How are 401ks represented and priced?
With FBO 401Ks, the participants are listed individually in an FA’s client list, and as a result FAs have the ability to report on each participant individually as well as to do Plan reporting (using the Create New Portfolio tool). In addition, Financial Advisors have the ability to enable their Clients to have their own private log-in. For these types of plans, each participant is counted as a “single” client for billing purposes. B) With Omnibus 401Ks, the plan’s Tax ID Number is listed in a Financial Advisor’s client list. While FAs will be able to do Plan reporting, there is currently no individual reporting on the Participant level. In this scenario, the entire plan counts as single client for billing purposes.
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