

Between eTrade, Schwab, and Fidelity, only eTrade and Schwab offer Roth options. eTrade is the only one that lets you borrow from your 401k, and it’s the most flexible with rollovers.
When it comes to contributions, eTrade and Fidelity allow you to contribute electronically, but Schwab requires you to either mail or deposit a check at their branch. Alternatively, you can transfer funds to a Schwab brokerage account, then upload your contribution form, include a signed letter, and either call support or use their online chat. I found the online chat to be easy, and they processed my contribution about a week after I made the request.
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I opened my Schwab brokerage years ago mainly for their checking account, which was (at least back then) the best option available. It offered free checks and refunded ATM fees. Since I already had it, I’m moving my account to Schwab, and with that checking account, making electronic contributions is super easy. They just don’t accept electronic contributions from outside accounts.
Funny enough, I also have a Fidelity account that I barely use and an eTrade account for buying some random Reddit stocks.
 
Quindle9 said:
We've been using Vanguard. Can someone explain, in simple terms, what that means when it comes to selling?
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You can stay with Vanguard, but once the transfer to Ascensus is finished, they’ll begin charging fees. To avoid those fees, it’s better to move to a different brokerage.
 
Frobn!r said:
I know this is an old thread, but I’m considering a solo 401k with eTrade and want to make sure I can at least buy IBIT/FBTC, or even better, MSTR (preferably).
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The whole process is confusing and frustrating. Good luck with your journey! Sounds like you’ve been listening to James. I opened a solo Roth with CarryMoney (wouldn’t recommend it). It doesn’t allow options, so I had to open a solo 401k Roth checking with Solera. Now I’m looking for a brokerage that will let me connect my EIN solo account for trading above level 2. It’s a total mess.
 
Dravik_88 said:
The whole process is confusing and frustrating. Good luck with your journey! Sounds like you’ve been listening to James. I opened a solo Roth with CarryMoney (wouldn’t recommend it). It doesn’t allow options, so I had to open a solo 401k Roth checking with Solera. Now I’m looking for a brokerage that will let me connect my EIN solo account for trading above level 2. It’s a total mess.
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Yep, I forgot to mention that I’d also like to wheel CSP and CCS. There’s very little information available; all I can find is just an application on eTrade.
 
Frobn!r said:
Yep, I forgot to mention that I’d also like to wheel CSP and CCS. There’s very little information available; all I can find is just an application on eTrade.
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Don’t just fill out an application with a brokerage, or Uncle Sam will come after you. You need the proper paperwork. Check out Mark Kohler or Nabers, and also give Solera Bank a call.
 
With the eTrade solo 401k, how do you manage the issue that you can’t deposit money and separate it into employee salary deferral and company profit sharing? Other brokerages seem to handle this differently. I’m having trouble finding an answer and wondering how others handle it.

Bleeko99 said:
I used to recommend Vanguard, but not anymore since they sold their small business retirement plans to Ascensus.

Between eTrade, Schwab, and Fidelity, only eTrade and Schwab offer Roth options. eTrade is the only one that lets you borrow from your 401k, and it’s the most flexible with rollovers.
When it comes to contributions, eTrade and Fidelity allow you to contribute electronically, but Schwab requires you to either mail or deposit a check at their branch. Alternatively, you can transfer funds to a Schwab brokerage account, then upload your contribution form, include a signed letter, and either call support or use their online chat. I found the online chat to be easy, and they processed my contribution about a week after I made the request.
Click to expand...
 
Blimzak77 said:
For the eTrade solo 401k, how do you manage the fact that you can’t deposit money and specify what portion is employee salary deferral and what’s company profit sharing? Other brokerages seem to handle this, but I’m having trouble finding an answer. I’m curious what others do in this situation.
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It’s probably best to call their support number. I’ve only worked with Schwab, so I don’t have direct experience with eTrade.
 
I’ve got a self-directed 401k through mysolo401k.net and Fidelity. They’re good with the paperwork, but I’m the one who has to manage everything else.
Griv@x said:
I currently have a self-directed solo 401k through FuturePlan by Ascensus, but their fees are increasing. I'm considering other options and wondering if anyone has suggestions for a new provider, especially one that offers self-directed accounts.
Click to expand...
 
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