September 12, 2023
ERISA and the Internal Revenue Code require many employers and plan administrators to submit reports to government agencies with detailed information pertaining to their retirement plans. Most 401(k) plan sponsors are required to file Form 5500 with the Department of Labor on an annual basis. Within the Form 5500 filing, you will find detailed information regarding the investment options, consultants/advisors to the plan and funding levels.
The Form 5500 filing is a great resource for those individuals selling directly into retirement plans. In conducting market research for investment professionals, we have evaluated several relevant Defined Contribution databases and their key attributes.
In this article, we’re comparing the best 401(k) databases, including what they do, how they work, and their price points. By the end of the article, you’ll have a clear understanding which database is right for you.
PlanPro helps build your 401(k) pipeline by identifying the best plan prospects, differentiating your pitch, and reaching decision-makers. With a subscription to this 401(k) database platform, you’ll be able to target high-quality leads through ranking retirement plan leads of all sizes on different indicators. In addition, reach decision-makers through their specific contact information. Thirdly, you’ll have the ability to attract prospect attention by showing clients fee savings through customizable reports. Lastly, manage your workflow and analyze fee disclosures.
PlanPro would be a fit for salespeople at investment firms of any size, looking for in-depth information with limited time for research.
Pricing for PlanPro’s 401(k) database includes several options:
BenefitsPro 401(k) database contains 2.6 million ERISA form 5500s containing group benefits plans of 401(k), pension, life, and health plans. With a subscription to this platform you’ll have access to company contact information, renewal dates, financial data, and information on service providers and carriers.
BenefitsPro 401(k) database is a good fit for salespeople looking for prospects if they don’t have a huge budget to work with.
You can sign up for BenefitsPro for free.
Brightscope’s 401(k) database helps you identify prospects and win more meetings. With a subscription to this platform you’ll be able to ignite distribution efforts, drive top-line growth, and lead with actionable intelligence. This 401(k) database will get you access to top prospects through screening plans, fund performance, and centers of influence. Secondly, you’ll win first meetings through engaging plan sponsors and close business faster. Lastly, see data that inspires actionable insights such as opportunity, investments, plan sponsor contacts, and fiduciary pain points.
Brightscope would be a good fit for salespeople looking for a better understanding of their territories, and who want to win more meetings with the right people.
Pricing is not listed on the Brightscope website, you’ll need to contact a representative to get more information.
Dakota Marketplace will help you identify leads by targeting decision makers, review manager rosters, and identifying service providers like Plan Record Keeper and Investment Consultant. You’re able to filter on data points specific to your search criteria, access the list of investment options within the plan, and access the list of fund service providers.
The Dakota 401(k) data is right for anyone that sells directly into Defined Benefit and Defined Contribution plans who needs to pull key information regarding their plans, including who is advising the plans, what the plan is invested in, contact data, location, and the person in charge of the plan. Additionally, it would be a fit for anyone looking for a one stop shop for all things Defined Contribution plan related, built within the easy-to-use Salesforce framework.
Learn more about the 401(k) plan information housed within Dakota Marketplace and start a free trial of the platform today.
Morgan Holycross is a Marketing Manager at Dakota.
