Today's advisors need to further engage and empoweremployees through effective communication strategies and must helpimprove operational efficiencies with the right technologysolutions. (Image: Shutterstock)

During our panel discussion at the upcoming virtual BenefitsPROBroker Expo, we will focus on unleashing the potential of advisorand vendor partnerships. When these two groups work togethercollaboratively, effectively and strategically, they become themost impactful partnership enjoyed by business owners.

Oh, the potential

Everyone recognizes the traditional business advisors:attorneys, CPAs and bankers. The impact each can make is clear.Less evident may be the impact potential of a benefits advisor andhis/her broader team, but it is arguably the most wide-reaching andsignificant business relationship of all. When an advisor-team doestheir job the way their clients need them to, they impact thebusiness of those clients strategically, operationally, financiallyand (because of the impact they have on the individual employee)emotionally.

Join Kevin forhis  BenefitsPRO BrokerExpo virtual session, "Vendor relationshipnot working? Is it them or is it you?" Tuesday, August 18 at 3PM.  

However, to do so, advisors must work cohesively with the rightvendor-partners to deliver that impact. It does take a team.

Choosing who will be on that team is becoming increasinglydifficult. However, that challenge pales in comparison to creatinga cohesive and effective team engagement once the players are inplace.

A growing list of needs

Business owners need help more than ever before. It has neverbeen more challenging to run a successful business, protectmargins, or attract and retain employees.

The traditional focus of benefits advisors helping to design andinstall insurance solutions is now just the beginning. Today'sadvisors need to further engage and empower employees througheffective communication strategies. Advisors must help improveoperational efficiencies with the right technology solutions. Theyneed to be setting long-term HR/benefit strategies to complementtheir client's broader vision. And, they have to do all of thiswhile ensuring every compliance "i" is dotted and "t" crossed.

Oh, remember that traditional insurance responsibility? Yeah,the unbundling of plans we have witnessed over the last severalyears makes this a more complicated puzzle to complete than everbefore. The number of moving parts and partners required (TPA, PBM,stop-loss, DPC, centers of excellence, etc.) overwhelms most.

Advisors universally recognize the need to expand theirresources to address the growing list of client challenges. Whileit's easy to understand this need, satisfying it successfully is abig challenge.

It takes a well-orchestrated investment of both time and money.Most advisors are relatively quick to get out their checkbook forthe financial investment, but they also have to get out theircalendars to ensure they learn how to use their new resourcessuccessfully.

To whom are you going to "write the check"?

Not every new partnership requires an up-front financialinvestment, but choosing the right partners is critical regardless.Not only are there a significant number of new solution categoriesadvisors need to access, but there are also countless new vendorscompeting for attention and business at every turn.

Start by doing a deeper dive into your ideal client tounderstand what solutions they need. Don't fall into the trap oftrying to be all things to all people. Once you identify the needsof your client, determine which you are best suited to address forthem.

As you see holes in your current offering, prioritize the orderin which you need to fill the gaps. No single gap is easy to fill,at least at the required level. If you try to plug all of yourholes at once, you are all but guaranteeing failure. Successrequires a systematic, manageable, and strategic expansion of yourabilities. The acquire-new-solutions-to-simply-check-off-boxesapproach is a fool's game.

As you approach each solution category, do your research. But,know that you cannot depend entirely on the experience of peers(positive or negative) to make a final choice. Having access tothis kind of information can help you shorten the processconsiderably, but you cannot leave the complete vetting of vendorsto someone else. What worked for them may or may not work foryou.

Finally, despite what every vendor may tell you, there is noperfect solution. Searching for a perfect solution is a quixoticpursuit.

Now the hard part—your calendar

Too many advisors feel that once they have chosen a new partner,acquired access to a new resource, and become familiar with itsfeatures and benefits, the work is done. And that is why so manybrokers never deliver the full impact their clients need.

While it's obvious to you why each solution is needed, helpingyour prospects/clients see the same may be more difficult. However,before you can educate them adequately, you must educate yourself.Anybody can describe the features and benefits during acapabilities presentation, but your clients need you to help themunderstand so much more.

You must understand the answers to the following questions. Bethe student first, and then you can be the teacher your buyers needyou to be.

What problem does the solution solve? It's okay to state theobvious, but it does have to be stated. Buyers don't want todiscuss the products you have to offer, but they are alwaysinterested in discussing the problems they have that make theproduct necessary. Some other questions we'll address during ourpanel:

• What is the operational and/or financial impact for a businessif they don't solve the problem?
• What challenges likely stand in their way of fixing itthemselves?
• How can you show them an implementation path that addresses theproblem and leads to better results?
• What does improvement look like on the backside ofimplementation?

Manage the relationship

Knowing your new solution will give you a huge advantage overcompetitors who have access to the same solutions. But the hardwork still isn't done. Like any relationship, your vendorrelationships have to be nurtured and maintained.

Never before has it been more critical to have successfulvendor-partner relationships. If you're attending the (now virtual)BenefitsPRO Expo in August, please join us as we discuss theseissues and many more.

And, if you're not planning on attending, well, there is stilltime to fix that lapse in judgment.

Read more: 

• Do your vendors have qualityengagement?
• Benefits administration platform vendors: Whatbrokers should consider
• How to score health & wellness vendorperformance — and why it matters