Compensation and benefits are important to all employees—including your top executives who are instrumental in your company's success. ​A competitive executive benefits package will help recruit, reward and retain a targeted population, reduce operating costs, and can position a business to better succeed.

When Bob Nienaber (Co-founder and CEO) started his journey over two decades ago, there was limited information available about corporate executive benefits, and hence, he started his life’s journey to create a platform for brokers and clients to simplify things. To broaden his personal knowledge, he worked with several reputed companies and learned how to maximize plans to enable companies to reduce negativities related to cash flows and make a profit by designing top plans and maintaining maximum benefit offerings. Meanwhile, Bob saw that no platforms were using technology to assist their offerings while the necessary internal costs from administrators and investments and corporate-owned life insurance (COLI) were too high to generate top results. He further realized that a majority of the companies were confused with all facets of designing, funding and managing their executive benefit plans. 

Bob concluded that company sponsors were left confused, and frustrated, and were losing money for their companies. Participants were still leaving as they didn’t fully understand their plan opportunities and were not maximizing their plan benefits, which was causing the plans to be a more negative experience than a positive one. As a result, he determined his first goal was to simplify these plans for easy understanding and a positive experience for every person involved. These factors led to the establishment of benefitRFP. “After all, money and benefits should always be a fun topic, not a bad one,” asserts Bob who currently spearheads as the CEO and contributes to the success and development of the company. 

 

‘Uber of the Executive Benefits World’

 

Founded in 2009, benefitRFP, Inc. (bRFP) is a direct, high-end national provider of Executive Benefit Plan solutions, headquartered in Sacramento, CA and comprised of an unparalleled team of knowledgeable advisors. While ideating the company, the team knew that if it could develop a technology where clients could audit current plans through a live diagnostic call, design their perfect plan for their organizations, and focus on similar aspects, it could create a winner. As a result, they created the benefitMATRIX™which included the financial heatMAP™, LiSPT™ liability-specific targeting, the benefit planBUILDER™ and participant benefitCONCIERGE™. 

Within a short period of time, the proprietary technology became an immediate game changer and significantly improved designing new plans while redesigning existing ones with improved financials for the clients. In addition to earning national as well as international recognition, it further allowed case managers to invest more time for relationship building, reduced internal case management costs due to the internal team’s capability of managing fifteen times normal capability, and many more. As a result, benefitRFP earned recognitions as “Uber of the Executive Benefits World”, and a market disrupter—rapidly changing how corporate plans are designed, funded, and managed.

Speaking of the company’s popular offering, the benefitMATRIX™ has gained immense popularity among the clients. It is used in the Executive Benefits world and has developed its own financial services followed by both clients and consultants that have been introduced to it. “There are no other proprietary technologies like it in the marketplace today,” remarks Bob. 

 

Comprehensive Technology Incorporation

 

BenefitRFP’s technology allows participants to do several things. Firstly, it shows them all of their current assets. Secondly, all participants’ financial demographics are added along the timing goals like retirement dates, paying for a child’s education, etc. Additionally, all tax laws and regulations that impact participants’ tax rate plans and timing rules are embedded based on current and future locations. Other factors such as different tax codes that affect payout amounts and strategies, plans like social security, estate tax effects, and many more are also taken into consideration. This is done so as to provide prospects with a clear view of what the best plan for them is along with the best ways to distribute finance at their targeted dates and to reduce the financial tension. Moreover, participants can print their one-page benefitCONCIERGE™ report and share it with their spouse, attorney or other financial advisors. The aforementioned service items are included by the company with every corporate plan and are also created and presented live to the sponsoring companies, minus and person outside participant investments to allow companies to analyze the present as well as the future. 

 

Led by an Industry Ingenious

 

At the helm, Bob spearheads the team of benefitRFP and undertakes the responsibility of heading up one of the most prolific cloud-based Artificial Intelligence service providers in the financial services industry. The company continues to earn various awards for its A.I. technology and client-centric consulting processes.

“We are always interested in why a plan is needed and what are the clients hoping to achieve,” says Bob. As the leader, he is responsible for ensuring intact productivity of his team members while promoting consistent motivation throughout the work hours. While performing an audit or setting up a new plan, Bob and his team completely lay out all steps with a custom-tailored presentation to help clients gain clarity of every step of the ongoing service. While carrying out the diagnostic report, the team asks a lot of “what is the company culture” questions as the team prioritizes benefits over numbers. 

 

Consistent Focus on Enhancing the Future

 

As an industry leader, benefitRFP is continuously working towards enhancing its future. The company is currently completing the final phases of taking its technology out to every company nationwide as it completes its app processes. In Bob’s opinion, this will help every company in the nation, big or small, public or private, the ability to build their ‘perfect plans’ in the comfort of their offices without any help. “This will be a final propulsion comparable to the Quickens or Oracles of the world,” he concludes. 

 

Key Takeaway: 

 

All the awards and public recognition over the years have been fantastic and as a “no marketing, referral only company,” they help keep the name shining in the marketplace. It’s my philosophy to let individuals decide for themselves what is most important to them when they are determining whether or not we deserve their trust and assets to manage. I guess you could say all of our awards for top service and innovation would make us the best or the fact that we have been labeled, “The Top Risk and Wealth Management Group Globally.” Any of those would be good markers, but I focus on what my clients and consultants say. BenefitRFP has never been sued, lost a customer audit, or had a customer complaint. When our clients are happy and we don’t lose them, then that beats any awards I can think of.

“Our mission is to empower you with the objective financial insight needed to make the best decisions tailored to your needs, all while simplifying the process to give you back your most valuable asset – time.”

 

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