Man on long path "The role of the benefits advisor is evolving at a very rapid pace. What specific skills will advisors need to build and maintain their careers in the coming decades?"

Youth movement

I think one of the most overlooked investments is in the next generation of advisors. We need to be developing talent and knowledge right out of college, so they have the time and experience to effectively advise clients. Grabbing a former carrier rep who has a lot of connections just isn't enough anymore.

The other piece of advice I would give is spend more time listening than talking and as a result, "sell" the problems you are solving, not the products you are going to use.

Nancy Giacolone, president, Olympic Crest Insurance

Absence management

As I look ahead to the skills and expertise needed to compete in this evolving benefits arena, I point to the rapidly changing landscape in managing leaves and absences. Whether employer initiated or state mandated, there is a growing trend to introduce or expand income replacement programs, such as statutory disability, PTO, paid family leave, paid sick leave, etc. A good portion of our consulting business, and the topic which has dominated much of our recent discussions with employer prospects and clients, derives from the increasing complexity of managing new leaves.

That said, employers seeking to outsource or co-source their leave management now have better options available to them, including new vendors, higher quality solutions, and an extended range of services that includes STD, FMLA, ADA, corporate and state leaves. Moreover, technological advances now provide seamless integration with HCM systems, removing file feeds and nearly all manual processes. Lastly, some vendors will even indemnify their recommendations.

Kevin Kennedy, Benefits Consultant, TriBen Insurance Solutions

Don't let the train pass you by

A positive trait in our industry is the ability to be more vulnerable about what you do not know. I have been spending a great deal of time learning about the strategies and tools that help employers improve their benefits and improve the employees' experience with health care/insurance. I then repackage and translate this information to educate employers in the greater Houston area. As fast as things are changing, you have to be out front learning and sharing the knowledge that others have graciously passed along.

Are you seeing the blur of the train as it races by, or are you travelling with it and seeing each of its connected and intricate parts?

Robson Baker, employee benefits and HR advisor, Clarus Benefits Group

Learn the HR lingo

Advisors of the future will absolutely need to have a pulse on HR tech and be willing and able to speak that language with their clients and carrier partners. Product knowledge alone will only get you so far; deep understanding of HR technology and the impact those processes have on product design and deployment is important today. It will be critical to advisors in the future.

Katie Ott, director of worksite practice, M3 Insurance

Toss your cookie cutter

Employee benefit advisors must provide custom options and solutions to their clients. Cookie-cutter approaches are doomed to fail.

Ron Neyer, associate research director, LIMRA

Be empathetic

I would have to say, a goal for not only us as benefits advisors, but more importantly as humans, is the need to truly listen with a goal of empathizing with the person we are talking with rather than simply pivoting into the next sales point that was memorized. We are all humans and we can help others with their problems, but we need to understand them before we can help them.

A great quote by Larry King: "I remind myself every morning: Nothing I say this day will teach me anything. So if I'm going to learn, I must do it by listening."

It may not be new, but sometimes, what is old is new again.

Larry Cass, senior vice president, USI Insurance Services

A lot to learn

The most important thing we can all do now to ensure our success in the future is set aside our own beliefs that we are experts and put our learning hats back on so we, too, can evolve as new technology and new solutions continuously emerge into our legacy industry.

John Augustine, senior VP of business development, WellNet Healthcare Group

Broaden your horizon

Advisors more and more need to develop strategies to address diverse workforces, particularly speakers of other languages. Many employees bring different perspectives and priorities (as well as a different language) to the workplace. If they are going to understand and appreciate benefits, as well as use their plans advantageously, they will need different education from those of us born and raised in this country.

Melissa Burkhart, founder and president, Futuro Solido USA

Follow the $

The most important trait in my opinion is the ability to unwind a health plan into each of its moving parts and peel back the layers to reveal where money is changing hands. Employers deserve to know where all the money is going and why health care is so expensive. #letsfixhealthcare

Cristy Gupton, founder and president, Custom Benefits Solutions, North Carolina

Think ahead

Adaptability and a clear sense of how much you are willing to give before you are ready to move on. So many advisors manage their books/agencies defensively, always offering more to keep the same clients at ever-decreasing commission rates. They wait for a breaking point before they look to exit, instead of accepting that this probably won't be their forever career and strategically positioning themselves for exit.

Amy Evans, president, Colibri Insurance Services

Reinvention

Advisors will have to be committed to education and reinventing their practices to keep pace with the rapidly evolving health insurance and health care marketplaces. The forward-thinking advisor should speak just as much about health care as they do about health insurance, as they are as intertwined as two subjects can be!

Niko Caparisos, health and welfare consultant, Prosperity Benefits

Jack of all trades

The 2020s will be the new era of health care delivery and payment reform, replacing the PPO era and ACA compliance era of the 2010s. Thus, knowledge of local (patient and employee radius) health care systems' procedures, billings and employer-specific data (biometric, demographic, translational, clinical) relative to payment, will be the CEO's reasons to hire an advisor.

Because consumerism/cost-shifting to employees and patients will end with scarcity of employment and governmental intercession, the advisor will need to have knowledge of contracting, administration and implementation of risk-sharing financial arrangements between the provider and employer. On-site, near-site and concierge will be an integral part of the risk-sharing group health plan offering. Specific to brokerage, group health and workers' compensation will come together as a result of occupational and non-occupational care contracting together in orthopedics and other ambulatory surgical center DPC contracts.

Andrew Serio, Andrew J. Serio Consulting

The short list

Adaptive, active listener, learner and skeptical optimist.

Tom Avery, founder/CEO, Innovative Broker Services

Collaboration is key

The days of "quote and hope" are forever gone. Thank goodness! Today's employee benefits advisor has to bring to the table a wealth of knowledge in several areas, including cost containment, value-based plan designs, compliance and technology. The only way an advisor can deliver this knowledge is by collaborating with other forward-thinking advisors. Otherwise, what you're offering your clients is the best solution you know of, but may or may not be the best solution available. We have to challenge ourselves to challenge the status quo.

Joey Hall, founder/president, Remedy Advisors

Nothing to hide

The single most important trait that advisors should adopt is compensation transparency. The days of carrier deals scribbled on cocktail napkins, hidden override bonuses and special backroom kickback incentives are in the rear view mirror. Successful advisors will adopt a fully stated, all-in compensation arrangement. No other income will be received on behalf of the client unless specifically expressed and agreed upon, including rewards, trips, sporting events or even golf outings.

New and innovative approaches may also include performance-based compensation structures with guarantees where the advisor doesn't get paid unless they deliver results/ROI. This ensures that the advisor and their customer are working together and truly rowing in the same direction.

Robert Sankey, vice president, Benefits Consulting Division, First Commonwealth Insurance Agency

Lifelong students

Those who want to lead clients best will be constant learners/students of our business. They must be looking for the best solutions and services to drive employer health costs down while improving the experience for the employee.

Suzy K. Johnson, president, Employee Benefit Advisors of the Carolinas

Make the connection

To build and maintain a career in benefits, advisors of tomorrow will focus on a niche. Employers are seeking an advisor who can provide a high level of support and produce quantifiable results. We can't be everything to everyone, and in order to fulfill their needs, we will have to narrow what our audience looks like and how we engage with them. We are already seeing advisors partnering up to work with clients in the areas they specialize in, whether it's pharmacy or direct primary care.

Advisors of tomorrow will connect human resources and the C-level. Instead of focusing on "who we should sell to," we will need to inspire HR to think differently about the entire ecosystem of technology, humans and cost, and how they impact each other.

Jessica Du Bois, benefits consultant, Business Benefits Group

People still matter

Personal relationships will never change. No matter how technology does, we are still humans. People want to do business with people they trust. Being known as a trustworthy advisor will always be a top priority for anyone to maintain an employee benefits business!

Dan Giusti, co-fonder, Legacy Benefits Group

Listen up!

Today's new word for every benefits advisor is "Listen!" Why? Because an advisor must be able to advise. To actually give good advice, we must listen to what our clients are saying and what they are asking for. What they need and what their employees need to feel healthy, protected and—possibly most important—financially secure.

Nowadays, with so many options for coverage, PPO, HMO, EPO, POS and various plan administration options and a myriad of deductible points, understanding what will work best for your client is crucial for your success and their success. Many employees work to have health benefits and expect their employer to actually offer competitive, cost-effective and coverage-rich options.

Sim Feuer, president and CEO, Platinum Enrollment Specialists

One more thing…

Advisors are some of the worst businesspeople in the world, focused almost solely on top-line activities, never on the bottom line, intelligent spending allocation or asset development. A deep awareness of the mechanics of business, the laws of capital and managing financial assets will be a superpower in years to come.

Trey Taylor, CEO, Taylor Insurance Services

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