Your resource for guidance on employee benefit broker compensation
Benchmark your broker compensationAbout Us
At Broker Benchmark, our mission is straightforward yet impactful:
1. Independent Expertise: To serve as a trusted, unbiased resource for employers seeking guidance on broker compensation.
2. Empowerment through Data: To equip employers with the precise data they need to make informed decisions about their broker compensation strategies.
3. ERISA Compliance: To help ensure employers meet their fiduciary responsibilities under ERISA regulations.
Each year, we meticulously aggregate and analyze compensation data from over 30,000 companies, delivering real and accurate insights that illuminate market dynamics. Our commitment is to provide you with the clarity and confidence needed to navigate and optimize your compensation strategies effectively.
How Our Process Works
Getting started with Broker Benchmark is simple and efficient:
1
Quick Input: Answer a few straightforward questions to provide us with the
essential information.
2
Comprehensive Analysis: We handle the rest—gathering and analyzing data to deliver a detailed summary.
3
Tailored Insights: Receive a customized comparison of relevant market data, all without the hassle.
Our streamlined process ensures you receive precise, actionable insights tailored to
your needs, so you can make informed decisions effortlessly.
Submit Your Request
Answer a few quick questions, and we’ll handle the rest. Our efficient process ensures you get accurate results with minimal effort.
For Brokers
At Broker Benchmark, we partner with brokerage and consulting firms nationwide to provide detailed broker compensation benchmark reports. Our mission is to equip your firm, clients, and prospects with accurate, actionable insights.
Learn MoreResources
Broker Compensation Disclosure Form
In compliance with the Consolidated Appropriations Act, 2021 (CAA), entities providing brokerage and consulting services, including their affiliates and subcontractors, must disclose any…
Sample Broker Benchmark Report
Below is an example of our standard reporting. You will receive your personalized report via PDF. It will be automatically sent to your desired e-mail address once the evaluation is complete.
Frequently Asked Questions
What lines of coverage can you benchmark?
Broker Benchmark specializes in comparing broker compensation fees across a range of coverage lines, including:
- Medical
- Dental
- Disability (STD & LTD)
- Life
- Voluntary Benefits including Accident, Critical Illness, & Hospital Indemnity
What do I get when I order the report?
When you order a report from us, you receive a comprehensive benchmark analysis of your current broker compensation fees. This analysis compares your fees to those of your peers based on region, company size, and industry. The report will reveal if your fees are above, below, or within an acceptable range of the median, providing transparency and helping ensure ERISA compliance. Our report prepares you for benefits renewals, board meetings, employee townhalls, and more, offering a level of insight not available elsewhere.
Where does the data come from that Broker-Benchmark utilizes?
We source our data from a variety of reliable channels, including:
- Publicly available Form 5500 filings
- Client surveys
- Additional data partners
What is Form 5500?
Form 5500 is a government-mandated annual report required for certain employee benefit plans, including pension, health, and welfare plans. Filed with the Department of Labor (DOL) under the Employee Retirement Income Security Act (ERISA), it provides detailed information about the plan’s operations, financials, and basic plan details. The Form 5500 Series is a crucial tool for compliance, research, and disclosure, used by federal agencies, Congress, and the private sector to assess employee benefit trends and policies.
What size employers do you typically collaborate with?
Our service is designed for employers with 100 or more enrolled employees on any benefit plan. If your company has filed Form 5500, we can access your latest filings directly, minimizing your effort. We simply need your company name and website to confirm your business operations.
How do you choose the employers we are compared against?
We ensure the relevance and significance of our benchmarks by using a weighted combination of employers similar in size, region, and industry. Each dataset includes a minimum of 35 employers to ensure statistical accuracy and relevance.
Contact Us
Start A Conversation!
We’re here to help every step of the way, ensuring you get the most accurate and relevant information. Reach out, and experience our commitment to exceptional service and support.