No Platform Lock-In: The Best Solo 401k Built for RIAs

Are you a registered investment advisor (RIA) looking for a Solo 401k solution that doesn’t force you into platform lock-in? At My Solo 401k Financial, we’ve built the most advanced Solo 401k plan specifically designed to work seamlessly with RIAs and their self-employed clients—without requiring you to give up custody of client assets.

In today’s competitive advisory landscape, solopreneurs and self-employed professionals need more than basic retirement plans. They need access to Mega Backdoor Roth contributions, $1,500 in tax credits, Solo 401k loans, alternative investments, and comprehensive compliance support. Most importantly, they want to work with their advisor—not be forced onto a provider’s proprietary platform.

That’s where My Solo 401k Financial comes in. We offer an open custody structure that’s 100% compatible with your existing custodian, whether that’s Altruist, Schwab Institutional, Fidelity Institutional, LPL Financial, or any other custodian you prefer.

What Makes My Solo 401k Financial Different?

We understand that as an RIA, you’ve worked hard to build relationships with your clients and establish efficient workflows with your custodian. The last thing you need is a retirement plan provider that disrupts those relationships by forcing clients onto a proprietary platform.

Here’s what sets us apart:

The Open Custody Advantage for RIAs

Our open custody model means we’re completely neutral about where client accounts are held. We focus exclusively on what we do best: providing the most advanced Solo 401k plan documents and comprehensive compliance support.

Documents First, Custodian Second

Here’s how our streamlined process works:

1. Application: The advisor or client completes our simple one-minute Solo 401k application. Pro tip: Include the advisor’s name and email address to ensure everyone stays in the loop.
2. Documents Delivered Same Day: Once payment is made, we email the customized plan documents the same business day via a link to our secure portal.
3. Sign and Upload: The client signs the pre-filled documents (we show exactly where to sign) and uploads the signature pages through a secure link.
4. Choose Your Custodian: The advisor and client select their preferred custodian from a dropdown menu—whether that’s Altruist, Schwab Institutional, Fidelity Institutional, or others.
5. We Guide Account Opening: We provide guidance and even prepare paperwork needed to open accounts at your custodian of choice.

Who Qualifies for a Solo 401k?

Before recommending a Solo 401k to clients, it’s essential to verify they meet the eligibility requirements. A Solo 401k is designed for owner-only businesses—solopreneurs, freelancers, consultants, and self-employed professionals.

Eligibility Requirements

Top Features That Make Our Solo 401k Stand Out

When your self-employed clients need more than a basic retirement plan, they need access to these advanced features. My Solo 401k Financial was the first provider to offer Mega Backdoor Roth for Solo 401k plans and the first to offer plans eligible for the $1,500 tax credits. Here’s what’s available:

1. Mega Backdoor Roth Solo 401k Contributions

The Mega Backdoor Roth strategy allows your clients to contribute substantial after-tax dollars to their Solo 401k and convert them to Roth—creating tax-free growth potential on amounts far beyond traditional Roth IRA limits.

This strategy is particularly valuable for high-earning solopreneurs who want to supercharge their Roth savings beyond the traditional $7,500 2026 Roth IRA limit.

2. $1,500 in Solo 401k Tax Credits

Thanks to the SECURE Act, small businesses can claim $500 per year for three consecutive years ($1,500 total) just for having a qualified retirement plan with an auto-enrollment feature. Our plan qualifies, and clients can opt out of the default 3% contribution while still claiming the full credit.

3. Solo 401k Participant Loans

Unlike IRAs, Solo 401k plans can offer participant loans. This feature allows your clients to borrow from their retirement account for any purpose—personal or business—without taxes or penalties, as long as they follow the loan terms.

Loan Terms:

• Borrow up to 50% of the account balance, not exceeding $50,000
• Repayment over a 5-year term with monthly or quarterly payments
• Interest rate: Prime + 1% or CD rate + 2%
• Payments include equal principal and interest
• We prepare all loan documents at no additional charge

This feature provides liquidity without triggering a taxable distribution—a powerful financial planning tool for solopreneurs who may need to access funds for business opportunities or personal needs.

4. Alternative Investments

Our Solo 401k plan is designed to support alternative investments, giving your clients the flexibility to diversify beyond traditional stocks and bonds:

• Real Estate: Purchase rental properties, land, or commercial real estate
• Cryptocurrency: Bitcoin, Ethereum, and other digital assets
• Private Equity: Invest in private companies or startups
• Precious Metals: Gold, silver, platinum, and palladium
• Private Lending: Make loans to individuals or businesses

5. Roth Conversions

Clients can perform in-plan Roth conversions, transferring funds from their pre-tax Solo 401k account to their Roth Solo 401k account. This strategy may be useful during lower-income years or as part of long-term tax planning.

Comprehensive Compliance Support Included

One of the biggest challenges with Solo 401k plans is staying compliant with IRS requirements. Late filings or missed requirements can result in significant penalties. That’s why we include full compliance support at no additional charge.

Form 5500-EZ Filing Support

When a Solo 401k plan exceeds $250,000 in assets, the IRS requires an annual informational filing called Form 5500-EZ. Under the SECURE Act, penalties for late filing increased dramatically to $250 per day—meaning just a few weeks delay can cost thousands of dollars.

What we do for you:

• Prepare the Form 5500-EZ on your behalf
• File electronically through the IRS electronically filing EFAST system
• Charge no additional fees for this service

Form 1099-R Support

A Form 1099-R is required whenever there’s a reportable event involving the Solo 401k, such as:

• In-plan Roth conversions (including Mega Backdoor Roth conversions)
• Distributions from the plan
• Rollovers to another retirement account

We prepare and file Form 1099-R for your clients at no additional charge. Clients or advisors just need let us know when a reportable event occurs since we don’t have access to the accounts.

Getting Started: Simple 3-Step Process

Setting up a Solo 401k with My Solo 401k Financial is straightforward and designed to be advisor-friendly:

The Bottom Line: Best Solo 401k for RIAs

As a registered investment advisor, you shouldn’t have to choose between offering your self-employed clients an advanced Solo 401k and maintaining custody of their assets. With My Solo 401k Financial, you get both.

Our open custody model means no platform lock-in, no forced account transfers, and no disruption to your existing workflows. You continue managing client assets at your custodian of choice—Altruist, Schwab Institutional, Fidelity Institutional, LPL Financial, or anywhere else you prefer.

Meanwhile, your clients get access to industry-leading features including:

• ✅ Mega Backdoor Roth contributions up to $72,000 (or MORE if 50+) for 2026
• ✅ $1,500 in tax credits that more than covers our fees for the first seven years
• ✅ Solo 401k loans for penalty-free access to funds
• ✅ Alternative investments in real estate, crypto, and more
• ✅ Solo 401k compliance support including Form 5500-EZ and 1099-R filing

We’re the leading Solo 401k provider focused exclusively on delivering documents and compliance while letting you and your custodian do what you do best.