Lots of accounts (SoFi, Robinhood, etc.) offer a low IRA match. Robinhood specifically requires to pay for the match. What’s stopping a firm from offering a super high match (say 50%) for an equivalently high fee ($3500 would make sense here).
Seems like it would benefit both the firms and investors. The firm gets clients and gains money if clients don’t hit their contribution limits. The investor gets an effectively higher contribution limit through the match which I believe is counted as gains and does not count towards your overall contribution.
I’m curious if there is a legal or practical reason this doesn’t exist. It seems logical to me but I’m not an expert so maybe I’m missing something.