Which Consultants Prosper in Your Community?

15th Mar 2017

“Consultants” Thrive in Every Community

Wherever you live and provide financial advice, you can probably think of some consultants who are highly successful. Often, with high income and few business expenses, they appreciate learning about the large deductions possible with defined benefit (DB) retirement plans.

Proposal ImageWhich Consultants are making a lot of money in your community?

Calculate your client’s estimated contributions and tax savings or give us a call for a custom illustration at

1-866-269-2706.

Calculate

* Updated for 2017 limits *

Consultants might not consider themselves “small business owners” but they are eligible for small business retirement plans that offer big contributions and tax deductions. We’ve pulled together information comparing the features of small business retirement plans that you can review before approaching prospects in your community.  Talk to them early in the year, before they fund a SEP or 401(k) that might prevent them from opening a defined benefit plan and making those large contributions. And, before they discover these plans themselves.

Here’s a sample of defined benefit plans we designed and opened for Consultants in 2016 with high contributions. Several of them came to us directly, without a financial advisor:

  1. security lockA 48-year-old Cybersecurity Consultant in California has been in business for himself as an S-corp. since 2008.  In 2016, his company paid him $265,000 in W-2 income to maximize his retirement plan contribution. By setting up a OnePersonPlus® Defined Benefit and a OnePerson (k), his total annual contribution will be $187,500 and provide an estimated annual tax savings of $71,200.

  2. tieA husband and wife, ages 53 and 52, do Management Consulting in Idaho and pay themselves $50,000 each in W-2 income.  Based on this income alone, their business will contribute a total of $140,000 for 2016 to a OnePersonPlus Defined Benefit plan on their behalf, allowing them to defer $53,000 in tax liability.

  3. pillA Pharmaceutical Consultant in New Jersey, age 59, was able to contribute $195,600 to a OnePersonPlus DB plan and another $37,643 to a OnePerson(k) for a total of $233,243. He estimates that he will save $88,000 in tax liability for 2016. If he contributes for five years, he will have accumulated $1.425 in the DB alone toward his retirement wealth.

  4. laptopA self-employed Software Consultant in Media, Pennsylvania already had a 401(k).  We worked with his Financial Advisor and designed a OnePersonPlus Defined Benefit Plan at the level he expected to be comfortable contributing to for the foreseeable future: $100,000 of new money for his advisor to help him invest annually for the next 10 years.

  5. marketingA 66-year-old Marketing Consultant in Texas had a net profit of $235,000 in 2016.  He contributed $24,000 in salary deferrals and $6,000 in profit sharing to a OnePerson(k) and $112,000 to a OnePerson DB plan for a total of $142,000.  He plans to keep the plans for 5 years and then roll the assets into an IRA where they will continue to grow tax-deferred until withdrawn.

Proposal ImageWhich Consultants are making a lot of money in your community?

Calculate your client’s estimated contributions and tax savings or give us a call for a custom illustration at

1-866-269-2706.

Calculate

* Updated for 2017 limits *

Follow Our 5-Step Sales Plan:

  1. Prospect for DB Clients: We can help you identify prospects among your clients and in your community.

  2. Begin the Conversation: Make your case with the right sales tools: sample letters, presentations, brochures. Need training? Click here.

  3. Present an Illustration: Try a personalized illustration for one client right now. The tax savings will say it all.

  4. Contact Dedicated DB: Our defined benefit specialists can help close the sale.

  5. Gather Assets: Open plans now for 2017 tax savings. Gather up to 50% of the contribution right away.

QUICKLINKS

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Attend a Live Web Demo
Ask questions about the basics of defined benefit plans

Typical Client Profiles
Handy reference guide to client profiles and contribution limits

Illustration Request Form
We’ll run a custom illustration for clients who need more

Download DB White Paper
Insert your contact info and email to clients.

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