Practice management

Advisers are more committed than ever to helping clients with their retirement income planning, but they face a host of challenges, including not knowing where to go to build their knowledge of retirement planning.

The recent Supreme Court ruling came as a surprise to a number of people, maybe even most people. However, even among those who expected all or some part of the law to be overturned, about half of them, according to a survey of 4,000 employers by Mercer, were ants, in that they had already started to make preparations for the requirements of the law.

This blog covers how to manage the changes insurance and benefits agencies are making as a result of a changing business model. One of the questions we hear a lot in these discussions is “Whose responsibility is that?”

Protracted slow growth in the insurance industry is causing executives to concentrate on improving their organization's operational processes, prepare for regulatory changes and enhance their technological capabilities, according to the “2012 KPMG Insurance Industry Outlook.”

To help employers forecast potential penalties resulting from the Patient Protection and Affordable Care Act as well as make proactive changes to their benefits lineup prior to 2014, the New Jersey Hospital Association has launched the Reform Insurance Penalty Estimator.

Voter support for President Barack Obama's health care overhaul has increased following the U.S. Supreme Court's ruling upholding it, although majorities still oppose it, a Reuters/Ipsos poll released on Sunday showed.

While things were a bit murky at first, what emerged from the Supreme Court was some much-needed clarity on how providers can move forward with accountable care initiatives and other efforts fueled by health reform, according to two hospital CIOs asked for their first impressions on the ruling.

Despite the differing reactions among business sectors in the U.S. to last week’s Patient Protection and Affordable Care Act Supreme Court ruling, 77% of surveyed organizations are very likely to provide health coverage in 2014, according to a recent survey by the International Foundation of Employee Benefits Plans.

Talk about hogging the spotlight! Washington DC is driving the uproar around the reaction to the recent Supreme Court decision and all we’ve been seeing in the national media is coverage of the political ramifications. What does this mean to the political landscape? What’s Obama saying? Romney? Sure, the recent decision will define the road to election 2012 in November. It’s a landmark decision. We get it. …

I recently returned from my first Million Dollar Round Table convention. It was one of the most inspirational shows I've ever attended. There's something to say about the attitude of successful people. Not only were the approximately 5,000 attendees a motivated and attentive bunch - even at 8 a.m. - but there was also an air of optimism about the crowd that I found to be truly refreshing.

No day is ever the same for a hard-working employee benefit consultant. For those of you who've always wondered what the competition is up to, EBA premieres a monthly feature in which an adviser tracks one routine day. Read as Ryan Hanley of The Murray Group Insurance Services, and a daily user of social media, shares his ‘day in the life.’ Want to be featured yourself? Email marli.riggs@sourcemedia.com.

"The whole onsite clinic thing has been a buzz the last few years," says Michael Troup, partner at Forsite Benefits.

As a sales leader in your organization, one of the most critical functions you perform is to help young producers learn and refine their sales skills. And, yes, selling is a skill, not a personality trait.

As the economy struggles toward a meaningful recovery, health care costs continue to rise. With these factors in play, "decisions have moved higher up in the organization," says John DeLorenzo, SVP of sales and account management for Prudential Group Insurance. "So it's not just the human resources department or the benefits department making those decisions. It's moved all the way up ... into the C-suite."

Instead of focusing on the external issues that you cannot control, you should be focused on your business model and figure out how to reinvent your practice to enhance your value proposition to your clients and prospective clients. How can you make up any lost revenue? Why will your clients find your services relevant - and perhaps even more necessary? What additional revenue streams can you add to optimize the value of your existing and new client relationships? That's what you need to focus on and that's all within your control. That's also why we have been discussing strategic alliances over the last several months as a strategy to adapt to the changing market conditions. Joining forces with like-minded benefits professionals just might be the right approach.

Ellen M. is a 47-year-old single mom whose 4-year-old son is diagnosed with pervasive development disorder not otherwise specified, a disorder on the autism spectrum.

When asked about their experience with selling workplace voluntary benefits, most brokers often give one of two replies:

Employees know very little about disability coverage. But when they learn about it, they often want it and are willing to pay for it. A Consumer Federation of America and Unum national survey finds that only 13% of surveyed workers know "a lot" about disability insurance, and less than half (47%) know what its benefits are, according to the survey of 1,200 employees. Yet, when informed about DI, a majority (90%) want the coverage, and 86% are willing to pay half of a $30 average monthly premium, and 56% are willing to pay the entire premium in order to gain income protection should they become disabled. According to a 2012 Social Security Fact Sheet, almost 1-in-4 of today's 20 year olds will become disabled before age 67.

All too often we get caught up in day-to-day activities and forget who it is that we ultimately serve: employees. Without employees signing up for benefits, querying accounts, using services provided and generally trying to take care of themselves and their families, we wouldn't have businesses to run. To bring this point home, I offer the following composite sketches (based on anecdotes from brokers, vendors and employers) - oh to be a fly on the wall ...

Your sales organization has a mix of players. Some are great, some OK and some, well, not making the grade. Yours is like many - but not all - organizations. Not all employees are titans, but that's what your goal should be. This column will look at profiling employees into three categories. It is about improving the ranks of superstars and changing out substandard players. We want to create a stronger army for you with higher productivity and profits.