Advisor strategies

As employers search for ways to trim health care costs, advisers are increasingly exploring the use of data to steer plan design.

In the constantly changing health insurance business, the only way to stay ahead of the competition is to reinvest in your company, your employees and your technology. That’s what Sparks, Md.-based Kelly & Associates Insurance Group has been doing. What can smaller firms learn from Kelly and why is the continual reinvestment so important?

Advisers who excel in the vision field do the best job of making the connection between vision and medical plans, some experts say. Shannon Enders, a founding partner at Lakeshore Employee Benefits in Norton Shores, Mich., says when he brings the idea of connecting vision and health data to clients’ attention, “they quickly become very interested.”

Commentary: Delivering fee disclosure notices to both plan sponsors and plan participants has helped some plan sponsors to lower their costs, but the various fee disclosures are still difficult for many to understand. With such a national focus on fees, some plan sponsors have taken the opportunity to review and rethink how they handle plan fees.

Commentary: What should brokers and benefit advisers take away from all the merger and acquisition activity among the medical carriers? The message is crystal clear. Now would be the time to move away from a dependency on medical commissions and take a fee.

Selecting the right partners, learning from colleagues and understanding the needs of each client will help agents who are new to this space.

Aetna’s purchase of Humana confirms analyst predictions of continued consolidation as carriers vie for market share, a trend industry experts fear will limit choice and force brokers to reinvent their business approach.

As small employers shift from group to individual coverage, private exchanges can be a useful tool to keep brokers competitive and maximize profits during the transition.

Standing out from the competition, maintaining healthy prospects and offering essential solutions can help attract prospective buyers.

Commentary: Let’s stop celebrating the financial merger of two faceless giants, and focus instead on the real work that agents, brokers and consultants are doing every day to make a difference, says adviser David C. Smith.

The DOL’s proposed definition of fiduciary advice remains worrisomely broad, according to financial and legal experts who are calling upon the industry to flood the DOL with letters of concern about the rule’s possible implications.

Plan sponsors’ loyalty to their retirement service providers is slightly down year-over-year, presenting an opportunity for advisers to advocate for their clients.

Commentary: High on everyone’s list of questions in any potential transaction is: What is the price or value given to my business? But the more important question is: What are the terms?

The landmark U.S. Supreme Court decision being cheered as a step toward equality is also poised to carry unintended consequences, including some that could make life harder for employees, gay and straight alike.

Commentary: The ACA is “unremovable,” says columnist Nelson Griswold, so advisers must learn how to leverage it.

Commentary: Chances of the industry ever being the way it was prior to the ACA are nonexistent, which we should all hail as a good thing, says columnist Wendy Keneipp following the Supreme Court’s decision to uphold ACA subsidies.

A group of industry players connected to private exchanges launched a coalition Wednesday to serve as a forum to share ideas and best practices, and to increase awareness of private exchanges.

Commentary: By expanding our thinking and embracing technology, we have the opportunity to improve our efficiency, reduce costs and enhance the client experience. What are you going to implement in this brave new world, asks EBA Advisory Board member Andy Torelli.

Brokers and agents welcome legislation introduced Tuesday to the Senate that would enhance broker access to information about marketplace enrollment, leveling the playing field with navigators and assisters.

Commentary: Many salespeople who “do everything right” underperform. With so much focus on personal qualities and skills, the sales process doesn’t get the attention it deserves.