3 questions to help find a benefits advisor that matches your business

To get the most out of your benefits plan, you should be looking for an advisor whose approach and priorities fit your business. While many business owners view their advisor as a necessary middleman to finalizing a necessary annual expense, being more selective about your benefits advisor can yield better results for both you and your employees. An advisor who is a good fit for your company is far more likely to leave you satisfied with the quality of benefits your employees receive and the amount of money you save on your plan.

Before you commit to working with an advisor, ask yourself these questions to determine if they would be a good match for your company:

1. What kind of business relationship do I want with my advisor?

Business owners have traditionally looked at their relationship with their benefits brokers as being between a vendor and a customer—the employer would pay for the service and plan the broker offered, then accept a hands-off approach for the remainder of the year until the time came to renew their plan.

Related: It’s time to lift the curtain on how brokers get paid

On the other end of the scale of involvement is a benefits advisor, whose relationship with the business owner resembles more of a partnership. Instead of offering a one-off annual transaction, an advisor works with the employer throughout the year. While this type of business relationship requires more effort from you as the employer, it can help your company by:

• Creating more savings opportunities
• Developing a benefits plan that evolves with your business
• Turning your plan into a strategic tool rather than just another mandatory expense

Ensuring that your expectations for your advisor’s involvement match theirs is crucial to your satisfaction with their services.

2. Does my advisor understand my goals and challenges?

If your advisor doesn’t connect with your “why,” you’ll only be wasting your time by working with them. Your advisor should be asking what drives you, what your goals are, and what challenges you’re trying to overcome in your business. By getting to know your company better, your advisor will be better equipped to develop a benefits plan that can help your business meet its goals and overcome its challenges.

Your advisor should also be honest with you about their ability to make an impact on your business. If they tell you that they feel like their services won’t have your desired impact on your company or that they can’t custom-design a benefits plan for your business, take them at their word and search for an advisor that would be more compatible.

3. Can my advisor build a plan around my business’ values?

The backbone of any business is its workforce, and the backbone of a quality benefits plan is the value it offers to employees. If you as an employer make your employees’ health and happiness a top priority, your business will suffer from working with an advisor who tries to cut costs in your benefits plan at the expense of the quality of healthcare your employees receive.

An employee-centric advisor will prioritize:

• Engaging and educating employees – Employees that are more involved with their benefits plan become empowered to make cost-effective choices that don’t compromise their quality of care.
• Passing savings on to employees – While your advisor should certainly make sure that you save money, they should also strive for lower copays and deductibles for your workers.
• Providing competitive, high-quality benefits – The healthcare you offer should make your business a more appealing workplace to both current employees and potential hires.

Your benefits plan will produce better results if you and your advisor place the same amount of importance on your employees’ satisfaction.

Building a benefits dream team

You and your advisor should see eye to eye on their expected level of involvement, your goals and how to meet them, and your company’s values. Working with an advisor who fits well with your business and vision increases the likelihood that they’ll be able to offer you solutions that maximize the positive impact of your benefits plan.

Read more: 

• Out on a limb: Predictions for the benefits industry in 2019
• Communications breakdown: How can brokers and employers get on the same page with technology?
• Brokers’ roles are changing. Are they prepared to keep up?

Jim Blachek is co-founder of The Benefits Group.