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401(k) Advice with "Plan Confidence"

401(k) plans - also known as employer-sponsored plans - provide an employee the opportunity to save money for retirement. Within the 401(k) plan are various investment options to consider along with many other benefits that are sometimes complex and difficult to understand. It is important to know how your employer-sponsored plan works in order to fully maximize your participation in your company’s 401(k) plan. However, while most companies offer employer-sponsored programs, they will NOT offer 401(k) guidance and advice. That responsibility falls on you - the employee.

It's the employee's responsibility to learn and understand what's involved with these types of retirement accounts and the important role they play in their overall financial plan. Whether you've just secured your first employment or switched to another employer, it's essential to educate yourself with your company’s retirement savings plan. So what is 401(k) guidance and advice, and who needs it? More importantly, why is it essential?

Proper 401(k) guidance and advice involves working with a wealth advisory firm that reviews, understands the benefits of, assesses the investment options available, and ultimately provides guidance on how to best contribute and allocate funds within your company’s 401(k) plan.

You can enroll in our Plan Confidence© program to receive monthly 401(k) advice and help maximize the benefits your retirement savings plan offers. Our goal is to help educate you on your company’s retirement savings plan, but more importantly, implement a diversified investment portfolio within your 401(k) plan designed to meet your tolerance for risk and retirement goals.

Plan Confidence™ Program

Plan Confidence™ is designed for anyone seeking investment guidance and advice with their 401(k) and employer-sponsored plans. We created the program for all Padilla Wealth management clients, who'll get a "Discovery Meeting" with experienced wealth advisors.

The program offers advice and guidance regarding specific investment options within an employee's employer-sponsored plan. During the discovery meeting, clients will discuss their needs with the experts.

Clients will also gain insights into the process of implementing suggested allocations. Everyone has unique needs, so the discovery phase focuses on customizing the service to provide informed advice. Here's a look at what the Plan Confidence™ program offers:

  • Monthly Insights: On the first of each month, clients will receive personalized guidance on allocating contributions and rebalancing their portfolios.
  • Portfolio Management: Plan Confidence™ offers portfolio management services at a reduced fee because clients don't have to move their plan assets.

Plan Confidence™ Subscriptions

Padilla Wealth Management has unique plans, so you can focus on allocations in your employer-sponsored program. The experts will advise clients via the Plan Confidence™ account. The three subscription plans include:

a) Plan Confidence™ Basic

This plan is for employees seeking basic guidance and advice on allocating funds within their 401(k) and other employer-sponsored savings programs. Clients will access Riskalyze to set up a meeting and receive a 30-minute investment conference call.

b) Plan Confidence™ Pro

This plan offers everything in the basic subscription and professional investment advice. Clients will receive an annual in-person financial and retirement planning meeting. The program also provides access to wealth management software like Riskalyze and eMoney.

c) Plan Confidence™ Premium

This plan is for clients seeking all-inclusive financial planning guidance. It's an in-depth program covering everything in the basic and pro packages and extras like quarterly meetings. The program comprehensively exhausts financial management, real estate, college planning, retirement planning, 401(k), and more. Clients also get access to the Black Diamond Wealth Platform.

Why 401(k) Advice is Important

Unless you are a financial expert with practice in 401(k) and employer-sponsored programs, you need professional advice from someone in that field. 401(k) advice is precisely what the phrase suggests; advice concerning 401(k) savings and options. The top benefits of getting your 401(k) monthly advice include:

  • Expert Insights – Clients will get insights from experienced financial advisors with several years in the trade. You can leverage their expertise to make the best decisions for your 401(k) savings.
  • Save More – The goal of 401(k) is to save more funds for your retirement needs. A financial advisor can examine your retirement goals and current financial backing to identify the best ways to grow your savings.
  • Tax Benefits – You can make tax-informed decisions to avoid unnecessary taxes on your hard-earned income. Traditional 401(k) accounts are pre-tax and result in lower taxable income, but you still need to avoid extra fees.
  • Grow Portfolio – Saving for retirement doesn't have to be a case of all eggs in the same basket. You can diversify the portfolio and balance allocations to grow your income using expert advice personalized to your goals and needs.

There are many benefits to 401(k) monthly advice via programs like Plan Confidence™. Employees seeking more control over their savings and those who intend to maximize employer-sponsored programs need professional advice.

Involving financial advisors specializing in retirement planning and employer-sponsored plans eliminates guesswork, doubts, and worry. You'll know what's needed to do to achieve your savings goals and grow your portfolio.

Working with a Professional Advisor

Working with a Professional Advisor

Professional financial advisors have the experience and tools to assess and determine the best solutions for different situations. Whether you seek a retirement plan or regular advice on portfolio allocations, it's crucial not to navigate the complicated process alone. Take advantage of Padilla Wealth Management's complementary consultation to find out more about Plan Confidence™ and other assistance programs.

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