Honest Dollar Is Putting Your Hard-Earned Money To Work.

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As of 2013, there were 638,000 401(k) plans in place with assets worth $4.5 trillion and 89 million participants, according to the Investment Company Institute. That sounds impressive enough, but unfortunately due to many factors such as high fees, poor investment decisions, and a stagnating wage market (leading to an inability to save as much as is required to secure a funded retirement), means that many of the aging population have ended up with little or nothing saved, despite contributing $140 billion each year to subsidize retirement accounts.

Even Ted Benna, who is often called the father of the 401(k), admits that the plans are failing… “If I were starting over from scratch today with what we know, I’d blow up the existing structure and start over,” he said in a 2013 interview.

Described as “what Airbnb is to hospitality and Uber is to transportation”, Austin-based Honest Dollar, have their sights firmly set on the disruption of the 401(k) business model, and with a recent $3 million in seed financing are doing exactly that. Believing that consumers and small businesses are seeking a simple approach to retirement plans, Whurley (William Hurley – ex. CIO of Chaotic Moon and now CEO of Honest Dollar) joined forces with investment specialist Henry Yoshida to create a plan that for as little as $10 p/mth per employee allows anyone access to an affordable (and much less costly) 401(k).

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