For those who are open to it, voluntary benefits also give advisors an opportunity to expand their practice and generate new sources of revenue. Employers are looking for holistic sources of benefits and that starts with financial professionals who can share a broader view of workplace benefit needs.
But advisors need not sell voluntary benefits to recognize value from them. Advisors who support retirement plans merely need to understand what voluntary benefits are available that can potentially help protect retirement savings from emergency expenses. Employers will appreciate helpful insights, especially from an advisor who will not necessarily benefit from the advice.
The ultimate goal should be enhancing the financial wellness of both employers and their employees. Helping plug the hole in the retirement savings dam is a good place to start.
E. Thomas Foster Jr. is assistant vice president, strategy and relationships for Massachusetts Mutual Life Insurance Co. (MassMutual).