Watch: Guide to advisor-friendly Solo 401(k) plans with open custody and no platform lock-in

• Advisors maintain full control of their client relationships at their preferred custodian
• No asset-based fees from the plan provider eating into returns
• Complete investment freedom across multiple custodians if desired
• Transparent, flat-fee pricing that remains consistent regardless of account size

Roth and Mega Backdoor Roth

Every plan established through My Solo 401k Financial automatically includes provisions for:

• Roth 401(k) contributions (Employee and Employer)
• Voluntary after-tax contributions enabling Mega Backdoor Roth strategies
• In-plan Roth conversions from Pre-tax to Roth Solo 401k or Voluntary After-tax to Roth Solo 401k
• Roth IRA conversions from after-tax contributions

Multiple Custodian Support

Unlike restricted platforms, you can establish accounts at multiple custodians simultaneously:

• One account for traditional equities at your advisor’s preferred custodian
• Another account for alternative investments like real estate or private placements
• A third account for cryptocurrency at a specialized platform
• Yet another for physical precious metals

Each account operates under the same Solo 401(k) plan documents and EIN, providing unified compliance while maintaining investment diversification.

Comprehensive Compliance Support

As the plan provider, My Solo 401k Financial provides Solo 401k compliance requirements:

• Automatic plan document updates as laws change (SECURE Act, SECURE 2.0, etc.)
• Form 5500-EZ preparation and e-filing once assets exceed $250,000 (clients or advisors simply need to request it in timely fashion)
• 1099-R preparation for distributions, rollovers, and Mega Backdoor Roth conversions (clients or advisors simply need to request it in timely fashion)
• Participant loan documentation if needed
• Rollover assistance from previous retirement accounts

The $1,500 SECURE ACT Tax Credit Advantage

Here’s where the pricing becomes truly compelling: The SECURE Act provides a dollar-for-dollar tax credit of $500 per year for three consecutive years (totaling $1,500) for establishing a new retirement plan (or upgrading an existing plan) with required features.

Every plan established through My Solo 401k Financial automatically includes the required notices and features to qualify for this credit.

To claim the credit, clients simply need to establish the plan and complete Form 8881 when filing their tax return. My Solo 401k Financial provides step-by-step guidance and a deep-dive webinar with an IRS enrolled agent covering exactly how to claim these credits.

Can I maintain my existing custody relationship?

Absolutely. My Solo 401k Financial works seamlessly with advisors at Schwab, Fidelity, Altruist, LPL, Edward Jones, and virtually any other custodian. You maintain complete control of the custody relationship and fee structure with your client.

What if my client wants accounts at multiple custodians?

Not a problem. Clients can establish accounts at multiple custodians under the same plan. For example, one account at your custodian for managed portfolios, and another at a self-directed custodian for alternative investments. Each account uses the same plan documents and EIN for unified compliance.

How do I get started with a client?

The process is streamlined for advisor efficiency:

1. Submit online application at mysolo401k.net (takes about 1 minute)
2. Include advisor information in the “plan name” field to be copied on all communications.  When clients name their plan (“Two Words + Trust,” e.g., Smith Wealth Trust), they can add a note such as: “Smith Wealth Trust — Please copy [Advisor Name] at [email] on all communications.” This keeps you looped into every step of the process without chasing updates.
3. Receive customized documents within the same business day via secure portal
4. Client completes and signs documents at their convenience
5. Choose custodian(s) and establish accounts using plan documents and EIN

The key advantage: Establishing the plan by December 31st locks in all contribution opportunities for the tax year, but account opening and funding can occur throughout the following year by the tax return deadline (including extensions).