There are five critical moments in the year that offer advisors the chance to opportunistically sell and provide support, expertise and attention to existing and prospective client relationships.
These five key moments can strengthen or weaken your relationship with your employer client.
The five key moments are:
- The annual census.
- Compliance testing.
- Production and auditing of the Form 5500.
- Preparing and sending required notices.
- Measurement and planning.
In this article, we will discuss preparing clients for Form 5500 preparation and audit.
The window of opportunity to reach out to your business owners for this key moment is now — in early August.
With most plan sponsors filing for an extension, the form is due Oct. 15 for a calendar year. Without an extension the form is due July 31.
The Form 5500 Series is part of the Employee Retirement Income Security Act (ERISA) reporting and disclosure framework. It is intended to ensure that employee benefit plans comply with government regulations.
Some plans are also required to have an independent Certified Public Accountant's audit, which can create additional work for the plan sponsor.
In early August, retirement plan sponsors will have the Form 5500 preparation and filing fresh on their minds.
This is an opportunity to ask current and prospective clients about their experience.
Ekaterina "Katie" Sheliga, MBA, AIF, CPFA,
