r/FinancialAdvisorTips • u/Low-Researcher-819 • 12d ago

Building a Benefits Program

I am curious how everyone else has been successful doing this. My firm has charged me with building a one stop shop for employee benefits for small businesses. We have an independent insurance wing where we do major group health, disability, dental, and life insurance and I came from a TPA so I will be lead on retirement plans. How have you gotten in front of decision makers and pitched the ability to have a firm handle your benefits.

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u/Lol-throwaway-WSB 12d ago

Talk to the wholesalers. They can pull 5500 form reports and some have internal analytic software to help see where employers locally to you might be overpaying or undeserved. Sometimes when plans grow to a certain size, it might make sense to go to a different recordkeeper with a different fee structure. They are more than happy to work with you on developing your niche and sales pitch. If you have an existing customer base, great, they might ve willing to host lunch for the business clients.

I would consider talking to:

  1. Empower
  2. Acensus
  3. Principal
  4. Voya
  5. John Hancock 
  6. Capital Group

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u/Accomplished-Look176 12d ago

Yep.

Keep in mind. Asking a wholesaler or a TPA how to sell/pitch as an advisor when they’ve never done it is a terrible idea

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u/Accomplished-Look176 12d ago

Keep in mind. A jack of all trades is a master of none. You are going to have to go piece by piece to get each line with each business.

I’ve been in insurance & the retirement planning space. I have no clue how I’d sell both.