Something to consider…in my professional existence, I have always been a group benefits specialist. Although I am educated in money matters, individual insurance, financial planning, that is not where I shine and therefore, I leave those elements to those professionals who really sparkle in that capacity. I have an on-going beef with the “generalist” who professes, I can do that too. Recently in a conversation with one such individual, I painted the following fictional picture:
Though I have never invested money for a client in the past, I have a client who is unhappy with their current advisor and asks if I can take care of their money matters for them as they have trusted me with their benefit plan for many years and I have never let them down. In this fictional scenario, I say “Yes, I can do that too.”
Now the client entrusts their lifelong assets in my not-so-capable hands. What do I do? Call someone who may know something to direct me to the next steps, fumble around until I feel comfortable placing the client’s money somewhere according to what they indicated they wanted.
Okay, I have to stop there…I’m breaking out in a sweat just thinking about it. As fundamentally wrong as that scenario sounds—and make no mistake it is wrong—so is it a mistake to assume the investment person will be the BEST consultant for a benefit plan. A jack of all trades—master of none is like endorsing the lazy man’s load, eventually, the plates will fall.
Working exclusively to provide employee group benefit programs for employers, I have chosen a profession of service. In doing what we do best, employee group benefits specialist ensure the employer’s promise of a sound well-being for their employees is fulfilled, and that their employees, and by contact, those employee’s families, are provided with the sound coverage they not only need but deserve on a cost-effective, tax-effective basis.
By being available, able to answer and address issues of concern when they happen, as they happen without run-around, makes all the difference. This experience results in long-term success for the business, the employer and their greatest asset—their employees.
Remember, a properly designed, well-executed benefit plan protects against those catastrophic events and provides long-term cost savings.
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