A recent survey conducted by Paylocity polled payroll and HR professionals on the current working relationships with their benefit broker / financial advisor, as well as expectations, challenges, and future plans. The survey included nearly 900 participants and uncovered valuable insight from clients and potential opportunities for Brokers and Advisors.


The consistent theme of the survey: Clients’ needs are changing. As a result, Brokers / Advisors need to adapt to maintain a happy client base and remain competitive.


Clients don’t just want a provider. They expect a partner to help them stay compliant, informed, and proactive. What’s more, clients exhibit heightened loyalty to someone they consider a partner versus a provider. However, people and service are not enough to differentiate one broker or advisor from the next. Benefit brokers and financial advisors must be aware of emerging trends, as well as new approaches, tools, and technologies in order to create business connections and drive growth.


Here are some of the key findings from the survey:


-97.4% believe the most important benefit broker service was providing an appropriate benefits package based on company needs and target costs.


-While 73.2% consider clear, understandable benefits statements for employees important, only 25.6% are satisfied with their current broker’s delivery of this service.


-94.3% indicated that the most important financial advisor service was providing an investment plan that minimizes the administrative burden.


-89.6% listed “managing healthcare costs” as their biggest concern about employee benefits.


-70.5% indicated that keeping up with regulatory changes as their biggest concern about retirement plans.


-76.22% stated that providing technology to access policies, compliance information, and HR tools was the most important service they expect from their benefit broker.


Based on results of the survey, it’s clear that the role of benefit brokers and financial advisors is shifting. Benefit brokers are providing more consultative services as a result of the Affordable Care Act (ACA), and facing the demands of a well-educated, tech-savvy clientele.


Similarly, financial advisors are enduring the side effects of a sluggish U.S. economy, preparing for the inevitable change in workforce demographics, and contending with digital advisory services. It is imperative both benefit brokers and financial advisors reject complacency and embrace innovation in these evolving times.


To view all findings of the survey, download the 2016 Benefit Broker and Financial Advisor Insight Report.


To learn more about how Paylocity partners with Benefit Brokers and Financial Advisors, click here.