Stop Overpaying for Your Firm’s 401(k): What No One Tells Law Firm Owners – with Paul Sippil
Think your firm’s 401(k) plan is “set it and forget it”? Think again. The retirement plan you’ve set up for your employees could be quietly draining thousands of dollars—hurting your staff’s long-term savings and eating into your firm’s profits.
In this episode of the Profit with Law Podcast, host Moshe Amsel sits down with 401(k) forensic consultant Paul Sippil to reveal the hidden costs, bad assumptions, and missed opportunities that most small firm owners don’t even realize exist.
Even if your employees aren’t complaining, you could be overpaying for fees, letting participants absorb unfair costs, and missing easy ways to make your plan more attractive and affordable.
What you’ll take away:
- Understand the lingo and workings of a 401(k)
- How to identify excessive 401(k) fees—and cut them fast
- Why ignoring participant fees can backfire on you as a business owner
- The simplest way to see what your firm is really paying (without a finance background)
- When you need an advisor—and when you don’t
- How to design a transparent, tax-smart plan that saves money and boosts employee retention
If you’re offering a 401(k) to your team, you can’t afford to ignore this. A few smart adjustments could save your firm and your employees thousands every year.
Episode Highlights
[00:00] Why every law firm owner needs to know all about 401k plans
[02:39] Paul Sippil: the 401k forensic consultant- helping firm owners understand 401ks
[06:19] 401k for beginners: where to start and what to know
[06:49] Example- How a law firm can overpay tens of thousands in 401k fees
[09:47] Employer vs employee: why should I care if my employee loses money (unknowingly)
[15:55] Employees mismanaging money in a brokerage account for their 401ks
[18:51] Are employer contributions (dollar-for-dollar matching) affected by the 401k conversation
[21:47] How to look at your firm’s tax form and determine your 401k costs (or this simpler way)
[24:54] When to use a financial advisor and when to figure out the 401k on your own
[26:24] Defining the roles: what is the difference between an advisor, broker, administrator, record keeper, and the custodian?
[30:29] The advisor’s role in providing your firm with 401k advice and knowledge
[32:41] Step by step: setting up a 401k the right way for maximum profitability
[36:59] What if I have more questions on 401ks?
[37:23] Connect with Paul Sippil- contact information
Resources
Book your FREE strategy session today!: profitwithlaw.com/strategysession
Take the Law Firm Growth Assessment and find out how you rate as a law firm owner!
Check out our Profit with Law YouTube channel!
Learn more about the Profit with Law Elite Coaching Program here
Connect with Paul Sippil: Website | YouTube | LinkedIn
Learn about Forms 5500 Series - EFast
About Paul Sippil
Paul is a forensic 401(k) consultant who focuses on uncovering excessive fees and sometimes even outright fraud in the retirement plan industry.
Connect with Paul Sippil on his Website. You can also follow him on YouTube and LinkedIn.
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
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