Ubiquity makes the process of managing a 401(k) plan for a small organization (30-50 employees) extremely simple. Reporting contributions is easy and error-proof, their annual audit process is clear and quick, changing contribution rates or amounts for an employee is uncomplicated, and their customer service agents are very knowledgable. Review collected by and hosted on G2.com.
The only thing I dislike is that you can't do everything online. Chatbot is never available and the portal help articles only help so much, so the only way to get questions answered is to call or email customer service. Also, as the plan administrator, you can't make direct changes to an employee's email address (once they're terminated and need a non-company email added), it has to be done via email request. Review collected by and hosted on G2.com.
12 out of 13 Total Reviews for Ubiquity Retirement
The upper level service team including Diana & Jason has been super helpful. Review collected by and hosted on G2.com.
The phone servcie team has been dissapointing previously with long wait times. However, has improved since then. They should also create a mobile app. Review collected by and hosted on G2.com.
I appreciated the ease with which I was able to designate my investment choices. Review collected by and hosted on G2.com.
As someone nearing retirement, the required minimum distribution (RMD) was confusing to my plan administrator. I was not aware of nor did I see any instructions that indicated my need to waive the RMD IF I was still employed and owned less than 5% of the company. This could have been clearer. Review collected by and hosted on G2.com.
Their rates per employee are reasonable. Review collected by and hosted on G2.com.
Their support is non-existent. Their product has not changed once in the 9 years we worked with them. Not a single improvement. When we transitioned to guideline their team seemed intentionally difficult to work with in providing all of the necessary transition docs. Review collected by and hosted on G2.com.
Onboarding was arduous, but they were extremely helpful. Other providers were reluctant to take us as we transitioned to a small-business plan from an individual plan. Review collected by and hosted on G2.com.
They don't directly integrate with our payroll provider, Gusto, so we use an add-on service for them to initiate ACH transfers for our 401k funding. Twice they have made mistakes on the amounts to transfer and taken a few thousand extra dollars out of our account. The first time, it took almost two months and many emails to fix (and they hit me with a large fee to fix it which I had to fight). The second time was in August and is still not resolved despite over 20 emails where they first confirm the error, then claim there is no error (despite me providing evidence), and now do not answer my queries. If you use Ubiquity, do not grant the auto-debit permissions, and do not expect them to correct their errors promptly.
Update: After three months, 25 emails in a chain, a month of requesting to speak to a supervisor, and finally threat of filing a legal claim, I was forwarded to someone who agreed that there had been an error, though I was not given a timeline for a fix...so I guess I'll just keep waiting as we come up on four months since the original issue. Review collected by and hosted on G2.com.
Easy online access. NOT MUCH TO LIKE ABOUT UBIQUITY! Review collected by and hosted on G2.com.
Trying to get answers from Customer Service. I requested a rollover distribution in mid-February and have followed up three times since then. They tell me they have to get the Admin from R-Cubed to approve release of MY MONEY but no progress as of 4/21. Very poor customer service!!! They have not been proactive at all as I have initiated all contact. WOULD NOT RECOMMEND UBIQUITY TO ANYONE!!! Review collected by and hosted on G2.com.
No fine print hidden fees. No-nonsense retirement planning service for small businesses and their employees. Review collected by and hosted on G2.com.
The negative reviews for the company on TrustPilot appear to be by people with little understanding of investments or what they're paying Ubiquity for.
As for the negative reviews mentioning over-automation and a lack of customer service - those concerns appear well-founded.
For people who read this, your 401K plan administrator is not an investment professional, and you should not chalk up the performance of your 401K investments to the people who helped set up a tax-advantaged retirement plan for your company. It's not their job.
From their site, front page:
"We are not an RIA – we work in partnership with financial professionals to deliver small business owners the most customized investment guidance."
RIA translation for those that don't work in finance:
A registered investment advisor (RIA) is a firm that advises clients on securities investments and may manage their investment portfolios. RIAs are registered with the U.S. Securities and Exchange Commission (SEC) or state securities administrators.
RIAs have fiduciary obligations to their clients, meaning they have a fundamental duty to always and only provide investment advice that is in their client's best interests.
Expect your 401K administrator to manage your investments ... you're gonna have a bad time. Review collected by and hosted on G2.com.
I like that it shows how much money I've been saving and putting away in my 401k from each paycheck. Review collected by and hosted on G2.com.
I don't like the UI very much; it's kind of ugly to look at. Review collected by and hosted on G2.com.
I like that I can always reach my point of contact. It's a quick easy process to bring on a new client and have them complete the online paperwork. Review collected by and hosted on G2.com.
Two things come to mind: 1. This process is all online. Some folks love it and some want more hand-holding. 2. As the rep, you are on your own to meet personally with clients and help them through the process. Review collected by and hosted on G2.com.
None. They lack knowledge of the conversion process and do not know how to process money transfer or conversion from the previous provider to their plan. I couldn't believe people get paid doing nothing—horrible service. Review collected by and hosted on G2.com.
Their 401k plan is not fully established. They do not know how the conversion worked. I had a previous plan provider, Fidelity, and had to move my money (transfer or conversion) to Ubiquity. They couldn't process as they did not understand what Fidelity was asking for. They don't even know what the transfer of asset form is although that form is a standard form for all plan providers. They will ask the plan administrator to do all their jobs as they have no clue how to proceed. Terrible company. Review collected by and hosted on G2.com.
