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

June 28, 2021
Pairs of hands on a document

Helping potential clients choose the right plan provider is one of the most valuable services you can provide. There are critical times of the year when you can especially help them determine how well they’re being served by their current provider. We call these the 5 Moments of Truth, and this month, we’re sharing timely information about the Form 5500 and audit experience.

  1. Annual census
  2. Compliance testing
  3. Form 5500 and audit
  4. Delivery of required notices
  5. Measurement and strategic planning
Annual Census
Compliance Testing
Form 5500 and Audit
Delivery of Required Notices
Measurement and Strategic Planning

Form 5500

With the Form 5500 preparation and filing fresh on your clients’ minds, grab the opportunity to 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 the provider sign and file it on your behalf?
  • 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 — at no extra cost
  • 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. Keep an eye out for more 5 Moments of Truth articles that can help you grow your business.