3G Case Study
A Law Firm began on the foundation of community, a small number of dedicated, hard-working staff and loyal clients. Specializing in Business Law, established in 1975, recently the Founder has implemented his succession plan of ownership transition.
Currently, as a second generation business, the firm’s client list continues to grow. Over the last 40 years, this has not only become a firm employing 30 staff members, but it has managed to attract and retain the right employees.
20 years ago, while still under original ownership, the Founder implemented a Group Benefit program to retain and attract the right employees for his firm. When searching for a Group Benefit program that matched the needs of the firm as well as the compensation model that was in place, the expertise of the firm’s Financial Advisor at the time was sufficient.
Because the Financial Advisor had some knowledge of Group Benefits, he felt confident working with the Law Firm Founder to implement a benefit plan. As a trusted advisor, there was no reason to look any further for the advice the Founder was searching for. In reality, trusted advisors often have access to benefit providers but are not specialists themselves.
20 years after the implementation of the firm’s Group Benefit Plan, the current President was introduced to HMA. During their initial meeting, it became evident that HMA is different than a traditional Advisor.
Over the years, the Law Firm believed that their Financial Advisor was doing the best that they could by negotiating renewals with insurance companies and occasionally shopping the market for the client. The truth is they probably were doing the best they could, but because they do not specialize in benefits, the traditional Advisor could never surpass the advantages and unique pricing the client could have been receiving if HMA was their benefit provider.
Nothing tells the story more accurately than history itself. Below you can view a snapshot of what the law firms’ Profit Sharing would have been, using their actual premium and claims numbers, had they been working with HMA during those years.