This commitment has earned Smith the respect of his clients, team members and industry peers. He is senior vice president of eBen Benefits and employee benefits market leader for the Carolinas, Georgia and Tennessee at Risk Strategies, which acquired eBen Benefits in 2023.

“I have three responsibilities: shepherding and helping to direct the approximately 150 members of our eBen team through the transition of becoming an essential part of a much larger agency; focusing on the needs of clients and prospects by listening, sticking to our values and delivering what we promise; and creating complete accountability to everyone up or down the organizational chart,” he says.

John Greenbaum, national employee benefits practice leader for Risk Strategies, immediately recognized the value that Smith brought to his organization after the acquisition.

"We have acquired many companies, but few, if any, have had as farsighted an executive as David at their helm,” he says. “His deep industry expertise, ability to mentor and support a sales organization, and thoughtful demeanor create value for our firm and our clients every day."

Smith began working in health insurance at age 24 as policy director for the lieutenant governor of North Carolina. When the Clinton administration focused on health care reform, his boss decided that finding a solution to help small businesses purchase health insurance would be a winning issue. “I dug in, learned the market, the law, the regulatory environment, the carriers, the agents and the legislative process. And found I loved it,” Smith says.

This passion led him to earn a law degree and then work to help clients and employers with ERISA, COBRA and HIPAA regulations.

“I joined one agency, moved to EbenConcepts in 2009, and found I loved the client engagement, the people I worked with and the opportunity to help employers with ACA compliance and all that followed,” Smith says.

He credits numerous people through the years who have helped him first understand the industry and then excel in it .

“First, I am always thankful for Ralph Stowell (`The Captain’), who was one of the first people to really talk to me about how risk worked with benefits, and was patient and kind with me as I tried to understand,” he says. “Two agents — Willie Burns and Fred Joyner — were the first to really explain to me the vital role that benefits professionals play in the decision-making process of everyone who is paying for health care in America. And I could `Oscars speech’ a list of clients, friends, colleagues and others who helped me find a better perspective about this business and how to be a better leader when times got tough.“

During the course of his career, Smith has watched the industry evolve in both small and large ways.

“Over the last 30-plus years, some aspects of health care have changed very little,” he says. “There are still carriers trying to find a way to cherry-pick the healthy groups, providers and carriers fighting over paying claims, and the compliance world remains very complex.”

But despite the through lines, other aspects have changed significantly.

“Consolidation is rampant, from carriers to providers to agencies. And this is to the disadvantage of those who are trying to purchase or use health benefits,” he says. “Pharmacy benefits, which were just beginning to be paid by health insurance when I started at Blue Cross NC in 1997, have exploded in cost, with little to no oversight of the price being paid by consumers. And the inherent flaws in the system have allowed for profit and 'care' to overcome the original intent: to help people live healthy lives while providing protection against the cost of care when it is necessary.”

In an effort to adapt to the shifting environment, eBen decided to change the way it was compensated, in order to better serve its clients.

“Today, we have moved all of our large groups away from commissions or other compensation models toward a consulting fee that is billed by us and paid by the group, instead of being collected and paid by a vendor,” Smith says. “We made this move to enhance accountability, which has caused our employer clients to see us more as their business partner rather than a vendor.”

This new model has transformed both the work the company does and its relationship with clients.

“They often turn to us to solve a problem that may be outside the scope of our ordinary work or to provide advice during critical business events, because they don’t view us as having a vested interest in a solution that might have previously resulted in a lower commission,” he says.

Advances in technology have also helped streamline operations and improve client service. In 2020, chief operations officer Heather Gorman led a process to standardize the way more than 20 offices operate and do business. She worked with account managers to create a Group Info Log Excel form that drives data collection, history and delivery of services. But despite its key role, technology will never take the place of personal relationships, Smith says.

“Customer service and support have dramatically waned over the last few years, especially among large agencies,” he adds. “We continue to tout and provide ‘old-school’ support to our clients, which they really appreciate. It’s a distinguishing factor from larger houses and keeps the relationship and support planks in a proper employee benefits practice platform.”

Smith understands that people, not technology, remain the most valuable assets in his business.

“Risk Strategies CEO, John Mina, emphasizes this repeatedly,” Smith says. “We focus on educating the people who make up our team about what is happening in the market, from compliance to product changes and other chatter about changes in our business and services. We have also strongly emphasized empowerment in order to give our team what they need to solve problems. Making mistakes is normal, but it’s vital to learn from them and foster opportunities for hands-on learning.”

Greenbaum also appreciates the way Smith is able to combine leading-edge strategies and technology with a personal touch.

“I am struck by his fluency in complex areas of employee benefits,” Greenbaum says. “Given his proficiency and the fact that he was an attorney, I at first assumed he came from a big city, but I learned that he grew up in a very small town in western North Carolina and was also a small-town guy. I’ve since learned that David’s expertise and his ability to clearly communicate with both his sales and service team and our clients is unmatched.”

Smith is quick to credit much of his success to both his longtime involvement with the National Association of Benefits and Insurance Professionals and to the support of his colleagues, who serve as sounding boards.

“I would be remiss to not recognize the importance of the community of other professionals who I speak with and bounce ideas off of every day, from Jessica Waltman, David Mordo and Anne Hensley on the compliance front, to people who built great businesses like Scott Wood and David Boedker. And more recently, the leadership at Risk Strategies — John Greenbaum, Stuart Spector, Chris Powers and Scott Cowley — who bring a wealth of perspective on the way things should be done,” he said.

Susan Combs, the founder of Combs and Co. and the first woman to be honored as Advisor of the Year, speaks highly of Smith’s contributions to the industry.

“David’s leadership is evident in his tireless service to NABIP,” she says. “Over the years, he has held countless leadership positions, including his current role as national vice president and member of the executive committee. His dedication to advancing our profession, mentoring others and shaping the next generation of leaders is evident in every aspect of his career.

“David’s career is a master class in dedication and excellence. He has spent over three decades shaping the future of our industry, not just through his work as senior vice president of eBen Benefits, but as a trailblazer in compliance, strategic benefit design and client advocacy. His ability to take complex regulatory landscapes and translate them into actionable, client-focused solutions sets him apart as a leader in the field.“

Away from the office, Smith is involved with school governance, Sunday School teaching and his condo board. At a time when mental health benefits are increasingly important, he has also found a way to stay balanced by picking up a new hobby: photography. “It’s been mental health treatment in so many ways that I can’t ever fully explain.”

Smith considers his Advisor of the Year nomination to be a validation of how he and his team continue to put client needs first in an ever-changing environment

“I wasn’t an owner in the agency that got purchased but was at the table for the entire process,” he says. “For nearly everyone else within eBen, the fear of the unknown and/or being lost in the shuffle was a very real thing that every one of them faced. Acquisitions are big wins for owners, but for everyone else, it can mean uncertainty for their professional future and their family’s financial stability. Taking on that responsibility has been one of the most rewarding and important things I’ve ever done in my professional career.”

If Smith had one key piece of advice to offer both newcomers and veterans alike, it’s to listen, rather than sell.

“Every interaction with a client or prospect is a seed that you are planting, and it may take years to grow into something that will produce the outcome you want,” he says. “Email alone won’t solve problems. Pick up the phone, talk to solve the problem and send a follow-up email to document the solution. You make a meaningful difference every day in so many people’s lives. Never forget how important it is to have a servant’s heart and remember that you get back so much more than you give in terms of friendships, growth and appreciation for how the world works.”

The 2025 Advisor of the Year will be announced at the BenefitsPRO Broker Expo, May 6-8, 2025 in Boston, MA. The winner will be further profiled after the announcement.