Many people sign up for their deferred comp account, or 403b Annuity, or sign up for their 401k account at work…and then never make any changes.
Yes, you CAN make changes inside your 401k account, and in your 403B Annuity, and in your Section 457 Deferred Comp Account at work!
Here is what to do:
- We need a copy of the mutual funds in your 401(k) account at work. You may fax this list to us, or e-mail this list.
Please note, we do not need to see your actual statement! We need the choices available to you in your retirement account at work, so we can begin to chart the choices available to you in your 401k account. once we have completed reviewing the choices available in your 401k account, we will contact you and tell you exactly which funds you need to own, right now, in your 401k at work.
How much does this cost?
- Our fee is based on the value of your account. We are required to send you our fee schedule before any work is ever begun.
- In many cases, our fees began at 1% per year and go down, as your account balance grows.
- We send you an invoice each quarter for the balance due, and you can pay by check, credit card — or even PayPal.
By the way, since the invoice we send you is strictly “fees for investment advice” you may be able to include this fee in your itemized inductions — but check with your accountant for your own situation.
What happens when a change needs to be made in my account?
- Most of our agreements are on a discretionary basis, when it is time to make a change in your 401(k) account, we will log in to your account and make the change.
- You will be notified by your 401(k) administrator. When a change has been made (depending on how your account settings work, this may be by e-mail or letter).
How will you decide when it is time to make a change?
- We use the same point and figure charting approach for 401(k) clients, as we do with all of our clients.
- Feel free to review these sections of our website regarding point and figure charting, and how we manage money for our clients.
How do I know you’re not Bernie Madoff?
This is a question we get asked more and more. Our clients have learned how difficult it is to withdraw money from their own 401(k) account at work. It is extremely difficult for you to gain access to your own money! Usually, to withdraw money from a retirement account at work — like a deferred compensation account, 403 be annuity, or a 401(k) account — you need to file for a loan or hardship withdrawal. Incidentally, one of the biggest problems involving the Madoff case is the fact Madoff owned an investment advisory firm — and a brokerage firm. We feel it is essential that individual investors (including 401(k) account holders) work with an independent advisor and brokerage firm.
What Do I Do Now?
- Contact Mullooly Asset Management at 732-223-9000, have the investment options available in your 401k at work available.
- Spend 1:47 and see what others find when they type these questions into Google.