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| Posted on: Monday, March 28, 2005 |
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You may have come to the conclusion that choosing a Benefits Consultant is either (1) a walk in the park on a sunny summer day or (2) akin to searching for truth at a political convention. For a checklist of the questions the pros want answered before making such an important decision, please consider the following questions.
Simple Stuff
(Firm Related - Relative Weight 30%)
1. Who owns the firm? Who manages the Colorado Office?
2. How many clients does the Colorado office serve that have
over 200 employees?
under 200 employees?
3. How long has the top three staff, who would be assigned to your account, been
with the firm?
4. Does the firm handle the services you are requesting in-house or are they
outsourced?
5. What percent of the firm’s Colorado office income is . . .
. . . Fee based?
. . . Product/commission?
6. Is the submitted consulting proposal based on . . .
. . . Fees - 100%?
. . . Commissions - 100%?
. . . Blend?
7. Are all revenues fully disclosed and, if so, how and when?
8. Can the client or consultant terminate services without obligation at
any time under the Consulting Services Contract? If not, what are the
“divorce” terms?
Tough Stuff
(People Related - Relative Weight 70%)
1. Are you interviewing the consulting team members who would actually
handle your account?
• If not, do so.
2. How long has the team you’ll work with been with the firm?
3. What are their professional backgrounds and likely biases?
4. How are these individuals compensated?
5. Are they compensated for cross-selling other services available from
within their firm?
6. Are the individuals both creative and sensible?
7. Will their personalities and styles click with your staff and senior
management?
8. Have the consultants convinced you that they will do what they say they
will do, and do it on time?
9. What two characteristics, if any, make you cautious about the candidate
firm? Ask them to speak to those issues.
Should you have any additional employee benefit questions or would like to discuss this material in detail, please don’t hesitate to call the Denman Team.
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