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Retirement Benefits Converging with Healthcare Management

Retirement Benefits Converging with Healthcare Management

Retirement Benefits have been standing on their own since the passage of ERISA. Today, there is another employee benefit that is competing for equal time. That benefit is Healthcare.  Healthcare continues to become a part of the Retirement decision.  At the conclusion of a Fiduciary Education Program in Nashville, Tennessee, Fred Barstein, Founder and CEO of The Plan Sponsor University (TPSU), visited with TPSU Adjunct Lecturer, Daniel Bryant, President of Retirement Sales and Wealth Management of Hub International. Mr. Bryant discussed the advantages available to a company and their employee base when the plan sponsor considers Health, Wealth and Retirement as an overall benefit package. As described in this video, by considering Retirement, Health and Wealth as a total package plan sponsor become more efficient and employees (as plan sponsors) are better served.

Full Transcript Here

This is Fred Barstein with 401k TV and I’m here in Nashville where we just completed a TPSU program with our adjunct professor Daniel Brian. Welcome Daniel.

Thank you.

Daniel is a real pro and has done close to 40 of these programs himself. I’m afraid he’s going to try to take over my job, which you’re welcome to any time. Any time.

Hostile take over.

But Daniel is the co founder of Sheridan Road, which was just partner with and became part of Hub International and he’s the president of the retirement and national sales of retirement and wealth management, so congratulations on that.


Great, great firm. Sheridan Road. A national firm with offices all over the country, including Nashville where we are today. So Daniel, given your background but also the recent transaction with you joining Hub, let’s talk about the convergence of retirement and benefits and that hasn’t always been the case, right?

It hasn’t. I mean, we have been talking about the convergence of health care and financial care, health wellness and financial wellness, for the last four or five years. And we’ve seen that convergence play out in small little increments through HSAs, health savings accounts, where there’s really the forced convergence between the folks running the benefits programs and the folks running the retirement programs. But we see on a go forward basis, one year the CFO or an HR director of a company, you have to look at the entirety of a benefits program. And so that convergence between health wellness and financial wellness is real. The convergence between employee benefits and retirement planning is real. And the convergence between personal lines insurance and those needs and financial planning is also real.

So give us a couple examples of the benefit to the company and the employees when they really look at this holistically.

Yeah, so it’s interesting because for 15 years, 14 years since we started Sheridan Road, we’ve really felt like being an independent holistic completely objective financial advisor was the right road. Right? It was the right Sheridan Road for us on which to travel. I think what we’ve seen over time is you don’t have the benefit of knowing everything you need to know when you’re advising a company on a retirement program, because the person in charge of HR, the committee, is trying to balance the needs of healthcare health insurance with their financial programs. So the benefit that we have now being a part of Hub International, the fifth largest insurance broker in the world with 240,000 corporate relationships nationally 240,000 nationally, is the benefit to understand the data that resides in the record keepers in the healthcare systems to better target market financial wellness programs, financial planning programs, and retirement income programs for their participants. It’s a real game changer for us and for us to believe that when we were so adamantly independent I think says a lot.

A big change, too, to do it.

Big change.

And for companies, they’d rather deal with fewer advisors that are talking to each other and having them part of one organization makes more sense.


And the final, you know, on what’s the benefit to the employees having everything integrated?

Yeah I think for the employees, we talk about the journey that employee has over their lifetime of employment, needing to understand the budgeting, planning, saving aspects, the accumulation phase, and then the retirement income phase. But what we find is that they really … you need to integrate financial planning budgeting with health care planning. And so for the employee, this extraordinary a gift that we can empower, be more impactful, we know more, we’ve got more information, more data. So for the employer, you’re working with fewer advisors that actually have the entire viewpoint. So they understand all sides of the equation. So there’s no unintended consequence. And then for the employee, I’m telling you, this is a game changer. So we can offer health wellness, financial wellness. They have to integrate and it’s not like we’re a silo over here. Could not be more enthusiastic. We think it’s a game changer and we think those that are only focused on one or the other are sort of missing the boat.

I agree, I agree. Well thanks for today. This was a great program.

Of course.

Our largest TPSU program ever.

It’s unbelievable.

On it and thanks for your support of this and 401k TV. And thank you for watching. Stay tuned.


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