When people change jobs or go through major life transitions, it’s easy for old 401(k)s to slip through the cracks. If your clients aren’t thinking about them, chances are they’re not actively looking for them either.
Fortunately, there’s now a simple way to help bring these accounts back into focus.
A new tool is available to help uncover forgotten 401(k)s and reintegrate them into your clients’ financial plans. It’s a smart way to help them stay aligned with their goals, while also giving you the opportunity to consolidate more assets under your care.
Finding Lost 401(k)s
As part of the SECURE 2.0 Act, the Department of Labor rolled out a new online tool designed to help people identify old retirement accounts that may have been forgotten over the years, called the “Retirement Savings Lost and Found Database.” This initiative comes in response to a growing need: more than a trillion dollars in unclaimed retirement savings are unaccounted for—often due to job changes, company closures, or outdated contact information.1 While there are other resources for tracking down things such as unclaimed inheritances, this tool is focused exclusively on retirement accounts.
It allows users to search for 401(k) plans and defined benefit pensions linked to their Social Security Number, provided those plans were sponsored by private-sector employers or unions. It’s important to note that the tool doesn’t include Individual Retirement Accounts, government-sponsored retirement plans, or Social Security benefits.
Now that the tool is available, the key is knowing how to access it—and how to help your clients put it to good use.
Helping Clients Use the Tool
While clients will need to create their own accounts to access the Retirement Savings Lost and Found Database, you can still play a key role in guiding them through the process.
Here’s how you can support them:
Once their account is setup and they’ve completed a search, you can help them interpret the results and discuss next steps.
How To Leverage It
This database can be a game-changer for both financial professionals and their clients. One of the most immediate benefits is the potential to uncover forgotten assets—imagine discovering an old 401(k) that your client had completely forgotten about. That kind of find could significantly impact retirement strategy and open the door to deeper financial planning conversations.
When clients uncover old retirement accounts, they often look for guidance on what to do next. Helping clients navigate the Lost and Found database not only adds value, but it can also lead to meaningful planning conversations. From rollover opportunities, asset consolidation, this process can reveal additional investable assets and deepen client relationships.
For existing clients, the tool is a great reason to reconnect outside of normal meetings. A simple check-in, asking if they’ve heard about the database, may spark a helpful conversation for them or even someone in their family.
In one-on-one meetings it’s a great value-add to mention: “One of the services we offer is helping clients locate lost retirement accounts.” Younger clients, who tend to change jobs more frequently, are especially likely to benefit. And since many clients have children or relatives in that stage of life, this tool can also open the door to new prospecting opportunities.
Consider reaching out with a simple message like:
An Unknown Tool with Powerful Asset-Gathering Potential
Most clients and prospects don’t even know this resource exists, and many are unaware they may have thousands of dollars in forgotten retirement accounts. By introducing them to this tool, financial professionals can uncover hidden assets that might otherwise remain untouched—and position themselves as the trusted financial professional to help manage and consolidate those funds.
It’s a win-win: clients recover lost savings, and financial professionals gain new assets under management while deepening relationships.
Next Step
Explore the Retirement Savings Lost and Found Database today and start the conversation with your clients. A few minutes could uncover thousands in forgotten savings.
1 The True Cost of Forgotten 401(k) Accounts, Capitalize Research, 2023
All information provided is for informational and educational purposes only and is not intended to provide investment, tax, accounting or legal advice. As with all matters of an investment, tax, or legal nature, you should consult with a qualified tax or legal professional regarding your specific legal or tax situation, as applicable.