Prospecting the Federal Form 5500 – The Offensive Approach

Using 5500 Data for Offensive and Defense Business Development (Part 3): The Offensive Approach

The most common, and effective, way to use Retirement Plan Prospector is offensively. The size of the data pool contained in the data set not only provides brokers with a massive lead list but also provides details required to make a data-driven business development plan work.

IDENTIFY THE BEST TARGETS

While looking for red flags and plan scores are a great way to begin identifying the leads with the highest chance of conversion, that is just the beginning. If you know of a competitor’s offering that you outperform, locating the plans they manage is a great way to focus your efforts.

THE UNSATISFIED/VERY SATISFIED CLIENTS

Retirement Plan Prospector has data on plans stretching back nearly 10 years. This history can show sponsors who frequently change their financial advisors. Noticing that a sponsor changes their FA every couple of years might indicate that they are likely to reevaluate their current plans. However, such a sponsor might be hard to retain. On the other hand, you could identify sponsors who tend to pick and advisor and stick with them. These leads might be more difficult to win but are likely to stick with you once you have won their business.

THE BOOK OF BUSINESS COMPARISON

Plan scores look at the relative strength of a plan. By collecting the plan scores of all the plans in your book of business, you can come up with an average plan score for your clients. Comparing a lead’s low plan score to your “book of business score” is a great use of plan scores. Such a comparison is a data-driven reason for the sponsor to consider having you perform the same great work you did for your other clients.

THE JDA ADVANTAGE: With our monthly updates, you will always have the most recent data available. Quickly knowing that a plan is in trouble, and who to reach out to will give you a better chance of locating a floundering plan before its advisor is aware something is wrong.

About Author:
William Moomaw
William is a Senior Product Manager for the Intelligence division of ALM Media. Since joining the team in 2010, he has provided solutions for the entire Judy Diamond Associates suite of services for clients in the retirement and health/welfare markets. William also supports clients to resolve concerns they have with their JDA experience; including invoicing, payment, account maintenance, and product training. Additionally, William manages business and product development for the EIN Finder line of services; providing retail and enterprise level clients with identity verification and data organization solutions.

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