We’re at the beginning of the second quarter and only months away from the target date for the initial tactical and financial impact of the Affordable Care Act. So what are the forward-thinking advisers doing? What will distinguish them from the majority that will struggle and languish? As you might imagine, I’ve been asked questions like these quite frequently in the last 12-18 months. And some of our clients have been preparing themselves for the last two to three years for the impact that is now nearly upon us.
That’s right. They have been slowly adapting to the new market realities and have positioned themselves for success. It’s not too late to implement changes, but time is rapidly running out for those that have procrastinated. Those that will adapt will understand the need for market segmentation. They will have different strategies for how they deal with different size clients. In other words, they will provide different products, service offerings and capabilities that match the needs of employers by market segment. They will also match the staffing, expenses and enabling technologies to the market segments they choose to serve in order to optimize profits. And all their proactive marketing efforts will be directed at the more desirable employers in their local market.
