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Advice on Using Form 5500 Data

Tom Clark, chief compliance officer and director of fiduciary oversight at FRA/PlanTools, has spent considerable time and energy delving into and analyzing the DOL's Form 5500 database for usable prospecting information. He shared the following insights and tips that I think you will find useful in your business development efforts.

1. Form 5500s filed since 2009 are available online — and they're free.
2. Bigger plans have more information.
3. Get the Form 5500 data in spreadsheet form.
4. Plan characteristic codes are priceless for prospecting.
5. Schedule C service codes can tell you the services your competition is providing.
 
You can read Tom's full article here.

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