In today’s market, the distinctions between benefits brokers, benefits consultants, benefits advisors have blurred, and the differences are barely distinguishable. Today, most benefits professionals work for either fees or commissions, have access to all carriers and should work with your best interest in mind. When looking for a broker, it’s best to ignore what they call themselves and just focus on what each individual vendor offers.
And don’t let inertia set in; just because you’ve had the same broker for ten years doesn’t mean they should be your broker next year—look for a partner that makes the most sense for your business. The wrong partner could mean inadequate coverage for employees, excessive costs for the business, compliance risk, and/or a perception your business is not competitive.
For this reason, companies should periodically reevaluate their employee benefits broker and their offerings to make sure they’re getting all the advice and value they deserve. Companies change, and so do their benefits needs.