Amid this worrisome situation, benefitRFP, a high end national provider of corporate executive benefits planning solutions, brings a deeper understanding and simplicity to executive benefits planning. The company’s award-winning financial planning technology and matchless consultative experience enable companies to attract, recruit, retain, and reward top talent with excellent benefits plans. “Our technology allows us to do a deeper dive into creating the right benefits plans for our corporate clients and their executives, as well as manage the plan participants’ retirement assets, benefit assets, and cash during their working years and beyond,” says Bob Nienaber, CEO of benefitRFP. With cutting edge technology and industry best practices, benefitRFP helps organizations select the right benefits plans within mere hours, as well as maximize their financial assets and promote a top-performing company culture with highly motivated top-level executives.
A Technology for Simpler Benefits Planning
The company’s state-of-the-art benefitMATRIX product drives benefitRFP to steer ahead of all competition in providing top notch financial planning services. Equipped with pre-loaded taxation and regulatory information, the AI-enabled product helps design bespoke benefits plans by analyzing information on clients’ financial assets, business aspirations, and their executives. As an added advantage, the plans can be dynamically updated when needed on benefitMATRIX based on new inputs in the form of new participants or changes in taxation laws. For instance, benefitRFP possesses the ability to restructure any participant’s individual benefits plan if they intend to liquidate their restricted stock units (RSUs) or long-term incentive compensations and guide them toward optimal tax savings on benefits redemption.
Simplicity is the hallmark of benefitRFP’s operations, which is reflected in its benefits planning strategy. To streamline benefits planning for organizations, benefitMATRIX calculates the optimal executive benefits strategy based on the quantitative results of benefitRFP’s benefitDIAGNOSTIC, which facilitates executive retirement planning based on company surveys. With benefitDIAGNOSTIC, benefitRFP runs a live diagnostic assessment of the company and employee information provided by client organizations. Through a seven-point assessment analysis in collaboration with clients, the firm enables them to identify and address the weak spots in their current employee benefits plans. Based on the analysis, benefitRFP uploads the relevant information to benefitMATRIX’s plan builder to design a custom executive benefits plan for clients.
benefitRFP also takes into consideration the retirement planning needs of company executives. To that end, its benefitCONCIERGE product designs specific reports on retirement income estimations for individual executives based on their existing savings plan balances, income, and age.
Simultaneously, benefitRFP suggests the best funding path for the proposed benefits plans through its benefitHEATMAP offering, which examines over 250 different parameters related to company census, financials, tax, and regulatory laws to improve the organization’s cashflows. benefitHEATMAP also compares taxable investments like stocks, bonds, and mutual funds and tax deferred assets like Corporate Owned Life Insurance (COLI) to facilitate executive compensations and profit-sharing with the plan participants by devising profitable benefits plans. “We ensure our clients are hundred percent knowledgeable about how everything works, so they can put together the best benefits plans for their company,” states Nienaber.
Maximizing Financial Planning for All
To make clients even more knowledgeable, benefitRFP offers training programs and videos that address companies’ specific queries on understanding and selecting the most appropriate executive benefits plans. Along with educating organizations on the optimal benefits plans and funding methods, benefitRFP also informs the individual plan participants on the ideal investment amount to reap the maximum returns on plan encashment. It gives them a solid idea of their plan values and the associated ROI by taking into account the participant’s social security, state and federal tax laws, and various regulations. Additionally, benefitRFP confers enhanced flexibility and simplicity to benefits plans by combining RSU plans with non-qualified plans that allow participants to collect benefits from RSUs while having the provision to modify the tax filing date or the payout dates as per their financial needs and goals.
We ensure our clients are hundred percent knowledgeable about how everything works, so they can put together the best benefits plans for their company
As part of its client services, benefitRFP performs full financial audits for organizations with its benefitMATRIX technology completely free of charge. Analyzing the audit results, the company locates possible errors in benefits plans designs—which often cost millions of dollars—and identifies funding opportunities to utilize the amount to fund the executive benefits program. The requisite information about correcting the benefits plan designs is shared with the organizations. In case the organizations approach benefitRFP to rectify the benefits planning issues, the company collaborates with them to redesign the plans. This allows organizations to channelize their financial assets into their bottom lines and share part of their profits with their shareholders and executive benefits plan participants.
Always eager to serve clients’ best interests, benefitRFP adopts a straightforward approach to ensure the proper functioning of the benefits plans through quarterly evaluations. The firm shares the evaluation reports with clients and engages with them to enable the smooth functioning of the plans. Apart from this, benefitRFP also offers regular customer service through a callback guarantee within a 24-hour window, implying constant availability for its clients.
Creating and Refining Top-Performing Cultures
A robust performance-focused culture and a positive, growth oriented mindset among its teams drive benefitRFP to provide excellent financial planning services to clients. The company promotes out-of-the-box thinking by introducing fresh perspectives to the financial planning sector by bringing in talent from other industries. benefitRFP also extensively trains their personnel in client-facing and advisory roles and empowers them to become their clients’ partners in formulating the best executive benefits plans. Coupled with the award-winning technology, the robust organizational culture has made the company avoid debts, lawsuits, and complaints from plan participants and stay at the frontlines of benefits planning solutions.
With an impressive collection of executive benefits planning solutions and an array of international awards, benefitRFP has attracted numerous investors and is looking forward to expanding its footprint. To that end, the company will collaborate with a leading investment group on the verge of onboarding benefitRFP’s technology, which will extend its reach to a much wider client base. That’s not all. Going beyond executive benefits planning, the company will soon unveil a strategic financial planning solution for commercial insurance plans pertaining to succession planning for organizations. As part of the solution, benefitRFP will offer clients free business valuation services. The company also plans to release a pension diagnostic solution to help participants calculate the returns on their existing 401(k) accounts or other qualified retirement plans using benefitMATRIX tools.
Our technology allows us to do a deeper dive into creating the right benefits plans for our corporate clients and their executives
Alongside, benefitRFP is gearing up to fulfill the ambitious goal of making its solutions available to every U.S. company. The company intends to launch a mobile app version of its technology that will enable organizations of all sizes to directly access and leverage its diverse financial planning solutions at a nominal charge per year. Ever ready to serve clients with advanced financial planning solutions, benefitRFP will be a valuable partner for organizations in their journey to build top-performing organizational cultures by attracting, hiring, and retaining top executive talent.