A trusted advisor relationship is likely developing at these firms. How do they compare to employers holding a less optimistic outlook? Our research identifies three important differences. Small businesses anticipating an enhanced relationship with their advisor:

More often work with other advisors, specifically, for retirement or pension benefits, executive benefits, and annuities and investments. These employers are more likely to use agents and brokers for other business needs. A positive experience with an advisor in one facet may prompt them to seek out similar partnerships in other areas.
Appear more open to working with advisors affiliated with a single carrier. While these employers still favor independent brokers, this preference is subdued compared to the less enthusiastic small businesses. This underscores an opportunity for the agents representing one insurer to compete in the small businesses segment. Keep in mind that many of these employers do not yet offer any insurance benefits, suggesting significant untapped market potential.
Are more connected to certain advisor services. A LIMRA study examined 13 services related to insurance benefits that employers sometimes receive from their advisor. On average, small businesses receive six of these services. Helping employers manage renewals and reviewing their existing plans are the most widely available items, with no one service provided to more than 2 in 3 employers (Table 1).

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