At Emparion, we are a little biased. We believe we are one of the best cash balance plan providers in the marketplace today. We feel like the service and communication that we provide are just superior in the industry. Of course, each provider probably feels the same way.
We wanted to take a closer look at the cash balance offerings by some of the most popular and well-known brokerages in the industry. Then you can determine which provider suits you best.
The good news is that our plans can be used with any of these investment providers. You can use our plan document and we can even help you open up the account. That way you can get our tax planning and structuring services combined with the investment offerings of the large players. It is truly a win-win.
Let’s start with Vanguard
Probably the most recognizable name in the industry, Vanguard has a reputation of being trustworthy and reliable. Vanguard offers a lot of hands-free services and convenience.
However, upon calling and chatting with their cash balance support I learned that they no longer provide plan administration services. They work with 3rd party companies to handle plan compliance. Also, they cater more towards custodial responsibilities and investment opportunities.
Charles Schwab
It was easy to determine with a quick glance at their website that Charles Schwab provides custodial and administrative services. They cater to business with one participant plans and up.
There are set up and annual service fees that are required, and are determined by the amount of participants in the plan. Schwab also provides administrative services to keep plans compliant, for a price. You can see all of their services and pricing here.
Fidelity
After searching their website for information regarding cash balance plans, we spoke with their customer service and learned that they are not as familiar with this plan set up. They offer a variety of IRA’s and 401K plans.
Their focus is mostly on custodial services. Fidelity does not have setup fees or annual fees. They offer tools and information regarding the plans to help business owners become more knowledgeable about the process, which you can find here.
Best Cash Balance Plans: TD Ameritrade
TD Ameritrade offers 401K and IRA options for retirement. They do not offer anything for cash balance or defined benefit plans. They have lots of online tools and educational portals to help clients learn about retirement solutions. TD Ameritrade also provides investment options for retirement plans.
The large institutional players want you to invest in their fund and investment offerings. Whereas, boutique cash balance plan providers like us provide a different perspective. We provide more hand holding and upfront consulting. In fact, we like to discuss the tax impact of all plans. Our plans allow you to invest your money how you see fit. You are not stuck with one specific platform.
How to determine the best cash balance plan providers
Take a look at the table below:
| Emparion: Custom plans for all custodians. | We work with all the large custodians. We set up the plan and they are the custodian. Simple and efficient. |
| Charles Schwab: A leading discount brokerage. | Schwab is probably the preferred custodian for many of our clients. This is for good reason as they have a large investment selection. |
| Vanguard: Known for low-cost mutual funds. | Everybody knows of Vanguard because of their low-cost mutual funds. But they do bring retirement services to the table. |
| Fidelity: Wide range of services. | Fidelity offers many solutions including investment advisory, insurance, etc. They are a popular choice for many. |
| Etrade: Still a favorite for active traders. | Etrade has always been a favorite for traders, but they really aren’t that known for their retirement services. |
As a business owner, we understand that your priority is keeping your business running. Retirement planning is not one size fits all. Setting up a plan that meets your needs that doesn’t distract you from your day to day responsibilities is the optimal place to be. You’ll need a partner that you can trust, and we hope we helped shed some light on what that means to you.
Bottom Line
At the end of the day, comparing custodians and TPAs is about more than just fees and brand names. What really matters is how your cash balance plan aligns with your goals, how much guidance and customization you’ll receive, and how well the provider supports the back-office work so you can focus on serving clients or running your business. Some large custodians offer scale and brand trust—but often at the expense of flexibility or handholding.
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*Emparion is not affiliated with, endorsed by, or sponsored by these institutions.*
That’s why many plan sponsors and advisors look for providers who blend boutique service with institutional capabilities. A partner who works with multiple custodians, designs a plan that meets your specific needs, and offers responsive support can deliver much more value than a “one-size-fits-all” solution. In that light, don’t just shop based on pricing—evaluate responsiveness, design freedom, communication, and compliance support.
