The Challenge
How do independent benefits advisory firms respond to the swift changes in the benefits marketplace, serve their clients and maintain their independence?
Insurance and investment companies, broker/dealers, banks and national brokerage agencies aim to dominate the benefits and financial services sectors. Their primary focus is on market share and profitability, not personalized customer service.
The Solution
Knowledgeable advisors are well aware of this trend. Independent benefit advisory firms have four strategic choices to meet this important challenge:
- Gain critical mass as an individual firm through aggressive growth and/or acquisition,
- Position to defend and/or develop niches that the institutional firms and "Alphabet Houses" don't want to tackle,
- Become a member of UBA, a national network that emulates the strengths of the institutional firms & "Alphabet Houses" while preserving each member's independence and their ability to deliver personalized services to their clients, or
- Develop an exit strategy (i.e. become someone's employee, change professions or retire).