How Your Advisor Impacts the Value of Your Benefits Plan
Estimated reading time: 3 minutes and 42 seconds
To some business owners, the employee benefits plan is just another checklist item to implement. However, there are strategies to consider when it comes to the purpose of having a plan. That’s why many companies rely on the expertise of a benefits plan advisor. Whether you’re looking for a second opinion on an existing benefits plan or want to setup a new plan, it makes sense to seek advice from an expert that cares about your business.
But how do you really know if you are getting the most value out of your benefits plan? Has the advisor that you entrusted really taken the time to get to know your company? Have they clearly outlined your options and explained their recommendations? Are you confident that your plan is helping you meet your corporate objectives?
The level of service that you receive from whomever you have chosen to work with on your benefits plan is directly correlated to these questions’ answers. If you really want to get the most out of your employee benefits plan, here are three added-value services that you should expect and receive from your advisor.
1. They Get Familiar with Your Business – Wouldn’t it be nice to partner with an advisor who seeks a deeper understanding of your short and long-term business objectives? Together, you would be able to build a strategy for your employee benefits plan that is tailored to your business. The chosen advisor should propose thoughtful options for you to consider, and source quotes from suitable suppliers when you’ve decided which plan best suits your company.
A good advisor will also take the time to provide intelligence on benefit plans in your industry, showing you what the other competitors in your field are doing with their benefits plan. This helps you understand how your plan will compare to your industry and how to recruit and retain top talent. Your advisor could also help you survey your employees for their preferences, leading you to make confident choices that will keep your employees engaged, healthy and productive. All that to say, the advisor’s value comes from a reliable process, not a quick sale.
2. They Clearly Explain the True Worth of Your Plan – While setting and respecting budgets are important, understanding how the proposed employee benefits plan will positively impact your organization is equally significant. No matter how affordable, there is no sense in paying for a plan that does not appeal to your employees or is not helping your organization reach desired outcomes and goals.
A good advisor will help you find the best plan for your specific company, at the best price. Furthermore, they will take the time to clarify how the plan will benefit both your organization and its employees, encouraging an ongoing relationship. Considering and discussing these variables should happen upon plan setup and every year during the annual review. For more information, read: Why Strategy Trumps Price During Annual Reviews.
3. They Are Responsive and Always Available to You – While insurance companies can be very helpful, their customer service representatives are often overwhelmed with queries from thousands of customers, and may not be able to provide the personalized service that you deserve.
A good advisor has a team of specialists, ready and willing to provide ongoing service when you need it most. They are responsive in answering your queries and because they intimately know your business and its employee benefits plan, you are in a better position to receive quick answers and solutions that are tailored to your organization.
At BenefitDeck, we have processes in place which make our team extremely agile, ensuring that all of our clients are heard and supported when they need our help. We respond immediately to let them know we are handling the matter, and work on their behalf to speak with the insurance provider and find the best resolution for their company and its objectives. We go the extra mile to make sure our customers know that we care. (Read more here: 5 Trends to Consider When Choosing Your Employee Benefits Advisor)
Optimize Your Employee Benefits Plan with the Right Advisor
Finding a benefits plan consultant that takes the time to understand the intricacies of your company, to properly explain the worth of your plan and to provide ongoing personalized support could make a significant difference for your organization and its benefits plan strategy. Contact our team at BenefitDeck today and let us show you the BenefitDeck advantage.