Regular attendees of the BenefitsPRO Broker Expo will recognize Jen Berman as a go-to compliance expert. It's a reputation Berman, chief legal officer at Lumelight, has spent years cultivating.
So how does someone become a Jen Berman? At this year's Expo, she stepped away from her usual compliance topics to talk about exactly that.
"Clients don't just want plans," Berman said. "They want protection. They want to understand that you're out there reducing risk. By getting ahead of their compliance obligations, you can demonstrate expertise and build credibility. You can also help avoid audits, reduce harm, and save the plan money and stress."
Over the years, Berman has leaned into the concept of the "trust loop."
"Building that loop means providing insights and credibility, then taking the next step to reduce risk," she said. "As you lessen perceived risk, you create confidence in the decision-making process."
She encouraged the audience to think about what they were doing in their client relationships to position themselves as experts—whether in compliance or any other area. "What would happen if new legislation came out tomorrow with a new annual reporting requirement for self-funded plans?" she asked. "How would you handle it?"
Advisors not only need a plan, they need enough trust with clients to have conversations about tricky topics like compliance.
"The client is getting the same information that you are," Berman said. "If you already have that trust relationship, is their first thought, 'OK, my broker's got this,' or are they thinking they're not so sure?"
Building that trust loop can make advisors indispensable as they help clients navigate an increasingly complex compliance environment.
Berman addressed two issues that were top of mind for the audience: mental health parity and ICHRAs.
The mental health parity comparison analysis requirement currently in effect is complicated on its own, and additional rules are expected before the end of the year. "There are regulations that came out in 2024 that are not being enforced and will be rescinded before the end of the year," Berman explained.
ICHRAs, Berman noted, are "icky from an ERISA perspective."
"They don't exist in code," she explained. "Nobody ever expected them to become half the trade show floor. All of us lawyers are trying to make stuff up after five pages of sub-regulatory guidance."
When the regulatory landscape is murky, it's even more important to build and maintain trust with employers. "If you have that existing relationship around compliance, they're going to be comfortable knowing that you've got it," Berman said.
Photo: Lauren Lindley Photography
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