Re-Imagining the 401k for Small Businesses
Based on feedback from financial advisors, we have enhanced our 401(k) product.
This series of moves gives growing businesses access to world class 401(k) features that were previously available exclusively to large corporations. The enhancements include:
Access to one of the industry’s most comprehensive suite of retirement income projection tools via its website
A dedicated relationship manager for every advisor and plan sponsor to offer personalized service and accountability
A simplified fee schedule to promote understanding and transparency
Assistance for plan sponsors who do not want to be burdened with the task of uploading payroll every pay period
A mobile app for participants to view their accounts from anywhere
In conjunction with these product changes, our team has also revitalized our corporate identity to better articulate the ability to use technology to provide leading edge service to growing enterprises.
Through a partnership with Fingage, an SEC Registered Investment Advisor, LT Trust can now provide a participant’s projected monthly retirement income through an online dashboard. Additionally, participants can see the percentage of their retirement income goal they are on track to achieve, along with their expected monthly shortfall. Through intuitive and interactive calculators, participants can estimate the impact of retirement planning decisions on their expected assets at retirement and how long their retirement savings are expected to last.
David Hopkins, a financial advisor with Wisconsin-based Woita & Associates said,
“We have plans with several of the largest recordkeepers in the industry, and we think LT Trust’s retirement income solution is as good as any that we have seen.”
A plan may also add Fingage’s Managed Account solution for a small fee. Samer Habl, CEO of Fingage commented,
“Our managed account solution provides access to an institutional investment discipline that was previously cost prohibitive to the small plan market. By leveling this nominal fee across all plan participants, we foresee a significant increase in the number of participants electing to use the service, resulting in a workforce better prepared for retirement.”
About Us
Headquartered in Denver, CO, LT Trust provides 401(k) trust and custodial services to growing business in all 50 states. By offering access to almost 30,000 investment options, LT Trust enables its advisors to construct best of breed fund lineups without imposing any product requirements. LT Trust administered over 4,900 retirement plans with over $4.6B in assets as of 1/1/2020.