Are non-insured benefits a tool to help combat commission compression and how can you integrate them into your practice?
Regulatory changes, complexities introduced by the Affordable Care Act, and challenges facing HR directors to maximize employee benefits while reducing costs provide opportunities for advisors to offer additional services to supplement diminished commissions.
Joel Ray, the chairman and CEO of New Benefits, joins us on this week’s podcast to share helpful information about what non-insured benefits are available and how advisors can incorporate them with their clients, and how to use them as a differentiator with prospects.
We begin the conversation with an overview and examples of non-insured benefits. Joel explains how non-insured benefits can be combined with traditional benefits to better serve clients and increase your bottom line. He believes advisors should start with the conversation. According to Joel, you can never have a bad conversation and this sets the stage to understand your client’s needs allowing you to guide them into the best solutions.
We explore the case for companies to view financial wellbeing as having a direct impact on employee productivity as well as mental and physical wellness. Finally, Joel provides his take on the growth potential of non-insured products. He lays out just how much he thinks non-insured products will become a stable part of the product offering companies are looking for in the future.
What You’ll Learn From this Episode:
- The top four areas of client interest for non-insurance benefits.
- How to define an aggregator.
- Whether advisors should go direct to plans.
- How advisors position non-insured benefits alongside their other offerings and services.
- Why financial wellness is the new “master benefit”.
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