Accounting Professionals Don't Miss This Opportunity
form5500

This Is Your Chance to:

  • Make new contacts
  • Create some goodwill
  • Get your name in front of the most successful businesses in your marketplace

July 31st is D-Day (the Initial Due Date) for calendar year 5500 filers.

There is so much opportunity in this market it’s hard to quantify.  I could list bullet point after bullet point but suffice to say there is plenty of new business awaiting you in this market. Qualified plans are a lead-in to successful businesses.

As a practicing CPA I was always on the lookout for companies who sponsored qualified plans. I knew that qualified plans were a sign post that told me, here is a successful business controlled by high net worth individuals who needed the full array of audit, tax, review and consulting services we had to offer.

These were always our most profitable and largest clients.

If only I had a drawer full of these, I would be successful beyond my wildest dreams.

These plans represent a chance for you to open the door to hundreds of billable hours. This is always worth the effort to make a contact. You never know if a business owner is pleased with the services he or she is presently receiving.

Unless you make that call you won’t know. I know this has not changed over the last 20 years.

Contact us and ask for a directory of successful businesses in your market and begin on a path to personal development and expansion for your firm.

cpas@LarkspurData.com

800-282-4567

Thousands of Initial Audit Engagements

CPA’s Finding Sales Opportunities in the Qualified Plan Market

There are literally thousands of new audit engagements in the 401(k) and Qualified Plan market.

In addition, the Department of Labor has expanded the number of compliance engagements at least two-fold over the past year.  A two-fold increase equates to more than 165,000 engagements.

To say opportunities abound is a gross understatement. Successful firms know that thousands of hours of off-season work can be found in this market.

ERISA audits and 5500 preparation are just the tip of the iceberg.  A slew of new compliance regulations have been imposed by DOL & ERISA.  And many plan sponsors are either unaware or not yet in compliance with these new regulations.

Door Openers for a Growing Practice

CPA’s are uniquely qualified to provide many of the services required by existing & new legislation.  The attest function is the prerogative of the accounting profession leaving all other professionals unable to perform that function.

Tax and financial statement preparation are your forte.  Additionally, your independence, objectivity & integrity makes you the prime candidate for fiduciary compliance engagements; especially where conflict of interest issues preclude other professionals from performing the same service.

CPA’s are consistently rated among the most trusted business professionals and this is your entrée to some of the most profitable business in your market.

Thousands of 401(k) and qualified plan sponsors are in dire need of professional services that CPA’s are uniquely qualified to provide. A significant number of sponsors are unaware of the liability issues facing them as plan fiduciaries. The number of legal actions involving qualified plans has grown steadily now for several years.

10,000 Impending Audits

Close to 85 thousand qualified plans require audit under ERISA regulations.  We can identify every single plan one of these entities in your market.

We can go one step further and identify those plans that are going to require their first audit!

There is a specific rule known as the 80/120 Exception.  This rule exempts certain plans from audit during their growth years. Once they cross the 120 threshold an audit is mandatory.  We can pinpoint every one of these plans in your area.

We can also identify plans that skipped right over the 80/120 rule and now require their first audit.  Not many auditors have considered this opportunity.

Give us a call if you’d like to know who sponsors these plans are in your area.

 

Please Don’t Be Misled by New Vendors

We have been in this business for close to 25 years.

We are a CPA owned company, Eugene Benson, President & CEO is a licensed CPA in the state of California.

We have been the leading provider of ERISA tools & plan data since 1995 when we released the first CD-ROM disc that included the entire qualified plan market in a single source.

We continue to provide the entire qualified plan market in a single source; DB, DC and employee group benefit plans in a single application.

In addition to the plan data, our application includes:

  • DOL releases
  • EDGAR file data
  • 11-K filings
  • Audit statements
  • Additional financial releases
  • 15 distinct reports along with marketing & sales tools

We don’t break our product down and license it piecemeal.  For a single fee you receive a single application, never having to install or startup a secondary program. Actually, you don’t have to install our application. All you need is a username & password.

We know the accounting profession from the inside out.  Our founder & primary shareholder ran an accounting practice for 14 years prior to starting Larkspur Data.

We have developed search techniques that other providers have never thought about.  They’re not attuned to the profession.  And don’t understand why you would might want to perform a specific search.

Why would you pay more for a lesser product?  Here is a guarantee you won’t see elsewhere; If we can’t exceed the performance of a competing product we’ll license it for you!

 

Annual Requirements

Every employer who maintains a qualified or group benefit plan must issue a request for services annually. This is the first of many compliance requirements.

The request should read like a standard RFP document and include the following:

  • Review of all service agreements with current plan advisers (a determination that agreements exist with each and every adviser).
  • Determination of all plan fiduciaries.
  • Verification that any plan adviser who is a named fiduciary has appropriate certifications.

A review should be performed confirming compliance with key code sections:

  • 408(b)(2) Fee Disclosure Requirements
  • Has a qualified Fee Disclosure Expert been engaged?
  • Make a determination that FD Expert meets Independent Guidelines?
  • Verifying that a Prudent Process was applied and appropriate documentation.
  • Has a 404(c) election been adopted?
  • Has the election been properly executed?
  • What are the Fiduciary’s responsibilities under 404(c)?
  • Have annual disclosure requirements been completed (Fee Benchmark)?

A prudent plan sponsor/fiduciary should have an overall analysis of the entire qualified plan compliance process performed every year.

Finally, there is the annual preparation of a 5500 document & the qualified audit (where required) must be performed.

The fact is that the vast majority of plan sponsors are completely unaware of their compliance obligations. They don’t know which questions they should be asking and this is putting them at risk.

They need professional assistance and this is a compelling reason for you to make a contact and offer your services.

The marketing opportunities in the qualified plan market are virtually unlimited. Eventually they lead to the full gamut of services that CPA’s and accounting firms have to offer; financial audits, statement preparation, tax preparation and planning.

Opportunity is awaiting those who take action.

As a practicing CPA, I recognized early in my career that my best clients were those who sponsored qualified plans. Back then, profit sharing plans were the tried & true recommendation given to clients who came calling, asking for help with tax reduction.

That was more than 25 years ago; today that qualified plan itself has become the source of numerous consulting engagements.

Take Action Now

Right now you should be contacting plan sponsors. July 31st is the initial filing deadline for over half of all qualified plans. We manage a national database of every existing qualified plan in the country. The online database is updated daily. We have a history of data and plan filings all the way back to 2003. We can tell you every plan that requires an ERISA audit and we can provide the audit report itself.

In Addition to the Data, We Have:

  • Red Flagged certain plans, denoting non-compliance issues;
  • A Risk-Profile disclosing a history of 70 different risk factors is available for every plan;
  • A Performance Report rating the performance of each and every plan against their peer group
  • A Fiduciary/Optimizer report measuring potential fee saving and portfolio diversification

Custom Search Queries Created

We’ve created a number of customized search queries to target plan prospects that are not in compliance with current regulations; are underperforming the market; require ERISA audit or have various other needs.

Plan Sponsors need professional services and you are uniquely qualified to provide these services. What more compelling reason do you need to make a contact and offer your services.

Our database of qualified plans should be part of the professional library of every CPA firm in the country. Not just for marketing but for research & background information. Our files provide detailed information (officers, consultants, investment advisers, profitability, etc.) on close to 1 million successful businesses nationwide.

Call us today at 800-282-4567, ask for one of our business development specialists.  We will be happy to help you with that initial contact.  Or email us at cpas@larkspurdata.com and ask for qualified plan information.

 

Eugene A. Benson, Jr., CPA

Larkspur Data Resources, Inc.

PS  The door is open to the accounting profession, limitless consulting opportunities exist within the qualified plan market.

 

Check Out Our All New  –  Plan Performance Report

The Plan Performance Report is designed to generate face-to-face meetings with plan sponsors and decision makers.  This new report will create urgency & let sponsors know the consequences of failing to act on the important issues affecting their plan. You’ll have performance ratings, multi-year comparisons and a new calculation never seen before of Income that a plan is estimated to replace at retirement age.

You’ll also have…

  • Clear & Concise Performance Ratings for Every Plan
  • Performance Ratings Measured Against All Other Plans
  • Success Factor Ratings
  • Key Plan Data, Rates of Return, Expense Percentages
  • Fiduciary Risks and More.

We’ve taken the time to identify the flaws and “Red Flags” associated with any given plan, so that you don’t have to.  And you can immediately begin to search by these flaws and characteristics.  We know which plans represent the best opportunities for takeover; plans that have audit exposure, plans with excessive fees, plans with liability issues & plans with obvious filing errors.  Sponsor’s and fiduciaries can’t afford to ignore these issues, there’s just too much personal exposure for them.

These will become your keys to opening the door to meetings, conference calls and new business.

Keep in mind that employers have no idea about their rates of return, investment fees, expense percentages or replacement income; they definitely have no idea where their plan stands in relation to all other plans.  Being the financial expert armed with this information, you will be in a position to tell your prospects what their numbers are, what they mean and which are most important.

Information like this will get you in the front door and lead to new business.  We can put this information in your hands right now along with the talking points outline. The Plan Performance Report is designed to go with you on your Face-to-Face meetings. Use it as a guide for yourself and provide your prospect with a copy as well.  All of the tools you’ll need to demonstrate that a change needs to be made will be right there with you.

The report includes a fabulous new feature that you won’t find anywhere else; Income Replacement At Retirement!

In combination with Dalbar, we provide a calculation of income that a given plan is projected to replace at retirement.  Imagine being able to tell an employer that his company’s 401(k) Plan is projected to replace only 25% of his employees’ pre-retirement income? This is not good news, but it’s guaranteed to capture the attention of any decision maker who is responsible to the plan & its participants.  This computation of Income Replacement at Retirement will not be found anywhere else. It’s proprietary to Larkspur Data & Dalbar.

Let us demonstrate how to use this report to grow & expand your business right now.

Prospects of Wealth

Prospect of Wealth or POW as we like to call it is a searchable database with detailed information on nearly 4 million high-net-worth individuals nationwide. Information is gathered from over 70 different sources, both public and private and updated throughout the year. Each record is carefully evaluated against dozens of different criteria to determine levels of personal wealth, weighing all available net-worth indicators according to rigorously constructed demographic models, before qualifying them as solid prospects for investment products and services.

Once wealth levels have been evaluated, each prospect record is passed through a series of more in-depth tests to determine if they are the type of individual who is likely to have a need for a variety of financial services. Prospects are carefully evaluated on national and local models based on age range, personal interests, likelihood of positive responses to solicitations, lifestyle, career indicators as well as other self-reported characteristics.

Further matching is performed using internal and external sources to enhance records with supplementary data that can be useful in closing sales. Finally, a deep cleansing process is applied, matching names, addresses, zip codes, phone numbers and all supplementary data against government and publicly maintained records. Deliverability is backed by our 100% replacement guarantee. All phone numbers are screened against the national “do not call list” on a monthly basis.

The records are accessed online through a searchable interface that allows users to literally slice through the market, targeting only those individuals most likely to be interested in a particular product or service. The interface not only allows you to customize your searches by estimated net worth, age range, evidence of wealth and other criteria it will also enable you to sort your results, print mailing labels and export data to CRM software. Each prospect listing contains a detailed report outlining exactly why we believe this person is a high net worth individual along with name, address, phone and any other relevant information.

Call us and ask for 100 High-Net-Worth leads FREE.