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One application defines the whole plan

The plan and the accounts beneath it come from the same submission.

Today

Several accounts sit under one plan, so it becomes several applications, or one application and a spreadsheet naming what still has to be opened.

With Crown

A Solo 401(k) is chosen once. One application defines the plan, and every account under it comes from that same submission.

  • One application
  • Every account under the plan

Named participants. Accounts for each.

Roles, signatures and labeled deposit accounts stay with the plan.

Today

Participants are gathered by email, their roles are worked out from the adoption paperwork, and each account is named and opened by hand.

With Crown

The signer names the participants and their roles up front, because those roles decide the rest of the application. Each one signs for themselves, and their deposit accounts are named while the application is open.

  • Participants and co-trustees
  • Labeled deposit accounts
  • Each signs for themselves

Plan paperwork, collected and checked

The required agreements arrive inside the customer’s journey.

Today

The adoption agreement and trustee form arrive by email, get read for the plan’s terms, and get chased when the executed version is not the one that was sent.

With Crown

Both are steps in the customer’s journey, uploaded once and checked for content before anyone on your team opens them.

  • Adoption Agreement
  • Participant Trustee Form

The plan and every participant, verified together

Business verification on the plan, identity verification on every participant.

Today

The plan is verified in one system and each participant in another, so the file waits on whichever check finishes last.

With Crown

One application runs KYB on the plan, KYC on every participant, and OFAC sanctions and watchlist screening. What those checks return is visible only to your bank.

  • KYB on the plan
  • KYC on every participant
  • OFAC screening

One decision opens every account

One bank decision carries the plan’s accounts through to your core.

Today

Each account is reviewed and keyed into the core on its own, and the whole plan waits on the slowest one.

With Crown

The plan is decided once. If it meets your bank’s configured rules it can be approved and opened automatically, and Crown then opens every account under it on your configured core integration.

  • Your opening rules
  • Your core integration

Questions banks ask about Solo 401(k) accounts.

What the application collects, how accounts open, and what stays with your bank.

How does one application define several accounts?

Each participant in the plan gets one or more named deposit accounts under it, defined during the application. It is the one Crown application type where a single submission defines several accounts.

How are multiple participants handled?

The signer names the participants and their roles up front. Each is then invited to complete their own information and signatures, and the application shows where each of them stands.

Which documents does a Solo 401(k) collect?

An adoption agreement and a participant trustee form, both required. A trust agreement can be supplied alongside them and is optional.

Is the plan verified as an entity?

Yes. KYB runs on the plan while KYC and identity risk checks run on the signer and every participant, inside the same application. Detailed findings are visible only to your bank.

What is Crown?

Account onboarding and account opening software for banks and trust companies. One application carries a customer from a branded first step through identity verification, business verification and OFAC screening to a decision under your bank’s rules, and then opens the account on your configured core integration.

One plan. Every account under it.

See a Solo 401(k) define its participants and their accounts in a single application.

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