401(k) Financial Advisors for your Retirement Solutions

With remote work trends accelerating and a highly skilled labor shortage, companies compete aggressively for the best talent. One of the best ways to attract top talent and retain key employees is by offering an attractive retirement plan such as a 401(k) or defined benefit plan. At TrueNorth Wealth, we help our business owner clients and physician groups create plans that work for them and their employees.

While retirement plans can help you maintain and attract quality employees, they can also create a tax shelter, allowing you to save vast amounts on your tax bill each year. That said, it’s essential to design a plan that fits your unique company and financial situation, so it is often best to work with a fiduciary financial planner during the process.

TrueNorth Wealth is among the top financial firms in Utah and Idaho, with offices located in Salt Lake City, Logan, St. George, and Boise. At TrueNorth Wealth, we ensure that our business owner clients and physician groups have a retirement solution in place that attracts and retains key employees while creating tangible tax savings now.

What you can expect from your Retirement Solutions team.

Our team started TrueNorth Retirement Services with the sole purpose of strengthening your business through a custom retirement solution designed specifically for you. Our team of retirement experts are fiduciaries, so you can rest assured that your plan is designed based on what is best for you at all times.

Several different plan options are available, depending on your unique business structure, cash flow, number of employees, and more.

  • Defined Contribution Plans. Defined contribution plans are the most common type of retirement plan and include 401(k)s, 403(b)s, and 457 plans. Both the employee and the employer can contribute to these various accounts, creating an opportunity to design a matching incentive for your employees.
  • Defined Benefit Plans. A defined benefit plan, commonly referred to as a pension, designates a fixed amount that an employee will receive in retirement, based on their compensation and years of service. These plan types come with many unique features and are often viewed more favorably by employees, as they come with a high level of certainty.
  • Cash Balance Plans. A cash balance plan combines the defined benefit and contribution plans, creating a plan with many unique features. For example, rather than creating a benefit amount based on salary and years of service, cash balance plans work on a “credit” system, where eligible employees receive a credit or a percentage of their salary each year. Then, the credit they’ve earned, plus a set interest rate, is applied to the fund’s balance year after year.
  • Tax-Exempt Plans. Tax-exempt organizations such as charities, and educational or religious organizations have different retirement options available. The team at TrueNorth Retirement Services can advise on a wide range of tax-exempt retirement plans and help you narrow the selection down to the best possible solution for your organization.

We understand that a retirement solution is incomplete without the buy-in and understanding of the employees you’re creating it for. That’s why, in addition to the initial design and rollout of your unique retirement solution, our team of experts is available to assist with ongoing enrollment and education based on your employee’s needs.

Let’s get started.

If you’re interested in working with a dedicated and trusted financial planner to craft your unique retirement solution, then let’s get started. Click below to schedule a complimentary consultation and meet your CFP® professional.

Discuss retirement solutions today.