401K and More

Based on the firm's reported client count and regulatory assets under management, the average plan holds approximately $425,000 — well under the minimums now enforced by many national wirehouses and payroll-company RIAs. This places 401K and More firmly in the micro-401(k) space, where servicing economics are challenging for larger competitors.

Michael Silverman, the firm's Managing Director and founder, leads investment selection. He is supported by Principal Stephen Silverman. Both are listed as investment adviser representatives with the state of Illinois, and the firm has no outside investment committee or consulting relationship disclosed in its regulatory filings.

Per its Form ADV Part 2A disclosures, 401K and More acknowledges ERISA fiduciary status when it provides investment advice for a fee to retirement plan sponsors. The firm's operating model — providing ongoing investment monitoring, plan benchmarking, and participant education — is structured to fit the Department of Labor's functional-fiduciary definition.

The firm relies predominantly on local referral networks in the Chicago metro area, including CPAs, third-party administrators, and existing plan-sponsor relationships. It does not operate a national marketing apparatus, nor does it appear to use a wholesale distribution model, which is consistent with a sub-scale book built on long-tenured local relationships.

No public disclosure indicates a formal succession plan or next-generation operator. The firm remains independently held by the two named Silverman principals, both in their sixth and seventh decades. This represents a significant operational risk for plan sponsors whose fiduciary relationships are concentrated in two individuals without an identified successor.