Employers & Benefit Managers

AFG - The Consulting Broker

An employer will typically seek direction from their employee benefit plans from two different types of advisors: traditional brokers and consultants. Austin Financial Group has developed a comprehensive process that combines the insurance services of a broker with the enhanced procedures of a consultant.

Traditional brokers are typically product experts, focused on managing the relationship with insurance providers, lowering the cost of insurance, and meeting basic compliance regulations. On the down side, brokers tend to have a limited ability to set a strategic direction for benefits, understand and address broader business needs, and lead an employer through the process of reengineering and custom solutions. In general, brokers focus on “insurance” and “plans”.

Consultants tend to bring a high level of technical expertise and resources, including the ability to assess benefit processes and lead an employer to custom solutions. Typically, an employer would seek the services of a consultant during a significant event that would require them to obtain benchmarking, evaluating benefit outsourcing, succession planning, management reporting and custom communication. Unfortunately, consultants are expensive and, in many cases, ill-equipped to assist employers with their ongoing needs for insurance placement and day-to-day plan support. In general, consultants focus on “processes” and “payback”.