Employer-provided benefits are a critical component of any financial plan. However, making benefit elections can be complicated. The good news, though, is that financial advisors can help clients coordinate their benefits with other areas of their financial plans.
Help shepherd your clients through this important conversation and introduce the “What Issues Should I Consider With My Employer-Provided Benefits?” checklist. Whether your clients are starting a new job or are electing a benefit change, your advice will bring clarity and purpose to the decision-making process.
Prepare Your Clients For The Conversation
The process of selecting benefits can be daunting. However, you are in the position to make it a little less overwhelming when you review this checklist with your clients. They’ll feel empowered when they better understand:
- Employer-sponsored retirement plans.
- Medical insurance, life insurance, and disability insurance.
- Employer benefits and how they coordinate with savings, fund-sourcing, and tax planning needs.
- Employer-sponsored benefits’ impact on the total financial plan.
Improve Your Value.
The “What Issues Should I Consider With My Employer-Provided Benefits” checklist adds value to the financial planning process. When you coach your clients about benefits (e.g., FSAs, HRAs, and HSAs, to name a few) that are intertwined with complex tax-planning issues, you’ll provide a deeper level of planning that keeps your client relationship solid, even when the markets are topsy-turvey.
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