As a small business, there are a lot of decisions you need to make for your employees. Arguably one of the most complicated and confusing are benefits. How do you find a plan that’s economical for your business, but also valuable for your employees? How do you educate employees about their options?
Benefits planning services are a crucial resource for answering these questions and more. But how do you find them?
What are Benefit Planning Services?
First, let’s quickly go over what benefit planning services are. This is a rather broad term that refers to benefits planning on an employer, employee, and individual level.
Benefits planning itself covers many topics, but generally speaking it means that your benefits planner will comb through all available options and present to you suggestions. This takes out a huge amount of work on your end. It’s also a task that’s usually incredibly difficult or impossible to navigate alone without extensive knowledge of insurance, labor laws, tax law, and all of the other factors that funnel into benefits planning.
A good benefit planning services will also educate you along the way, so you stay informed about the process and are empowered to make decisions and ask questions.
How to Find Small Business Benefit Planning Services in Minnesota
Greater Midwest Financial Group is based in Minnesota, so we have some unique insights for our home state. You can still use these tips no matter where you or your business are located – but these are written with our fellow MN businesses in mind.
1. Look locally, not nationally
There are hundreds of benefits planning organizations out there. When you’re starting your search (especially if you start on Google) you’ll likely run into the largest firms first. While these organizations are certainly knowledgeable, they also cover many states and may have more general knowledge vs. state-specific knowledge.
Benefits vary wildly from state to state, so if you’re looking for benefits planning in Minnesota, you want to find an organization whose main focus is Minnesota. They’re more likely to be up to date on the many changes and because they’re familiar with the area, they also can take provider locations into better consideration.
2. Ask fellow business owners
When you’re gathering a list of organizations to consider, start by phoning a friend. Reach out to other business owners in your network and ask who they worked with for their benefits planning. Ask them what their experiences were, would they recommend the organization they worked with, and what they wish they knew before they started. You’ll likely find other people in your professional network who have gone through the exact same process. Their experiences can give you a list of names to start with as well as valuable insight as to what the process was like for the business owner.
3. Consider your current financial advisor
If you’re working with a financial advisor for your small business, start by reaching out to them for benefits planning services. Many businesses don’t realize that financial advisors can also help with benefits planning. Working with a financial advisor offers a unique experience because they also have insight into your whole organization.
A typical benefits planner will work within the budget you give them. Your financial advisor can consider your budget, your overall financial goals, your current expenses, and all aspects of your businesses finances. This means a more comprehensive look at your business for more tailored recommendations.
⇾ Read Now: Can a Financial Advisor Help with Benefits Planning?
Benefits Planning Services with Greater Midwest Financial Group
Planning for Business Owners/Executives
For business owners, benefits planning requires additional considerations and paperwork.
Work with an advisor and get answers to your biggest executive benefit questions:
- What are the different types of stock options available to me and what are their tax consequences?
- Should I use my deferred compensation plan? How much of my compensation should I defer?
- How do insurance and fringe benefits impact my need for other insurance outside my company?
- How can I best navigate tax and planning issues?
Benefits Planning for Individuals
We also offer advice for individuals. Whether you’re considering options through an employer or other benefits, a financial advisor can offer insight and advice.
Receive support with choosing these benefits and more:
- Health insurance
- Life insurance
- 401K/403b
- Stock options
- Deferred compensation
- Long Term Disability Insurance
- Employee Stock Purchase Plan (ESPP)
- Health Savings Account (HSA)
- Flexible Savings Account (FSA)
Download Now: How to Create an Economical Employee Benefits Plan
Financial Strategies for Dental Professionals
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 Jopwell
