New Orleans, LA Retirement Plan Consultants

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Retirement plan consultants in New Orleans, LA. Adopting a retirement plan such as 401(k) is a wise step for New Orleans, LA companies and business owners looking for a competitive advantage. These plans are a key factor in attracting and retaining top talent, providing employees with a sense of security, and fostering a productive workforce. But, for businesses who haven't set up a retirement plan before, or for companies who'd like to make changes to their current plan, the wealth of plan options, regulatory compliance, and tax considerations can be challenging.

Correct Capital Wealth Management is an independent New Orleans, LA financial consultancy firm that specializes in assisting companies establish and manage unique retirement plans for your unique business and workforce. We love exploring the unique story behind every company we work with and getting to know what makes them tick. As fiduciary advisors, we have a legal and ethical obligation to act only in your best interest. If you're looking for a retirement plan consultant in New Orleans, LA to help create a 401(k) or other plan, give us a call at 877-930-4015, contact us online, or make an appointment with one of our financial advisors today.


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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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Why Establish a Retirement Plan for Your New Orleans, LA Business?

To understand what a 401(k) or other retirement plan could do for your New Orleans, LA company, it's crucial to consider what a retirement plan means for your employees:

  • Two-thirds of U.S. retirees say there's a retirement crisis in the country; 40% think they might outlive their retirement savings (Source)
  • 45% of retirees say their income wasn't sufficient to save for retirement; 55% blame their employer for not doing enough to help them save (Source)
  • In a recent study, 62% of respondents said their main source of income in retirement will be their 401(k) (Source)
  • Six out of ten of employees cited their employers' retirement plan as a reason they remain; 47% said it's an key reason to join a company; about four in ten ranked it in their three most desired most desired benefits (Source)
  • More than three-quarters of employees with access to a plan participate (Source)
  • Nearly eight in ten of younger workers that are 401(k) plan participants are keen on personalized investment advice for their plan (Source)
  • 77% of plan participants are "extremely confident" in their ability to make the right financial decisions with the help of a financial advisor (Source)

Retirement savings is a huge concern for most Americans, and New Orleans, LA businesses that offer retirement plans give themselves a significant edge when it comes to securing and keeping valuable employees. Additionally, there are a bevy of benefits for both employers and employees when it comes to offering retirement plans:


Business Benefits

  • Tax deductions for employer contributions
  • Earnings on plan assets are tax-free
  • Variety of plan options and flexibility to adapt a plan to your business
  • Tax credits , among other advantages from the SECURE ACT 2.0, help reduce initial costs
  • Higher employee retention lowers the annual cost of turnover

Employee Benefits

  • Employees can lower their taxable income
  • Contributions and earnings are not taxed until withdrawal
  • Contributions are easy to make through payroll deductions
  • Small, regular contributions can grow into significant retirement savings
  • Assets can be rolled over by participants if they change employers
  • Enhanced financial wellbeing in retirement

Retirement Plan Options Available for New Orleans, LA Businesses

If you're thinking about establishing a retirement plan for your New Orleans, LA business, there are a variety of plan options our retirement plan consultants can discuss with you:

  • 401(k) Plans The foundation of American retirement plans, 401(k)s allow for diverse investments across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a percentage of their income before taxes are deducted. Employers have the option to match contributions. Safe Harbor 401(k) plans are largely the same, but employer contributions must be fully vested when made. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
  • 403(b) Plans Much like 401(k)s, 403(b)s are specifically designed for employees of non-profit entities.
  • Defined Benefit (Pension) Plans While 401(k)s and other defined contribution plans operate based on employees contributing a certain amount or percentage of their income, defined benefit plans offer a predetermined monthly withdrawal in retirement. These plans are largely employer-funded, and the company takes on the investment risk.
  • Cash Balance Plans Cash balance plans are a type of defined benefit plan that tracks each participant's balance in a hypothetical account, which grows annually through employer contributions and an interest credit rate. This plan offers consistent returns like a traditional pension but with individual accounts similar to a defined contribution plan. It's an attractive option for businesses seeking a middle ground between the security of pension plans and the adaptability of contribution plans.
  • Simplified Employee Pension (SEP) IRAs SEP plans offer an uncomplicated way for small businesses to provide retirement benefits. Employers make contributions directly to an IRA set up for each employee. SEPs are straightforward to manage, with no significant red tape, and contributions are tax-deductible for the business. They're especially well-suited for businesses with variable profits, as the contribution amounts can be adjusted annually.
  • Savings Incentive Match Plan for Employees (SIMPLE) IRA SIMPLE IRAs are designed for small businesses with 100 or fewer employees. These plans are simpler to manage than 401(k)s but allow employees to contribute a part of their paycheck to the plan, which employers are required to match up to a certain percentage. SIMPLE IRAs are an excellent option for small businesses seeking to provide a more traditional retirement plan without the complexities of larger plans.
  • Profit-Sharing Plans Profit-sharing plans are versatile retirement solutions that enable employers to make optional contributions to their employees' retirement funds. Contributions are often made out of the company's profits, giving employees a direct stake in the company's success. These plans are adaptable in many ways, offering flexibility in how contributions are distributed and calculated among employees.
  • Employee Stock Ownership Plans (ESOPs) ESOPs offer employees with company stock, providing an ownership interest in the business. ESOPs are not only a retirement benefit but also align financial goals of employees with those of the company's performance, which can boost productivity and job satisfaction. ESOPs can also align with a company's succession planning as ownership shares can be passed to top employees who will eventually lead of the business.

How Can Correct Capital Help My Business's Retirement Plan?

Our New Orleans, LA retirement plan consultants manage over 30 plans in both small and large companies, and represent over $230 million in total plan assets across the U.S. Our expertise and experience allows us to offer a range of services that encompass both the initial set up and ongoing support:

  • Plan selection — We'll assist in evaluating and selecting the most appropriate retirement plan for your business, considering factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to select a plan that provides the best benefits to your employees while also helping out your bottom line.
  • Establishing the plan — A number of steps are required to make the retirement plan legitimate. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and setting up a record-keeping system. Our New Orleans, LA retirement plan consultants can manage and/or assist with all of these requirements.
  • Plan changes — Maybe you're unsatisfied your current plan, or your business has evolved and you need a retirement plan consultant that can help your retirement plan adapt as you grow. Consultants can guide you through modifying your plan to adapt to business growth, changes in workforce, or shifts in financial goals. This includes adding new features, adjusting contribution limits, or transitioning to a different type of plan to more closely align with your needs.
  • Investment advice — As a Registered Investment Advisor (RIA), we possess a wide array of analytical tools, resources, and experience to aid in the selection of investment options that should be made available within the plan. This includes analyzing the performance of different investment funds, determining your employees' risk tolerance, and guaranteeing a diverse range of options to accommodate the different needs of different employees.
  • Plan documentation — Retirement plan consultants help in drafting and maintaining all necessary plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes plan adoption agreements, plan summaries, and annual notices to participants.
  • Ongoing participant education — Education is paramount to ensuring that your employees understand the benefits of participating in the retirement plan and how to make educated investment choices. Correct Capital's retirement plan consultants offer quarterly webinars to plan participants and offer personalized coaching for topics such as retirement planning, investment risk, and how to increase their retirement savings.
  • Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions establish rigid frameworks for how companies need to stay legally compliant with their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can make sure your New Orleans, LA business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant helps remove much of the fiduciary duty related to the plan from your responsibilities.

Other services we offer in New Orleans, LA include:

New Orleans, LA Retirement Plan Consultants | Correct Capital

As you consider the future of your company and the welfare of your workforce, providing a retirement plan should be at the forefront. With our wide array of services and dedication to working only in your optimal interest, we'll help you lead your New Orleans, LA business and staff from where you are to where you want to go. To start crafting a plan that matches with your individual company and objectives, speak to a retirement plan consultant in New Orleans, LA today at 877-930-4015 or contact us online.


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