So what can your firm do to take advantge of this opportunity? Partner with a firm like Inspira to offer your own Payroll IRA program.
The current landscape of defined contribution and defined benefit plans offered by the retirement industry are not geared toward small businesses. Some firms offer SIMPLE, SEP, and Payroll Deduction IRAs, but many times only as an afterthought.
Some firms have begun to partner with recordkeepers who already specialize in the IRA-based retirement plan space. This partnership allows retirement firms to enter this untapped market without additional software or staffing expense while providing small businesses with an affordable and effective retirement vehicle with the following features not available in a state plan:
FLEXIBILITY: SIMPLE, SEP, or Payroll Deduction IRAs.
PORTABILITY: Full portability puts participant in control.
COST & CONTROL: Low annual fees and no automatic enrollment.
REDUCED LIABILITY: Employer is not a fiduciary.
SUPERIOR EXPERIENCE: Smart online interface and bilingual in-house call center for both employers and individuals.
MORE WAYS TO SAVE: Multiple sources for contributions.
Inspira will help your business create a new revenue stream with a branded Payroll IRA program, include your firms investments and/or Robo-Advice methodology, and charge a low fee to the employer and employee.