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Anyone know of an "industry specific" contact management program?


Guest crgravitt

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Guest crgravitt

I've been browsing several different products and so far I haven't hit on anything that seems to be geared toward the retirement plan market. All seem to have fields you can customize but I would like to find a program that doesn't require as much work on the front end. Thanks for any input!

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Guest fore01k

I have been looking for the same thing and came across the Datair contact and plan management software. I don't know if you need the plan management side of it but it seems to be pretty good. I have not purchased it yet so I can't speak to its actual function in the real world. If you contact them, they will send you a free demo of the software.

Alternatiely, you could have one cutom designed using SQL or Access or something similar. You would be sure to get exactly what you want and it would be customizable for future expansion / changes to law, etc.

I'd be interested to hear what others are using and what you have looked at so far.

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  • 2 weeks later...

We looked into this last year for a time and really weren't satisfied with all that was out there. We were coming from the slapdash multiple spreadsheets, which clearly wasn't the way to go (why would one need to update an address change 5 different places). Ended up taking two weeks and creating a Lotus Approach database that handles pretty much everything (in fact will be spitting out 700 Mandatory Distribution Amendments tomorrow complete at the proverbial "push of the button" - will definitely save our poor 70 year old secretary from a heart attack).

If you have the people available and some computer skill, a customized relational database is the way to go.

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Guest crgravitt

Thanks! Actually, a gal I work with has an IT degree and is pretty slick with relational databases so I was contemplating asking her if she could find some time to help me develop one. Looks like that'll be our best bet for getting something that actually works. Good luck with your auto distribution amendments!!!

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Guest padmin

Mwyatt

We too are processing the mandatory distribution ammendments thorugh an in-house relational databse: Quick question. What are you charging for the amendment and which sponsor level did you select (keep the $5000 and do ira rollovers or drop it down to $1,000)

I appreciate your input

Padmin

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We have had other discussion forums in which prices for services are discussed.

You should watch out for shared discussions of pricing, so you can avoid the appearance of price collusion, in general. Your prices should be based on your own business model. What are your costs, and what profit do you plan to obtain.

From my perspective, amendments have a high threshold of risk to the TPA, since failure to amend can cause dis-qualification, claims against EO insurance, etc. So I don't tend to make them a bargain, unless it is part of a larger process, such as a complete restatement of a plan.

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Well, as noted won't go into pricing. As to the second question, most of our clients are small in nature. When you really look at the target of the mandatory distribution amendment, you're only focusing on those under $5k who never respond to you, either through inertia or the fact that you don't have a valid address. We've opted to go, unless otherwise directed, to the lower $1,000 threshold. Consider a doctor and two nurse plan - why should he have to go through the effort of establishing a concrete IRA relationship when it may never be exercised.

Another good idea that dies out due to overregulation. If they had left it without all the formal procedures now, this would have been a nice idea to use rather than the current practice of unilaterally mailing out checks that may never get delivered. Although I guess on plan termination, one would be inclined to amendment otherwise to take care of any missing participants by lowering the IRA limit to $0 (although it may be difficult getting an IRA providor to take a miniscule missing balance).

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