I write this month's SoundOff with a heavy heart. As we learned last month, Robert Whiddon passed away. Just a few days prior, he and I had traded e-mails about the "fly-in" and the HELP committee press releases, so the news came as a shock to my family and me. He was a great guy, a dedicated champion of our industry. He will be missed, but the legacy of his work lives on.

The theme of the August issue of EBA is "trusted adviser." That's what we should be to our clients.

Opportunity seized

In "Charming the snake" (p.16), Gary Goodhile talks about what a great opportunity the COBRA changes were for his firm to work with their clients. Definitely!

This is a great way to be the person rolling up the sleeves with a client, guiding them through the murky waters that are COBRA. One thing that could have been touched on more was how well employees understood the subsidy. As often happens, sometimes we assume people understand, and this is a mistake. Alas, I have some close friends who lost jobs, and each of them was going to drop coverage for their families until I told them about the subsidy. I wonder how many people don't have coverage because they thought it was 100% their cost.

Another big effect of the legislation is the impact on struggling employers who have to front COBRA premiums awaiting reimbursement. This would be another opportunity to transcend the benefits arena and provide solutions.

Double duty

The 401(k) market has always needed specialized experts. "Know thy pipeline" by Fred Barstein (p. 20) points out clearly that the right adviser is important to a plan's success. It's interesting to see the changes over time as to why employers change carriers and advisers. In the past, employees could throw a dart at the board of investment options and make a decent return. Nowadays, with the market the way it is, they really need to rely on expert outside advice and one-on-one counseling. So it makes sense that employers are looking for advisers who can act as financial planners. If a benefits broker does not have in-house expertise, it pays to have strong relationships with 401(k) third-party money managers and independent financial planners to give clients the help they need. Again, as Barstein says, strong partnerships make the difference!

Successful self-funding

Finally, I really enjoyed the article by Kristine Palmieri, "How low can you go" (p. 66). I started my career years ago selling self-funded medical plans. I agree that one of the keys to a successful plan lies with knowing your client's cash-flow situation and making sure they are well educated on all of the moving parts of a self-funded plan. Talk about creating deep relationships!

Nothing gives you more opportunity to sit down with your client than a self-funded plan. Each month, you can review claims data and plan performance. The data flow gives you multiple opportunities to meet with your client and talk about all kinds of neat ideas. And don't forget the memories you'll share after those two-to-four hour plan document design meetings with your TPA!