At IAI, we take pride in avoiding the “one-size-fits-all” mentality that we see with other retirement plan consultants. When a prospective client comes to us looking to set up a new retirement plan, we have the experience and expertise to consider all types of retirement plans rather than trying to shoehorn a client into a specific plan type.
This analysis looks at four different plan types and examples of situations in which each is the best fit. With experience, we are able to look at a set of facts for a new prospective client and narrow down which types of plans are most likely to best fit the situation and client goals. This allows us to focus our efforts when producing an initial plan design study.
I was recently asked to document the thought process we go through to do this, and ended up with this flow chart. Although it isn’t perfect, it’s an easy way to quickly zero in on some likely plan designs.