Plan Advisor Tools, February 2, 2016 - How to Be Your Plan Sponsor's Best Asset


You may be a benefits broker, but perhaps it’s time you started acted more like a plan advisor.

That’s because plan sponsors and plan participants are looking for help. Simply selling benefits packages once a year won’t do any longer. Plan sponsors want active advisor participation and guidance. 

That in itself is an area of opportunity for savvy plan advisors who are looking for ways in which to engage their clients more often. Here are ways to create value for your clients and be your client’s best plan asset:

Be forthcoming with information. There were plenty of changes in 2015 that affected plan sponsors and plan participants. Plan participants facing the impact of recent Social Security changes need guidance on how to make up any potential losses. Plan sponsors unsure of where their fiduciary responsibilities begin and end need help in understanding the rule changes – an area in which plan advisors can create stronger relationships.

Be available.  According to a recent survey by Spectrem Group, 84% of plan participants expect prompt responses from their advisors to either calls or emails.1 Get in the habit of returning calls or answering emails within 24 hours.

Be a partner. Your plan participants are looking for more than advice – they’re looking for a relationship. That same Spectrem survey reveals that 32% of participants want regular contact, either by phone or electronic communication, from their plan advisor. Advisors who introduce benchmarking into their service offerings can help participants meet their goals while ensuring advisors meet their fiduciary obligations.

Be there through all the changes. 2015 was a pivotal year for benefits and retirement accounts. Advisors can create real value for their plan sponsors and participants simply by alerting them to changes and educating them on how it impacts them.

1Liebenson, Donald. (October 27, 2015). Financial Advisors Taking Care of Business. Spectrem’s Millionaire Corner. Retrieved from


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