WealthFeed announced that advisors can now search a database of more than 780,000 retirement plans through its platform following the addition of Form 5500 data. The AI-powered prospecting and marketing platform also alerts users to potentially relevant changes in new filings.
WealthFeed is adding the plan data to its existing Warm Introduction and Marketing Hub tools so advisors can find and contact plan prospects within the platform, according to the company. Warm Introduction identifies network connections to plan decision makers, while Marketing Hub runs outreach campaigns via email, LinkedIn, handwritten notes or postcards.
Form 5500 is an annual employee benefit plan report that includes financial and participant information. Larger plans also report certain service providers and their compensation.
“Form 5500 filings offer valuable insight into a business before an advisor picks up the phone, including whether plan participation has increased and who is being paid to service the plan,” said Sam Kendree, Co-Founder and CEO of WealthFeed. “WealthFeed helps advisors sort through filings in their market and prioritize plans that give them a credible reason to call.”
The company said advisors can use these new tools to review plan assets, participation and the filing’s signatory in individual plan profiles, which also provide opportunity scores and explanations. Searches can be narrowed by plan size, features, industry and filing date.
The Form 5500 addition includes 12 filing triggers to identify changes that could warrant outreach, including money-in-motion events. On larger plans, one trigger identifies when a previously listed advisor is absent from a subsequent filing, according to the release.
“Plenty of platforms can show an advisor a list of retirement plans,” Kendree added. “WealthFeed helps them find a way into the conversation. When an advisor sees that someone in their network knows a plan decision maker, they can ask for an introduction and follow up with personalized outreach. That’s a far stronger starting point than reaching out cold to a name on a list.”
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