After Vanguard what’s the best place to open a solo 401k?

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masonstone
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Joined: Thu Feb 01, 2018 4:01 pm

After Vanguard what’s the best place to open a solo 401k?

Post by masonstone » Thu Nov 14, 2019 9:45 pm

After Vanguard what’s the best place to open a solo 401k? I can’t open it with Vanguard because they don’t allow transfers from SEP-IRA.

Fidelity and Charles Schwab both require contributions by check which is cumbersome.

lakpr
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Joined: Fri Mar 18, 2011 9:59 am

Re: After Vanguard what’s the best place to open a solo 401k?

Post by lakpr » Thu Nov 14, 2019 9:49 pm

E*Trade.

Their prototype 401k plan allows both Traditional and Roth contributions as employee (unlike Fidelity), rollovers from external tax deferred sources (unlike Vanguard), and also allows In Plan Roth Conversion so you can do some last minute tax planning and fine tuning (unique!)

Topic Author
masonstone
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Joined: Thu Feb 01, 2018 4:01 pm

Re: After Vanguard what’s the best place to open a solo 401k?

Post by masonstone » Thu Nov 14, 2019 9:50 pm

lakpr wrote:
Thu Nov 14, 2019 9:49 pm
E*Trade.

Their prototype 401k plan allows both Traditional and Roth contributions as employee (unlike Fidelity), rollovers from external tax deferred sources (unlike Vanguard), and also allows In Plan Roth Conversion so you can do some last minute tax planning and fine tuning (unique!)
Do they have low cost index funds?

HomeStretch
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Re: After Vanguard what’s the best place to open a solo 401k?

Post by HomeStretch » Thu Nov 14, 2019 9:51 pm

I like my Fidelity Solo 401k and drop off a check (in return for a free water) at a nearby office that I pass by regularly.

No experience with E*Trade, but I am considering amending my plan to move to E*Trade for the ability to do Roth deferrals and in-plan Roth rollovers. They have no trading fees on Vanguard ETFs like VTI.

Spedward
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Re: After Vanguard what’s the best place to open a solo 401k?

Post by Spedward » Thu Nov 14, 2019 9:53 pm

My wife has her solo 401(k) at fidelity. Agreed it is most defiantly a pain, but I only complain about it once a year when we make the deposit. Other than that super easy. The main reason we went with fidelity is because our brokerage a Roth IRAs are there and have been for 15+ years. For me, switching firms (or just having the solo at a different firm) would be a bigger pain. Writing a check once in a while keep me on my toes. Plus it typically a nice walk through the city in spring time to the fidelity office at lunch to deposit after being cooped up in the office all winter.

lakpr
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Joined: Fri Mar 18, 2011 9:59 am

Re: After Vanguard what’s the best place to open a solo 401k?

Post by lakpr » Thu Nov 14, 2019 9:55 pm

masonstone wrote: Do they have low cost index funds?
HomeStretch answered it already. You can trade ETFs from Vanguard for no fee

Topic Author
masonstone
Posts: 498
Joined: Thu Feb 01, 2018 4:01 pm

Re: After Vanguard what’s the best place to open a solo 401k?

Post by masonstone » Thu Nov 14, 2019 10:02 pm

lakpr wrote:
Thu Nov 14, 2019 9:55 pm
masonstone wrote: Do they have low cost index funds?
HomeStretch answered it already. You can trade ETFs from Vanguard for no fee
Does Etrade allow automatic reinvesting of dividends into vanguard ETFs?

lakpr
Posts: 3037
Joined: Fri Mar 18, 2011 9:59 am

Re: After Vanguard what’s the best place to open a solo 401k?

Post by lakpr » Thu Nov 14, 2019 10:06 pm

masonstone wrote:
Thu Nov 14, 2019 10:02 pm
lakpr wrote:
Thu Nov 14, 2019 9:55 pm
masonstone wrote: Do they have low cost index funds?
HomeStretch answered it already. You can trade ETFs from Vanguard for no fee
Does Etrade allow automatic reinvesting of dividends into vanguard ETFs?
That I do not know! I do not own any business, not self employed. Perhaps call them?

Luckywon
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Joined: Tue Mar 28, 2017 10:33 am

Re: After Vanguard what’s the best place to open a solo 401k?

Post by Luckywon » Thu Nov 14, 2019 10:42 pm

masonstone wrote:
Thu Nov 14, 2019 10:02 pm
lakpr wrote:
Thu Nov 14, 2019 9:55 pm
masonstone wrote: Do they have low cost index funds?
HomeStretch answered it already. You can trade ETFs from Vanguard for no fee
Does Etrade allow automatic reinvesting of dividends into vanguard ETFs?
Yes they do, from personal experience.

livesoft
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Joined: Thu Mar 01, 2007 8:00 pm

Re: After Vanguard what’s the best place to open a solo 401k?

Post by livesoft » Thu Nov 14, 2019 10:45 pm

I've had a solo 401(k) at TDAmeritrade.com for about 4 years now.

I only add money to it via a check in person when I go grocery shopping, so I don't know if they take deposits in other ways.

TDAmeritrade has no commission ETFs including Vanguard ETFs and has dividend reinvestment on almost anything.
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