1. Create Contact Status for 401k Participant
Note: You must be a Database Admin to create new Statuses for your database.
2. Create Keyword for 401k Participant
Note: You must be a Database Admin to create new Keywords for your database.
3. Add Business Type Contact for 401k plan
4. Add 401k Participants as Contacts. Be sure to include the following data points:
Employer = (Name of 401k plan in Step 3)
Status = 401k Participant or Active Client
Keyword = 401k Participant
5. Use Advanced Search to search for the following:
6. Click save to create a Quicklist to easily access this list for future use
Bonus #1: Tracking 401k's on an Account Level
1. Manually add 401k accounts to the contact record of the 401k participant. Note: If you have a Portfolio Management or Custodian Integration that aggregates 401k accounts you can skip this step
2. Update the Account(s) to reflect the proper Type and Tax Qualified Type
3. Run Accounts by Type Report filtered for the Account Type “401k”
Bonus #2: Tracking and creating lists (PDF) of all 401k relationships
1. Add a membership option for the different types of relationships you want to track. Examples include “401K Provider”, “401K Participant”, “Third Party Administrator”, “Record Keeper” etc.
2. Link the 401K Provider to related contacts through Memberships
3. Run Membership Report using Common Tasks
[Add Note Template]
Type: Incoming or Outgoing
Summary of Request:
Summary of Action Performed:
*Be sure to link the 401k plan as an additional linked contact below
Category: Account Support
Action: Link 401k Plan as an Additional Linked Contact
Your Quicklist will provided you a quick way of viewing all participants in a 401k plan. Using Contact Options, we can use a variety of Redtail tools such as Labels, Mail Merge, Reports and Broadcast Email to help communicate to the participants of each plan we manage.