With the rise of employee benefit brokerage firms having full service HR administration capabilities (such as Zenefits), it shouldn’t be surprising that these firms are using ACA reporting as a wedge to become the broker on all lines of business for large employers. We speak with dozens of benefit brokers every week, and in the past 30 days this sales pitch has picked up significant steam. Recently we interviewed one of the senior most employee benefit experts in the country to see what his thoughts were on this trend.
“It was just a matter of time. The marketplace, and many benefit brokers, are really confused when it comes to ACA reporting. In fact, there are still brokers out there who believe that fully insured large groups do not even need to do anything. It should be no surprise that some firms are making a lot of headway in growing their businesses by using ACA reporting. The opportunity for benefit brokers today is greater than I have ever seen it. We all knew that the Affordable Care Act would bring about a consolidating of employee benefit broker firms, and I believe we are beginning to see this trend as the smaller firms are having a hard time keeping up.”
We are also seeing payroll companies and PEO’s are also using ACA reporting as a wedge between the incumbent benefit broker and their clients as well. As a benefit broker in today’s marketplace, you simply cannot afford to be non-educated on this topic. If you are willing to go just a little bit further, then it actually would be quite a catalyst to grow your business.
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