In search of solo 401k provider

[Suzanne Lee]

I am in search of a company that offers both custodian controlled and checkbook controlled solo 401k plans without alot of extra fees and provides good customer service. I would like to hear from actual customers with experience and not sales people that work for the company. Thank you!!

[Jared Kneitel]

Suzanne, I've spoken to a variety of Solo 401k providers before finally going with @Dmitriy Fomichenko and Sense Financial. Far and away they were the most responsive, customer oriented, and straight-forward. They were definitely were the best out of all of those that I spoke to.

I'd be very happy to share my experiences with Sense Financial. Please reach out if you're interested.

As well, I should share that I first made the mistake of opening a self-directed IRA. I am now beholden to the custodian of the SDIRA every year for paying fees for assets under management as well as the extra work of getting transactions finalized and money in/out of the account.

With a Solo 401k, you'll be the trustee (not the custodian) which is a preferred set up. You'll open up a separate bank account over which you'll have check book control. This is a much better scenario (with much better tax advantages depending on what sort of investing you'll do; @Dmitriy Fomichenko will explain why) than a self directed IRA or anything else that would be "custodian controlled."