Stop Overpaying for Your Firm’s 401(k): What No One Tells Law Firm Owners – with Paul Sippil - 491

Shownotes can be found at https://www.profitwithlaw.com/491.

Think your firm’s 401(k) plan is “set it and forget it”? Think again. The retirement plan you’ve set up for your employees could be quietly draining thousands of dollars—hurting your staff’s long-term savings and eating into your firm’s profits.

In this episode of the Profit with Law Podcast, host Moshe Amsel sits down with 401(k) forensic  consultant Paul Sippil to reveal the hidden costs, bad assumptions, and missed opportunities that most small firm owners don’t even realize exist.

Even if your employees aren’t complaining, you could be overpaying for fees, letting participants absorb unfair costs, and missing easy ways to make your plan more attractive and affordable.

If you’re offering a 401(k) to your team, you can’t afford to ignore this. A few smart adjustments could save your firm and your employees thousands every year.

Chapters:

[00:00] Why every law firm owner needs to know all about 401k plans

[03:18] Paul Sippil: the 401k forensic consultant- helping firm owners understand 401ks

[06:58] 401k for beginners: where to start and what to know

[07:28] Example- How a law firm can overpay tens of thousands in 401k fees

[10:26] Employer vs employee: why should I care if my employee loses money (unknowingly)

[16:34] Employees mismanaging money in a brokerage account for their 401ks

[19:30] Are employer contributions (dollar-for-dollar matching) affected by the 401k conversation

[22:26] How to look at your firm’s tax form and determine your 401k costs (or this simpler way)

[25:33] When to use a financial advisor and when to figure out the 401k on your own

[27:03] Defining the roles: what is the difference between an advisor, broker, administrator, record keeper, and the custodian?

[31:08] The advisor’s role in providing your firm with 401k advice and knowledge

[33:20] Step by step: setting up a 401k the right way for maximum profitability

[37:38] What if I have more questions on 401ks?

[38:02] Connect with Paul Sippil- contact information

Resources mentioned:

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Chapters

• 0:00 Why every law firm owner needs to know all about 401k plans
• 3:18 Paul Sippel: the 401k forensic consultant- helping firm owners understand 401ks
• 6:58 401k for beginners: where to start and what to know
• 7:28 Example- How a law firm can overpay tens of thousands in 401k fees
• 10:26 Employer vs employee: why should I care if my employee loses money (unknowingly)
• 16:34 Employees mismanaging money in a brokerage account for their 401ks
• 19:30 Are employer contributions (dollar-for-dollar matching) affected by the 401k conversation
• 22:26 How to look at your firm’s tax form and determine your 401k costs (or this simpler way)
• 25:33 When to use a financial advisor and when to figure out the 401k on your own
• 27:03 Defining the roles: what is the difference between an advisor, broker, administrator, record keeper, and the custodian?
• 31:08 The advisor’s role in providing your firm with 401k advice and knowledge
• 33:20 Step by step: setting up a 401k the right way for maximum profitability
• 37:38 What if I have more questions on 401ks?
• 38:02 Connect with Paul Sippil- contact information