Business is expensive – and for many small business owners, they’re looking to skip unnecessary costs. Picking benefits is already an expensive process, so some business owners are reluctant to spend even more on consulting and decide to just do it themselves.
Is this a realistic approach? Or do small businesses still need a benefits consultant?
A benefits consultant is someone who works as an independent contractor to help companies and/or employees procure and manage benefits packages. It’s a rather broad term that can refer to a specific job role – similar to an insurance broker – or it can be applied to other jobs that also offer this service. The most common example of the latter is a financial advisor who may be well-versed in benefits planning but offers services in addition to benefits planning.
A small business doesn’t “need” a benefits consultant legally – a business can pursue their own benefits without going through a consultant. However, it’s a really, really good idea for businesses to hire a consultant.
The most obvious reason for this is how dense and confusing benefits planning is – the laws and offers are constantly changing. In order to do the research necessary to make an informed decision, a business owner would have to spend an immense amount of time. Someone who is well-versed in benefits planning – like a consultant or a financial advisor – will already come armed with all the research and background information, so the business owner can focus on identifying their needs and wants. The role of the expert then is to match what the business owner wants to the plan(s) at the best price.
For most business owners, they don’t have the time to take on another full-time job on top of what they’re currently doing. And the cost for picking the wrong benefits plan can go beyond just the monetary – it can create dissatisfaction with employees and a loss of staff.
Work with an advisor and get answers to your biggest executive benefit questions:
Creating a benefits package is a challenge for many dental practices.
This guide breaks down the most popular options for benefits packages and some case study examples Greater Midwest Financial Group has handled for dental practices in the Midwest.
Greater Midwest Financial Group is a financial advisor firm serving St. Paul, Minneapolis and the wider Twin Cities area. We specialize in wealth management, retirement planning, asset management and other personal finance needs.
Photo by Andrea Piacquadio