Preparing Employer-Plan Clients for Form 5500, Audit Process

Their answers can reveal how satisfied — or dissatisfied — they are with their current provider.

Below are a few questions to ask plan sponsors that can guide the conversation and reveal common pain points in their experience with their current providers:

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 the provider work make the process easy? Did the provider supply information to and work directly with the CPA?

If the current provider hasn’t met expectations, advisors can add value by letting them know:

Some providers can offer signature-ready Form 5500s and will file on the client’s behalf at no extra cost.
Some providers create an audit package that is specifically designed to streamline a CPA review.
Some providers also work directly with a CPA during the audit process

Retirement plan sponsors rely on their advisor’s expertise for success to bring them partners to the table who can help ease this moment of truth.

This summer, take a proactive approach to this important milestone in the year by planning ahead and getting client conversations scheduled.

This is an opportunity to set yourself apart by aligning with the right provider partners.

Ekaterina “Katie” Sheliga, MBA, AIF, CPFA, is the national accounts sales director at The Standard and a registered representative at StanCorp Equities, Inc.

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