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A Fintech Makes It Easy For Small Businesses To Offer 401(k) Retirement Benefits – Forbes

Woman Restaurant Owner With Waiting Staff

The Great Resignation has made attracting and retaining employees a top priority. After health insurance, providing retirement benefits is the second most frequently offered benefit to attract talent. State and city regulation is prompting more interest in 401(k) plans, too! More than one-third of small businesses that do not currently offer 401(k) plans expect to within 12 months.

A 401(k) retirement plan is also a way to take care of employees’ financial wellness and provide a tax benefit to companies and their employees. But legacy 401(k) providers avoid marketing to the smallest businesses because the market isn’t very profitable. Yet, the vast majority of companies have fewer than 20 employees.

Penelope is a 401(k) platform that gives small businesses an affordable and east-to-use way to provide retirement benefits. It is helping small businesses navigate the challenges of the Great Resignation. At the same time, its CEO and founder, Jean Smart, manages her own challenges.
Jean Smart, CEO and founder at Penelope—a 401(k) retirement benefits platform for small businesses

Smart is a founding member of Chief, a private network for influential women leaders. She became part of a peer-advisory group with female founders and corporate executives who have similar interests and challenges and help each other problem-solve. One founder in Smart’s peer group has already achieved unicorn status—a billion-dollar-plus valuation.
Smart had worked in companies like Citi, Charles Schwab, and TD Ameritrade, and at the time, UBS. She worked on institutional employee benefits, such as 401(k) plans, employee stock options, and financial wellness. Inspired by the female founders in her Chief group, Smart started developing a business concept of her own.

Smart, the daughter of Korean immigrants who own a grocery store and restaurant, saw how her parents sacrificed to provide for their children and employees while neglecting to save for their retirement. Not saving has left them vulnerable in their later years. “With one in four Americans having no retirement savings, my parents are an all too familiar story in the U.S.—equal parts inspiration and cautionary tale,” said Smart.

“I’m a Gen-Xer and I’ve heard my entire life that we’re going to run out of Social Security,” said Smart. For many Americans, Social Security provides an essential source of income in retirement. But its money is running out. Projections say that starting in 2034; the Social Security Administration will reduce retirement benefits.

Smart’s personal and professional background made her think she was the right person to tackle this problem.

“I wanted to do something around fintech, education, and inclusive capital,” said Smart. She wanted to dispel the notion that there was a quick way of getting rich. Investing regularly in a 401(k) was the way to build a nest egg for retirement. “The reality is it takes generations to build wealth,” she sighed. “It doesn’t happen overnight, and it takes people working 20, 30, 40 years before they have money to pass on [to loved ones].” She wanted to create a way to set it and forget it.

Businesses with fewer than 20 employees—the vast majority—of small businesses need help, thought Smart. Many of these businesses are owned by women, minorities, and immigrants. Fintech streamlined processes, allowed her to simplify paperwork, and helped her cut costs by using a self-serve business model, making it affordable for small businesses to provide retirement benefits for their employees.

“It’s hard making things simple,” said Smart. “There are 50 to 60 thousand funds to choose from. We offer 10. The trade-off is there isn’t customization.” Through a low-cost subscription model, Penelope’s technology platform automates employee investing, streamlines cost and paperwork, provides practical savings tools for employees, and offers the choice of Pooled Employer Plans (PEP), traditional 401(k)s and Solo 401(k)s.

Penelope is an intuitive, cloud-based 401(k) platform, which launched in January. There are no 30-to-40 page documents with complicated jargon, and the content is brief, to the point, and uses plain English. People have different learning styles, so content is provided as text and FinTok videos.

Timing can be everything. More and more states and cities are mandating that businesses provide retirement benefits. California, Oregon, Illinois, Maryland, Colorado, Connecticut, New York City, New Jersey, Virginia, Seattle, and Maine do so. Rules and regulations vary, depending on where your business operates.

“During the Great Resignation, we’re all fighting to get the best people,” said Smart. She relies on referrals, and, fortunately, she is well connected.

Her employees could undoubtedly make more money working in larger companies as a startup. But Smart emphasizes the company’s purpose. “The fact that we are mission-based is very attractive,” she said. “It’s really striking a chord, not just with professionals in their 20s and 30s, but also their 40s, 50s and even their 80s. I’ve got five generations working with me,” Smart proudly said.

She recruited Ted Benna, widely known as the “father of the 401(k),” as an advisor to Penelope. “I’ve helped a lot of small businesses in my lifetime, as well as running my own business, and for many of them, the idea of offering a 401(k) was out of reach, expensive and confusing, filled with jargon and too time-consuming,” said Benna. “Penelope provides plans that are easier to understand and economically make sense for small businesses and startups.”

Shifting from a well-resourced mindset to a resource-constrained startup has been a steep learning curve for Smart. “You’re working with a blank slate,” she said. “You make many mistakes. You have to be open.” You have to be an agile leader, and there are ways to improve your adaptability. Once you have, “it’s thrilling.”

Penelope has successfully raised $2.1 million in pre-seed fundraising led by Slauson & Co. Additional investors include Amplify LA, Black Jays and executives from Wells Fargo, Citigroup and US Bank. “Saving for retirement is an essential tool for building wealth and financial equality,” said Austin Clements, Managing Partner at Slauson & Co. “Penelope fundamentally changes the way small business owners and employees invest in themselves, their families and their communities.”

How are you taking advantage of your experience and market trends to launch or re-calibrate your business?

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Nine Restaurant Franchise Goes Global with $120 Million Crypto Crowdfunding Joint Venture, Led by Adnan Ashraf

Adnan Ashraf, a multifaceted entrepreneur with interests spanning pharmaceuticals, technology, and real estate, is embarking on an exciting new venture to expand the renowned Nine restaurant brand into a global franchise. With its reputation for upscale Japanese cuisine and stunning panoramic views, Nine has captured the attention of discerning diners worldwide, and Mr. Ashraf aims to bring this exceptional dining experience to numerous locations across the globe.

To realize his ambitious expansion plans, Mr. Ashraf has engaged in discussions with a pioneering crypto crowdfunding platform, forging a strategic partnership for a joint venture involving 100 stores with an estimated investment of $120 million. Harnessing the power of cryptocurrency, Mr. Ashraf intends to expedite the growth of the Nine franchise and achieve his objectives more efficiently.

The first milestone in this expansion journey involves acquiring a prime waterfront location in Canary Wharf, a prestigious business district in London. Serving as the flagship Nine restaurant, this iconic setting will exemplify the brand’s exquisite cuisine and offer guests unparalleled views. Mr. Ashraf’s vision extends beyond this initial location, as he plans to continue expanding into other prime spots in London and beyond, introducing the Nine dining experience to cosmopolitan cities worldwide.

By partnering with a cryptocurrency crowdfunding platform, Mr. Ashraf aims to tap into the immense potential of this innovative funding mechanism. Cryptocurrency not only streamlines the investment process but also attracts a global community of investors passionate about supporting groundbreaking ventures in the hospitality industry. This collaboration is expected to fuel the rapid expansion of the Nine franchise, ensuring that more diners can savor its exceptional culinary offerings and immerse themselves in the extraordinary ambiance that defines the brand.

Drawing on his extensive entrepreneurial experience, Adnan Ashraf brings a wealth of expertise to this venture. His track record of success across various sectors attests to his ability to navigate complex business landscapes and identify unique opportunities for growth. With his diverse business interests and unwavering commitment to excellence, Mr. Ashraf is poised to spearhead the global expansion of the Nine restaurant brand, establishing a network of exceptional dining establishments worldwide.

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Alliance Rental: Alexey Ivanov Latest Venture in Luxury Transport by Alliance Trucks

Alliance Trucks, the leading Japanese and Korean car dealer in Russia, is proud to announce the launch of its new luxury transport rental aggregator, Alliance Rental. The project is the brainchild of Alexey Ivanov, the CEO and owner of Alliance Trucks, a successful businessman, traveler, and blogger. With over 59 countries visited, Alexey Ivanov has gained valuable experience in the automotive industry, which he has leveraged to create Alliance Trucks, a company that generates a trade revenue of $50 million annually.

Founded in 2014, Alliance Trucks has become the biggest Japanese and Korean car dealer in Russia, with four authorized and certified workshops, warehouses in the capital, and numerous certificates of first dealer with top-rated sales and service quality. The company’s mechanic team has won different national and international competitions of professional skills, including the ISUZU GRAN PRIX, where they were the first Russian and second in the world.

Alexey Ivanov’s awareness and commitment to 10 corporate rules have enabled Alliance Trucks to achieve its current status as a respected and reputable brand in the automotive industry. The rules include prioritizing emotional intelligence, respecting corporate culture and business ethics, seeking opportunities for growth in every crisis, and being socially active and engaged in charitable projects.

Alliance Parts, Alexey Ivanov’s latest venture, is a cars and spare parts distribution business in the United Arab Emirates with a global partnership with different car brands. The company leverages Alexey’s life and professional experience to scale similar projects in different market areas.

Alliance Rental is Alexey Ivanov’s latest project, an aggregator that offers a one-stop-shop for luxury transport rentals. The project’s main idea is to provide all the luxury transport rentals that customers may need for emotional holidays, celebrations, dream realization, business meetings, or just for premium lifestyle in one mobile application.

The application, marketing brand, and all business processes are complete, and legal compliance with local laws, rules, and regulations is under process.

Alliance Rental offers taxi Rolls-Royce, luxury sport cars, yachts, helicopters, and aircraft rentals. Partnerships with operators of luxury services are currently being signed, and the project is ready to launch soon.

Alexey Ivanov’s mission is to make the world a better and cleaner place, live a long, bright, and memorable life, create a family, raise children, create and invent something that deeply touches the feelings of people, be a mentor, teach knowledge, and leave a significant mark in history, society, and culture.

For more information on Alliance Rental and Alexey Ivanov, follow him on Instagram at @a.a.ivanov

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Januthan Logathas: A video and photography professional who seeks to leave his name among the best in this area

JANUTHAN LOGATHAS was born in a small town in Switzerland and is the son of a Tamil couple from Sri Lanka. His father was the one who began to inspire him to become a video and photography professional, which is why he is currently widely recognized as well as having followed in the footsteps of his father who also worked in this profession. With time people started noticing his Instagram modeling shoots and he became very prominent among European Tamils.

His tik tok videos also boosted his image and recognition a lot as they were filled with a subtle humor that was very pleasing to his followers who were part of Januthan reaching a much larger audience.

People celebrated the German/Albanian co-worker combo in a peculiar way.

In addition, he was also the first Tamil photographer to win the renowned award for the best wedding photography from Radisson in Europe, he gained great popularity especially with the collaboration with Usha Jay in her dance video which achieved many views and this made his audience grow exponentially.

He knows that in order to continue growing in what he does, he must continue working very hard as he has done up to now, and all this with the aim of increasing his public and the quality of his work, and for this it is necessary to continue going through this long learning process in the one that advances a little more every day to reach the desired objective that is to position its name among one of the best in the video and photography industry. In his social networks you can find a lot of material about his work in addition to him also seeing content about his future works which are more than promising

To grow in this industry, you must continue to constantly learn, since this industry is very competitive and only those who know how to implement their ideas and creativity very well when creating new jobs stand out.

Unveiling Life Through the Lens: Explore the captivating world of talented photographer @jpresidento on Instagram and TikTok, as he captures unique moments that have earned him accolades at the Wedisson Awards. Discover his visually mesmerizing art at these links!

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