When exploring a change to any benefits program – whether it’s a health plan, retirement plan, or executive benefits program – verify that you are exploring the most competitive options with a quality benchmark study. Ideally, any plan you use should meet your financial goals while also successfully motivating and retaining employees. Houghton Financial Partners’ provides benchmarking services to help clients evaluate and review plan options, and evaluate how your existing plan stacks up against the market.
Meaningful benchmarking of a carrier’s services requires an equal emphasis on the cost and quality aspects of the plan. To successfully evaluate a plan, we place equal emphasis on each cost and quality component of a plan – fees, investments, and services.
Our RFP approach to plan design helps ensure that apple-to-apple comparisons are used throughout the benchmarking process. When designing a plan, we look at service requirements, size and complexity, and investment needs. Then we look at provider identifiers, such as strengths and experience, demographic match, and systems capabilities.
Some of the benefits of benchmark studies include lower fees, an enhanced investment lineup, and enhanced services.
Want to discuss your existing plan and see how it stacks up against the market?