Practice management

Benefit brokers have a growing opportunity to help clients incorporate comparative effectiveness research into value-based health plan design, a just-released survey suggests.

When financial advisers look to work with women, they should keep two things in mind: the wooing process tends to take longer, but they are usually more loyal, according to Sallie Krawcheck, president of Bank of America Merrill Lynch's global wealth and investment management unit.

A recent survey from Principal Financial Group confirms that employees who use a financial adviser do significantly better at meeting their retirement savings goals than those who do not.

The benefit broker segment continues to be the largest producer segment according to Eastbridge Consulting Group’s 2010 U.S. Worksite Sales Report.

Less than 20% of chief financial officers consider themselves very knowledgeable about the new GAAP statutory principle-based framework, while 24% say that key personnel within their company know very little about the plans, according to a recent survey.

The recent string of sensational hacker attacks is driving companies to seek "cyberinsurance" worth hundreds of millions of dollars, even though many policies can still leave them exposed to claims.

A new report from MetLife suggests that financial advisers need to do a better job of educating their clients about the importance of managing their emotions as well as their spending and investing behavior during and close to retirement just as they did — presumably — when they were younger and saving up for their golden years.

According to a recent survey by Eastbridge, "product competition" was named most frequently as an obstacle voluntary and worksite executives' businesses will face over the next few years. Forty percent of the executives deemed this a top issue.

TIAA-CREF is currently selecting advisers for its own network, which will launch over the next six months and go nationwide early next year. For participants in TIAA-CREF retirement plans, the network will be a pre-screened group of planners who can provide advice on specific plans that meet fiduciary standards.

Two out of three workers would purchase additional health insurance benefits to make sure they are protected, according to a report from Aflac. Fifty-nine percent of respondents said they would acquire voluntary insurance.

BenefitMall has revamped the company's website, adding resources and information to assist brokers. Changes include an improved home page that provides quicker access to tools that can help brokers more effectively manage their businesses.

Hundreds of facts and statistics have been compiled from numerous industry reports to produce the first Long-Term Care Insurance Almanac and Book of Facts. The guide, produced by the American Association for Long-Term Care Insurance, will help financial and insurance professionals address the increasing number of questions raised by prospective clients.

Last month we shared the first half of a case study involving Beverly Beattie of Selden Beattie Benefit Advisors. In that column we talked about how we jointly facilitated a benefits strategic planning session with a Selden Beattie client. We shared some background about the client and their relationship with Selden Beattie. We then discussed how Beattie's approach to client interaction has become much more strategic. In fact, that strategic approach is central to all of her firm's interaction with existing clients and has become a focal point of much of its marketing outreach and prospecting initiatives.

We all have inherent strengths and weaknesses. This is true in every aspect of life, and is often most obvious when it comes to our careers. The biggest problem with weaknesses at work is that we are hardwired to try and overcome them, and this isn't always the best thing to do. Some weaknesses can and should be addressed and worked on. For example, if you are rarely on time for appointments, success in any field will most likely be difficult. This isn't an inherent weakness. You don't need to 'go against the grain' of who you are as a person to overcome chronic lateness.

Stop working harder at sales. Instead, turn on your computer. When the dots are properly connected, data can open a whole new world of selling for you - a smarter way. Once you get over the paper tiger of scary data, you'll discover a new method of locating and working prospects that you never dreamed of before. You'll make more money with this technique.

One of my hobbies is searching the Internet for sales and marketing ideas. In this quest I look at virtually every industry imaginable.

Adam McDonough wants to make one thing clear: "Our title is the Insurance Industry Charitable Foundation, it's not the Property & Casualty Insurance Industry Charitable Foundation," says the head of IICF's Western Division development committee. Around for more than 15 years, the nonprofit organization has a solid representation among P&C firms that volunteer their time and give away about $1 million a year to charitable efforts. McDonough, president and CEO of Lockton, San Francisco, spoke with EBA about IICF's outreach to bring more life and health agents into the fold.

One skill that epitomizes the successful benefit adviser is selling. From the dollar-and-cents results to the art of persuasion, benefit advisers understand the sales process. So why not use that skill to assist human resource professionals in selling their C-suite on a corporate wellness program?

Our industry is in a state of massive flux. With regulatory and economic challenges constantly bearing down, agency leaders and advisers are anxiously searching for solutions to current problems as well as those that are swiftly approaching.

Data collected by the National Association of Insurance Commissioners suggest that average consumer rebates would have been more than 60% lower if agent and broker commissions were excluded from medical loss ratio calculations in 2010.