Before you run for the hills and assume this is just another compliance presentation, DON'T! First, let's consider a scenario - When a plan sponsor has a question about compliance and their annual to-do list, where do they go first for insight? Some plans may have compliance experts or legal counsel they turn to, but more often, plans reach out to their broker for advice first. In a growing trend of knowledge expectations, more plan sponsors expect their broker to either be able to either answer their question directly or be able to quickly refer them to a compliance expert that you, their broker, trust.
When it comes to winning prospects and retaining clients, the expectation that compliance is part of the package is becoming the norm. Does this sound overwhelming? Don't worry! Gaining a basic understanding of compliance issues to help build trust and enhance your client relationships is easier than you think.
During my session "Compliance Knowledge as a Competitive Market Differentiator" on April 29th at the BenefitsPro Expo, we will focus on highlighting how a working knowledge of plan compliance obligations and understanding when your plans need compliance a compliance expert can help you build trust and strengthen relationships with your clients and prospects, creating more sales and stronger plans over time.
The shift in expectation
Many plan sponsors and HR professionals expect their broker to have a basic understanding of plan compliance obligations and access to resources they can quickly utilize to help these plans navigate their reporting, auditing, and documentation responsibilities. To remain competitive and retain a robust client book, becoming the compliance intermediary expert is key.
Selling with compliance as a market differentiator
Mitigating risk
Unlike other industries where selling means the conversation is closed, employee benefit plans and more specifically health benefit plans are an annual conversation for brokers. Plans do not simply sign on the dotted line for service and drive the health plan off the lot. Much like shopping for cars though, plan sponsors are still looking for the safest option for their benefit partnerships and illustrating how you can mitigate risks for plans is an opportunity to not only build trust but potentially save plans money in the long run. Understanding the lengthy to-do list of compliance responsibilities plans have each year and how to coordinate with your clients to aid in this process can help lower the risk that mistakes are made, deadlines are missed and will inevitably show that you are the broker partner they can trust to keep them out of regulatory harm.
Building trust
"I really trust my broker, she always reaches out to us when a new regulation comes out that we need to consider for our annual reporting." Knowledge is power as the saying goes, but knowledge is also a trust driver. If you go on any search engine and ask if trust builds sales pipelines, you will find a unanimous yes backed by data. Building trust with clients not only closes sales today but has been shown to increase the longevity of those accounts for tomorrow. Being able to proactively inform your clients of changes in the compliance landscape and knowing when a compliance expert is needed will curate your role as a trusted partner.
Creating better plans over time
Compliance is a year-round responsibility, but proactively building compliant plans and a framework for your clients to stay informed will create stronger, lower risk plans over time. Benefit plans are not a set it and forget it type of product. They require nurturing and monitoring throughout the plan year. Your biggest opportunity to show clients your value is in your approach to planning, providing contact with internal and external compliance support, and keeping everyone informed. Over time clients become more knowledgeable, plans meet their compliance goals faster and more importantly ahead of their deadlines.
The playbook moving forward
Don't worry, I won't be talking to you about this whole presentation, in fact I aim to be the knowledge partner you trust at the end and will always leave you with strategies to use going forward. We will wrap up with the 30-day plan. Small actions and habits you can start today with your clients to show that you are their trusted plan partner and are here to keep them informed and connect them with help where needed. From consistent communication touchpoints and conversation framing strategies you will leave with the confidence to close sales like an expert.
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