The role of benefit brokers and financial advisors is shifting quickly and dramatically. Benefit brokers are competing regularly with companies like Zenefits and Gusto for business, providing more consultations as a result of the Affordable Care Act (ACA), and facing the demands of a well-educated, tech-savvy clientele¹. Similarly, financial advisors are enduring the side effects of a sluggish U.S. economy, preparing for the inevitable change in workforce demographics, and contending with digital advisory services². It is imperative both benefit brokers and financial advisors reject complacency and embrace innovation in these evolving times.
In addition to external factors, client needs are also shifting. Clients don’t just want a provider; they expect a partner to help them stay compliant, informed, and effective. What’s more, clients exhibit heightened loyalty to someone they consider a partner versus a provider. However, people and service are not enough to differentiate one broker or advisor from the next. Benefit brokers and financial advisors must be aware of emerging trends, as well as new approaches, tools, and technologies in order to create business connections and drive growth.
Paylocity’s 2016 Benefit Broker and Financial Advisor Insight Report offers a detailed look into the changing demands of HR and payroll professionals. With insight from nearly 900 respondents nationwide, this report uncovers opportunities, addresses clients’ concerns, and explores upcoming trends.