The Federal government is the single largest employer in the United States. Its employees have high-quality benefits. These employees play a valuable role in upholding our way of life as well as keeping our democracy strong.
While their benefits programs are unique, Federal employees often find it hard to navigate them and make well-informed decisions. They deserve to retire with dignity. There is a real need for knowledgeable financial professionals who can help them coordinate their benefits, plan smart and attain their goals.
Even so, few advisors have the resources, tools, and support needed to best serve Federal employees. Here at FBIC, we can help qualifying financial consultants obtain this support and expand into this rewarding market.
Why Serve Federal Employees?
For advisors interested in this niche market, it’s helpful to know of the considerable need among Federal employees for financial planning. According to various sources, the Federal workforce comprises around 2.6 million full-time civilian and Postal employees. The same employee benefits programs cover virtually all of them.
Here are some other important characteristics of the Federal employment landscape, according to the Office of Personnel Management and other sources:
- The Federal workforce is very well-educated, with 51.74% of employees having a bachelor or post-graduate degree, according to OPM.
- Governing.com reports that in 2017, 79% of Federal employees worked outside Washington, D.C. California, Texas, Virginia, and Maryland were the top four states with most Federal employees in 2017.
- Federal employees are advancing in age and need retirement guidance. The average age for the non-seasonal, full-time Federal workforce is 47.5 years old, with an average of 13.51 years for length of service, according to OPM.
- Federal employees receive competitive wages and high-quality employment benefits. OPM reports the average annual base salary worldwide for Federal employees is $84,913, adjusted for locality pay.
- There is significant diversity within Federal workplaces. Men make up 56.6% of the workforce. Minorities comprise 36.68%, with the largest groups being African-Americans and Hispanic.
- According to Governing.com, the U.S. Postal Service, by far, employs the single largest share of Federal civilian employees. There were over 503,100 Postal employees in 2017, the USPS says.
- Just 42% of Federal employees say they feel “prepared” or “very prepared” for retirement, according to a 2016 survey by Government Executive Council.
How Can You Serve Federal Employees?
Good question. There are many ways that our advisor program can equip you to help and guide Federal employees:
- Formulating strategies that protect wealth, reduce risk of volatility and generate income.
- Explaining pension income options to Federal employees and helping them maximize payments with well-informed selection of payout options.
- Guiding Federal employees to appropriate benefits decisions for themselves and their survivors.
- Providing education and information on distribution options from the Thrift Savings Plan and, potentially, the Voluntary Contribution program.
- Assessing needs for life insurance during the employees’ working years, at their retirement and during their post-retirement.
- Helping Federal employees to manage risks, including retirement longevity, inflation, market volatility, tax obligations, income certainty and more.
What Makes This Program Different?
You have seen the other invitations. You have been invited to their training. What makes this program so successful when working with Federal employees?
The tool. You need a tool to explain Federal benefits. We share and equip you with the resource to successfully help the Federal employee and build your business. We will educate you on the Federal Benefits Analysis and how to specifically engage each Federal employee regardless of their agency or tier program.
We wouldn’t introduce this to you if, during the Federal Employee Orientation, the resource director told each new employee, “Okay, remember to request your Federal Benefits Analysis to help guide you through your benefits package toward your eventual retirement.”
But they don’t! This leaves the door wide open for us to ask each and every federal employee, “Have you requested your own Federal Benefits Analysis yet?”
Empowering Federal Employees to Retire Well
To be able to walk into every appointment completely prepared with a multi-page report that will not only have the advisor ask the leading questions, but also have the employee asking how you can make their retirement more financially secure.
Proposed changes in Federal Benefits scares every Federal employee. Compound that with life changes and the millions of Federal employees are completely lost. Providing them their roadmap, through their personalized Federal Benefits Analysis that can be updated at any time, helps build credibility. Being the “go-to” expert with the answers to any of their life changes, either professional or personal, will help build your career.
How about the changes proposed in your career? Have the Department of Labor rules made documenting your business a bit more difficult. How about your Compliance Department?
The Federal Benefits Analysis will help you identify their needs, and it will also eliminate the need to look over your shoulder.
Ready to Get Started?
Ready to get started with learning more about how you can bring Federal employees into your business as new clients? At Federal Benefits Information Center, we offer an advisor program unlike any you will find anywhere. And now you can learn more about this business-building opportunity.
Fill out the form on the right to get started. We look forward to speaking with you soon!