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Employee Benefits Brokers Must Provide Wide Range of Skills and Services to Employers, Longfellow Benefits' Joseph Gray Writes
| Source: Longfellow Benefits
BOSTON, MA--(Marketwire - November 28, 2007) - An employee benefits broker should do a lot more
for clients than shop for a good price, Joseph M. Gray of Longfellow
Benefits writes in the November issue of Employee Benefit Plan Review.
-- Regulatory Expertise
Benefits firms must have the resources and intellectual horsepower to
educate clients on all regulatory issues. Federal legislation means
employers must make sweeping changes to their benefit program, Gray writes.
-- Understanding Compliance and Reporting
Many employers are unaware of all of the Department of Labor filings
required. Failure to file may potentially result in significant fines. At
the very least, benefits firms should be able to advise clients of their
filing responsibilities, and many firms will prepare signature-ready forms
for their clients.
Benefits advisors also must fully understand Sarbanes-Oxley regulations to
offer appropriate solutions for their clients.
-- Plan Assessment and Employee Education
Controlling health care costs once again ranks as a top priority of finance
and HR professionals in national surveys. The most successful plans control
costs with sound programs on wellness, disease management, and behavioral
modification.
-- M&A Due Diligence Capability
Your benefits advisor must have a strong expertise in due diligence review
and acquisition analysis so it can appropriately advise you on the
potential exposure surrounding the health and welfare and retirement
benefits of companies your firm may acquire, Gray says. Unexpected claim
liability and pension obligations can be potentially devastating.
-- Benchmarking Ability
A good benefits consultant should be able to offer you benchmarking
reports, with data by industry compiled on both a national and regional
basis.
-- Vendor Evaluation
Look for an advisor that can provide you vendor evaluation of outsourcing
providers. Advisors must understand the service model and capabilities of
the company administering the benefits.
-- Up-to-date Technology
Your benefits advisor should be able to house client-specific benefit
information that can be accessed anytime by members using passwords.
Additionally, an advisor's web site should function as a resource library
where your firm can research legislative, compliance, and human resource
questions; access various carrier and HR forms; and review advisor
newsletters and white papers. Web-based enrollment and employee
self-service solutions should be available.
Gray, CLU, REBC, LIA, is managing partner of Longfellow Benefits in Boston.
Serving organizations in New England and nationally, Longfellow Benefits
provides employee benefits, retirement plans and executive benefits. For
more information, visit www.longfellowbenefits.com or call 617-351-6000.