“I know doing my business taxes right is important – so I’m just going to Google it and do it myself.”


“I’ve got a growing team of over 20 employees. I don’t need an HR person, I can save money by managing employee benefits and payroll myself.”


“It costs a lot to hire a lawyer to draft all my legal agreements and contracts, luckily I found some great templates online that I think will work.”


If you heard a business owner say any of the things above, you’d think they were taking unnecessary risks with their business and possibly missing opportunities.

Many owners of growing businesses hire an accountant to prepare their business taxes. They recognize there are two potential problems of trying to DIY it. First, they might get things wrong and end up being penalized or even audited. Second, not knowing the tax code, they might be missing valuable deductions or credits that could reduce the taxes they owe. Many business owners recognize that hiring an accountant who specializes in business taxes would reduce risk and benefit their company.

When it comes to employee insurance benefits or payroll – what business owner wants to handle these tasks themselves? When a small business finds success and grows their number of employees, many hire an HR person or outsource these services to a third-part professional. The owner understands that their time is best spent growing the company, not completing routine human resources functions.

Or take the business owner who is DIYing their legal issues. Most know that’s not wise. In our litigious culture, having professional and compliant contracts or other legal documents is a must. Most business owners would not knowingly risk their growing business by trying to handle all the legal issues, they’d hire a lawyer to make sure it was done right.

Most business owners with successful growing businesses recognize the value of hiring outside professionals to handle their taxes, payroll, legal and other services.


What surprises me is that many of these same business owners think they can DIY their company 401(k) plan. I’m convinced it’s because many don’t understand the risks of doing it themselves or the benefits of allowing a professional to manage it.

Employer-sponsored retirement plans are highly regulated by the government. There are rules and regulations about how the plan must be structured and administered, how investments must be chosen, what forms and reports must be filed with the Department of Labor, when plans must be audited, etc. The fiduciary duty falls on the plan sponsor and they open themselves up to a lot of risk if they don’t know all their obligations. A wise alternative is to work with a 3(38) fiduciary investment manager. This is a retirement plan professional who knows and understands the requirements, can act as a fiduciary, and help employers manage and possibly reduce some of these legal risks.

Just like the special business tax deductions and credits and accountant can help with, there are tax and other financial benefits available to business who offer a 401(k) plan. Many business owners don’t know about them though, so a 3(38) investment manager can help a business owner structure their 401(k) in a way to take advantage of special deductions and tax credits, potentially saving money each year.

If you’re a business owner, you probably wouldn’t DIY your business taxes, legal needs, or payroll. Please don’t DIY your 401(k) plan either. Hiring an outside fiduciary can help you manage risk and take advantage of unique opportunities!

If you’re a Christian business owner and you’ve been handling your retirement plan yourself, we can help. Our 401(k) services can provide you with the 3(38) fiduciary expertise you need and allow you to focus on growing your business. What’s more, our 401(k) incorporates faith-based investments right into your plan fund line-up allowing you and your employees to invest for retirement and honor your faith values.

Schedule a call to find out more!