• Sallie Giblin, an executive vice president of Lockton's southern California benefits practice, based in La Jolla, Calif.

• Reed Smith, senior vice president and practice leader at CoBiz, Denver, Colo.

The winner of the Benefits Selling 2016 Broker of the Year award went to Reed Smith. "This is what I imagine an Oscar winner must feel like," he said upon receiving the award. "This honor is a blessing and humbling. I want to say to the team back in Denver, this is brokerage of the year award, and a result of your efforts." He concluded, "I also want to thanks my wife for putting up with my crazy hours."

Smith's employee benefits career started on the seller's side of the relationship, as a sales representative – first for Great West Healthcare and then, via buyout, for Cigna, one of the largest health insurers in the country. He joined CoBiz Insurance in Denver after about 10 years of working for carriers and has been there ever since. Smith said his background has helped him forge relationships with many of his clients, and he believes that he and his team are able to connect and have well- informed discussions with underwriters.

Related: The 2016 Broker of the Year finalists

Panel discussion

At a panel moderated by Paul Wilson, editor-in-chief of Benefits Selling magazine, the four male finalists (Sallie Giblin was not in attendance) shared some words of wisdom on what it takes to be successful, some of their biggest challenges and attracting new talent.

One thing all the finalists had in common: No one grew up planning to be an insurance broker. The opportunities became available, and each one seized it. They agreed that the industry has to change and recruit new talent to stay competitive. Smith started by noting that millennials care about their personal health. "We can show them how we improve people's lives," he added. "It's a huge attraction."

For Bradley Davis, his recruitment efforts include telling new recruits stories of how finding the right benefits for a particular employer helps employees and may change lives—a theme that resonates with millennials.

Fred Garfield believes it's important to provide a career path with benchmarks. "We need to show the next generation what they can do and how they can succeed," he said. "Help them identify the traits your organization needs, the best path to success and let them flourish."

When asked about their personal keys to success, Nathaniel Garfield, vice president and director of employee benefits for Team APFS of Rochester, N.Y., (no relation to Fred) noted that being a benefits broker is not a 9 to 5 job: "Clients need us at all hours."

Dealing with challenges, obstacles

Davis observed that "technology is in my way right now." He's overwhelmed with process of finding the right model for his clients. "There is no one vendor that can provide [a solution]" he said. "We're looking for all the resourceful pieces and putting them together in a way that works."

Nat Garfield is concerned about fee structure. "Employee benefits are similar to retirement benefits where fees are dropping," he said. "We have to make sure we're worth what we're paid and we're bringing enough to the table."

"Technology and innovation are both challenges and opportunities," added Smith. In his view, they provide openings to bring the next generation—who grew up with technology—into the business.

Advice to new brokers

Davis had one word for new brokers: "Grit." It takes grit to get started and stay in the business, he said. "You have to be like Rocky Balboa. Take the punch and get up again. Keep getting back in the ring."

Nat Garfield said, "Clients don't want to know what you know, they want to know that you care." You have to understand client needs, he said. The best way to do that? "Keep your mouth shut and listen."

Reed Smith concluded by advising new brokers to learn as much as they can. "Be the expert of where the industry is going. Show vision."