Employers are eager to learn about innovative employee benefit concepts like private exchanges but struggle to find a resource that isn’t pushing their own product. Traditional brokers and consulting firms are reluctant to objectively evaluate private exchanges as many have invested significant resources in developing proprietary private exchange platforms.
An objective third party is essential understanding all private exchange options. Although many view their broker as a trusted adviser, additional objective consulting is often requested by senior executives who now play a larger role in benefits evaluations. Unbiased advisory services are important due to the administrative and financial complexities when switching to a private exchange.
Additionally, an independent consultant has a much easier time working with various private exchange providers as they are seen as a partner rather than competitor. This allows an independent consultant to add additional value as they will often know details of a private exchange platform others may not.