There are many ways to improve your client portfolio, but the most important way is to show employers the value of offering an employee benefit plan to their employees. Today, this has become difficult to do for many reasons. Many organizations worked hard a decade ago to trim back on benefits to save money. Now, they are struggling to find a workforce and need to entice their new hires to stay. This opens the door for new opportunities for you, as a financial advisor, to grow your practice.
Why Now Matters
Today, there is an increasing number of businesses struggling to get in the right number of employees. It goes without saying that with decade-low unemployment levels and a strong economy, it is going to be more challenging to hire. And, for this reason, it is time to offer would be employees new incentives. An employee benefit plan could be the ideal way to accomplish this.
The key to accomplishing this is to overcome the challenges many business owners have with offering such a plan. For example, providing an easy onboarding process, clear support, and a low-cost solution is ideal. Many growing practices may find it hard to offer these types of incentives, but with a bit of help through administrator assistance, it may be possible to offer a better product at a better price to your clients. That may bring them back on board to work with you.
When it comes to convincing companies to offer an employee benefit plan, the heart of the process is showing the value in doing so. These hard to find new hires are seeking this type of benefit. If your client does not offer them to would be employees, they could miss a key opportunity to bring in a new employee.
