Office Hours: Efficient 401k Plan Management Strategies Every Advisor Should Know

Managing 401k plans for business owners can feel tricky, especially when it’s just part of your advisory business rather than your main focus. At Quivr, we see advisors handling this in different ways—and our CRM is flexible enough to support multiple approaches.

Keeping the 401k Within the Client Household

For many advisors, the simplest approach is to keep the 401k plan inside the client’s household. For example, if Jim and Pam Halpert own a business with a 401k plan, the plan can be treated as a service offered to their household:

• Create the plan as a corporate retirement asset in the Assets & Liabilities module.

• Track balances, plan details, and communications without creating extra households.

Why this works: Most communication about the 401k happens directly with the client. Consolidating emails, meetings, and notes in one household keeps everything organized and simplifies audits. For plan participants, you usually only need basic info like name, email, date of birth, and key notes.

When to Create Separate Households

In some cases, it makes sense to treat the 401k plan as its own household:

• This is helpful for firms managing multiple 401k plans regularly.

• Separate households let you standardize data and make it easier for anyone on your team to find the right information.

• Related parties can link the plan back to the primary client, keeping relationships clear.

Key Takeaways

• There isn’t a single “right” way to manage 401k plans in Quivr. Your approach depends on your client relationships and business model.

• Quivr lets you customize fields, track participants, and decide whether to consolidate or separate plans based on your workflow.

• Ask yourself: How does this plan fit into your business? Is it a one-off, or is it central to your advisory services?

By understanding your needs and using Quivr’s flexible CRM tools, managing 401k plans can be straightforward, efficient, and tailored to your firm.

Ready to see how Quivr can streamline your practice? Schedule a demo today!