Before I made the transition to the 401(k) and retirement industry, I worked as a dental assistant during my first year of college. While trying to figure out which career path to take, I would often sit down with the dentist and tirelessly ask him questions about his career choice and experience. We often discussed the difficult science classes, student loans, and the long hours of being a dental student.

 

I don’t recall everything that we talked about, but there was one subject that he often spoke of that always irked me; he had never taken any type of finance or business class. Like all dentists, he had gone to school to learn to practice medicine, not to run and manage his business and personal finances. He didn’t understand or even know how to start saving for retirement until it was almost too late. Well into his career, he was forced to extend the amount of years that he had planned on working despite having made a lucrative income his whole career.

 

With pension plans phasing out and Social Security witling away, 401(k) plans are becoming the most common vehicle to save for retirement. A BenefitGuard 401(k) plan is a great fit for any type of business, but it is especially beneficial for a dentist and his or her practice. Here are the reasons why so many dentists choose the BenefitGuard 401(k) solution:

 

We Run Your Plan, You Run Your Practice

 

Owning a Dental practice is no easy feat. It requires a dentist to not only see patients and treat them, but to also wear many hats in running and operating the remainder of the business activities like payroll, supply ordering, hiring, and much more. There is a lot of time and effort that is put into making sure that everything is running as smooth as possible. Often times, retirement planning and benefits are put onto the back burner simply because there isn’t enough time to concentrate on these types of things.

 

BenefitGuard specializes in greatly reducing the workload of setting up and administering a retirement plan. Because we sign and act in the administrative fiduciary roles, we do most, if not all of the work that is associated with running the plan on an ongoing basis. This allows dentists to focus on their normal course of business and save for retirement, while BenefitGuard runs the plan.

 

We Offload Significant Risk

 

On the surface, running a 401(k) plan may seem pretty straight forward and simple: offer the benefit to yourself and your employees and save for retirement. The truth of the matter is that the industry is very complex. Business owners carry quite a bit of risk in running and administering a plan. The IRS and Department of Labor (DOL) oversee the administration of plans, and have plenty of laws and regulations that must be followed. It’s require that every plan assign fiduciaries, or legally responsible persons, to ensure that the administration and oversight of the plan are being done in the best interest of the participants.

 

BenefitGuard offloads 401(k) risk by signing and acting in the plan fiduciary roles. We have yet to find another company that will assume this type of risk. This means that in the case of an employee lawsuit or a DOL audit, BenefitGuard would be the responsible party in handling these issues. Dentists already face substantial amounts of liability by owning and operating a dental practice, supplying a 401(k) plan to employees shouldn’t add to that risk.

 

Designed with You in Mind

 

“Set it and forget it” is sound advice when investing for the long haul, but too many 401(k) providers allow this philosophy to trickle down into their service model. It seems like as 401(k) plans get cheaper, so does the personal service that comes along with it. A BenefitGuard plan is quite different. We offer a plan that is carefully crafted and designed with the customer in mind. We assign designated plan contacts who not only help setup and run the plan, but are also available to answer and solve any questions, concerns, or problems that may arise. We also work closely with financial advisors, payroll providers, and other industry specific service providers to further make the 401(k) experience better for dental practices.

 

Less Cost Means More Money

 

Running a dental practice can be very costly, but that doesn’t mean that your 401(k) plan has to be. Most small business retirement plans are very expensive and contain high fees that are difficult to find and understand. High fees can greatly reduce one’s nest egg, making it very difficult to retire comfortably. Because BenefitGuard is legally bound to act in the best interest of the participants, we offer a plan with low-cost administrative fees, institutionally priced investment options, and no conflicts of interest. Our low-cost model allows you to save 30-60% in comparison to a typical 401(k) offering.

 

More Flexibility to Have It Your Way

 

Every dentist has a very particular way of doing things. They know exactly what they want, and how they want it, right down to the type of floss that they use.  A BenefitGuard 401(k) plan is perfect for dentists because it offers ultimate flexibility in building a plan that matches each and every doctor’s specific needs, wants, and goals. Most providers have a one-size-fits all approach, but not BenefitGuard! We have professionals that help guide each and every business toward the plan that suits their needs best.

 

You don’t need to be a retirement expert to use and understand a BenefitGuard 401(k) Plan. It is no wonder that so many dentists love the BenefitGuard 401(k) plan, because it truly is a solution that offers less cost, less risk, and less work.


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Jordan is a 401(k) Plan Consultant for BenefitGuard. He also is currently studying Accounting and Business Management at Utah Valley University. Outside of work and school his passions include golf, tennis, reading, ping-pong, lifting weights, and especially family.

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