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Grab the Opportunity – Ask About Clients' Form 5500 Filing Experience

Filing Form 5500 is another of our 5 Moments of Truth, a critical time that is an opportunity to highlight your value to plan sponsors.

  1. Annual census
  2. Compliance testing
  3. Form 5500 and audit
  4. Delivery of required notices
  5. Measurement and strategic planning

When Form 5500 preparation and filing is fresh on your clients’ minds, ask them about their experience. Their answers may reveal how satisfied — or dissatisfied — they are with their provider.

Generally, plan sponsors with 100 or more participants must fill out a Form 5500 each year. The report ensures that employee benefits plans comply with government regulations. Some plans are also required to have an independent CPA audit, which can create more work for the plan sponsor.

These questions can get at the heart of a client’s experience:

  • Was the Form 5500 completed on time?
  • Did you understand the required steps?
  • Did you get the support you needed from your provider?
  • Was the Form 5500 signature-ready?
  • Did you need to request an extension?
  • For plans that required an independent CPA audit, how did your provider make the process easy? Did the provider supply information to and work directly with the CPA?

What to Look for in a Provider

If their current provider hasn’t met their expectations, here’s how you can add value. Help them find a provider like The Standard that:

  • Offers a signature-ready Form 5500 and files it on the client’s behalf
  • Provides an audit package designed to streamline CPA review
  • Works directly with a CPA during the audit process

Your clients and potential clients rely on your expertise. And helping them answer questions about their Form 5500 filing demonstrates your value.

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