Producers who focus exclusively on the executive benefits market would do well to consider a comprehensive approach that includes estate planning, financial planning and executive benefits. They thereby can bolster their bottom line and better serve their clients.
I use this comprehensive approach and when I meet with employers, I offer to conduct an extensive study of their benefits program and provide feedback on how their key employees value their benefits.
I also offer to provide financial planning for their executives. The employers are more receptive to a benefits review, analysis and financial planning program than they are to the suggestion that they consider giving executives a benefits upgrade.
Many business owners don’t know enough about executive benefits to make an informed decision. They are too busy running their company. If they don’t know the terminology or have a clear understanding of what you offer, they will immediately say ‘no.’
Many, due to experiences with other producers, also mistake executive benefits as simply an insurance program and miss the big picture. I’ve found that it is best to appeal to the business owner or benefits manager from their comfort level.
They may not understand all of the nuances of qualified plans vs. nonqualified plans or know that plans can be designed with great flexibility. But they do understand the importance of recruiting, rewarding and retaining top talent.
And they know that salary is not always enough to build the right team. Executives value their benefits offerings, especially when they are tailored to their concerns and needs. Employers want to ensure that they offer competitive benefits and know how their employees, especially their key talent, view their packages.
I provide four services:
1. Comprehensive review of the executive benefits package;
2. Analysis of qualified plans;
3. Nonqualified executive benefits sales; and,
4. Financial planning for executives.
The employers understand that I help them to compete by evaluating how their programs stack up. More than half of my employer clients are interested in offering financial planning to their executives.