I get it that doing the right thing doesn’t always yield you the largest compensation, but it will yield you dividends for years down the road. In the benefits industry, the income of brokers comes largely from annuity business. Keeping your customer happy doesn’t always mean making your windfall today. That’s why it’s important to understand about doing the right thing versus doing the easy thing. Part of doing the right thing is complete benefit advisor fee transparency.
One of the reasons I got into this business was the ability to build a long-lasting revenue stream that comes from building satisfied and long term customers. If I can earn the trust and confidence of a business owner by acting in the best interests of his/her business needs, then my business will grow predicated on his/her business’ success and growth. That’s a pretty simple and straight-forward premise.
In my old business, the office furniture business, I could be coming off a record-breaking year in sales but come to the start of my new fiscal, we always went back to $ 0. It became disheartening. Now, I’m in a fortunate position. In contrast, I continue to build my customer base, the value of my company continues to increase provided I operate in the best interests of my customers.
Back On My Soapbox Again
What I don’t understand is why brokers are so self-serving. This is not the case with all brokers and not painting everyone with the same brush but why do I constantly run into cases that a company’s plan is set up serving no one but a broker’s need to line his/her wallet.
How does a business owner have a benefit plan that he/she pays a premium, contributes with a co-pay and still has voids in their coverages where they need to pay with after-tax dollars?! It doesn’t make sense, especially when we’re talking about legitimate CRA approved health expenses.
Ignorance is not an excuse.
We are in an ever-changing industry but not knowing, or ignorance is not a legitimate excuse for not offering the right solution to clients. If clients were offered different options and explained each offer, I doubt that they choose the solution they’ve ended up with. They’re smart business people, and the benefits business is not rocket science (although some brokers try to make it sound like it is)
Greed Is Not Good
As a contrarian to Gordon Gekko’s opinion, greed is not good. Profit and fees when operating in the best interests of clients are expected. Pushing products because there’s an added incentive is wrong. Maybe I’m getting soft or losing my edge as I’m “maturing” but many the business pioneers of yesterday have created some of the most profitable and sustainable businesses of today based upon this premise.
Benefit Advisor Fee Transparency
Chris Coulter is the Founder and President of The Finish Line Group. He works with business owners to leverage their businesses to increase their wealth, reduce corporate and personal taxes, create viable succession strategies, enable employee retention strategies and allow them to exit their businesses on their terms.
Chris’ passion for what he does evolve from the mistakes he made in his first business; by not diversifying his risk and not utilizing a lot of the opportunities within his business to create significant wealth. Chris found out the difficult way and now educates business owners on how to avoid many of his former oversights and ultimately control where their finish line ends.